Here are two contrasting articles on austerity. This opinion from Bloomberg argues that world leaders need to look to and learn from the disastrous impact of austerity on Asia in 1997 and 1998. Peter Schiff, of course is, for austerity, and sort of explains why here.
Lehman Brothers (yes, it's still around) won the bid for Archstone Apartments, which Lehman had bought at the height of the real estate and credit bubble. Lehman out bid Sam Zell's Equity Residential in a battle that took months. Equity Residential still comes out a winner with a $150 million break-up fee.
Bloomberg reports on widening CMBS spreads. CMBS spreads over comparable Treasuries are at their highest level since last October.