From my fav blogger, Chris Skinner
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People have talked about an L-shaped, U-shaped, V-shaped or even LUV-shaped recessions, but don’t believe them.
This is not a LUVerly recession, it’s a nasty one as demonstrated yesterday by the news that Dubai is deeply in distress.
The UAE's news will make this the internet, or WWW-recession
For the past three months Dubai's leader, Sheikh Mohammed bin Rashid al-Maktoum, has always said there are no issues. He has adamantly claimed that he has made no mistakes and any rumours of issues between Dubai and Abu Dhabi are unfounded and the scaremongers should just "shut up".
So yesterday ends with everyone disappearing for the religious holiday of Eid al-Adha for a week in the Region - it finishes on December 1st - what does the Sheikh do?
Oh, he just says that the $80 billion worth of debt may be in doubt (btw, it’s probably twice that amount as that’s just hte official numbers) and could they postpone their mortgage payments on DP World and Nakheel, the two largest firms in Dubai.
DP World owns P&O (controversial buyout in March 2006) whilst Nakheel are the developers of the Palm Resort where David Beckman and other stars own properties.
Read on
http://thefinanser.co.uk/fsclub/2009/11/this-is-the-internet-or-wwwrecession.html
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