Comments on: Once Booming Dubai Goes Bust

CBS Evening News: Following Wave Of Speculation, Real Estate Collapses In Middle East's Capital Of The Ultra-Rich

[babooph]

A lifetime of documentaries of RUINS-it sure looked like a city in the sand was soon to be one.

[mutleyboy1]

"Over the years, booming oil prices helped turn Dubai into a land of opportunity and playground for the ultra rich." I''d like to point out that Dubai has barely had any oil ever! I''d think that CBS would get their facts straight before writing such stuff that''s read by millions across the US. It''s pretty obvious that whoever wrote this article hasn''t done her homework.

[twistedsister1959]

If I didn''t think this was going to come at a cost to the US taxpayer I would laugh. Save an Arab from themselves: Turn off a light.

[fairplayer1]

http://7starsdubai.wordpress.com/2008/11/20/president-al-fajer-properties-sheikh-maktoum-bin-hasher-juma-maktoum-al-maktoum/

The laws broken by sheikh maktoum hasher (winner of world scam award 2008) to elevate himself from a poor sheikh to be recognised as a real sheikh:
1. Misrepresentation/ False promotional campaign (showing photos of construction of JBC1,2,3,4,5 for the sales of Ebony Ivory project) while there is no contractoron site, no building permit%u2026. this is a criminal offense under uae law. (But RERA & SHEIKH MOHAMMED HIS UNCLE R SLEEPING!!!)
2. dynasty zarooni who is a real estate broker has been collecting money into their own account this is 100% illegal%u2026 infact in some cases they have even sold properties with 100% down payment, imagine the poor buyers when they realise te photos shown in gulfnews were lies!!!
3. ofcourse no escrow/trust account%u2026 No construction%u2026
4. Threatening investors and staff of al fajer properties. Investors in JBC1 are forced to move to another building s that sheikh maktoum hasher the wanna be poor sheikh can make a few millions through his friends who will sell the property to new buyers.
5. There is no immunity for sheikh maktoum hasher or his father sheikh hasher maktoum, sheikh mohammed is just too busy counting the money he has lost so he is a bit distracted now. he pretends as if he is above the law, but in reality he is a coward who can only threaten drivers and junior staff in al fajer properties

[fairplayer1]

http://www.raisethehammer.org/index.asp?id=781

As a UAE national with PhD in law I have to admit that Sheikh Mohamed has failed to put in place a transparent judiciary and has concentrated more on self PR by anouncing unrealistic projects and reading clever lines which secures his own ego problem. His family members treat the society like animals%u2026 they steal from foreign businessmen, threaten them, and some times using the famous state security even arrests them to reach their commercial goals.
it s sad that sheikh mohammed%u2019 s brother in law sheikh hasher maktoum has stolen a multi billin dollar bussiness from a foreign investor just because he is related to sheikh mohammed. We have no human rights here, the judiciary is as corrupt as real estate, finance, immigration%u2026. dubai is crashing

[papabc]

The world changes and the climate get colder then warms up. Some of the hottest days in recorded time was in the late 1800s and early 1900s.

I remember that, not less that 20 years ago, the pipes in my central coast home were freezing. Tje next Ice Age was upon us. Now we fear global warming.

Shortly it will be the Ice Age again.

[notso9]

txgrouch, keep kidding yourself and we''''ll all roast in hell. When scientists from all over the world continue to issue warnings which they have been doing since the ''''80''''s and I see their predictions borne out with ice melting everywhere, even the permafrost melting, I become concerned. I''''ve seen the data and it convinces me, but people who care more about raping the rest of us by polluting our water and smothering us with bad air so they can make a buck are not going to be convinced. Greed is a terrible thing...and deadly!

Posted by sesanders1

Wrong! In the 80''s these same scientists were warnign of the next ice age and global cooling. It''s the flavor of the day.

[notso9]

I truly pity the next generation. The planet''''s climate is now rolling down a hill. We will be dead before it reaches the bottom, but our descendants won''''t.

They will curse our names.
Posted by justaguy11

What about the evidence of farming in Greenland in areas that were once thought to have always been frozen? It is all a natural cycle that will change itself in a matter of time, then you will be hollering about global cooling.

