Hello fellow Rebel capitals, hope you're well, so we've got some new data about the commercial real estate market that I think is absolutely going to shock you.

And I think it proves that we've gone into the next phase of this crisis.

First and foremost, let's go over to

c. And check out what Barry Sternlich is saying

about his fund or what he's doing with his fund.

Sternlich defends gating Starwood re-withdrawals.

In other words, you put money in and the agreement was that you could take it out at any time.

But now what's happening is he's saying, whoa, whoa,a time out I know that was the deal but I'm

changing the deal I'm not allowing you to take your money out when this happens

with a fund when it happens with a bank it's never a good thing is exactly what happened

to Silicon Valley Bank first republic signature is basically a bank run and what they're

doing is they're saying okay now we're changing the rules

to where it's not legal or out of it's legal but we're not allowing you we're not giving

you your money I know you want it but tough it's ours now and again whenever you start to see this it's part of the cycle you know that this is a huge huge red flag but it's not just a red flag with commercial real estate. That would be missing the point. It's really a commercial it's really a red flag about the entire banking system and the economy at large.

Let's get into this, we're going to go to a couple different articles, and then at the end we're going to connect all the dots.

So key talking points here, Starwood Capital Group, CEO Barry Sternlandland defended his decision to cap how much money

investors could pull from his real estate fund. Starwood introduced new restrictions,

new, keep my new restrictions. So I have no problem with a fund saying look our lock-up period is five years.

So if you give me your $250,000, you ain't seen it for five years. If that's the agreement up front, I have no problem with that.

I have no problem with that. The issue that I have, and I think the real warning sign here,

is when the agreement that you had up front is suddenly changed to where you

can't access your money because if you did access your money the whole fund would basically

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