October 31, 2006

Want to see the perfect physical manifestation of the worldwide debt and property bubble? Go to Dubai.



I love that this white elephant is going up in Dubai. Why? So that future generations, for possibly thousands of years, will be able to see the physical representation of the debt and property bubble of 2001 - 2007.

Dubai - land of 120 degree days, land of arab oil largesse, land of hundreds of thousands of new condos built with slave labor, bought by investors, and nobody to live in 'em.

Dubai - or my suggested new name: Ponziland


Slated to become the world's tallest skyscraper and symbol of a city given to grandiose projects, "Burj Dubai," or Dubai Tower, is rising in parallel with the profits of its promoter, Emaar Properties.

With two stories added every week, Burj Dubai is taking shape as the centerpiece of a 20-billion-dollar venture featuring the construction of a new district, "Downtown Burj Dubai," that will house 30,000 apartments and the world's largest shopping mall.

43 comments:

Bubba2Friday said...

Where's the pictures of the artificial islands they've built as viewed from space?

Mendoman said...

Those towers will never last that long. They will be blown up by some group for some reason. What a great target of greed and wasteful spending of money that the average person will never see.

Anonymous said...

Kieth,

You were entertaining and informative with the housing stories (just like Mike Meyers nailed it the first time with Roger and Me), but now that you're attacking hard working Latin Americans, Arabs and Rednecks you've really lost me.

Why not attack the UK, responsible in 1948 for the creation of the most disgusting, hate filled society in the world, which is the biggest problem in the Western Hemisphere--Israel?

You, like all liberals, are the root reason why the Democrats will never EVER win... you don't address the REAL problem and the root cause of our greed: the Zionists.

Keep pretending you're edgy and have balls, because you've exposed yourself as a WASPy PANSY!!!

Trailer Park Refugee said...

Dear Anonopuss,

It is perfectly okay, and politically correct, in our culture, to insult the following:

Rednecks, White males, Christians, Islamic Terrorists, Democrats, Republicans, and ananymous posters.

All others are off limits (I do not see him insulting Hispanics or Arabs).

Take a Valium and come back to read HP some more in about 20 minutes.

jmf said...

one word

megalomaniac!!

more on dubai

http://immobilienblasen.blogspot.com/2006/09/dubai.html

http://themessthatgreenspanmade.blogspot.com/2006/10/booming-dubai.html

Anonymous said...

Someone should fly a plane into it when it's done

GrandInquisitor said...

In five years will this blog still be predicting the demise of the housing bubble? Will Fleck still be warning of a bear market. Will Roach and Faber still be predicting the fall of American hegemony?

It's a risky bet to go against the ignorance of the masses and a game which is fixed.

Yes, it will all crumble some day. We might have another 20 years before that happens. Maybe even 50 or 100 years. It's impossible to say. It's pretty clear that right now the equity markets are shaking off this bubble talk. If investors are concerned they aren't showing it. It's very frustrating.

Richard said...

Recent studies suggest that steel melts at very low temperatures.

In 120 degrees - I wonder if its gonna make it much further than a few decades before the steel bends and that dreaded pancake effect takes over.

I would have thought by now sky scrappers would be a thing of the past given the unreliability of steel.

Anonymous said...

October surprise keith?

Black monday?

Iranian oil bourse?

Anonymous said...

Eventually those with the oil will decide to keep their oil. They will go down the same path we did. Oversized buildings and shopping fiestas. Cheap labor and throw-away employees. Humans are greedy and dumb.

Richard said...

"October surprise keith?"

ummmmmmmm....its 10.31


Hey - where'd you get that crystal ball ANON.

Riddle me this batman - if you don't see it on MSM does that mean not suprise in October?

Richard said...

"Eventually those with the oil will decide to keep their oil. "

Key factor in the peak oil theroy...some suggest that the rate of decline of exports will greatly outpace the geologic rate of decline once countries with oil see that 5% of the human population consuming 25% of the oil is a waste.

borkafatty said...

Did someone mention the UK?

Looks like the Koolaide is still flowing quite well in your neck of the woods Keifer.

http://tinyurl.com/y43jj2

Anonymous said...

ummmmmmmm....its 10.31


Would you like me to repost this tommorow? Dickwad?

Anonymous said...

Grandinquisitor:
"It's a risky bet to go against the ignorance of the masses and a game which is fixed".

Great line!! Makes me immediately think about the upcoming elections...

Richard said...

"Would you like me to repost this tommorow? Dickwad? "

sure, but don't forget to answer the riddle and make sure your name is at the top right of the page for full credit.

Cheers

Anonymous said...

Hey everyone, the idiot who attacked Keith above - Anon 12:32:11 PM - is none other than the Jew-hating poster “honica jewinski,’ also known as “hebrew house lender,” also known as “holistic hebrew.”

Just look at his writing style - he isn’t fooling anybody here.

After posting his racist, anti-black messages in addition to the anti-Semitic nonsense he always posts on this blog, he has a lot of nerve calling Keith names regarding other ethnic groups.

Just ignore him and maybe he’ll get the message and just go away.

sk said...

keiths a nitwit anyway.

Richard said...

I have called Keith many names, but never have taken his identity - most all bloggers on this site know me and how I post.

To show that "Richard" is "Richard" all one has to do is click and see when joined date.

Enjoy my shell - I am flattered.

Anonymous said...

Gee, no big surprise that former Drexel Burnham wonderboy Michael Milken is spending alot of time and no doubt ill-gotten gains in Dubai!

Anonymous said...

Hey Richard, did Haliburton get the contract to install the demolition charges in that Dubai tower? I hear they will have a 13th floor, and it will be full of "little Eichmans". LOL!

foxwoodlief said...

