From the Journal on Dubai losing a lot of real estate value and other problems:
"Los Angeles Times columnist Rosa Brooks shed no tears that "Dubai may be going down," finding it "hard not to be revolted" by a state that "doesn't really produce anything of value" but is a playground for "cold-eyed Russian oligarchs, coked-out London pop stars and the spoiled princelings of global finance." "
I particuliarly was fond of the 'spoiled princelings of global finance' phrase. I'd be jealous too if I was needing my monthly salary to pay off a mortgage. Not too worried. Self-interest is an unstoppable force and global wealth, the result, cannot be hindered forever.
I hear it's a good time to buy in the Hamptons now.