The “AAA” Lie: Why the Commercial Real Estate crash is officially worse than 2008 (A Deep Dive into the 1740 Broadway Deal)
via Macro_Untold Everyone talks about the “coming” crash, but if you look at the actual transaction logs from the last 6 months, the crash isn’t coming—it’s already here, and it’s being hidden by “Extend and Pretend” accounting. I’ve been digging into the specific numbers on the Blackstone 1740 Broadway default in NYC, and the math …