Capitalism has long been regarded as a system of “creative destruction”.  Market cycles are frequent and wide ranging and only vary is size and breadth.  The strong survive; others fail and disappear.  Recent financial market distress clearly has resulted in the “destructive” portion on the statement.  Does it always have to be this way?  Is “creative growth” possible? A review of historical, financial crises as they relate to the real estate world have eerily similar causes and results: Era                             Causes                                                Results 1960’s              Inflation; int’l growth; tax code            Severe inflation; Financial stress 1970’s              Int’l crises; commodities                     Severe inflation; financial distress 1980’s              Tax code changes                              Lax underwriting; oversupply 1990’s              Overbuilding; overleverage                Financial meltdown; liquidations 2000’s              Too much liquidity; underwriting         Financial meltdown. While the dates may vary slightly from this simplistic model, the results have been highly consistent:  Severe financial distress and chaos occurred.  Unquestionably, this affects everyone since financial resources impact

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