Dubai defaults - “The announcement was a shock,” said Beat Siegenthaler, chief emerging-market strategist at TD Securiti

[burdell]

Originally Posted by Indurain

Burdell needs to do a crash course in orienteering.
And a quick recap about the U.A.E. too.

Perhaps you need a crash course in English idioms? The concept of 'arab brothers' in my post has nothing to do with geography or poltical alliances. Or will you now attempt to tell us neither Saudi Arabians or members of the UArabE are arabs?

[joejitsu]

Originally Posted by Boompa

I posted the same thread on WORLD, whichever?

Now we'll never get the trillion dollars Halliburton stole in Iraq

Halliburton, Bush, and Cheney stole money from places besides Iraq. They looted the USA and Afghanistan too.

[Okiegirlfriend]

Originally Posted by joejitsu

Gee, I wonder how this happened? Maybe, because of all the super skyscrapers they didnt need, the underwater hotel, the artificial islands, the mega shopping malls, etc. Dubai was like Disney combined with Vegas on some kind of super steroid. All built on slave labor and shoddy construction. The city was just a mirage, and now the desert will reclaim it.

Ya think?? Only the Liberals around the world would be able to afford to go there. That will end in the USA when the higher taxes on the "rich" go into effect. Everyone can stay home then. That will cut their noses off.................

[Hombre57]

Only the Liberals around the world would be able to afford to go there

Must really hate democrats to say that.
BTW, Lou Dobbs, Mr. Independent did his newscast from Dubai some time ago. I would guess now that I've told you about this, that he is a liberal now.

[Boompa]

Originally Posted by Okiegirlfriend

Ya think?? Only the Liberals around the world would be able to afford to go there. That will end in the USA when the higher taxes on the "rich" go into effect. Everyone can stay home then. That will cut their noses off.................

Yeah Dubai, and Saudi Arabia, are such Hotbeds of Liberalism, what a laugh!

Dubai is where all of the Oil Campanies and Defense Contractors were hiding the Billions they stole in Iraq

[floridasandy]

Originally Posted by subsound

It astounds me when people say "No One Knew", I don't think that's true. They might have forgotten.

They were building frond shaped islands, city sized malls, massive skyscrapers, and indoor ski slopes all financed through debt. From 2006 they were producing numbers of shows about the engineering marvels in size and complexity. They always included about the cost and the debt leverage they were taking out to do it, expecting gas to keep going sky high. As soon as gas dropped and even a small recession would have done it, it pretty much was just a ticking time bomb with this credit crunch.

they had their own propaganda machine going over there :

the truth:

the Nakheel sukuk' would be classed as a default. The agencies have thus downgraded most government-backed Dubai companies and entities either to below investment grade or to junk status.
The international impact has been immediate and significant. Shares in London yesterday fell by more than 3% -- the greatest one-day loss since March -- on fears that UK companies owed payments in Dubai would be unable to press for them. European bank shares fell by about 3.5%, and shares across Asia suffered. ......Dubai now has a high credit default swap rate of the kind that Iceland incurred at the height of its crisis, making its government one of the riskiest in the world with which to do business.....

the press / transparency:

Sheikh Mohammed bin Rashid Al-Maktoum, .... told critics to "shut up".
Crown Prince Sheikh Hamdan bin Mohammed Al-Maktoum told the World Economic Forum meeting in Dubai that the emirate's economy was "humming".
The same day, the chairman of Emaar Properties, another of Dubai's large real estate developers, told the meeting that the emirate's economy was likely to grow by 5% in 2009. ..... Gulf News newspaper carried the business headline "Investors Show Confidence in Dubai".