Facts
The U.S. has spent, lent, or guaranteed $11.6 trillion to Banks during the “great recession”.
More than one-third of commercial real estate loans are projected to be underwater by the end of 2010, and a total of $770 billion in commercial loans are expected to go into a negative equity position from now through 2014.
Recently, Paul O’Neill, former Secretary of Treasury, has suggested we “employ people from the unemployment rolls to tear down excess structures, clean up the properties and, if there is no immediate buyer for them, to turn them into green spaces.”
A majority of major regional shopping malls are either in the red or will be in the near future.