There is also a ton of commercial real estate operating in “extend and pretend” mode. It seems unlikely that all of that just stabilizes with no drama. But I th

There is also a ton of commercial real estate operating in “extend and pretend” mode. It seems unlikely that all of that just stabilizes with no drama. But I think the policies of the moment are not really aimed at solving that problem, they’re aimed at delaying the worst of the housing crisis until the worst of the pandemic crisis is behind us.