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International Forum Discuss Laid-Off Foreigners Flee as Dubai Spirals Down at the Political Forums; DUBAI, United Arab Emirates — Sofia, a 34-year-old Frenchwoman, moved here a year ago to take a job in advertising, ...

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Old 02-13-2009, 01:11 PM
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Default Laid-Off Foreigners Flee as Dubai Spirals Down

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DUBAI, United Arab Emirates — Sofia, a 34-year-old Frenchwoman, moved here a year ago to take a job in advertising, so confident about Dubai’s fast-growing economy that she bought an apartment for almost $300,000 with a 15-year mortgage.
Now, like many of the foreign workers who make up 90 percent of the population here, she has been laid off and faces the prospect of being forced to leave this Persian Gulf city — or worse.
“I’m really scared of what could happen, because I bought property here,” said Sofia, who asked that her last name be withheld because she is still hunting for a new job. “If I can’t pay it off, I was told I could end up in debtors’ prison.”

With Dubai’s economy in free fall, newspapers have reported that more than 3,000 cars sit abandoned in the parking lot at the Dubai Airport, left by fleeing, debt-ridden foreigners (who could in fact be imprisoned if they failed to pay their bills). Some are said to have maxed-out credit cards inside and notes of apology taped to the windshield.
http://www.nytimes.com/2009/02/12/wo...exprod=myyahoo

And we think we have it rough just "downsizing". Even if some of our citizens end up homeless, at least they can't go to jail for not paying their bills when they become unemployed.
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Old 02-13-2009, 01:17 PM
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Default Re: Laid-Off Foreigners Flee as Dubai Spirals Down

Who, in their right mind, gets a 15-year mortgage after moving to a country only a year ago?...

THIS is why so many people get jammed up...They don't have a clue about handling their situation...
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Old 02-13-2009, 02:03 PM
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Default Re: Laid-Off Foreigners Flee as Dubai Spirals Down

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Who, in their right mind, gets a 15-year mortgage after moving to a country only a year ago?...

THIS is why so many people get jammed up...They don't have a clue about handling their situation...
My sentiments exactly upon reading that.
Of course in all fairness, that could have been a bargain in the market environment at the time.
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Old 02-13-2009, 02:08 PM
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Default Re: Laid-Off Foreigners Flee as Dubai Spirals Down

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My sentiments exactly upon reading that.
Of course in all fairness, that could have been a bargain in the market environment at the time.
If you're not set up to take advantage of "bargains", then DON'T DO IT!

Somebody can offer me a $3M mansion for $1.5....It still ain't happenin'...
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Old 02-13-2009, 02:22 PM
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Default Re: Laid-Off Foreigners Flee as Dubai Spirals Down

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If you're not set up to take advantage of "bargains", then DON'T DO IT!

Somebody can offer me a $3M mansion for $1.5....It still ain't happenin'...
Yes, but I'm thinking. You're in a foreign country. You have this fabulous job. You've already invested time and money in this venture. They market is such that you would have to live across a crowded city and in a wino district to cut any cost on housing whatsoever.
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Old 02-13-2009, 03:33 PM
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Default Re: Laid-Off Foreigners Flee as Dubai Spirals Down

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Originally Posted by saltwn View Post
My sentiments exactly upon reading that.
Of course in all fairness, that could have been a bargain in the market environment at the time.
There's the core of this whole mess. When debt becomes more attractive than saving/investing and people think that getting into debt that they don't KNOW they can pay off, you have a formula for disaster. Start reading/listening to Peter Schiff. He predicted this mess over 2 years ago and his take is that the core issue behind why we're where we're at is the excessively low interest rates. Now, instead o flearning from our mistakes, we're just piling on the same ones as before and making debt more attractive again.
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