For those of you just tuning in, this chart shows that the mortgage implosion will not peak until 2011:
The trough in 2009 may not happen due to mortgages recasting before they reset
The following chart of commercial real estate loans maturing (by year loan was made, a.k.a. "the vintage") shows that the commercial real estate problem may not peak until 2017!
The Fed is printing money and leveraging up it's balance sheet with junk to try and paper over the mess with an alphabet soup of bailout programs. I'm not comfortable shorting stocks in the face of that.