in all past cycles since 1873 the worlds tallest buildings have consistently opened at the peak of the real estate cycle, after which there has been a downturn, some downturns were worse than others.

I expect history to repeat because the fundamental structure of capitalism - (built on those govt granted licenses) has not changed. In Dubai, this one - the Burj - is sceduled for completion, as it happens, in 2008, the US tower to follow some time after that. (Thanks to an alert class participant for the photo)

Can you see the inklings of a set up coming here ? World's tallests coming to completion, events at the peak of the cycle to focus the world's attention onto something else apart from; the declining credit standards at banks, the wayward credit creation, wanton and totally unproductive speculation in real estate. (Economic activity will be frenetic into the peak, much busier that it is presently. )