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wannago
Joined: 16 Apr 2004
Posts: 85
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 Posted: Sun Nov 29, 2009 2:25 pm Post subject: |
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| Dervish Finkelblatt wrote: |
I live in Southern California....home of Disneyland, Hollywood and Las Vegas.. |
I don't know how to tell you this...Las Vegas isn't in So. Cal. I realize you may want to lay claim to it as the California economy makes the Dubai economy look flippin' genius.
| Dervish Finkelblatt wrote: |
| Get a life ...you say. Kid, I've got a life . I packed up and left that place years ago. I advise you to do the same...you might not even have a choice these days. |
Right. That's why you're here "years later" posting things about that place you left behind. And save your advice for someone who cares "old man", because So. Cal. sure ain't nuthin' to come home to...pay Ahnuld my regards, would you? |
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johnslat
Joined: 21 Jan 2003
Posts: 13859
Location: Santa Fe, New Mexico, USA
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| Posted: Sun Nov 29, 2009 3:15 pm Post subject: |
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Dear wannago,
"Hindsight is always 20/20 and now you're here saying "I told you so!" when you never did because your knowledge of financial markets and investing in general fits neatly inside the little news blurbs you read."
"Particularly in this case, when you and your "colleagues" didn't have the money to invest in Dubai. You're not fooling anyone."
They may have hindsight, but you apparently have a much more valuable talent - the ability to read the minds of others and also discern how many liquid assets they have available for investment.
Your possessing such supernormal powers is clearly responsible for your not getting burned in the collapse.
Regards,
John |
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Dervish Finkelblatt
Joined: 13 Nov 2009
Posts: 32
Location: West Hollywood
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| Posted: Sun Nov 29, 2009 3:17 pm Post subject: |
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Hey, At least I get to vote for..or more likely against..Arnold.
So, what... are you on Sheikh Mo's Advisory Council or something?
Just remember to leave the keys to the Maseratti in the glove box with a nice little Thank You note.
If you ever make it to LA...the World's 10th largest economy...we could chew up and spit out Dubai any day of the week....I'll buy you a pint at The Kings Head Pub in Santa Monica. |
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veiledsentiments
Joined: 20 Feb 2003
Posts: 17644
Location: USA
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| Posted: Sun Nov 29, 2009 3:38 pm Post subject: |
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| wannago wrote: |
| You people are a bunch of blowhards. Hindsight is always 20/20 and now you're here saying "I told you so!" when you never did because your knowledge of financial markets and investing in general fits neatly inside the little news blurbs you read. If there's anything worse than someone who won't admit they're wrong, it's someone who pretends they were "above all that" when other people get burned. Particularly in this case, when you and your "colleagues" didn't have the money to invest in Dubai. You're not fooling anyone. |
Speaking of blowhards... speaking of things of which they know nothing. I'm not talking hindsight at all. It would take you some time searching, but you will find that I have consistently in the past strongly advised people against these investments in the UAE right here on this public board. I also warned people against investing in the US real estate market in the last few years, pointing out that the bubble was going to burst - sooner rather than later. It just so happens that I do understand because I spent 15 years in accounting... mostly related to construction, real estate development and mortgage banking. It was my knowledge of these fields and investing that allowed me to be able to retire in my early 50s
I've had the sad privilege to be able to say "I told you so" to a few people who lost their shirts in the last couple years.
VS |
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wannago
Joined: 16 Apr 2004
Posts: 85
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| Posted: Mon Nov 30, 2009 6:56 am Post subject: |
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| veiledsentiments wrote: |
Speaking of blowhards... speaking of things of which they know nothing. I'm not talking hindsight at all. It would take you some time searching, but you will find that I have consistently in the past strongly advised people against these investments in the UAE right here on this public board. I also warned people against investing in the US real estate market in the last few years, pointing out that the bubble was going to burst - sooner rather than later. It just so happens that I do understand because I spent 15 years in accounting... mostly related to construction, real estate development and mortgage banking. It was my knowledge of these fields and investing that allowed me to be able to retire in my early 50s
I've had the sad privilege to be able to say "I told you so" to a few people who lost their shirts in the last couple years.
