Be afraid, be very afraid about the US's real estate centric economy

The latest post, "The Commercial Real Estate Future: Bankruptcy, Foreclosure, Workout, Value Added Reinvention and Redevelopment," in Larry Littlefield's Saying the Unsaid in New York blog is very disturbing (and the kinds of things that charlie has been saying for awhile about financialization of the economy).

Since local governments rely on property taxes for the bulk of their revenues ("The real lesson from Flint Michigan is about municipal finance" and "A correction (and update) to a March post on municipal finance: addition of land transfer tax to the list") this is "worrisome."