[kaffirboetie]

Most of the posters here are under the mistaken impression that Dubai is a major oil producer. It isn''t! It produces a miserable 30,000 barrels a day if that. The government of Dubai is therefore financially incapable of stabilising this inevitable real estate crash.
It is Abu Dhabi that is the major oil producer in the United Arab Emirates and they can only be relied on to bail out their "Abu Dhabi" nationals who account for only a small fraction of the real estate speculators in Dubai

txgrouch, keep kidding yourself and we''ll all roast in hell. When scientists from all over the world continue to issue warnings which they have been doing since the ''80''s and I see their predictions borne out with ice melting everywhere, even the permafrost melting, I become concerned. I''ve seen the data and it convinces me, but people who care more about raping the rest of us by polluting our water and smothering us with bad air so they can make a buck are not going to be convinced. Greed is a terrible thing...and deadly!

[jsutaguy]

Yes, the worldwide "personal" evidence is unanimous: Global warming is very real. Remember those old Hans Christian Anderson stories about people skating all over Holland on the frozen canals? That no longer happens. Insects never seen in Northern Europe are seen regularly; migrating North as the continent warms.
Ice climbers have watched very old and famous routes disappear, and never reappear again in the winter. The north face of the Eiger is now an unclimbable death wall; a continuous cascade of rockfall as the ice holding the mountain together disintegrates. The Great Barrier reef is dying at a massively increasing rate due to CO2 being dissolved in the ocean, acidifying it.

The popular picture of global warming as a sci-fi flood that only affects the coast is completely wrong. It is changing everything, quickly, and the biggest beneficiaries are insects, bacteria, molds, and microbes. The biggest losers are all the higher forms of life on the planet.

I truly pity the next generation. The planet''s climate is now rolling down a hill. We will be dead before it reaches the bottom, but our descendants won''t.

They will curse our names.

[iamhungry68]

Let''s give it the old "Do I feel bad about this story" check:


1...
2...
3...



Negative - I couldn''t care less.



Hey Dubai - how do YOU like it?

[downtowner97]

Spend your next vacation at 122 degrees! It''s where Cheney and Bush will prepare themselves for He11.

[artorus]

Glad to hear it. What a grotesque display of elite decadence that was. Maybe a tidal wave will wash over it next. Ahh.. one can only hope.

[debinok1]

My Grandmother used to remark about how the trees would sometime explode in the wintertime. I never could figure that one out until I learned how much water cottonwood trees store in their trunks. Then it made sense.
Something is happening...

Posted by hadenough43
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Very much so. I do not argue that at all. Just the fact that it is all man made. And the tree thing I have seen that is wicked.

[debinok1]

I agree that the planet is warming, but like grouch I question the validity of it being man made. There are to many other possible explanations that make as much if not more sense. I also think the hole in the ozone is real but I think there are other possible explanations for it, like the fact that we keep sending flaming shuttles through it. We know that the ozone is flammable so why send something through it thats on fire. Just my opinion but hey I am entitled to it.

Thank you, You may be interested to know that you are probably the first person I have encountered on these boards that I can disagree with on an issue, and do so with respect.
But I do think that "GW" is real. Just too much evidence for me to ignore.

Posted by hadenough43
*********************
Thank you, I try to not be offensive or down right rude. So we have a different opinion everyone does at some point.

Posted by DebinOK1
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For myself, I also live in a place where the weather can change in a heartbeat, but we don''t get tornados much.
We moved here in 1959, over Christmas vacation. I was just a kid. I''ll never forget it - one of the local small lakes froze over so hard, kids were out ice skating on it. I had never seen ice skaters before That has not happened since.
We also used to have the local river freeze over to the extent that cars could cross over, but that was way before 1959 - only my Dad and his sisters remember that. They are sure that things have warmed up, over the long haul.
My Grandmother used to remark about how the trees would sometime explode in the wintertime. I never could figure that one out until I learned how much water cottonwood trees store in their trunks. Then it made sense.
Something is happening...

[debinok1]

This story comes as no surprise to me. It''''s common sense that this sort of thing could not be sustained, and would eventually fail (and fall). DUH!

Greed certainly causes people to act blind and foolish.

Posted by brucestevens
************************
Yes it does. Perfect example of that are our McMansions, people wanting more than they need or can afford and sunk themselves into a pile of debt it will take them years to dig out from.

[shanev137]

Greedy rich people have killed the world.

[dbstevens]

This story comes as no surprise to me. It''s common sense that this sort of thing could not be sustained, and would eventually fail (and fall). DUH!

Greed certainly causes people to act blind and foolish.