Hello fellow rebel capital soap your wells who got the next phase of the

commercial real estate crisis. The next phase and it always plays out like this

in these cycles is fraud.

Check this out.

Let's go right over to the Wall Street Journal.

And where are we Wall Street Journal?

There we are.

Okay, property fraud allegations, snowball, as commercial real estate values fall.

So the main takeaway here is if we weren't lying about the numbers, and you know it's funny,

I always hear people

that are bullish on the real estate market say,

oh, well, this time it's way different than 2008 and 2009.

I mean, back then we had these liar loans and I mean, people were doing some real shady stuff.

And then as we go through this article you'll see they're doing the exact same stuff now.

The liars loans have been there. In fact, they never went away

They just transition from residential over to

Commercial and I would argue that they might still be in residential as well.

But again, the bottom line here is like Warren Buffett says, when the tide goes out, you see who has been swimming naked.

And every single time you start to get the bust part of the cycle,

all of these frauds become known.

I look at Madoff.

Madoff just kept kicking that can down the road

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