Berkshire Hathaway vice chairman Charlie Munger sounded the alarm this weekend over the worrisome state of America’s commercial real estate, noting U.S. banks were saddled with “bad loans” amid falling property prices.
“It’s not nearly as bad as it was in 2008,” Warren Buffett’s right-hand man told the Financial Times in an interview published Sunday. “But trouble happens to banking just like trouble happens everywhere else. In the good times you get into bad habits…When bad times come they lose too much.”
