Commercial lending is a crazy business right now. There is far too much capital sloshing around the economy, driving down costs to borrowers and making it hard for lenders to get paid for the riskiness of the loans they extend. Pricing is so disconnected from risk, in fact, that it’s common for bankers to refer to commercial lending as “a loss leader.” Really? All that work fielding loans, underwriting them, getting collateral, securing it, and negotiating the underlying terms for a “loss leader”? This scares me, and it should scare you too.