Blumberg Capital Partners' Philip F. Blumberg

Will Obama’s new financial plan hamper the industry? This was posed to GlobeSt.com readers in last week’s Quick Pool, with 65% insisting that the president’s regulatory overhaul will hurt commercial real estate and the remaining 35% doubting it will have much impact. Philip F. Blumberg, chairman and CEO of Blumberg Capital Partners based in Coral Gables, FL, believes aspects of the plan may actually help move us through the slog of troubled assets.

“If the Obama Administration is moving to reinstate Glass-Steagall, that’s a good thing. It would allow imprudent risk disease to be limited to investment banks, rather than commercial banks, in which there is public trust and government support already. If investment banks have a problem, they should take it on the chin. They’re big boys. But when commercial banks have a problem, we take it on the chin. And that’s not right. So Glass-Steagall’s reenactment is absolutely correct.