At the International Council of Shopping Centers' (ICSC) "2007 Texas Conference and Deal Making" meeting in San Antonio, TX, in October, attendees had a unique opportunity to answer some questions on capital markets. An experienced panel of professionals and capital markets experts not only discussed what has been happening in the capital markets, but brought some clarity and context to what can seem like a confusing and complex suite of issues. This panel discussed some of the macro-level developments that have led to the current state of affairs, and offered a detailed breakdown of how these issues might impact the industry in the near term as well as long term. They offered forecasts of how long these difficulties may last and what kind of long-term effect they might have on the industry. Perhaps most important, they provided some analysis of how the subprime mortgage struggles might influence the day-to-day operations for those of us in the industry.