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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: BigBull who wrote (91345)4/7/2001 10:35:51 AM
From: Ilaine  Read Replies (1) of 436258
 
>>The Reagan/Rostenkowsky tax deal then also hurt commercial real estate mightiliy and contributed to the bust.<<

Every doctor and dentist I knew got stung by that - they were all passive investors in commercial real estate so they could use the depreciation writeoff to offset their income. No more tax shelter, no more doctors or dentists investing in commercial property. That was 1986. The shakeout started in 1987.

My office landlord, who was doing commercial real estate transactions at the time, said that the fed delayed cutting rates until the banks were about to go under. He says we almost lost the banks. The fed did not cut rates until after the October stock market crash. And who was the Fed chairman then? Alan Greenspan.
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