FACTS ARE SUCH BOTHERSOME THINGS

THAT WAS THEN (A WHOLE WEEK AGO):

Guest hosting Bill Bennett's radio show, the always-good-for-a-laugh Michael Steele concurs with a caller who doubts we're in an economic crisis because "I look around and I don't see people spending any less money."

"I've heard a number of people say that, across the country," says Steele. Chuckling, he adds, "The malls are just as packed on Saturday."

tnr

THIS IS NOW:

General Growth Properties, one of the largest mall operators in the nation, filed for bankruptcy early Thursday morning in one of the biggest commercial real estate collapses in United States history.

Despite bargaining for months with its creditors, General Growth faced dwindling options for handling its more than $25 billion in debt, largely in the form of short-term mortgages that will come due by next year. The company has been severely wounded by the recession, which has wreaked havoc upon the retailers who inhabit its more than 200 malls in 44 states. Many stores have shuttered, depriving mall operators like General Growth of revenue.

nyt