Saturday, November 1, 2008

This doesn't look good

Gordon Brown (you remember the head of British government) took a little trip down to the Gulf to beg the oil rich countries to loosen up on their wallets and get help with the bail out. Hey didn't they dump all that oil money into building castles of their own and won't they be facing the same mortgage melt down that the rest of us are experiencing? I'm sure they didn't pay cash up front for all those McMansions off the coast of Dubai.

Hey buddy can you spare a few hundred billion?

4 comments:

BBC said...

Hey didn't they dump all that oil money into building castles of their own and won't they be facing the same mortgage melt down that the rest of us are experiencing? I'm sure they didn't pay cash up front for all those McMansions off the coast of Dubai.

I'm trying to understand that statement, it seems to be a two sided one. Did they pay up front? Have they financed a lot of it?

I don't know, but I know that they have been building it on cheap labor.

This I do know, they will go down with us.

Demeur said...

They build a lot of them but I don't think they were that cheap and now that world economies are taking a dump their buyers are backing out. Those that did buy are going to be in the same position that many Americans face, upside down in a mortgage on a property going down in value.

The labor may have been cheap but they made the land under it probably the most expensive land on earth.

Dawn on MDI said...

Wow. That's like a junkie going to his dealer and asking for a loan. A big, fat, cash advance. Based of course on how helpful the junkie has been in paying for the fast car, snazzy clothes and heavy gold chains around the dealer's neck.

Right.

I'm going to be curious to see just how well that works out.

BBC said...

Yup, they turned it into a rich folks playground. And we all know how I feel about that. It'll make a nice pile of rubble, don't you think?