I get the feeling some Western Banks are still expecting Abu Dhabi to follow the Brown/Darling/Paulson/Bernanke formula and come to the rescue of Dubai like knights in shining armour. Maybe they are not as dumb as the Uk and US. A bailout ain't gonna happen. Creditors, this is what capitalism is all about. You make bad investments, you take the hit. Did some banking analysts think that Government-owned meant Government backed and now they are crapping their pants because they might not get their Xmas bonus? This story is going to linger until reality bites... And then RBS/Barclays/Standard Chartered are gonna get more UK taxpayers money...
Capitalism without risk is like Christianity without Hell. Forget about the risk portion of capitalism being like Catholic purgatory. Say some "Hail Marys" and throw some brimstone on the fire to get it really hot.
For years, the UAE has been squeezing the globe's nuts in a vice...now it's time they get a taste of their own medicine. An indoor ski slope in triple-digit climates??? A man-made island cluster in the shape of the world that needs perpetual earth-works??? Rotating buildings??? If it sounds too good to be true............
Somehow, no matter how many wonders they create there, I'm always reminded of dear ol' Sam Kinison when he said "Hey, come here for a second. See this? It's sand. Ya know what it's going to be in a thousand years? It's gonna be SAND!!"