Instead of 'show me the money', I feel like I should be saying 'show me the doom'. The bears haven't even been able to put together a proper recession. Besides, REITs already tanked last year for bad news related to the credit crisis. But this bad news never actually impacted REIT fundimentals (FFO was up, occupencies greater than 90%, dividends well covered, etc..). So at this point, you need a recession just to keep REITs at where they are at. And if you don't get one, I think IYR is going from 68 to somewhere around 85.