VS |
Since I can't be bothered to research your claims, I will have to take you at your word. And pursuant to that, good for you. I bet more people wish they would have listened to you. I refused to invest in Dubai (or anywhere in the ME for that matter) simply because it seemed like a runaway train. I live a fairly simple existence in Dubai (own a cheap Japanese car, not a Maserati) and am only trying to save as much as I can.
I'm not convinced that most people made a poor choice for a long-term investment because I think corrections will come and things will stabilize, but for anyone in it for the short-term, they're screwed. |
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helenl
Joined: 04 Jan 2006
Posts: 1202
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| Posted: Mon Nov 30, 2009 10:02 am Post subject: |
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I don't recall saying "I told you so" or even having advised people not to invest at the time - I figured they were big boys and could afford to take the risks that were apparent in the GCC marketplace - the biggest, as I pointed out in my first post, being that residency and property ownership could be rescinded at will and without warning.
I wasn't their financial planner or advisor nor their mother - first rule of investing, if you can't afford to lose it all, look at it more carefully.
Having been in international banking for 25+ years through the Canary Wharf meltdown and several governments being unable to service their debt on large infrastructure projects I was familiar with the warning signs - take a look at Brazil/Russia/The Former Republic of Yugoslavia, Argentina, Peru, et al in the early 80s for example. Banks all over the world took massive hits on loans to those countries - and some of them learned their lesson.
Oh, and did I mention I didn't invest in this market? |
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Never Ceased To Be Amazed
Joined: 22 Oct 2004
Posts: 3500
Location: Shhh...don't talk to me...I'm playin' dead...
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| Posted: Mon Nov 30, 2009 10:27 am Post subject: |
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Neither have I. When a wise and valued colleague of mine who works at NYIT here in Abu Dhabi heard me considering the prospect said, "What do you think would happen to property prices after the 1st terror attack. Being a vet of such occurances...I followed the advice.
NCTBA |
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Dervish Finkelblatt
Joined: 13 Nov 2009
Posts: 32
Location: West Hollywood
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| Posted: Mon Nov 30, 2009 10:41 am Post subject: |
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The lead local story in today's Khaleej Times is "City decked out for National Day Celebrations."
At least, the UAE press is showing some propriety and restraint in these trying times...
Speaking of fawning PR hacks, does anyone else remember "Lucy Munro" ?
She used to write a column in the Friday supplement of the KT....."Oh, I do so wish to commend Sheikh M****, on his brilliant decision to build another 37,000 hotel rooms in Jumairah...."
If old Lucy was smart, she cashed in a few years ago and is sitting on the terrace of some beach villa..Mai Tai in hand. |
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veiledsentiments
Joined: 20 Feb 2003
Posts: 17644
Location: USA
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| Posted: Mon Nov 30, 2009 2:53 pm Post subject: |
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| wannago wrote: |
I live a fairly simple existence in Dubai (own a cheap Japanese car, not a Maserati) and am only trying to save as much as I can.
I'm not convinced that most people made a poor choice for a long-term investment because I think corrections will come and things will stabilize, but for anyone in it for the short-term, they're screwed. |
I'm with you... I always bought the taxi model cheapest Japanese car even though my students laughed at me. 
I made quite a bit of money in the US real estate market since the 1970s, but there was one HUGE factor that made me warn against buying into the UAE market. That was the lack of some kind of permanent visa for purchasers tied to property ownership. Expat purchasers with zero rights shouldn't be putting large sums of money somewhere that they may never be able to get it out. Teachers don't make enough to play this kind of investment game. These investments are for the idle rich who can afford to take the gamble that they may lose it all.
But Dervish... did the US not celebrate the 4th of July even though our financial system was and still is melting down? Not sure what your point is... Abu Dhabi has the resources to cover this debt, but right now they prefer to let Sheikh Mo sweat a bit... take him down a peg.
