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Strategies & Market Trends : Asia Forum
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To: Zeev Hed who wrote (7750)12/25/1998 11:56:00 AM
From: Tony van Werkhooven  Read Replies (1) of 9980
 
Zeev- You commented:"The US changed a very simple rule in its taxation of real estate (from not at risk to at risk) and landed us the S&L fiasco. Yes, prior to the tax change, capital was misdirected to RE projects which without the special tax treatment had no economic viability, but the sudden change (rather then a graduated change over at least 10 years) did not provide enough time for capital reallocation, and we ended up with writing off half to a trillion bucks."

I would like to suggest that a greater contributor to the S&L fiasco was the deregulation of the S&L industry without adequate supervision.

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