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Peebles Makes His Points

White House Insider and real estate magnate Don Peebles has opinions on just about everything.

And he's earned the privilege: As the chairman and ceo of The Peebles Corporation, he runs a $4 billion development empire of luxury hotels, high-rise residential and commercial properties.

With developments in Washington, New York, San Francisco, Las Vegas and Miami Beach, Peebles clearly understands commercial real estate. But commercial property values are expected to fall at least 30 percent this year, a drop that would further strain troubled banks.

Some estimate up to 700 banks could fail as a result of exposure to commercial real estate. Peebles shares his insight on this sector and where he sees growth opportunities, as well as his views on whether this developing crisis in commercial real estate will stay in the U.S. or go global.

He also reveals what the Hamptons have to say about a turnaround in the economy and whether President Obama will be his guest this summer.