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Tuesday, December 10, 2013

Food for thought

Recently, former real estate mogul, Paul Reichmann passed away. When his company took over the Canary Wharf project in London in 1987, Reichmann believed England was on its way to a new era of prosperity under Margaret Thatcher. Contrary to his expectation, Britain slumped and so did its real estate market. So, if a guy who obviously knew his business could be so disastrously wrong, how can anyone predict how a market will perform. Forget the casino economics and opt for socialism. John Ayers.

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