Dubai isn’t alone in debt overload
Here is another situation Government spending money they do not have, and who gets stuck with the bill, you got it, the taxpayer, and just think you as an American taxpayer built this, is it nice to know where our Government spends our money.
By Graham Bowley and Catherine Rampell
Tuesday, December 1, 2009
Like overstretched American homeowners, governments and companies across the globe are groaning under the weight of debts that, some fear, might never be fully paid back.
As Dubai, that one-time wonderland in the desert, struggles to pay its bills, a troubling question hangs over the financial world: Is this latest financial crisis an isolated event, or a harbinger of still more debt shocks? Continue reading