You forget there is a lot of money awash in those arab oil states. Unlike in the 70s when their binge was on spending all those petro-dollars in the west they are now spending them at home.

Ambitous? Yes, but they are looking to the future (unlike the west) and with diversification and building new infrastructure and advancing technology in their region they hope to restore the glorious islamic Golden Age. After all, their prophet taught that prosperity was a sign of Allah's blessing.

Would you rather see Dubai become modern or become like Kabul? Wealth and modernity will save Islam. We may want to villianize jihadists but they are a fringe that will loose appeal as Islam rises and as their wealth gets dispersed to fellow muslims.

I laud these projects as progressive. If thier fiat paper money vanishes at least these buildings will still exist.

Muhammed Saeed al-Sahaf said...

Once the money from the Great Satan America stops flowing into Israel, there will be a great correction in the middle east. America spends a lot of money making Iraq miserable and Dick Cheney richer, but they cannot keep it up forever. If the decider attacks Iran, it will not be good as he will have spread his empire too thin, and the soldiers of America will be trapped and will pay for the evil they have committed.

I don't really think the world will be a better place when Israel is destroyed, but their continued existence depends on the American Empire. When that goes down the tubes, it will be very difficult for Israel.

America has been overcome by the madness to consume, and the US has mortgaged the future and the future of their children by their foolish dedication to consumption. As the bubbles collapse, spending will collapse too.

marinite said...

You forgot to put the silhouette of the pyramid at Giza built by the first real estate shisters.

Anonymous said...

The only question I have is where will they put the capital of the New Caliphate? Because of demographics and democratic elections, Europe will run by Islamic leaders in less than two generations. The population of Yemen will be greater than Russia in 25 years.

Western civilization is being out-bred by Muslims, and they will soon call the shots in many formerly western countries. We worry about UBL getting a Russian nuke, hell, France has hundreds of weapons, and all they have to do is wait a little while longer...

Anonymous said...

I like the architecture. Graceful, soaring, without the usual cliché.

honica jewinski said...

Anon 3:20:47, That was not me. I, unlike you, have still have balls. They allow me to identify myself when posting. Why not try growing a set?

Anonymous said...

Liar!

tabasco jenkins said...

The Arab states' trade surplus with the US is almost as bad as China's. And this is what they're doing with it. Sweet. That's your money paying for those monstrosities, folks. Be proud.

Anonymous said...

Phallic symbol for rich Arab princes.

They should have bragging rights for years on this building if no one crashes into it with a jet.

Arabs, jets, and skyscrapers, not a good combination. I hope that it's far from the airport there so they will have time to shoot down the plane(s) before it (they) (hit) hits.

They should probably design it so it can be crashed into twice with Airbus A380's and still stand. Just don't send in any firemen until the flames have died out
and the building has sit for a few days.

There are alot of whack jobs in that region and who knows what beef they may have against the Dubai government? It may not even be about religion. Some psycho may just want to make a name for himself.

Anonymous said...

Greed is a human emotion that is seen in other animals. If you watch a pack of hyenas at a kill, you will see them struggle and fight over the biggest piece of meat they can get. Those animals that are not greedy enough will starve or just not reproduce successfully.

You might as well rail against other human emotions like happiness, sadness, jealousy, envy, lust, etc. It's part of our biology you stupid little monkey!

Anonymous said...

Israel is the best society in the whole Middle East.

The Middle East, aside from Israel, is full of primitive, spiteful, superstitious, vengeful barbarians. The upper classes are an exception, and without their fine example, the middle and lower classes would have forgotten how to walk upright.

Shakster said...

Honica Stays! I am fascinated with his statements while surrounded by a bunch of victimized ANons.The PC around here needs to balanced with some of that "PROUD to BE WHITE YA'LL" rant.Guadelupe Hildago needs to chime in on more than just the Mexican Threads too.Where the hell are you, Lupe'??LooooPee' where are you???If anyone sees LUPE',tell Him Hector Macho Camacho is looking for him.

Shakster said...

Oh BTW,That Tower is an extension of the PEE PEE.

hyman69 said...

i love honica jewinsky.
i hate borkafatty.

Anonymous said...

lol great writing Keith! as always

Anonymous said...

As long as the Dems suc on Israel's phallus, the future of our nation is completely lost. We've been helping to commit genocide on the palestinians for 58 FREAKING YEARS BUT NOBODY KNOWS/CARES !!!! THEY'RE CREATING WALLS, MORE APARTITE, MORE GENOCIDE while americans pray for peace in the middle east... WE'RE DOOMED!!!!

honica jewinski said...

Pray for peace? Hell, we PAY for the genocide/holocausting of the palestinians, to the tune of BILLIONS AND BILLIONS each and every year. It sure is nice to see another awakened among the comatose masses though! Keep on telling the truth about the jews.

Anonymous said...

After watching the grotesque and prolonged coverage of the bombing of innocent Lebanese I cut my cable... never will I pay for MSM again. The memory of Wolf Blitzer and those fake-accented british reporters every night is enough to make me want to vomit. We might be the only two americans that know/care about the genocide of the palestinians... certainly there isn't one politician who could ever talk about what's really happening. And the media is still afraid of the vanessa redgrave blacklisting. Dark times indeed, but I still have faith in human compassion. I think it's just a situation that's been well-hidden, not much different than Ray Bradbury's Farenheit 451.

Corvinus said...

I'm still wondering if it will end up like the Ryugyong Hotel in North Korea.

Anonymous said...

Mike Milken in Dubai?

What's he up to now?

Anonymous said...

Fleecing a new bunch of investors maybe?

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