Yes, it’s here. In full blast. Only recently officially admitted, but felt and recognized by us months ago.
The governments around the world tried to keep things under control infusing money to save their financial systems. Everything came crushing down thanks to Alan Greenspan and his friends.
One would question: how is it possible for a world renowned economist not to be able to foresee the disastrous effect of unregulated ‘hedge funds’ concept?
I guess there are conspiracy theory fans thinking that it must have been premeditated movement. Maybe to slow down the Chinese ascension.
I was reading abut the Great Depression that started in 1939 and last for almost 10 years.
I remember the recession Canada was in back in 1993. It took about 6-7 years to get out of it.
We are in 2008 now and if we are to believe some analysts, the current recession is worse than the one that happened 15 years ago. And the effects would be more drastic than the ones caused by the Great Depression.
Up until a year ago when you opened the paper, the Work/Career section was full with various jobs. Now you can hardly find ten jobs. And most of them are as sales managers. Back in 1993 I could not land a job as a dishwasher or as a cleaning lady. I was told that I was ‘overqualified’ when in fact the demand was more than the offer.
You know what the irony is? That the Emirates Airline- Dubai government owned airline- posted a profit of ‘only’ $6 billion, while complaining about the high cost of fuel??!!! Emirates chairman Sheikh Ahmed bin Saeed al-Maktoum said in a statement: “Emirates has worked hard to manage the impact of high fuel prices on our unit costs, while continuing to grow our business.”
Is it not Dubai one of the OPEC countries? I mean, are they not the guys establishing the cost of oil? If I remember correctly, some weeks ago OPEC had an emergency meeting to stop the oil cost from plummeting by cutting production.
Earth control to Dubai: SHUT THE FUCK UP!
We are worried about our jobs, about our mortgages, about what to offer our kids for the coming Christmas and could not care less about your growing business. Who the heck has the money to go to Dubai now? Maybe the Russian oligarchs. After they purchase athletic clubs and over evaluated and tacky modern art, they still have plenty of money to burn, figuratively and literally. For these guys credit crunch, recession and depression probably sound like science fiction.
In the mean time we wonder how to stretch our budget. Instead of Burj Al Arab, we offer our kids an exclusive experience: a tent in the backyard, marshmallows roasted over a bonfire and if it’s not raining, a dip in the jacuzzi.
Instead of City Center Deira Dubai we will trot to Wal-Mart and Value Village.
But we are happy and grateful for having loving families and friends around us.