Never before have so many property funds shut the doors on so many property investors.
Sales at luxury goods stores, once the largest category, collapsed by 86% since their peak in 2013-2014.
Neither the Fed nor the Treasury can bail out brick-and-mortar retailers.
In good Financial Crisis manner, stuff blows up despite the Fed’s effort to stem the chaos. Now hoping for taxpayer bailouts.
S&P made up for its tardiness by downgrading the CMBS in one fell swoop by 9 notches from AAA to BBB-, just one notch above junk.
Triggered by the belated realization of the risks in mutual funds that offer daily liquidity but invest in illiquid assets.
“Our Retail Marshall Plan.”
“False optimism can easily lead you astray and prevent you from making contingency plans or taking bold action.”
At first the protests and now the coronavirus collide with the World’s Most Expensive Property Market.
“We regard liquidity mismatches as a major structural flaw.”