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By JILL ESTERBROOKS, Special to the Daily Transcript
Tuesday, September 10, 2002
"As a real estate developer, I rely upon the capital markets to fund deals. Obviously, the financial institutions pulled back significantly after Sept. 11," said Gina Champion-Cain of American National Investments Inc. "But the truth of the matter is that these markets were changing substantially prior to that date. The status of the economy, and the change in market conditions due to the collapse of the stock market and the fall of the dot-coms really had more of a significant impact on my business than the terrorist attacks."
She added the real estate development industry as a whole has been affected by the lack of insurance available since the attacks. "Insurance companies made their underwriting requirements nearly impossible," she said. "Also, some assets simply were no longer insurable."
She said the impact of last year's attacks is unquestionable. "America lost its innocence. We realize we're vulnerable and we must take into account what is happening in this world more so now than ever before," she said.
America, she said, has always been the leader in the world -- the one who sets the tone. Since 9/11, this has changed.
"We've shown that our complete self absorption has to change. We are a part of a global community, a global village and a global economy," said Champion-Cain, who is also the board president of the Downtown San Diego Partnership. "We can no longer hide behind our mothers' skirts and pretend that genocide, civil war and crimes against humanity do not exist, as we tell ourselves they don't exist within our borders.
"I think Americans now realize, more than ever, that we need to be fully aware and on our toes at all times."
Esterbrooks is a free-lance writer based in San Diego.
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