I'm so bearish, I'm bullish. The commercial real estate sector is imploding in a lot of blue states and that means less tax dollars when they appraise all the other CRE buildings. At the same time those states have to allocate more money to their unfunded pensions which means less money for schools, police, firemen etc.... @RaoulGMI's pension crisis is upon us! The "short volatility" rentier-dollar-recycling system is broken! Do you think the Fed & Treasury will let everything reset or will they continue to dilute the currency and have negative real rates as far as the eye can see? Who wins when the short-vol insurance, pensions & endowments lose? There's only one thing I know....CRE is the inverse of Bitcoin;) @AndreasSteno Check it👇 @Blockworks_ @ForwardGuidance @fejau_inc @qthomp @MikeIppolito_ @JasonYanowitz