Obama failed at the G 20 to accomplish anything useful andfollowed that by failing to conclude the S Korean trade agreementbecause he wanted to retrade a done deal. Geithner was no better.Instead of solving any of the major issues that simply left thesituation in their version of extend and pretend, except this isfar more serious than a loan extension. The total lack ofleadership by the current administration and the refusal to dealwith the deficit at home, has only served to make the worldsituation worse.

The implications for the US economy and real estate values isnot positive. We now have capital moving to Brazil and otheremerging markets in huge amounts to gain yield and a bettercurrency outcome. While the low dollar may seem like it willattract foreign capital to invest here, there seems to be a biggerconcern that the administration is not dealing with the real issuesand is willing to devalue and potentially set off a trade warthrough currencies. Everyone but Obama and Pelosi seem to haveheard that the voters recognize we have a major problem withdeficits and a stalled economy. Pelosi wants to have a party tocelebrate what they have done, even though the voters revolted andrejected. And now she says she will stay as party leader to fightany attempt to make things right. Does anyone think foreigninvestors see what is going on as a positive for investing in theUS real estate.

Obama can’t even lead on taxes, and waffles all over the place.Harry Reid, who bussed casino workers to the polls and paid themwith K Mart prepaid cards, is still there and still saying we willnot back down on raising taxes for anyone over $250,000. The TeaParty crowd, led by that terribly misinformed father son team ofRon and Rand, want to eliminate our central bank. That really helpsbuild confidence in foreign investors. US investors are no moreconfident and have begun to move substantial amounts of capital tomore promising nations.

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Joel Ross

Joel Ross began his career in Wall St as an investment banker in 1965, handling corporate advisory matters for a variety of clients. During the seventies he was CEO of North American operations for a UK based conglomerate, and sat on the parent company board. In 1981, he began his own firm handling leveraged buyouts, investment banking and real estate financing. In 1984 Ross began providing investment banking services and arranging financing for real estate transactions with his own firm, Ross Properties, Inc. In 1993 Ross and a partner, Lexington Mortgage, created the first Wall St hotel CMBS program in conjunction with Nomura. They went on to develop a similar CMBS program for another major Wall St investment bank and for five leading hotel companies. Lexington, in partnership with Mr. Ross established a hotel mortgage bank table funded by an investment bank, and making all CMBS hotel loans on their behalf. In 1999 he formed Citadel Realty Advisors as a successor to Ross Properties Corp., focusing on real estate investment banking in the US, UK and Paris. He has closed over $3.0 billion of financings for office, hotel, retail, land and multifamily projects. Ross is also a founder of Market Street Investors, a brownfield land development company, and has been involved in the acquisition of notes on defaulted loans and various REO assets in conjunction with several major investors. Ross was an adjunct professor in the graduate program at the NYU Hotel School. He is a member of Urban Land Institute and was a member of the leadership of his ULI council. In 1999, he conceived and co-authored with PricewaterhouseCoopers, the Hotel Mortgage Performance Report, a major study of hotel mortgage default rates.