Move to Dubai, buy property, get laid off . . . go to debtors prison.

"Lurid rumors spread quickly: the Palm Jumeira, an artificial island that is one of this city%u2019s trademark developments, is said to be sinking, and when you turn the faucets in the hotels built atop it, only cockroaches come out."

I feel bad, but this article made me laugh my ass off. Abandoned cars, maxed out credit cards and fleeing, the sinking island.

LMAO.

Thanks for the good article PB. Not unexpected.

So I guess the "best and brightest" of Wall St. won't be fleeing there after all?

Ah, you beat me to it, I tried to post this article in another section. America, land of the debt-ridden messes, at least you're not going to prison. Pick yourselves up and try to pay off your creditors.

Could anyone find a quote from these guys in 2007 proclaiming how they are not worried about our slowdown? That would be great. Thanks

Thanks for the artclie! It wasn't long ago Dubai was all over the media presented as the city of dreams and the new financial center of the east.

Amazing what happens when oil plummets from $147/barrel to $35.50 in 7 months.

Let me get this straight, how in the world are you going to earn any income to pay off your creditors after they throw you in debtors' prison? I guess this is why we phased it out after we had our little war with the British.

Wait, so let me get this straight...

they AREN'T buying my condo?

Hahaha, sure they're buying your condo, with nothing down and 80% HELOC. They will crash and burn in six months, taking down the building. After all, deadbeats can live free in this country, forever.

Is there any way we can buy those sand covered cars and ship them over here? The prices are dropping every day....1500 canceled visas a day!

Bad idea. You would wind up parking them next to new cars that are piling up at the ports.

http://www.nytimes.com/2008/11/19/business/economy/19ports.html?scp=1&sq=long%20beach%20cars%20shipping&st=cse

What about Arab carpenters?

FYI,
Palm Jumeira has another interesting problem. Circulation of lagoon water. Apperently, inadequate water turnover inside the lagoons leads to a 'brackish' envionment and a pretty strong unplesant smell of rotting 'who knows what'.
It's not nice to fool with mother nature.
Enjoy the indoor skiing.
The work of fools with tools.

although, if you got the cars at a big enough discount, maybe you could turn a profit.

arabcarpenters :) I thought they only did tents?

be it antiarab or anti semite- anti any whole culture is not acceptable. the schaudenfreude is palpable and gross...

just got off the plane from d=Dubai to new york. A380, maybe 700 person capacity, less then 100 people on board. At least I was able to sleep well, had the whole rear of the plane to myself

I remember reading this article in NY Mag a couple of months ago and laughed at the cockiness of these stupid delusional jerks who never worked a hard day in their life! HA Ha stupid bitch may think now she can come back and work on Wall Street now!!!!

http://nymag.com/news/features/52180/

Escape to Dubai
For junior capitalists fleeing the financial meltdown, is the highly leveraged, hotly speculative Middle Eastern insta-metropolis the last, best place on Earth—or a mirage?

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* By Daniel B. Smith
* Published Nov 16, 2008

For a life of stability, comfort, and opportunity, however, this is a minor price to pay. “I looked at the cover of the Times the day after Lehman collapsed,” Layla says, “and I’m looking at those pictures of people carrying boxes of their stuff out, and I’m saying to myself, ‘I know that guy! I sat next to him in class.’ And I’m here hanging out by the pool. I mean, these people are my age—23, 24. When a bank goes down, they’re the first to go.” In Dubai, Layla says, these worries don’t exist: “It’s the Wild West.”

It sounds like they would be a huge discount. If I remember correctly, you can fit 3 to a container. Wait for the snowball to gather a little more steam...

My research indicates that four regular size cars fit in one 40 foot high cube container and 2 cars in one 20 foot high cube container. Run your numbers though and figure out all your costs before attempting such a plan.

I would like to know if there is a mint '69 Camaro SS convertible or '68-'69 Stingray in the lot.

There would be zero EPA or DOT issues importing vintage autos to the US so they should be a breeze to bring over.

I wouldn't mind taking a peek at that inventory. :)

You might want to book on a RORO (Roll on/Roll off) ship, takes longer but will be cheaper, I believe.