UAE Going Down Too

[lligrd]

At last some good news.

[Liberal_in_LA]

1. details or link please

[lligrd]

2. I Just Saw It On CNN - Down 8% I Believe

Don't have a link for them but hope someone will post one.

[Oregone]

3. That's really interesting...

Don't they have a tax rate of 0% there to encourage business growth and rich people moving there? It sounded like extreme free market capitalism and speculation fueling their boom.

[mcctatas]

4. and how'd that work out for them...

[lligrd]

5. I Might Be Wrong But It Sounds Like It Is Related To The Banks

like Iceland.

[JCMach1]

7. Not precisely... Dubai has one of the most over-inflated

real estate markets in the world... The drop in the real estate companies are taking Dubai down. Also, foreign capital and virtually everyone else is pulling out of the market.

The total BS is that there is a huge demand for new housing in Dubai. However, most the people needing the housing are low-wage service workers. The projects built and on the boards cater to WEALTHY customers.

I can't recall ANY new project in recent years that targets middle, or lower income workers.

[JCMach1]

6. Why is this good news exactly?

UAE has been down consistently... following the lead of the Asian markets.

[lligrd]

9. Just A Personal Dislike Of Dubai

Thanks for the explanation you posted above.

[SoCalDem]

8. the whole world is awash with FAKE money.. Money created out of thin air,

"packaged" in creative ways and traded back and forth.. Until the whole stink is exposed, it will drag on..

It always reminds me of the guy who's caught cheating on his wife, and after months of denials..he finally fesses up to ONE girlfriend....but there are about 8 more he has not fessed up to yet, and one by one, they will found out by the wife..

People all over the world are deeply in debt, and the consumer debt of millions of people will NOT be "forgiven", "purged", "written down", "written off"..

Without massive crushing debt, there is NO way that consumers can keep consuming..and many are already buried in debt.

Sooner or later it had to stop...but instead of a stimulus that might have worked, we are amputating a gangrenous leg..one inch at a time... the patient will still lose the leg..but he gets false hope every time an inch is cut off..

[MetaTrope]

10. Shouldn't prevent the Emir from going on some more hunting trips with Osama bin Laden though