[IMGCAP(2)]"In tough times, does character really count? Can you afford not to be ethical when economic survival is at stake?" was the question Josephson posed to the audience of more than 700 real estate industry professionals. He explained that the only assets that cannot be diminished when the worse case scenario happens in our economy are imagination, intelligence and integrity. Integrity, he said, is the most valuable asset, and is the most threatened in these tough times.
"I look at this period of time as involuntary character boot camp," Josephson said. "But when the sun comes out, how solid are we?" He continued that although the vast majority of people are fundamentally decent people, "if we don't start modeling that ethics is a necessity and not a luxury, the kind of problems we are witnessing today will be small potatoes compared to what can happen in the future."
Josephson advised insiders to look at the bigger picture in their business practices to come out better on the other side. "There's a difference between what you have a right to do and what is right to do," he said. "None of us want to run our business as a risk-management strategy. The risk is too great."
Following Josephson's presentation, FOX News' Varney pointed out that until the fall of last year, for the past 25 years, America was the best performing of the industrial economies. "Out of 100 quarters, only five quarters have we had flat or negative growth," he said.
The financial landscape has been shifted. Where we are now, Varney said, is that "our public policy has been geared towards wealth creation and now it has shifted to wealth redistribution."
In a quick 10-minute summation, Varney recapped the cascade of how we got here, using headlines from the beginning of the fund meltdowns, to Iceland's bankruptcy, to when 2 trillion euros set aside as a rescue fund for Europe. But he ended on a positive note, with the assertion America will be first to get out of this mess. "We will be the first out of this mess, and we are the only ones who can be first," he said, "so give yourselves a round of applause."
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
