Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Just a decade ago, we were in the halcyon days when young internet moguls and website entrepreneurs were minting money on IPOs for gambits on yet to be profitable start-ups. Newspapers ran stories about how to best spend the rest of your life after retiring at 29. President Bush cut federal taxes and promised more economic growth, but 9/11 was a kick in the teeth, and maybe an early warning that fortunes would be changing.  High tech took a swoon and the economy dipped, but a combination of Fed-engineered low interest rates and plenty of easy credit fueled a housing boom and ignited consumer binging. Let the party resume. Glass Steagall repeal in 1999 under President Clinton had helped open the door to Wall Street bankers and traders leveraging up house money while playing increasingly risky bets with client dollars. In the real estate world, brokers and dealmakers took full advantage, bidding up everything and anything in site and extracting generous transaction fees at every opportunity.  

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.