Nov. 27: Stocks Slide on Dubai Debt Concerns

Stocks tumbled as concern swept world markets that financial trouble in the Middle Eastern city-state of Dubai will upend a global economic recovery. (Nov. 27)

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News & Politics

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• wall street
• nov.
• 27
• stocks
• slide
• on
• dubai
• debt
• concerns

[BertGriffin88]

Obama,

it's just another sad day in America for the American people, not the American rich people, but the rest of us, the American people. Over the last 60 years, Thomas Jefferson's preamble to the Constitution was changed from 'We The People' to 'We the Rich People'. Even if you didn't get the memo, you certainly got the reality. The wording 'To Form A More Perfect Union' was changed to 'To Form a More Perfect Union For Rich People'. If you're not rich, your union won't be so perfect. O'K?

[fghaznavi81]

RadioBull...I agree with you because I lived in Dubai for more than ten years. I've seen people sleeping in knee high water, infested with rates, walls covered with fungus and when I confronted my GM to improve the living conditions of company worker, I was told to keep quite and then blamed for instigating the workers who happened to be from India, Pakistan, Bangladesh & Nepal. I myself lost 8 months salary and arrears when I left the company....Might is right....thanks God I'm out of that hell

[ed291]

Dubai will remain in-depted and powerless because Abu Dhabi will keep it like that.

Lets be realistic, Dubai could be out of this mess over night if they could because UAe partner Abu Dhabi are minted.. and could easily restore confidence and pay off these debts but it is holding out.. why? too drive the price further down in order to buy the most valuable assets at dirt cheap prices...

[ed291]

lol love ur name pal.. U know Dubai could recover tomorrow.. only if Abu Dhabi gives ten percent of its lovely sovereign wealth found (est 600bn) to Dubai.

That way you guys are out of debt and making a profitable return.

I hope intelligent emiraties such as yourself have learned a vital lesson out of this, for example paying westerners 4 times their salary to do half the work.. such indulgence is never healthy.

[munstud]

Exactly, Get your money and get the hell out of there before it defaults and goes bust. That new snow ski city might as well be a giant ice cube maker in the long run.....

Who would go to Dubai in the current situation?

[SupportDubai]

Leave Dubai alone!

[ChicagoJoe57]

I am glad that Dubai never got their hands on our ports. Remember when Bush said that he would veto any attempt to stop the dead?

Who would want a broke country to own our ports today?

[HemiHead66]

That's what you get when your economy is fueled by credit. Bubble and Bust!

[ChristianLove2008]

You have to understand Dubai does not have Oil, 99% of all the buildings you see in Dubai were created from credit which it got from world banks. Dubai doesnt have the luxary of being a liquid based economy since it doesnt Sit on any Oil, unlike its other Big Brother Abu Dhabi which has 10% of the Worlds Oil which will probably take over all the debt or maybe not. But nonetheless its Dubaies situation is like Owning a Million dollor Home but you cant pay the utillity bills.