Real estate cycles and asset price recovery in places like New York City are seemingly quicker nowadays, whereas "the cycles of opportunity seem to be getting shorter," reflects Michael Fascitelli, president and CEO of Vornado Realty Trust. Fascitelli spoke on a panel moderated by CNBC's Kayla Tausche at The Deal Economy 2012 event, alongside Steve Pagliuca, managing director of Bain Capital LLC, where they reflected on dealmaking over the past 30 years. The evolution of the Internet became a major factor for people's reactions and overreactions to economic situations, according to Pagliuca, but it now allows for global connection. The panelists, both 1982 Harvard Business School grads, also discuss the euro-zone sovereign debt crisis and provide predictions for the 2012  M&A landscape. According to Fascitelli, "It's a cautionary year." - Sarah Hashim-Waris

This panel and all of the content from the Deal Economy 2012 are available to be viewed on-demand at The Deal Economy 2012 simulcast.