Wickedness Abides

James Howard Kunstler "While Dubai is not big enough to set off financial repercussions outside the Middle East, the main fear is that investors could flee risky markets all at once in search of safer havens for their money."  -- The NYT, Vikas Bajaj and Graham Bowley, reporting. Apart from the stark self-contradiction in this quote from The New York Times, you have to love the fatuous 'it's all good' self-assurance where global banking is concerned. No problemo y'all!  A mere overdraft incident, a cash-flow hiccup... and yet "the main fear" [among whom?] is that investors [where and in what? Like, everywhere?]  could flee risky markets all at once in search of safer havens for their money [WTF?].  Gosh, well, as long as they don't flee the New York Stock Exchange, the Hang Seng, the FTSE.... And, hey, do you suppose anybody bought any credit default swap "insurance" on the deals that financed scores and scores of super-giant condominium skyscrapers and hotels amounting to the greatest spec construction folly in the history of the world?........................... continua:   http://mercatoliberonews2.blogspot.com/2009/12/wickedness-abides.html