In 1987, following the changes in the federal income tax laws that made many investments in real estate less valuable, the Wall Street Journal quoted a real estate syndicator, who said something like:
“Things are going to be much tougher now. We have deluded ourselves. We have all been pedaling our bicycles downhill thinking we are great athletes.”
But, where there’s life there’s hope. At about the same time, I attended a conference where a panelist, talking about tough times and the need to change methods of operation in order to keep your business alive, said: “It reminds me of the old Bulgarian proverb: better bad breath, than no breath at all”.