Dubai $10 billion bailout aprooved

The United Arab Emirates is a gaggle of seven little sand dunes states that were British protectorates for decades and were cobbled together and given independence when the Brits pulled out of the Persian Gulf about fifty years ago. Dubai is one of the seven.It sits in the middle of a desert with not much going for it. It has some gas and oil but these reserves are fast disappearing. The population of Dubai is mostly foreign born, about 85%. The foreigners do all the work. The Dubai-ites or Dubaiwegians or whatever lay around raising camels and such. What better place to start a real estate speculation?Lavish buildings have gone up or were going up when the bubble burst. Dubai city was one big Mall of America, but is starting to fall on harder times.A bubble is a bubble no matter how much dough you throw at it. Look for further fallout from the Dubai Debacle.

Dubai has been severely impacted by the global slowdown of the real estate market. Running low on oil reserves, Dubai decided to focus its development strategy on becoming a banking/finance center, along with real estate development. Their population numbers have increased exponentially over the past ten years or so. Before the 1990's, Dubai was but an outpost on the Persian Gulf. Since 2000, property values began to skyrocket as development began to increase. Tourism and construction became mainstays of the economy. The problem is that their market overheated and now there is more inventory than can be absorbed into the market. All of these projects are underwater to one extent or the other, and there are a lot more units coming online over the next 4 years. A lot of projects have been canceled due to lack of demand and financing, but this is going to take time to work out of the system. Some of their real estate projects are something else to behold. The Burj Kahlifa is t... Read more

A measly $10 billion? Hell, that's a drop in the ocean when you're running up Obama-sized debt. We won't even remember who we wrote the check to. Besides, they've helped us out in the past, haven't they? The question is (and remains) will the republicans take over in November (really January) and make any difference? Will there be time enough?

OF COURSE the obscenely rich will "bail out" the obscenely rich.Where do you think all the scumbags from the last administration (and probably the current one,too) are planning to retire ?