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Morning Reading

Paddy Hirsch Nov 30, 2009

G’day!
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.

Matthew Yglesias over at the Daily Beast says we should all be feeling a little nervous right now.

…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!

A New York judge wiped away half a million in debt with a stroke of the pen. (via the Consumerist).

The verdict on Thanksgiving spending is in. Seems more Americans got up early to shop (and in some parts of the country, many, many more). But they didn’t spend as much.

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)

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