The London Times calls the failure of Dubai's economy "the modern equivalent of the last days of Rome." Nothing gives evidence to the grandeur that was once the hub of the oil economy like the tens of thousands of abandoned cars parked around the city.
...the pain in this new and gaudy metropolis is palpable. Ross, who asked not to be identified, is one of countless expatriates who have been caught out by the collapse in Dubai’s once-booming property market.
Like many he bought a flat off-plan in what was a red-hot property market. Today he is trapped, his passport confiscated until he repays bank loans he used to invest in a property that may never exist. If his work dries up before he can clear his debts he will go to jail...
Those expats lucky enough to escape the country -- and debtors prison -- abandoned some of the finest automobiles ever manufactured.
Nearly half of newly built office space has not been rented and the amount of available space is estimated to double in the next year.A $7.6 billion metro train opened in September; the Times reports that a recent 9:30am weekday run carried 21 people, though its capacity is 640.
But worry not, all of these debts are mere pittances compared to the roughly $3.5 trillion deficit that the Obama Democrats are running up in their first two years in office.
Related: Luxury Cars Abandoned in Dubai, Part I.
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9 comments:
Never mind the DeLorean - what about the Quattroporte next to it? That must be worth saving.
Nice try...
An educated person knows that the wars weren't put in the Bush budget. Obama righted this wrong by finally accounting for the wars in the budget. Yet for some reason, not only is that all Obama's fault, but the mortgage crisis is also all on him too. How ignorant and short on memory can these tea-baggers be?
So the comments must first be approved by the tea-bagger owner. OH how not shocking this is. A-typical nazi behavior. Too afraid of the truth, which often means they know the truth but still decide to hate and decieve anyway, only indicating how truly pathetic this all really is...
Comments older than 14 days are screened because of massive amounts of blog spam, dimwit.
The Democrat Party created Social Security, which is bankrupt and heading for disaster. Likewise, Democrats created Medicare, Medicaid, "Great Society's War on Poverty", Fannie Mae, Freddie Mac, a Trillion-Dollar Stimulus Program, Cash-for-Clunkers, and dozens of other failed experiments in wealth redistribution that will leave our kids trillions in debt for their policy failures. Worse, after all of these botched experiments, the current Congress created a brand new entitlement program called ObamaCare, which stole $500 billion from seniors in Medicare payments. Could you explain why Democrats despise children and seniors so much that they would continue to rob them blind with programs that the Congressional Budget Office says are unsustainable?
And the $60b completely worthless Head Start program.
There's a US debt clock near UN building,only shallow-minded can accuse Obama for money spending.. At least he's spending money on a American people health not on KBR&Black Water thieves.I'm still amazed that a man like Bush Junior could became a president.Others made him president and they were rewarded during his mandate.His monkey-like IQ is not greater then his shoes size and I'm afraid that's the reason why typical Americans are still identifying him with.
Let's take things one at a time shall we?
Social Security: Solvent for at least 36 years as a conservative estimate but some say closer to 70.
Medicare and Medicaid: Hardly a failure as they are both solvent and provide care for those who would otherwise not get it.
Fannie Mae and Freddie Mac: Good ideas poorly managed, but basically set up to fail by the 1994 turnover of Congress.
The Stimulus: I love this one because I hear it so much. So far has netted a PLUS of 8.2 billion dollars. Nice return on an investment.
Cash for Clunkers: Hailed by US auto-makers as increasing their sales by up to 20% in a down economy.
Healthcare: Only called Obamacare by conservatives who need a boogeyman to scare the people. The healthcare reforms have provided for the care of many who would not be able to get or keep healthcare otherwise. There was no money "stolen" from anywhere but the insurance companies love that you believe that.
Democrats have consistently been behind programs for the young and the aged, to try and claim otherwise is foolish. The problem is most people only hear their political news from FOX and the Democrats are terrible at getting their message out.
I suggest doing some research but keep away from strictly partisan sources (FOX, Newsmax, etc.) and tell us what you find. But be honest and look past your bias because I have to tell you you are very wrong.
This is amazing for the cars, maybe that is the place to go to pick up some cheap wheels. Remember the days when the A-rabs used to come to America to buy their cars?
I can now understand why your tag is "Anonymous". Nobody would spew the ignorance that you do and have the gall to identify themselves without an immense amount of criticism.
Wake up, creature, your dream is about to expire.
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