"The definition of insanity is doing the same thing over and over and expecting different results.” - attributed to Benjamin Franklin

UNCERTAINTY INSECURITY

The Global Context has changed. G-7 / G-20 Creditors vs. Debtors Pent-up vs. Oversupplied Short vs. Long-term Strategies Cost of Empire

NAFTA ASIA EUROPE

The Competition: “TO BECOME THE WORLD CENTER OF FINANCE, TRADE, AND CULTURE IN THE 21st CENTURY” Mission Statement of Shanghai, China as reported by the secretary of transportation, Joseph Perkins, State of Alaska, following a recent visit to China June, 2001

North American Context Is changing. Debt – Household Debt – Federal Debt – States Debt – Cities and Counties

Lack of Demand Drivers Decline in consumption Less Retail Less Industrial Less Office Less Hotel Greater Price Sensitivity

The Real Estate Market is in Decline. Deleveraging Tight Credit Diminished Demand

"Without changing our pattern of thought, we will not be able to solve the problems we created with our current patterns of thought." - Albert Einstein