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)
As a nonprofit news organization, our future depends on listeners like you who believe in the power of public service journalism.
Your investment in Marketplace helps us remain paywall-free and ensures everyone has access to trustworthy, unbiased news and information, regardless of their ability to pay.
Donate today — in any amount — to become a Marketplace Investor. Now more than ever, your commitment makes a difference.