The airwaves (and pipes) were clogged by a steady stream of pundits declaring that there was no way Abu Dhabi would let Dubai go bust.
Because if Dubai went bust, then... well... then the stock market might go down for a while! Then the idiots who loaned Dubai World money to build huge islands and buildings in the desert would have to pay for their stupidity! Then the buildings' ownership would change in a debt restructuring--the kind that happens every day in a normally functioning capitalist economy!
Tuesday, December 01, 2009
Posted by macbeach at 3:49 PM