In the mist of this financial crisis, some 40,000 of New York’s 185,700 Wall Street jobs could be lost. But who cares. They made their bed, let them lie in it. This bailout has been nothing more than a big mess and I am 110% sure our lawmakers have no clue what they are doing. There is no clear plan and blue print to get us out of this mess, only talk and finger pointing. A lot of people are losing money and everyone hands out for a hand me down. We are becoming a nation of beggars and people are failing to take accountability. Fear is running though the veins of all Americans and spurring panic and I couldn’t be happier. Fear will be my greatest ally to pick up deals for pennies on the dollars because the more scared people are the greater need to discount they will feel compelled.
We have arrived at a point in history when I think real estate investors are the ones who will save the economy. We are the ones who will ultimately bail the government out and buy these loans they will be stuck owning.
Once vilified, real estate investors will become the heroes this economy in years to come. Throughout history, it is the real estate investors who have shaped economies, not Wall Street. It is just plain wrong that we have created a system that compensates people who mismanaged their business and personal finances. Our new system has no accountability and checks and balances.
In the end it is vital for us to solve this problem and come up with a sustainable business model and incentive structure for those real estate investors who will stick their neck out and get involved in the game. Otherwise, this government will continue to spend and waste money to unworthy causes.
The current financial crisis may have created a perfect moment to revisit the entire structure of capitalism as we see it today and should reward those who pursue their American Dream instead of those who have their hand out.
There is a shakeout in the real estate industry. The dreamers and speculators are out of the business and now the serious people like you and I are left in the business. My primary message to real estate investing professionals and entrepreneurs is that if we are going to make it in this new Real Estate Economy together is if we fundamentally switch gears on how we do business.
Become entrepreneurs and real estate investors. Create. Dive in. Innovate. Lead. Add value. Now is our time!!!