Just Not Adding Up on the Big Chief Tablet

'While the credit agencies play hurry up defense on old credit tsunamis like subprime, big new “sneaker” waves are coming ashore. The commercial real estate sector is rapidly falling apart, and it’s the same Ponzi chorus being heard: seeking new capital, extension of terms, foreclosure, etc. Moody’s plays catch up, and their loss assumptions will be shown to be too modest soon enough.'