Commercial real estate loans are interest only? I had never heard of that before, but it makes sense with the buried lede:
borrowers prefer handing the property keys over to creditors over putting good money after bad
Which is what happens whenever a company has an asset they don’t own and no longer want. Shrug and handover the keys. Seems to me like the lenders are going to be the ones taking the haircut, despite what the article asserts.
Definitely an all time “worst person you know just made a great point” moment.
There’s obvious connection between today and the 2000 election’s Bush v Gore court case. I suspect he doesn’t see it that way, and there’s a kernel of truth: applying political muscle to cause a clear coin-flip election to land your way isn’t the same as riling up a mob after a clear loss. It’s still categorically the same though.
Goes to show the current authoritarianism in the GOP isn’t new. What’s new is scope, and what enables it is the lack of guardrails within the party.
That said, the upcoming threat needs to be taken seriously, and I’m willing to bite my tongue for just about anything that helps push back.