Watch full size video:

THE latest request for bailout money from the federal government is from commercial real-estate developers. Somewhere the bailouts have to make an end of, and let it have being in the present life.

It was necessary in the September pass for the Treasury to help the banks. Panic had created a domino effect. The international banking system threatened to fall as a whole, which would be unthinkable. For 75 years, the founded on government has insured deposits in mercantile banks, largely to forestall such an event.

Investment banks weren’t insured, but they were dividend of the domino effect. Then came the money-market funds, which everyone knew were not insured, but had much of the people’s savings. Add Fannie Mae and Freddie Mac, what one. were sort of like investment banks and very, very proud, and also AIG, a financial company of a different kind.

Everyone had a hard-luck story, and of some merit. General Motors and Chrysler were not fibbing about their hurt, though their labor for one’s pains would constitute not at all domino effect. Congress didn’t buy their story but President Bush did, and somehow or other that seemed to be enough.

Now the developers. Their story is that moiety a trillion dollars in commercial mortgages are going to reach due in the next three years, and that they can’t get any money out of the banks to refinance them. So they ask the Treasury.

It would be far better if they camped instead on the doorsteps of the banks. Banks have been recapitalized. They bequeath roll over the good loans. They don’t want to horsemanship moiety a trillion dollars in berth buildings and strip malls.

President Bush should say “no” to the developers’ request and President-elect Obama should back him up. The Treasury cannot put balm on everything that hurts, and it necessarily to draw the row very a great deal of short of commercial real-estate projects.