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WHAT WILL THE DUBAI DEBT SITUATION DO TO WALL STREET/MAIN STREET/ YOUR STREET?

By
Real Estate Agent with Keller Williams Capital Partners Realty 277320

   Fall out from Dubai's debt crisis rippled across the globe Friday, as concerns of another wave of finacinal turmoil shows how vulnerable the world recovery remains.

 A year after the global slump derailed Dubai's growth the city-stae main investment arm, Dubai World was asking for at least a 6 month delay on paying back it's 60 billion debt. Major credit agencies slashed the debt ratings on Dubais' state companies, fearing a possible default

  London lenders HSBC holding snd Standard Charted could have losses of $611 million and $177 Million respectively according to early estimates. The US stack market reacted quickly Friday , as the Dow dropped over 200 points and close down 154 points.

 

Keep an eye on this, it could be another round of a conituning global crisis. Check your portfolio and follow the money.

 

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Christine Hynes
American Capital Corporation - Laguna Beach, CA
Orange County Senior Loan Consultant

Joe,

I think we will continue to live in this restricted financial situation until banks lend and jobs are more plentiful.  I watched many banks close their doors this year and continue to see lending guidelines tighten.

Nov 30, 2009 12:46 AM
Joe Jackson
Keller Williams Capital Partners Realty - Columbus, OH
Clintonville and Central Ohio Real Estate Expert

Christine

 

I think we have had over 140 banks close so far in 2009 with more to come

Nov 30, 2009 12:51 AM
Christine Hynes
American Capital Corporation - Laguna Beach, CA
Orange County Senior Loan Consultant

Joe,

I guess we better hang on for the ride!

Nov 30, 2009 01:01 AM