thatsnothowanyofthisworks.tiff But back in reality, of course we all know that the commercial real estate market is by and large looking at a world of hurt. Bu

thatsnothowanyofthisworks.tiff But back in reality, of course we all know that the commercial real estate market is by and large looking at a world of hurt. But I think by and large they’re going to muddle through. Some developers will lose their buildings, equity is definitely taking a hit and there will surely be some losses on loans. But on balance, I think the banks will be fine (and some fulcrum security holders somewhere in the capital stack will find themselves owners of, in some cases, VERY nice new buildings). I worry less about the debt lended to finance these building than I do about the many, many pensions, retirement systems and insurance companies that rely on a structured equity return to meet their long term financing needs.