Simon Property Group, Inc. (SPG)

Simon's malls have been growing so much over the past 5 years. Everywhere I look in the states there's another one. While that was great before and produced tremendous cash flow, a great portion of that cash flow came from people who had extra cash on hand from refinancing their home or selling their previous home to buy a new one (while being able to skim a little off the top for the savings account). Furthermore, Simon's biggest growth has been in states like florida, California--those hit hardest by the subprime collapse. I doubt very much that they purchased even 40% of their properties with cash. It was all financed. Just because its commercial space doesn't mean its not going to be dominoed by the housing market. So you have two huge meteors coming smack dab in the middle of what made SPG a fantastic long for a long 5 years. The current price of the stock is not priced nearly low enough given that their annualized earnings growth over the past 5 years is only 5% and their TTM PE is 50! The stock is priced right now to gain tremendously over the course of the next couple of years. I think people are betting way too much on this stupid stimulus package. I already have accumulated so much debt since they announced I'd be receiving a $600 check in May that I have no choice but to use it to pay it off. I think the media and the government underestimate just how hard its going to be for people with bad credit to borrow money moving forward. With credit cards maxed out, how can the average mall rat afford to keep going---Oh yeah, and might gas prices keep the potential for frivolous shoppers away too?