So here we mere voters are left to watch the insane nonsense being put out by both groups of children in Washington. You would think we are watching a group of kids in the schoolyard who need a slap upside of the head. I won't vote for Obamacare. I won't even talk to you. I demand you not fund your legacy program. I won't meet with you and we won't even listen to you. My goodness. What is this? Surely not a functioning government.
The good news like the sequester is that it actually likely saves money and does not seem to affect the real world the rest of us inhabit. If this insanity continues for 5 or 6 days, it likely affects nothing we are doing other than making us embarrassed or furious or both. The problem is both sides are gearing up for the real battle over the debt limit and Obama is already refusing to even take a call from the Republicans. My concern is people like Ted Cruz get their feedback from like minded idiots who egg him on, and Obama the same. Debbie Wasserman is like the wicked witch and likely tells him just say no. At least Clinton in 1995 talked to Dole and Newt and cut a deal, and a lot of very good things, like major welfare reform became law even though the liberals at the time predicted that 1 million children would go hungry and the same media talking heads as today repeated this nonsense. Welfare reform was the bet thing to happen to many of the poor welfare mothers and kids. Many of those mothers went to work and got self esteem. No kids –none- went hungry.
Other than getting disgusted with all of them, there is little we can all do. If you are a big donor and can get a message to the White House or a Congressman, pls do so and tell them it takes two to do a deal and un less they find some adults to talk to each other we are all doomed to fail together. The country cannot take much more of this. Someone has to be a leader and there seem to be none anymore in Washington. Obama thinks he can just ignore Congress. The right wing thinks it can just hold out and not compromise. Pelosi and Reid think they can just resort to childish name calling. And they all go on TV and flat out lie.
The fact that the market went up today shows that most investors are just fed up with all this and assume that in a few days there will be a deal. A safe bet since there is no America unless there is a deal. This game of chicken will end and the country is the loser for all of it.
For now all we can do is hold off and wait for the end result. I would not commit to anything right now. Both sides are so stupid and so full of themselves that the unthinkable could actually happen. No deal on the debt limit. Nobody thought there would be no deal on the budget, but it happened. I gave up predicting what might happen since I am not 10 years old and do not know what those children in Washington think or if they ever think. That is the true for all of them from Obama to everyone in Congress. Keep your powder dry for a couple of weeks.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- 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
Already have an account? Sign In Now
*May exclude premium content© 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.
