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Financial Market Update-Bair, Paulson Quarrel in Burning House Federal Deposit Insurance Corp. Chairman Sheila Bair is on the warpath for more aggressive government intervention in the foreclosure crisis, saying today before the House Financial Services Committee that the government is "clearly falling behind the curve" on the issue. Exclusive on the Web • Today on CPN Radio: Hospitality Update with Eugene Gilligan • Log on to CPN Radio for Interviews with Terry Munoz of Nielsen Claritas and David Arena of Grubb & Ellis at Last Week's New York Investment Conference • CPN Radio Extras:Pre-Audiocast Interviews from CoreNet Global Fall Summit with Prentice Knight and with Barry Varcoe and Bruce Ficke • Also on CPN Radio: Interviews from CoreNet Global Fall Summit with Jim Costello of Torto Wheaton Research and Sustainability Consultant Charles Lockwood • Log on to CPN's Blog, REal Talk with CPN, to Share Your Thoughts on Today's News • CPN's 2008 Stars to Watch: The Stories Behind the Pros to Keep Your Eye on • CPN-Nielsen Claritas Special Report: Lifestyle Centers as Predictors of Markets Growth Potential • Guest Column: Coping with the Capital Markets, By Craig Butchenhart • This Week on Mike Myatt's Management Matters Blog: Teach Them to Fish • Deal Tracker: Top Deals in Primary Markets Economists, Finance Leaders Take Capital Markets? Pulse at Manhattan Conference How the global financial system got to its current state--and prospects for commercial real estate capital markets--took center stage Monday at a capital markets conference in Manhattan sponsored by the law firms Goodwin Procter L.L.P. and SJ Berwin L.L.P. Target Reduces Capital Spending by $1B, Cuts Back on New Store Openings Just when it seems the latest financial news has hit rock bottom and things surely have to be looking up, another round of bad news sends the market spiraling downward again. News of trendy bargain retailer, Target, stemming new store openings won’t make the commercial property world happy either. JV Planning $4.2B Resort in Vietnam Historically, hard times signal an increase in gambling, so perhaps the joint venture of MGM Mirage and Asian Coast Development Ltd has eyed and will seize the prize, with the planned $4.2 billion MGM Grand Ho Tram, a multi-property complex that will be located along the shores of the South China Sea, some 80 miles from Ho Chi Minh City, Vietnam. $2B Deal for Pair of NYC Offices Reportedly Falls Through Two New York City office properties are back on the market, as a deal under which George Comfort & Sons would have acquired the assets--1540 Broadway and Worldwide Plaza--for some $2 billion has fallen through. Redevelopment Authority Approves 4 Boston Projects Boston Mayor Thomas Menino announced that four projects totaling more than $75 million in private investment have received approvals from the Boston redevelopment authority’s board of directors. City Commission OKs Zoning for 25-Acre Miami Worldcenter The Miami City commission has approved special district zoning for Miami Worldcenter, a nine-block mixed-use development situated north of the city's Central Business District. At CPN Conference, Local Leaders Offer To-Do List for NYC?s Future At CPN’s annual New York City Investment conference on Friday, speakers offered a vision of the nation’s largest commercial real estate market that blended sober realism with an occasional dash of clear-eyed optimism. Financial Market Update - A Tough Day for The Ultrawealthy The Dow Jones index started down, bumped up a little, then went down again, and then... the usual undulations, in other words. By the end of the day, however, the Dow was down 233.73 points, or 2.63 percent. The S&P 500 dropped 2.58 percent and the Nasdaq was down 2.29 percent. Hypo Loses $4B in Third Quarter, G20 Summit Lacks Action Commercial real estate woes aren’t limited to the United States. German lender Hypo Real Estate reported Monday a net loss of $4 billion in the third quarter as the financial crises worsened, with a unit in Ireland hit especially hard by write-downs on the values of its assets, the Associated Press reported. COPT Breaks Ground on Maryland Office Project Corporate Office Properties Trust has broken ground on the first office building at North Gate Business Park located adjacent to the Aberdeen Proving Ground in Harford County, Md. COPT will soon start a second building at the site. The 80,000- to 85,000-square-foot buildings will cost an estimated $16.5 million each, for a total of $33 million. Chandan: Economy to Contract Through 2009 The fiscal turmoil that continues to beleaguer the U.S. financial markets presents a lackluster near-term outlook: The economy is expected to shrink for the remainder of the year and during the first half of 2009 before experiencing just modest growth in late 2009 and in 2010, said Reis Inc. chief economist Sam Chandan, Ph.D., during the firm’s third quarter 2008 quarterly briefing. Report: Climate Change Puts California Real Estate, Economy at Risk While the real estate sector continues to take a beating by economic forces, there may be yet another peril on the horizon that could harm the industry just as much--if not more. New ProLogis CEO Details Plans to Put Company Back on Track In a presentation to investors Thursday, new ProLogis CEO Walter Rakowich, the company’s former president & COO, fleshed out some specifics about how the world’s largest developer/owner of distribution facilities will move forward past its current crisis. In addition, a new report on equity REITs documents just how much those entities have been shaken up lately. Zogby: American Attitudes Shifting Away from Material Focus Americans are increasingly shifting their focus away from wealth accumulation, and looking to find fulfillment in other pursuits, said John Zogby, president & CEO of Zogby International. The widely-quoted pollster was the keynote speaker and master of ceremonies of CPN’s Executive Awards luncheon, held Friday in New York. Financial Market Update: Consumers Decide to Stay Home After yesterday's upward bump, the Dow Jones index slipped into another downward course today losing some 338 points, or 3.82 percent. The S&P 500 slipped more, 4.17 percent, and the Nasdaq even more than that, an even 5.0 percent. Seattle Developer to Build 6 Casino Resorts in Guatemala An affiliate of Seattle-based Alekson Development Group has signed an agreement with the Guatemalan Gaming Agency that will allow the company to build six casino/hotel/golf destination resorts over the next 10 years. Weingarten, Hines REIT Form $271M Venture Weingarten Realty Investors and Hines Real Estate Investment Trust Inc. have formed a joint venture, in which a subsidiary of Hines REIT will acquire a 70 percent interest in a Weingarten portfolio of 12 supermarket-anchored shopping centers. D.C. Office Project Nets $194M in Financing Even as credit markets remain largely frozen, some financing deals are still getting done, even very large scale loans. Case in point; the $194 million that developer Connecticut & K Associates L.L.C. just landed for the construction of 1000 Connecticut Avenue, a 12-story, 383,000-square-foot office building planned for Washington, D.C.

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