The Next Shoe to Drop in the Financial Crisis
- By Herb Miller and Jim Kessler
- Special to Roll Call
- Oct. 6, 2009, 1:55 p.m.
In July, the Joint Economic Committee held a hearing on one of the least talked about dangers to our economy — a collapse of commercial real estate. The chairwoman, Rep. Carolyn Maloney (D-N.Y.), called it “a ticking time bomb,” the next shoe to drop in the ongoing national real estate crisis. To avoid another round of default, recession and bailout, the federal government should look to Main Street rather than Wall Street.
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