Steve Syre

" The Red Sox beat the open days eight to two yesterday. The Sox return home to a four game series tomorrow night Brad Penny will be on the mound. WRKO pregame show at 625. The Celtics wrap up wrapped up their season their regular season with a 115 to 107 win over the Washington Wizards at the garden last night they face the Chicago Bulls Saturday in the opening round of the NBA playoffs the Bruins host the Canadians tonight game one of the opening round of the NHL playoffs I'm Malcolm Walter WRKO news. Our three of veteran's forum begins now -- 680 W. Yeah."

" Boy -- Basra and my hope is that America and Washington. Basically. We got a great team. No reason involving followers broke barriers her --"

" He dropped -- socialism throughout those very."

" I hear a president say that he believed in what we can start court. Wicked primary thing was people believe that people had their right to liberty and had the right. Really taxes what."

" Do you realize it. -- I've never locked it's hard."

" Talking if you guys embarrassed armed door Fred baron's ball."

" let's say two million dollar do you realize you're eligible for a 400 dollar tax credit -- while that's good reporting that was so bad is an impressive though some hard hitting investigator early morning positive picture Wednesday's I don't know that she went to the school -- I laying down on the on the couch hop hop hop a flight schools should want us adults. Albeit it's time for a nice dose of reality and we get that every business day he had. With the Boston business report when we go to the Boston Globe Steve sire today's edition of the report with Steve's site has been brought to buy SP ally. Savings bank life insurance is of course. The no nonsense life insurance company Steve side out how why is Sarah is --"

" As my 100 dollars."

" Yeah I know it's coming -- he knows it's a hot hot hot. I can't believe you haven't noticed -- wears RT party coverage of the old boy was a big front page splash I believe protest Telecom and you know these guys are writing happy they say all. Ma deliberately ignored the antibody rally it's. God. I. Unbelievable. -- How are Beacon -- now seriously -- then again rights protest few hundred people on the common noon to three you don't think there would amend. -- not -- only coverage you would have the -- would have been lobbies is blitzer was. It's okay and it DR we I would go to the general growth story because I -- general growth myself the other that you did better known as Quincy market -- and I went I had they want to pizzeria -- got -- a pizzeria I was down in the other -- myself I didn't see you. Well the hot association would do an RKO was involved and I want to hold an analog pizza -- and -- hot hot hot hot hot fudge -- experience yeah they have -- food and I'm very healthy lots of word and I was busy I was sick of the values Steve because everything is Steve says there's financial trouble down there. But this joint is jumping."

" It is it's still busy down there in General Growth Properties is a gigantic shopping mall operator the second biggest. Shopping mall operator in the country and you know it it's in all the times we've talked in the recent months if there's too. Disaster areas in the economy one might be real estate the other might be retail is national together and have retail real estate you've got. A big problem and general growth is. In the middle that they've filed for chapter eleven this is. Not exactly surprise they've been talking about it for awhile but -- it actually happened yesterday and it's pretty big deal they didn't know little operated they've got. Hundreds of -- that they operate all over the country there that debt that's at issue is about 25 billion dollars right now and as you point out there are a lot of people at -- and sometimes what I go to places -- honest Saturday and a look around at those at the parking lots of it you don't a lot of cars here I'm not quite sure how much money people are actually spending. As Daniel all because it's such a but as a tourist destination I'm not sure to what degree it's an accurate reflection of the economy and that. Spills over into the general ball world but as a player -- growth. Almost all the doesn't own Faneuil hall because that nature of the real citadel to -- least which is that it. It's in default on -- and technical default but it's been trying to sell that leaves it'll also. In Massachusetts and -- other -- already Twitty plays that does. Natick collection it was classic bad timing. Situation where they went very high and right at the top of the economy and open a big place and it's got big problems they're --"

" I'll watch this this is an absolute mess when I think of it so I have to assume this is just driven by eight. Vacancy rates. India in this hyper real estate real estate that's dedicated to retail. And that vacancy rates is not a usual the Massachusetts Massachusetts just out of the lodge national and depressing picture."

" Yeah I think -- certainly in the general growth that case and probably in most. Retail. Realistic situations they're the same as well there are two big issues. One is exactly what you point out that there. Big vacancies all over the place said most of the sort of consultants surveys out there estimate that mall. Vacancy rates. Across the country somewhere around 7% which is behind number at a mall. At the end of the year much higher than it had been before. And go to any law. And you can as it is right now I go down it. -- truck plaza you know down in my area and I see the big Nordstrom that's supposed to be coming that I have my doubts about. And others more vacancies is a very typical things out that's -- there's a lot of financial pressure on -- as a result of that. The second thing in this is what general growth kind of points still in it it's it's sort of true and that is that. Commercial real estate at all kind is often financed. Shorter term loans and -- a thirty year mortgage product out. And as these things will roll over and they have to be refinanced as usual. That there's nobody to step up in this and just like all kinds of real estate finance. Getting -- this is particularly true. And the commercial real estate market and there have been again just like residential real estate this kind of secondary market where all these loans turned into security people traded them. Exactly the same thing took place for. Commercial property is called commercial. Mortgage backed security market and that has just completely frozen and nobody's in it right now and as these loans keep rolling over. Trying to find somebody who could refinance them at the big problem. General growth says this is our prime problem they expand it a lot in this past decade a lot of it on shorter term loans. And they claim that that's their big bankruptcy process."

" Is there any risk to all the wonderful fast food let's get down to what people Carroll blush I would get our now what happens then you do do we care."

" Do you care yeah yeah I think well I think just as a bit as a social. Institution the shopping mall. Is changing a lot and I don't know exactly how it's gonna about. You know this process that would talk about it you know the pressure on real estate isn't going to go away next month or next year for that matter. So the mall as an organization of lots and lots of retail. Is it going to change somehow there's a lot of talk about how -- happen and I thank you don't know the answer that one way or another take the take the property take a real estate and do something else with it and turn it into. Something that looks a lot different and the -- that's in your neighborhood probably will look a lot different 123 years from now and you know."

" Really there is your new -- out there. Is there -- new model out their for revamping the approach to malls."

" I think the early ones are sort of try to turn some of the space into. Office space but there's not much demand for that frankly at the moment and it's hard to turn a story into an office. It is possible in some ways you know but you know in some cases. You know if you -- put -- full of it somehow and you know put demand for food. For restaurants into these places against a hard to any of these things are -- felt really bad economy. But did you know there's a couple of different efforts to that I can't say that any of them popped out as being you know an obvious."

" I have no idea the malls are put some food that's edible into the food court. And -- talking Quincy market goes -- or court. Now the food courts are gross. Their gross there's all this Chinese food look the fact you they do it right on currency and see all the fact -- Steve I'm."