Rich Galen

Recent reporting indicates commercial real estate loans are going south at an increasing rate putting more pressure both on the big banks and, of more concern, regional banks who were largely insulated from the derivative debacle of last year.

According to the Wall Street Journal, in addition to the $700 billion which is bound up in those pesky commercial mortgage backed securities which we've all helped pay for, "banks hold $1.7 trillion of commercial mortgages and construction loans, and delinquencies on this debt already have played a role in the increase in bank failures this year."

That's just the domestic side of Obama-World. On the foreign affairs agenda we have everything from Muammar Gaddafi celebrating the homecoming of the Lockerbie bomber and now wanting to pitch a tent in Englewood, New Jersey; to Afghanistan, Iran, and North Korea.

According to Boone Pickens we're still importing about two-thirds of the oil we use and too much of that comes from places like Saudi Arabia, Angola, Nigeria, and Venezuela meaning we are only the turn of a valve somewhere thousands of miles away from being plunged into a gas-shortage-created economic disaster.

So, Summer's over and as the Obama team returns to its desks in the White House they would do well to listen to that Chad & Jeremy tune, "Yesterday's Gone" on their official White House iPods: I loved you all the summer through
I thought I'd found my dream in you
For me you were the one
But that was yesterday and yesterday's gone


Rich Galen

Rich Galen has been a press secretary to Dan Quayle and Newt Gingrich. Rich Galen currently works as a journalist and writes at Mullings.com.