Welcome to the Eric Erickson Show podcast, Our Three.

Hello America, welcome. It is Eric Erickson here across the nation. The phone number is 8779779774-7-4-25, should you wish to be on the program.

Delighted to have you with me.

Before I get into any phone calls, I try not to be a harbinger of doom.

I try to be optimistic.

Sadly, for all of you, I can read the tea leaves, and I am concerned doom is upon us.

There are problems, and I'm not talking social currents.

I'm not talking social instability.

Economically, things are starting to become more and more problematic.

So listener Chris, who is in the mortgage business, was texting me.

After I mentioned Charlie, among her yesterday, Charlie is the right-hand man to Warren Buffett.

Charlie Munger is 99 years old.

He and Warren Buffett started Berkshire Hathaway together.

Brilliant economic mind.

And he is beginning to caution that the commercial real estate business in this country is having

serious problems.

In fact, I just pulled up this Bloomberg News and the very top block, the headline is

commercial real estate and big tech are proving to be a toxic mix.

Rising interest rates and heavy debt loads are a problem for parts of the data center industry.

That's true.

But there's a larger problem.

Let me make this relatable to most of you who live in urban, suburban areas, maybe you commute to cities to work.

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