I figured out why the Dubai economy is

[shraby]

tanking...Dick Cheney's Halliburton moved its headquarters there recently.

[RB TexLa]

1. Actually it's probably the lower oil and gas prices along with much lower demand for shipping.

edited: The overall global economy has also probably lowered tourist money that comes in.

[Warpy]

4. In addition, they thought the bubble was going to last forever

and went deeply into debt to fund things like their indoor ski park.

They now owe more per capita than any other country on the planet and their oil revenue isn't enough to meet the payments.

People desperate to get into the house market in California weren't the only ones who got suckered by the bubble economy.

[DS1]

5. Good. I hope the place crumbles in 10 years

[aquart]

2. Is it really?

Got a link so I can read about it in leisurely enjoyment?

[grassfed]

3. link

http://www.guardian.co.uk/world/2008/oct/09/middleeast.construction

[Andy823]

6. On 60 minutes

About a month ago, they interviewed the Saudi Oil minister. He said they had completed a new facility and were almost finished with another. They put "billions" into this, and he stated that they needed to get $55.00 to keep the country running. Now I am sure that with the price as low as it is now, they are all hurting because like so many others around the world they over extended themselves and now have to pay the bills that are coming due. When oil was $140 a barrel, they got greedy if you ask me and went out on a limb to up production so they could really reap the profits. I think they deserve what they get now that prices have dropped!