Stock Futures Plunge On Dubai Fears, Oil Falls 5%

[red states rule]

OK, if the worst happens how will Obama and the left blame Pres bush for this?

It could be a very bad day, as people flock to the sotres for the "Black Friday" deals.







Stock Futures Plunge On Dubai Fears, Oil Falls 5%


Banking fears originating in the Middle Eastern city-state of Dubai have reached the institutions of Wall Street, with stocks poised to plunge at the open on Friday by levels not seen since the financial crisis eased earlier this year.

As of 8:02 a.m. in New York, the Dow Jones Industrial Average futures were down 195 points, or 1.88%, to 10,246 while the S&P 500 futures were down 26.6 points to 1082.50 and the Nasdaq 100 futures were down 42.25 points to 1751.75.

While the United States celebrated Thanksgiving, global markets plunged Thursday after the state-owned investment company Dubai World unexpectedly announced it would have to postpone payment of tens billions of dollars-worth of debt for six months.

Dubai World had been struggling for several months after overextending itself in the debt boom earlier this decade. However it was expected that Dubai World, which is owned and controlled by the Dubai government, would receive financial assistance from its government or possibly from the other city-state governments that make up the United Arab Emirates.

Dubai's problems also highlight the underlying concerns both on Wall Street but in Washington and around the world about growing problems in commercial real estate, which has yet to post the losses that residential real estate did in 2007 and 2008. Dubai World was heavily exposed to commercial real estate, owning large developments in the country like the Burj Dubai tower along with investments in properties like MGM Mirage (MGM).

Global markets immediately dropped on the news. The U.K.'s FTSE 100 on Thursday dropped 3.5% with similar losses in France and in Germany. In Asia, Japan's Nikkei fell 3.22% while Hong Kong's Hang Seng plunged nearly 5%. In early Friday trading, European markets moderately extended those losses.

In the wake of the fear, global investors turned to the traditional financial safe haven: U.S. Treasuries and U.S dollar-dominated assets. Through the holiday, the dollar advanced against most of the world's currencies as investors moved money out of developing markets.

http://www.foxbusiness.com/story/markets/stock-futures-plunge-dubai-fears-oil-falls/

[red states rule]

Maybe Obama will push for a bailout for them - he is bailing out everyone else

Thanks to Obama and the Dems, America's default on its debt may not be to far off

[HogTrash]

OK, if the worst happens how will Obama and the left blame Pres bush for this?

It could be a very bad day, as people flock to the sotres for the "Black Friday" deals.Obamanauts would blame moon-rocks for acne if it would protect the reputation of their 'golden black boy'.

[red states rule]

Obamanauts would blame moon-rocks for acne if it would protect the reputation of their 'golden black boy'.

They are still buying the hope and change crap for Christmas as well as the rest of the year

They never think about the massive defcit spending and how fast Obama is running up the national debt

If the oil rich Middle East defaults on its debt - how soon before Obama files Chaper 13 on behalf of America?

[HogTrash]

They are still buying the hope and change crap for Christmas as well as the rest of the year

They never think about the massive defcit spending and how fast Obama is running up the national debt

If the oil rich Middle East defaults on its debt - how soon before Obama files Chaper 13 on behalf of America?Actually I believe the "Chapter 13" concept a very good idea...Many of our debtor nations hate the United States and consider us "the enemy" anyway.

We should tell everybody in the world that we owe money too, "sorry about your luck pal" other than of course our closest allies, who we should try to repay.

We should also end all non-security related foreign aide untill the economy improves...How many nations will come to our rescue when our economy totally collapses?

It will be very hard for them to assist us in our hour of need when they are dancing in the streets rejoicing and celebrating our demise...Wake-up people!

[chloe]

Obamanauts would blame moon-rocks for acne if it would protect the reputation of their 'golden black boy'.

:laugh2:

[cat slave]

Actually I believe the "Chapter 13" concept a very good idea...Many of our debtor nations hate the United States and consider us "the enemy" anyway.

We should tell everybody in the world that we owe money too, "sorry about your luck pal" other than of course our closest allies, who we should try to repay.

We should also end all non-security related foreign aide untill the economy improves...How many nations will come to our rescue when our economy totally collapses?

It will be very hard for them to assist us in our hour of need when they are dancing in the streets rejoicing and celebrating our demise...Wake-up people!

