This coupled with the expansion of Cash for Clunkers to now a $3 billion dollar bailout of the auto industry (after already pumping $10's of billions), mostly foreign made..(AFL/CIO you suckers!), defaults on refinanced mortgages as high as 45% , commercial property morgage failures , and continued job losses (during a typical hiring season) bodes for another mounting disaster.
People are grasping for anything positive in an attempt to fake out the consumer and get them spending again. Unfortunately, all that is going on right now is the effects from the injection of debt laden cash (remember the US Government is $11.6 trillion in debt with a combined $55+ trillion public/private debt). Everyone hopes (gambles) that the economy will recover sooner rather than later. Unfortunately, projections have US debt exceeding the GDP in 2 years (this is with a White House projected GROWTH of GDP by 2.4-4%...presently it is contracting). In otherwords...the government could seize ALL money/product made in the US in a year and still be in debt.
At present rates of unemployment, reduction of productivity and heavy debt merely being re-named/re-financed and repackaged I worry we are in for a nasty surprise come fall/winter.
UPDATE: Elizabeth MacDonald at Fox Business is doing a 3 part series on the commercial real estate looming disaster. She explains the situation far better than I could.