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Maybe 2017 Will Be Better Than Many Think

Despite the mass media, there is a very good chance things will go well from here. It all depends on who blinks this week over the border wall and…

Joel Ross Joel Ross

Despite the mass media, there is a very good chance things will go well from here. It all depends on who blinks this week over the border wall and subsidies for Obamacare. My bet is it all gets resolved somehow. Marine Le Pen did not win enough to have a good shot to win the final election in May. Emmanuel Macron seems a reasonable, intelligent banker who hopefully will fix the mess in France and help stabilize the EU. He has to lower taxes, increase the work week, and cut the massive over-regulation. In short, he has to do a French version of Trump and get the economy moving again.

In the US, it is highly unlikely we will have a shutdown. Wednesday the tax plan outline will appear and while it is missing a lot of the fine points, it will demonstrate major tax cuts are coming and it will be very stimulative. The Democrats and the press will attack it as a cut for the rich along with the usual left wing rhetoric, but reality is we will have major tax cuts this year and they will be backdated maybe to January 1. Expect carried interest to be changed to ordinary income. There will be an accompanying special low rate for repatriation of offshore money and that tax will be used to provide the equity for the infrastructure bank which will then issue America bonds to fund the massive infrastructure work plan.

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Joel Ross

Joel Ross

Joel Ross began his career in Wall St as an investment banker in 1965, handling corporate advisory matters for a variety of clients. During the seventies he was CEO of North American operations for a UK based conglomerate, and sat on the parent company board. In 1981, he began his own firm handling leveraged buyouts, investment banking and real estate financing. In 1984 Ross began providing investment banking services and arranging financing for real estate transactions with his own firm, Ross Properties, Inc. In 1993 Ross and a partner, Lexington Mortgage, created the first Wall St hotel CMBS program in conjunction with Nomura. They went on to develop a similar CMBS program for another major Wall St investment bank and for five leading hotel companies. Lexington, in partnership with Mr. Ross established a hotel mortgage bank table funded by an investment bank, and making all CMBS hotel loans on their behalf. In 1999 he formed Citadel Realty Advisors as a successor to Ross Properties Corp., focusing on real estate investment banking in the US, UK and Paris. He has closed over $3.0 billion of financings for office, hotel, retail, land and multifamily projects. Ross is also a founder of Market Street Investors, a brownfield land development company, and has been involved in the acquisition of notes on defaulted loans and various REO assets in conjunction with several major investors. Ross was an adjunct professor in the graduate program at the NYU Hotel School. He is a member of Urban Land Institute and was a member of the leadership of his ULI council. In 1999, he conceived and co-authored with PricewaterhouseCoopers, the Hotel Mortgage Performance Report, a major study of hotel mortgage default rates.

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