VS |
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Dervish Finkelblatt
Joined: 13 Nov 2009
Posts: 32
Location: West Hollywood
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| Posted: Mon Nov 30, 2009 4:58 pm Post subject: |
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It wasn't that they were preparing for National Day..it was the fact that they didn't even mention what is possibly the biggest news story ever to involve their country.
When Lehmann Bros. went bust last year ..the headline of the NYT the next day wasn't "Autumn Colors at their peak in Vermont this Weekend."
The Emiratis have always craved global attention...well, now they've got it. |
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veiledsentiments
Joined: 20 Feb 2003
Posts: 17644
Location: USA
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| Posted: Mon Nov 30, 2009 5:20 pm Post subject: |
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I don't think it is the biggest story... but it is certainly being completely overblown by our press... as usual... you seem to have already forgotten the BCCI scandal of the 90's.
I guess you expect them to be draping the whole country in black because a real estate group is tanking? 
VS |
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Dervish Finkelblatt
Joined: 13 Nov 2009
Posts: 32
Location: West Hollywood
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| Posted: Tue Dec 01, 2009 6:20 am Post subject: |
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I certainly haven't forgotten the BCCI scandal...(Good old Sheikh Z...Now, he really knew how to cover things up) this isn't even in the same league. And it isn't just OUR press (detect usual subtle hint of anti-Americanism...Gee, you are cosmopolitan)...It has been front page news in the UK, Canada, France, Japan, India, Singapore and Australia...and yes I do read---or, at least, skim-- the English language (and French) press in all those countries.
The only place ist isn't making headlines is dear old Dubai itself.
Here's an analogy...imagine that Microsoft stock fell to .05 cents overnight....Do you imagine that Bill Gates would be on the golf course in Palm Springs the next day ..waving to reporters and smiling "no comments"?
BTW This is not just another real estate scandal...this is half the economy of a place that was supposed to be the next global financial capital.
The only comparable events in the UAE's history would be the founding of the nation itself and its complicity in the first Persian Gulf War. |
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Never Ceased To Be Amazed
Joined: 22 Oct 2004
Posts: 3500
Location: Shhh...don't talk to me...I'm playin' dead...
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| Posted: Tue Dec 01, 2009 11:10 am Post subject: |
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Speaking of that, the fireworks barge is pulling across my window. Yes, it going to be a splendid show...yet again!
NCTBA |
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wannago
Joined: 16 Apr 2004
Posts: 85
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| Posted: Tue Dec 01, 2009 11:15 am Post subject: |
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| Dervish Finkelblatt wrote: |
I certainly haven't forgotten the BCCI scandal...(Good old Sheikh Z...Now, he really knew how to cover things up) this isn't even in the same league. And it isn't just OUR press (detect usual subtle hint of anti-Americanism...Gee, you are cosmopolitan)..BLAH BLAH BLAH BLAH BLAH BLAH
BTW This is not just another real estate scandal...this is half the economy of a place that was supposed to be the next global financial capital.
The only comparable events in the UAE's history would be the founding of the nation itself and its complicity in the first Persian Gulf War. |
Are you done hyperventilating yet? |
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veiledsentiments
Joined: 20 Feb 2003
Posts: 17644
Location: USA
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| Posted: Tue Dec 01, 2009 3:13 pm Post subject: |
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| Dervish Finkelblatt wrote: |
| I certainly haven't forgotten the BCCI scandal...(Good old Sheikh Z...Now, he really knew how to cover things up) this isn't even in the same league. |
That comment alone shows that you don't really know much about the BCCI scandal. Sheikh Z had nothing to do with causing it or covering it up... he got screwed like the rest and was left holding the bag after the bankers fooled him into buying the illegal house of cards. Ah... the joys of international finance... otherwise known as "whole world screwing."
I've read the analysis by some knowledgeable economists... the problem is mostly the hyper-ventilators in the press as usual. In relative terms it isn't a massive amount of money. (about what we spend in a few months this year in our endless wars). We are talking about appr 10% of the value of Abu Dhabi's overseas assets and about 3% of the country's known assets. And that is ignoring their massive income every day from their oil and gas.
Personally I think the US is in much worse financial condition after the debacle of the Bush years.
VS |
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