You have to keep an eye on the commercial real estate guys. A week or so ago I wrote a post that drew on a WSJ report that the commercial real estate industry was trying to get in on the bailout gravy train. Now the New York Times has followed up with another article that indicates they are indeed getting a hearing from Obama’s people.

Real estate executives say Treasury officials the transition team to a new Obama administration have been listening. “There’s an openness to serious consideration of all of these things,” said Steven A. Wechsler, the president and chief executive of the National Association of Real Estate Investment Trusts.

The Obama team will have a lot on its plate, but executives were hopeful that measures will be taken early next year.

This amounts to nothing more than a bold attempt by a lot of deep pockets investors to get a government bailout of some poorly conceived real estate deals. They over paid for their investments and over borrowed to finance them. Their is no systemic risk involved and we are not going to put a single person to work rescuing their projects.