For the first time since the 2008 financial crisis, investors who hold top-rated debt backed by commercial real estate (CRE) are suffering losses as the economy continues its downward spiral into oblivion.

The Federal Reserve's ongoing interest rate hikes coupled with plummeting office tower values nationwide have created a situation in which there is really no safe haven in the conventional markets.

Debt backed by CRE is a derivative instrument that comes with considerable risk, especially in the lower tiers. The fact that the highest tier, AAA, is also heading downward generating just 74 cents on the dollar shows just how bad things are getting.

"Now that we've seen the first commercial mortgage-backed securities get hit, other AAA bonds are bound to see losses," warns Lea Overby, a CMBS strategist at Barclays. "These losses may be a sign that the commercial real estate market is starting to hit rock bottom."

The everything bubble will eventually pop

For years, financial experts have been warning that the bubble known as the financial system is going to collapse. Some people call it the everything bubble because, well, it includes and affects everything.

With so much money leveraged in high-risk derivatives, and all of it sitting on the backs of banks, one falling domino will eventually topple all the rest of the dominoes, which is what we are now starting to see happen.

"When you take the hot air out that inflated the balloon, the balloon has to deflate and fall out of the sky," writes David Haggith of The Daily Doom.

"Bubbles never stay inflation when you suck the cheap money back out of them. Part of that, I've warned, would include a huge real-estate implosion in mortgage-backed securities again, except that this time it would happen first and foremost in commercial real-estate, rather than housing."