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By Wednesday there seemed to have been a collective decision by most people in the capital markets to ignore the jerks in Washington and to leave Europe to destroy itself. In short, to ignore the noise and just get back to doing deals. In the past few days I have had excellent response to a $150 million debt placement on a portfolio. I have several other transactions which are moving forward. I think things in Washington have gotten so bad that the rest of us have simply decided to get on with life and try to make money. That is very encouraging. This is clearly not 2008. The banks are well capitalized and even B of A will get through this. It is possible that B of A will eventually spin the mortgage business into a bad bank or some other version of that. However, the bank itself is going to get through this. The investment banks will be fine, such as are remaining. There is an enormous amount of available capital in many hands looking to do deals. US corporations are awash in cash and are raising a lot of added long term capital at an almost nil cost of capital, which will keep their balance sheets strong for years to come. Long term holders of solid real estate can refinance now for rates none of us ever dreamed possible. That means they will be solid investments throwing off strong cash flow over the long term. In short, the Fed is accomplishing what it wants. Historic low cost of capital to help companies and investors get through this and be tempted to invest.

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