I agree!!!!

[red states rule]

Actually I believe the "Chapter 13" concept a very good idea...Many of our debtor nations hate the United States and consider us "the enemy" anyway.

We should tell everybody in the world that we owe money too, "sorry about your luck pal" other than of course our closest allies, who we should try to repay.

We should also end all non-security related foreign aide untill the economy improves...How many nations will come to our rescue when our economy totally collapses?

It will be very hard for them to assist us in our hour of need when they are dancing in the streets rejoicing and celebrating our demise...Wake-up people!

All that is a drop in bucket comapared to the real spending problem. Look at all the pork Dems (and some Republicans) have rammed thru




$87 billion for Medicare outlays and related spending
$20 billion toward nutrition assistance program (food stamps)
$2.8 billion to expand broadband Internet service in rural areas
$4 billion for programs “to develop rural communities…”

$3 billion for grants to improve the criminal justice system
$3 billion for grants to fund science and technology research
$1 billion for periodic censuses and programs
$1 billion for programs of the National Oceanic and Atmospheric
Administration
$1 billion for the Community Oriented Policing Services program
$2 billion for “other activities”
$4 billion to the Department of Defense to repair, maintain, and renovate its facilities; for energy-efficiency projects, including the modernizing of heating/cooling and electrical systems; and for improving
Army barracks
$43.9 billion for the Department of Energy (DOE),
$4.5 billion for the Army Corps of Engineers
$500 million for the Bureau of Reclamation
$8.7 billion to promote energy efficiency and conservation at federal facilities and to support small businesses
$1.1 billion for a variety of programs administered by the Department of Homeland Security
$8.4 billion for the Clean Water and Drinking Water State Revolving Funds (SRFs)
$6.6 billion would fund various programs, including capital improvements and maintenance for the Forest Service and National Park Service, the Superfund program, and wildland fire management
$20.4 billion for programs administered by the Department of Health and Human Services
$4.6 billion for employment and training programs administered by the
Department of Labor
$20 billion to renovate elementary and secondary schools
$17.6 billion for Pell grants and other student financial assistance and facilities at post-secondary institutions including federal student loan programs
$29.1 billon for other education programs aimed particularly at elementary and secondary education
$6.0 billion for military construction projects of the Department of Defense
$1 billion for the Department of Veteran Affairs (VA) to maintain and repair VA medical facilities and cemeteries
$276 million would be provided to the Capital Investment Fund for specific information-technology (IT) projects
$224 million would be provided for construction requirements of the International Boundary and Water Commission, United States and Mexico
$30 billion for highway construction
$13.1 billion for other transportation programs administered by DOT
$11.2 billion for housing assistance programs administered by HUD
$5.2 billion for grants to states and cities for activities related to community development
$41.2 billion per year for 10 highway programs at the state and local level
$10.4 billion per year for transit programs at the state and local level
$39.5 billion available to states each twice a year to help them balance their books
$7.5 billion in each year would be reserved for incentive grants to be given to states on a competitive basis in fiscal year 2010, based on states meeting specified criteria in how they spent their initial allocations
$2.3 billion “emergency” spending for the Temporary Assistance for Needy Families (TANF) program
a variety of tax credits for desired behavior
additional unemployment benefits

http://libertymaven.com/2009/01/28/pork-galore-obamas-stimulus-bill-does-little-to-stimulate-the-economy/4159/




In one of the Obamcare bills there are BILLIONS for walking paths, gyms, and streetlights.

http://www.boston.com/news/nation/washington/articles/2009/07/09/in_health_bill_billions_for_parks_paths/


You get the picture. Dems ran on Republicans excessive spending and deficits - and they making them look like cheapskates

[cat slave]

Outside of the economic gravity of this I have to say, maybe they
shouldnt have lived so high on the hog....no offense HT.....that now with their
flood of oil, they are up the creek like some other countries, ours included.

Ive seen as Im sure everyone has, the gosh and overly lavish lifestyles they
lead....maybe they need to get second mortgages on their holdings..hehe...
maybe China would be glad to help them if they give them oil for their burgeoning economy with its carbon footprint the size of Sasquatch.
Oh, but wait, theirs doesnt count...silly me, I forgot, we are the only
polluters to be found. But exit global warming and enter new ice age.

[Said1]

Just round two, did everyone think there would be no more 'shocks'? :laugh2: