Friday, November 27, 2009

What goes up must come down

Dubai is in deep financial trouble.
http://www.nytimes.com/2009/11/28/business/global/28dubai.html

They have been spending like drunken sailors for years thinking things only go up. Now they are trying to stop the avalanche that is about to bury them.

Here is Dubai on 60 minutes (2 years back) being hailed as a great success for their wild spending.

http://www.cbsnews.com/video/watch/?id=4312234n&tag=related;photovideo

Now they are going broke. What goes up must come down.

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