Scott is out today, but there are a few fish jumping out there.
Problems in Dubai continue to create ripples of concern. The emirate’s government has said Dubai World’s debt is its own. The Dubai Stock Exchange fell seven percent on that news.
…countries are generally assumed to stand behind the debts of state-owned firms and a sovereign default is always big news. But these days, financial news is political news, so the Dubai default is raising fears about the stability of other small, heavily indebted countries and nobody certain where a wave of defaults might end.
Although this hasn’t stopped Dubai World opening a casino in Las Vegas. Oh, the irony!
From the NY TImes:
“Look around, you don’t see bags,” said Gary Small, 49, who was out on Prince Street on Friday with his family from the Cleveland suburb Shaker Heights. “I mean, everybody’s shopping, but there’s not as much buying.”
And the New York Post reports that plate glass windows from the new Goldman Sachs building rained down on the streets of lower Manhattan yesterday. (Hap tip to Clusterstock)
We’re here to help you navigate this changed world and economy.
Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.
In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.
Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.