Dubai is just about bankrupt

[ehall]

http://news.yahoo.com/s/ap/20091126/ap_on_bi_ge/ml_dubai_desperate_times

 

[JNickel101]

Serves them right for building outside of their means....all those dumbass buildings, the man-made islands....6 star hotels.....

 

[FlexdXJ]

Where is the picture of Nelson from the simpsons going HAHA!

Edit: Found it

 

[xjtrailrider]

I do not feel sorry for them.

 

[JNickel101]

LOL @ Nelson....

 

[bjoehandley]

I do not feel sorry for them.

Doubt any of us here will!

 

[CherBear]

That is what you get when you your only industry is banking... Life is great in Dubai when life else where is good. Life sucks in Dubai when elsewhere takes a downturn...

 

[joe_peters]

The people of Dubai have been screwed by their leaders.

At least they weren't dumb enough to elect them.

 

[matt6669]

Ahhh another prime example of Gov't thinking they can do what private companies can do.

I mentioned this to people when I first saw them building those palms, I said there's no way they can keep this type of cash flow going. Ta daaaa

 

[NW-ZJ-SCOTT]

Where is the picture of Nelson from the simpsons going HAHA!

Edit: Found it

http://www.themotherhood.com/im/uploads/m/305_1223345937.jpg

 

[arsxj1]

We are building a boat for a guy from dubai right now. Its a million dollar job and everytime he comes its another 100K+ added... Hes not going broke!!!

 

[heyhar]

We are building a boat for a guy from dubai right now. Its a million dollar job and everytime he comes its another 100K+ added... Hes not going broke!!!

You hope!! He'll come up short when it's time to deliver, and you'll have a boat you'll be lucky to sell for pennies on the dollar. Of course, that corner of the world could just raise the price of oil again. It was high prices that let that kind of excess start in the first place. Unless sand becomes a valuable commodity, they're SOL.

 

[DrMoab]

You hope!! He'll come up short when it's time to deliver, and you'll have a boat you'll be lucky to sell for pennies on the dollar. Of course, that corner of the world could just raise the price of oil again. It was high prices that let that kind of excess start in the first place. Unless sand becomes a valuable commodity, they're SOL.

Or he will buy it and file bankruptcy.

 

[heyhar]

Does bankrupycy let short-sighted folks off the hook anywhere else but the U.S.? Seems it's routine here. It would be a shame if he floated off in it, then defaulted. How would you repo it?

 

[ehall]

I doubt the boat builder does financing... his bank would probably be left holding the bag.

 

[Brad M.]

Overbuilding?? Nah!!

http://www.youtube.com/watch?v=k7JASOno2IQ

 

[beakie]

wow, whole bunch of happy go lucky people on here ain't ya's?

any reason for all the disdain? or the joy in others misery?

spent a bit of time there, the people were fantastic, friendly, and very accommodating.
it would be a joy to see the customer service and friendly atmosphere I experienced in Dubai spreading across this part of the world... as opposed to the "I'm entitled to whatever I want, screw everyone else" attitude so prevelant in this area.

 

[markjrs3]

wow, whole bunch of happy go lucky people on here ain't ya's?

any reason for all the disdain? or the joy in others misery?

spent a bit of time there, the people were fantastic, friendly, and very accommodating.
it would be a joy to see the customer service and friendly atmosphere I experienced in Dubai spreading across this part of the world... as opposed to the "I'm entitled to whatever I want, screw everyone else" attitude so prevelant in this area.

Dude. They built friggin islands. ISLANDS!

 

[beakie]

point being?

I haven't put much thought/research into it, but Dubai doesn't have much by means of natural resources, so they decided to build their own tourist attractions in order to provide a way of bring in money from big spenders who want something they couldn't get elsewhere. their own island, in an exclusive area, surrounded by others looking for the same thing.

disney world, giant theme parks, a mountain shaped like peoples heads... personally I don't see the big difference. but to each their own.

 

[JNickel101]

Building outside of their means. You'd think they'd have learned from us how to not get yourself in massive debt.....

I'm pretty sure most of those oil-rich countries dont have their citizens pay taxes. Oil revenue is huge and they're encouraging growth. Heck, even Iran subsidizes gas to where it is only about 25 cents a gallon (Venezuela does the same thing). I'm not exactly sure how UAE is set up, but I know the individual Emerites own or control their separate territories. The dude running Dubai isn't doing such a good job....