Thursday, May 6, 2010

Not Dubai

That was an exciting day. Nothing like the smell of the DOW down 1000pts in about a minute.

‘If you are more adventurous, you might consider the nations of the Persian Gulf, such as Dubai, Qatar, Kuwait, or the United Arab Emirates,’ he opined. ‘Flushed with petro-dollars and unburdened by taxes or regulation, the Arab world seems destined to reclaim a more prominent role in the years ahead.’

Peter Schiff appears to be a very confused individual. Let me see he wants me to go invest in real estate on islands that are going to go sink back into the sea. My god. Another great call. And he thinks(thought) this was going to be different there than it is in other way too high priced real estate in the world?

May 6 (Bloomberg) -- Dubai World won’t pay interest on outstanding loans starting this month as the state-owned holding company waits for lenders to agree to the $14.2 billion debt restructuring proposal, two bankers familiar with the plan said.

Yeah, great idea Peter.

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