Bankruptcies, glut of hotels for sale, few buyers, prices plunge. Nobu, de Niro, and Teper take big loss on sale of luxury hotel Nobu Barcelona that was open for only six months.

“Everybody’s drinking beer as if there were no tomorrow, but my bar can barely survive off beer sales alone,” says Yahya, owner of my favorite bar.

Owner of a small cafe that specializes in fine cakes and sandwiches tells me: “We’ll be lucky if we get half the normal number in July and August.” It’s now “all about damage control.”