Sunday, January 9, 2011

Department of You-Shoulda-Seen-It-Coming: Dubai’s Property Still In Free Fall

Dubai’s property market fell another 5.1% in the last quarter—Bloomberg is reporting that Clutton’s, a London-based real-estate broker, put out the number, along with a whole host of other depressing tid-bits about the disastrous Dubai property market, which has been in complete and utter free-fall since the fall of 2008—

—remember the big celebration in the Atlantis Palm, back in November ‘08? Not to say mega celebration? The fireworks, the Euro-trash guests, the pop-star entertainers, the gaudy over-the-top-ishness of the whole tawdry bash?

That’s what the top of a market looks like: Fireworks and champagne and a gaggle of silicone breasts.

So if you ever see something like that again, you know what to do: Run.

Or better yet, start shorting.

2 comments:

  1. Krugman like treasonous Greenspan are cowards who lack a moral compass. There is no difference between them and Manson or the Son of Sam, they lack an inner voice that guides most of us as to what is right and wrong.

    The rape and pillage of Ireland is meaningles to them. Stealing (e.g., Fed digitally printing, bailing out the elite (TBTF)) or leading us to war does not trigger any sense of remorse. That is why they can lie to easily. They are sinners to the core!

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  2. Well said ! Well described! Dubai was hyped up to hell and gone, plastic tits, champagne, Russian whores, drunk Saudis. I was there, saw it all and wondered when the bubble would burst. Empty buildings galore , no pavements but sand dunes between the new buildings.No sewers , so hundreds of sewer trucks running 24 hours a day............oh! what a holy mess it was there.
    Forget the hype spewed out by P.R. firms.

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Knock yourself out!

The cult of stability is a culture of death.