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« Bailout Anger Undermines Tim Geithner (WSJ Profile) | Main | Debt-Tastrophe: The Fed's Doomsday Course »

Elizabeth Warren Introduces February TARP Report

Video:  Congressional Oversight Panel Chief Dr. Elizabeth Warren

Written report and summary available at the following link:

Elizabeth Warren Warns About Community Banks & Commercial Real Estate  >>




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Reader Comments (8)

What Elizabeth failed to mention is that China is going to be buying up those commercial properties for pennies on the dollar. It is not because she doesn't know what is happening and that it will be happening more and more, most likely she is just softening the blow. I wish she had talked about China buying up these assets and how that will impact the economy but that is a bit beyond her mission. Is it a good thing or is it a bad thing? We have been down this road before in the 1980's when Japan bought "trophy malls". One reason Japan and China like to buy up malls is so they can cut deals with their own companies (stores and brands) and get more control and more direct access to our markets. The owner of the mall can decide which stores fill the mall to a point, especially the anchor stores.

My opinion is that China will certainly buy up the prime locations (where the rich Americans live and shop) but they will not go near the parts of the country that will be suffering the most. They may also use malls and other commercial real estate to start exporting more of their entertainment. Regal Cinema has a monopoly in my town so I would welcome them to a point. The long term scenario is bad, they will have a bigger hold on our dollars and more of our dollars will leave the U.S. and be spent abroad.
Feb 23, 2010 at 12:59 AM | Unregistered CommenterDB's Ignored Conscience
Japan is still suffering from their US real estate binge, China won't make the same mistake.

China exploits the manipulations of the US, commodity prices have been manipulated down to make inflation seem like it's not a threat, so China stockpiles commodities on the cheap. The real estate market is completely different. Bernanke & co. are doing everything possible to prop up property prices. I don't think China will be stepping to buy US properties until prices crater to levels most Americans can't even imagine (but that's what happens when financing goes away).
Feb 23, 2010 at 1:14 AM | Unregistered Commentermark mchugh
I expect at least one more go round of rescues, bailouts, and emergency measures to try to keep prices up (more idiotic ideas like PPIP). When those measures train wreck, the Chinese will step in.

Of course, it would be smarter to just let the train wreck happen sooner rather than later, but we haven't done anything smart up to this point....
Feb 23, 2010 at 1:53 AM | Unregistered Commentermark mchugh
The Residential and Commercial RE markets are CONSTIPATED.........they are in need of a good bowel movement. Bernanke, Geithner, and The Prez got their cheeks clamped down tight. However, the neither regions continue to fester til' the Mount St. Helen's of America is allowed to erupt and spew it's TOXIC waste onto herself and the WORLD markets. The Financial Guru's have the John all locked up and it's just gonna be one stinking pile on our doorstep, when she does finally get to spew. Good luck with that mark to fantasy. You get what you get.....one BIG pile of steaming CRAP that is just that......CRAP. Until the parasite is released, the host will remain in a state of distress.........Oh, gotta go...fell a rumblin'....AB
Feb 23, 2010 at 11:05 AM | Unregistered CommenterAint Bullshittin'
AB, I don't think that will make it onto CNBC, but that's probably about the best metaphor anyone could come up with for the, um...situation we're in right now.
Feb 23, 2010 at 11:29 AM | Unregistered CommenterJames H
After thinking about it a little more, I think the actual thrust of Warren's statement is a whole lot a NOT too big to fail banks are going to bite the dust and the FDIC is broke. So this "move your money" to small community banks might be a recipe for disaster for the little guy.

What I suggested a while back (and still do) is to take your money out of TARP banks and stick it in a safe deposit box thereby killing the fractional reserve magic. With interest rates so low, the risk/reward picture of leaving your money on the bank's balance sheet doesn't make any sense to me.
Feb 23, 2010 at 5:03 PM | Unregistered Commentermark mchugh
I wish I lived in a country run by THESE people;

Ron Paul
Elizabeth Warren
Alan Grayson
William K Black
Andrew Napolitano
Jim Rogers
Nassim Taleb
Matt Taibbi
Gerald Celente
Peter Schiff
Nancy Kaptur

And a HANDFULof others, each responsible for organizing everything concerning their particular fields of expertise.

These are the governments leaders that I would either exile, imprison or EXECUTE:

Feb 23, 2010 at 8:41 PM | Unregistered CommenterRecoverylessRecovery
PS: present company excluded!. I'd give EVERYONE here -except maybe DB's Ignored Conscience- a judgeship!
Feb 23, 2010 at 8:45 PM | Unregistered CommenterRecoverylessRecovery

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