Commercial Real Estate Risks Less Severe Than Subprime

Gotta love the "not quite as horrible as subprime" assurances. We note however that much commercial is really founded upon consumer retail strength -- not a pillar we'd want to be leaning upon right about now.

Also, you might want to ignore the commercial RE price index that only goes back to 2002 and is supposed to demonstrate that there is no commercial price bubble. Or at least take it with a generous lump of salt.