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As those who follow my site know, I am still rather bearish on institutions that have any sort of levered exposure to residential, retail or commercial real estate. I have a relatively strong real estate background, a spreadsheet , and at least a slight modicum of common sense. All three of these attributes tell me that we are much closer to the middle of the real estate rout than we are to the end of it. Thus, any institution whose well being is tied to real property and real assets not falling any farther is in big trouble. The chart below encapsulates my thoughts on the topic rather succinctly. Notice the slope of the curve to the left as compared to the right. 

Click the graph below to enlarge.

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