We are about to make what will be one of the most criticaldecisions for the next decade or more. It is not just the USeconomy, regulation and other domestic issues, but it is all abouthow the US leads the world, or not in resolving Iran and the restof the Mideast. We are faced with the implementation of Obamacarewhich is a fiscal and healthcare disaster for the middle class. Itwill lead to delays to see doctors, lesser care, far fewer jobs atthe lower end of the income levels, and huge additions to thedeficit. Then for all of us it is Dodd Frank which has issueswithin it that are potentially going to be resolved in a way thatwill seriously crimp the capital markets and the ability of banksto meet the needs of a growing economy. Next there is a EPA runningout of control which will seriously limit the opportunity torapidly increase oil and gas production thru the implementation offederal fracking rules and more criminal charges if a bird dies ashappened in N Dakota. It matters not at all the thousands of birdsdie in windmills.
There is no question Iran has to be dealt with early in 2013,either thru war or revolution. Syria will also be decided in early2013. The clear effort by the White House to cover up the terrorattack in Libya, and the refusal of the administration to sendmilitary assistance to the special operators who were under attackeven though they had laser spotted the mortar which then killedthem. The future path of the world will be decided in early 2013.Either Israel will attack alone, or with us, but a military attackis highly likely barring a major revolution in Iran which isunlikely. Once that happens oil goes to some very high price,capital markets get disrupted, Europe really tanks, and the USeconomy steps backward.
China clearly will have to be dealt with in the next year ortwo. There are major economic and foreign policy issues which willimpact the whole world for many years. The tension between Chinaand its neighbors over who owns what resources in the S China Seaand other areas will come to a head.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
