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Old 11-27-2009, 06:20 PM
 
Location: Sierra Vista, AZ
16,133 posts, read 20,829,122 times
Reputation: 8293

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Now we'll never get the money Halliburton stole back.


http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2009/11/26/international/i070142S76.DTL (broken link)
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Old 11-28-2009, 09:20 AM
 
12,705 posts, read 14,085,285 times
Reputation: 34822
I've watched Dubai with the same awe that I watched the U.S., thinking "Does no one see what's going to happen? These folks are on a joyride."

Dubai as a Mideast financial center made sense, but that idea seemed to quite rapidly to spin off into uncontrolled grandiosity.
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Old 11-28-2009, 10:49 AM
 
Location: underworld
45 posts, read 144,187 times
Reputation: 25
Didn't have to be an economist or investment guru to know what was going to happen.
Dubai is the poster child for excess and bad timing.
A big white elephant in the desert.
Let's see...
Build a cost-is-no-object energy and water dependent artificial world in the middle of the hottest and driest desert and where terrorists could be anywhere...
Yes!
I shall plunk down millions for a condo on a shaky sand island and armor plate and bulletproof my Benz so I can go to the grocery!
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Old 11-28-2009, 11:53 AM
 
Location: UAE - DUBAI
4 posts, read 10,050 times
Reputation: 11
24kgold
I think you are wrong
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Old 11-28-2009, 07:43 PM
 
274 posts, read 764,514 times
Reputation: 187
I understand that palm island is having sinking problems. people are walikng away from those homes and land plots on that island.
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Old 11-28-2009, 08:14 PM
 
342 posts, read 1,728,983 times
Reputation: 240
many of the houses on palm island are abandoned... and the idiots keep building more
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Old 11-29-2009, 03:59 PM
 
Location: The Greatest city on Earth: City of Atlanta Proper
7,909 posts, read 12,172,167 times
Reputation: 5697
Quote:
Originally Posted by Cobb View Post
I understand that palm island is having sinking problems. people are walikng away from those homes and land plots on that island.
Who would have thunk you couldn't just drop a bunch of sand in the ocean and build a house on it and there wouldn't be problems

On a more serious note, the Dubai collapse is going to be more than spectacular. Almost $100 billion in debts with all the creditors calling it in. That's a recipe for disaster.
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Old 11-30-2009, 11:57 AM
 
28,905 posts, read 46,745,065 times
Reputation: 46028
Quote:
Originally Posted by kevxu View Post
I've watched Dubai with the same awe that I watched the U.S., thinking "Does no one see what's going to happen? These folks are on a joyride."

Dubai as a Mideast financial center made sense, but that idea seemed to quite rapidly to spin off into uncontrolled grandiosity.
Man, me too. I kept looking at all these enormous buildings going up and asking myself, "Who the hell is going to want to rent there?"

If you're in the West, the last thing you want to do is put any kind of major operation in a corrupt, unstable, repressive Arab emirate that acts like something straight out of the 15th century. Admittedly, this is better than most of the Middle East, which acts like something straight out of the 13th century, but nevertheless.

In fact, this is probably an excellent symbol for the entire region. The oil revenue they have had has allowed the Arabs to ignore reality. Truth be told, when alternative forms of energy become affordable sometime in the next 30 years, the entire region will fall apart.
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Old 11-30-2009, 02:08 PM
 
1,475 posts, read 2,247,516 times
Reputation: 658
Default Dubai the latest hit in the real estate bust.

So, Dubai was hit last week by a real estate bubble bust.

The beginning of next year is suppose to see millions more default on mortgage loans.

Will this bust ever end?!
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Old 11-30-2009, 03:39 PM
 
Location: Phoenix
3,995 posts, read 8,868,377 times
Reputation: 901
Doesn't Surprise me ONE bit. There was an earlier thread about how Phoenix needs skyscrapers like Dubai (which has the tallest in the world); however, I said it would be nice for Phoenix to have one but when I was in Dubai (last year) many of the buildings including the Burj Dubai (still under construction though) were nearly empty and/or just show pieces. Now it has caught up with them despite having the world's richest population and oil money. All that crazy, but yes cool construction projects, were too much too soon.
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