Dubai Economy "In Free Fall" Foreigners Fleeing Country

[The Sushi Bandit]

Many leave their cars at airport as they flee to avoid ending up in debtors’ prison. Government cracking down on bad news getting out. Construction boom has gone bust.

full story here: http://current.com/items/89810893/dubai_economy_in_free_fall_foreigners_fleeing_country.htm

[LSparkle]

Couldn't happen to a greedier, nastier place ... n/t

[physioex]

4. He had some nice ideas on paper....

To be independant of oil because they know it's going to run out. But they went over the top rather than seeking stable long term growth.

[marmar]

1. Harm springs from excess.......

..... and it doesn't get much more excessive than Dubai.

[IDemo]

2. Oh great. There goes my indoor skiing trip.

[loudsue]

12. LOL! Now THAT is a heartbreaker. n/t

:kick:

[SammyWinstonJack]

21. .

:spray:

[xchrom]

3. holy shit -- now THAT is amazing. nt

[Mike 03]

5. If this is true, this will be absolutely incredible.

Dubai is the greatest money laundering machine in the world.

If it crumbles, we know we are in real trouble. And that's an understatement.

[physioex]

7. Ohhh....

I think it is. There have been numerous reports about people leaving and simply abandoning their cars at the airport.

[Mike 03]

9. All I can say is "Whoa". I believe what everyone is saying, but this

is going to be amazing. Jesus fucking christ. The fallout is going to be unbelievable.

[Mike 03]

6. Kick and Rec.

If this is true, this is a story that is almost beyond imagination.

Most people will have no clue how bad this is...

[Double T]

8. TFB!!

Everything will be OK once cheney assumes the thrown at halliburton in Dubai. I'm sure dick can show THEM how to cook the books. Debtors prison sounds like a good place for dick and idiot son of THE BITCH!!

[Systematic Chaos]

10. Oh noes! Tiger Woods is gonna have to go back to golfing for a living!!!

Is this place even finished yet?

Wonder if they've been reduced to watering the golf courses with raw sewage?

You know, I was going to post something compassionate and all warm and fuzzy about this, big ol' tub of idealism that I am... but gosh golly darn it my give-a-shit-o-meter is busted!

So instead I'm going to just :rofl: at these sick, greedy mofos. I hope, for the ones at the top, the hurt becomes truly epic.

[Mnemosyne]

26. I shall join you.

:rofl:

Those places are pretentious at best. :puke:

[marions ghost]

27. ooooonononono

:wow:

Didnt know about that. With Mc Taj Mahals rather than McMansions...

[1776Forever]

11. It was just last Nov. 08 that Celebraties flocked to Dubai for world's most expensive party!

http://www.nydailynews.com/money/galleries/stars_flock_to_dubai_for_worlds_biggest_party/stars_flock_to_dubai_for_worlds_biggest_party.html

Guess the party's over!

[condoleeza]

13. What's Cheney going to do now? What's Bush going to do now?

Their little safe havens in Dubai and Paraguay are disappearing. These guys are like caged rats.

Couldn't happen to nicer guys. Can we put something toxic in the cage now?

No, it was never about money.

[cascadiance]

14. Have to put a stop to them sending any money outside of the country...

... whether it be Dubai, Cancun, or Switzerland...

And that way if they skip over to Dubai, we can confiscate their money, and help get their ass put into debtor's prison over there, if we can't extradite them here...

[underpants]

15. Wasn't this the place that built the islands to spell out the Prince's poem?

Weren't they the GENIUSES who saw that their oil and natural gas were going away and decided to use their expertise to corner the high falootin' tourism industry?

Didn't they build a map of the globe with man made islands?

[TwixVoy]

16. This would explain why one of my mutual funds

which is heavily invested in Dubai has been dropping like a rock the past few months....

[Mike 03]

17. The first thing I'm going to do is get the hell rid of my MGM stock.

Thanks for posting this. This is a huge story.

[Pastiche423]

18. Ah, such lovely news

[Liberal_in_LA]

19. ...and when you turn the faucets in the hotels built atop it, only cockroaches come out.”

http://www.bizmology.com/2009/02/12/good-bye-dubai/

Now the city is under siege from the worldwide economic crisis. The glitter is starting to flake off.

What will happen to the city? Will the Palms sink? (They might already be.) Will the famed moderate nature of the city give way to a more conservative climate?

Or will Dubai recover its high-rise attitude?

Perhaps the most striking image of Dubai now is this one, from the New York Times:

“Lurid rumors spread quickly: the Palm Jumeira, an artificial island that is one of this city’s trademark developments, is said to be sinking, and when you turn the faucets in the hotels built atop it, only cockroaches come out.”

Good-bye, Dubai: It was fun there for a while.

[The Backlash Cometh]

20. What an artificial community that was.

[Gin]

22. didn't Halliburton move their headquarters there?

[The Backlash Cometh]

23. hee-hee

[sendero]

24. LOL

... just LOL.

"Easy come, easy go" is the old saying that applies here.

[Eryemil]

25. Fuck yes! I do believe this has made my day

[mitchum]

28. You mean that paradise for people with more money than taste?

The wotld's tackiest gated community?