The Federal Fiscal Funding Fiasco

Most homeowners today have fixed rate mortgages in the United States, where that's not true is overseas. In most of these other markets, other Western OECD markets, mortgages are variable. And they also tend to be fully recourse. So it's absolutely magnified from that perspective. But when you talk about real estate and the threats to the economy, I think it's commercial real estate because 70% of commercial real estate loans are held by medium and small size banks. That's why I see a recession coming. We've got a internal debate between the hard landing slash soft landing scenarios. Louis Gavcal: There's so much money in the system we're not going to get a recession in

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