The reason, says Ron Kuykendall, spokesman for the National Association of REITs, is that during the property boom the real estate industry borrowed too much and on onerous terms.
Figure 6 shows a scatter plot of data where the vertical axis shows credit growth of each of the 22 industries in our sample and the horizontal axis shows to what extent each industry was borrowing from banks traditionally exposed to real estate development.
The companies changed the terms as pressure on the cable industry for borrowing billions and for questionable accounting made raising money through stock and bond offerings difficult.
In making scientific claims, the nutraceutical industry has borrowed from the pharmaceutical industry its dominant product testing mechanism: the randomised controlled trial.
Not surprisingly, on September 10 , 1997 Senator Kennedy warned that "the cosmetic industry has borrowed a page from the playbook of the tobacco industry".
India's huge entertainment industry routinely borrows story lines from Hollywood and English-language literature.
For all the industry's borrowed glamour, its revenue model owes more to Wrigley's than to MTV.
Volkswagen and Mercedes, both of which are profitable and less vulnerable to the industry slump, borrowed from the European Central Bank for the first time in February.
There is never just one thing and one particular kind of music, the entire creative industry globally borrows from and has always borrowed from London.
