from the New York Times:
Federal regulators are particularly concerned about the exposure of smaller banks to the commercial real estate market, which has begun to soften in some parts of the country.
“There were people in denial six to nine months ago,” said Keith D. Maio, the president of the National Bank of Arizona in Phoenix, a small bank owned by the Zions Bancorporation based in Salt Lake City. “I don’t know if anybody is in denial anymore.”
Well, it looks to me like the Times is in denial, for one…the article keeps insisting that things are not near as bad as the S&L crisis, and won’t get that way….I bet they turn out to be wrong about that.