Housing is what took us into a deep global crisis. The housing market is a little shaky right now and there’s a fair amount of inventory
in many parts of the country. Housing is very sensitive to rates and if
something happens there, it could again have a broader impact.
SIBILIA: Being a part of J.P. Morgan, we’ve been very fortunate to
have a lot of global reach and a lot of geopolitical analysis and the
like. For the past 12 months, I’ve spent a lot of time listening in on
global calls as it relates to Europe. Putting Brexit aside, there are
three or four major elections coming up in Europe over the next
18 months that are going to shape the political landscape for that
continent. I don’t know the outcomes, so there’s a lot of global risk.
And combined with some of what’s coming out of the US in terms
of policies, all of that is making many people in Europe and elsewhere nervous. When you have a situation with an unknown outcome, it’s very hard to look ahead and make predictions.
DARJEE: A lot of people mentioned the proposed policies. I
think restricting free trade and immigration could pose some
problems, especially in terms of labor issues. Steve Jobs once sug-
gested that anyone educated in the US should receive a Green
Card stapled to the back of their degrees. It’s important to keep
the most educated people we have to continue to lead and fuel
innovation; otherwise, we’re going to have a challenge finding
enough people to fill certain fields.
In terms of infrastructure improvement, that’s something both
sides of the aisle agree is sorely needed. For taxes, it depends on
the approach. For instance, a reduction of corporate taxes may
keep more money in the country and perhaps keep companies
from relocating, which is good for jobs. But in general, I’m not a
believer in trickle down economics. I’m not convinced it’s worked
in the past.
What does scare me is this: If you look at where our country is
now, let alone many parts of the world, an increasing number of
people live in communities that are very much like them. That
doesn’t create a middle ground where you can engage in healthy
debate. When people cluster around similarities, it leads to insulation and extreme thinking, because people want to differentiate
themselves from the pack. In the extreme scenario it can lead to a
revolution—I don’t see that here although we’re seeing the beginning of it in in other parts of the world.
In this country, we have a fair amount of segregation, be it Wall
Street versus Main Street or the haves and have nots. There’s more
polarization here and globally, which leads to more instability.
That’s concerning because we’re in a totally different age—just
look at the impact of the Internet. The tools available to us allow
for much more extremity than in the past. That causes concern
over where we might be in five, 10, 15 years. We need people working together, and unfortunately we’re seeing that less and less
across the world.
What drives me forward is that in my lifetime I want to see
advances in society pulling more countries and people around
the world out of poverty and into the developed world. It’s the
humane thing to do, and will ultimately help all of us and lead to
a more stable world. I see it happening. The innovations during
my lifetime give me confidence it can be done, but we have to
want to do it. ◆
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continued from page 26
and globally, which
leads to more
concerning for the
next 10 to 15 years.
We need people
TH Real Estate
1 Yardi Systems, Inc.
5 Marcus & Millichap
7 Capital One
11 NAI Global
13 CCIM Institute
16 American Property Tax Council
17 Bellwether Enterprises
19 NorthMarq Capital
25 PNC Financial Services Group
27 Pyramid Hotel Group
31 CIBC World Markets
32 Hunt Mortgage Group
33 Money 300
36 Berkley Point Capital
37 Banner Bank
43 Envoy NNN
45 Capri EGM
47 W. P. Carey
48 US Realty Advisors, LLC
49 AG Net Lease Acquisition Corp.
50 RealShare NetLease
C2 Rockefeller Group
C3 Real Capital Analytics
C4 Fidelity National Title
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