after consolidation...., page-35

Maybe expected job losses = lower interest rates = ramp up of property values

This has a long way to go I think.

Job losses - we've been expecting unemployment to be going up for quite a while now - but it isn't really doing much. I think we are getting set up for a speculative boom that will leave us all worse off longer term. But for the time being it is going to be great fun for everybody. Asset values will be pumped up, and loans will be refinanced at lower interest rates, and lending covenants will become a breeze - even for many of the worst cases. And then our not very smart corporate leaders in the general property sector will have a merger and acquisition boom.

I might be wrong - we'll see.