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It’s time to re-invent, go back to basics, and hunker down. The credit crisis increasingly looks like a credit crunch. The deal-o-rama is over. CDOs look down for the count (although don’t we know Wall Street will resurrect them at some point in the future) and no matter how low interest rates go, credit terms will be much tighter. The sideways economy piles on more hurt — property revenue growth slows or stalls. All the bankers, brokers and other intermediaries should expect “an off year” in 2008 as their volumes slide.

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