Is the pending commercial real estate crisis everyone seems to be afraid of nothing but a myth? Sam Zell thinks so.

Mr. Zell, the billionaire real estate investor who has been maligned for his bad bet on the Tribune Company, told a roomful of investors this week that fear of defaults in the commercial real estate market has been “greatly exaggerated,” according Crain’s Chicago Business.

“Everyone is waiting for the grave dancer to come and exercise his magic potion,” Mr. Zell said at the Invest For Kids charity event in downtown Chicago, according to Crain’s. “But you need two to tango.”

Read the full article, “To Zell, the Commercial Real Estate Crisis is a Myth” in the New York Times (Nov 12, 2009).

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