when we were in davos, howard lutnick was with us and he told us from cantor fitzgerald that sees $700 in defaults in commercial real estate coming. >> absolutely. disaster is an understatement. new york community bank cut the dividend 70%, 20% of their book value is in commercial real estate. look at the economics of commercial real estate and with yesterday's cpi number of lower interest rates, tuesday's gone with the wind as leo leonard skd says. what's going on in commercial real estate. we talked about trouble brewing in commercial real estate. now we're paying the piper. the government stepped in and capped rent stabilized apartments. these buildings are now worthless than they were five years ago which the math doesn't make sense. and then if you couple that with high inflation, higher borrowing cost, you can't make any money. so the government is supposed to be assuring us and guess what they're doing? they're destroying us. maria: i'm just surprised that we haven't seen a bigger impact already. i mean, now we're talking about layoffs, we've got instacart announcing it's laying