I just have one big question. Why the pea and shell game regarding Dubai's default on their debt? Why wait until most U.S. investors are on holiday to release this worrisome news?
I've been listening to both sides of the argument all day from various pundits on CNBC, and none of them have a very good answer.
They were all very happy to say what their view is, but barely a smidgen regarding the timing.
The truth is, the release was perfectly timed to help hide not peas, but fear. To help smooth things over and give investors time to rationalize and spin this in a positive light.
The area and apex of [triangles] are the focal points of my predictions.
[Dubai Debt Delays Revive Fear of Financial Crisis] - MSNBC - Friday, 27 Nov 2009 | 12:20 AM ET
Investors recoiled from risky assets on Friday and dumped shares in Asian banks and builders, fearing a Dubai debt default could reignite the financial turmoil of the credit crisis.
Stocks in Tokyo and Hong Kong were haunted by suspicion of lenders' exposure to the Dubai firms that built palm-frond shaped islands in the Gulf and planned cities from Pakistan to Africa.
The emirate, which emerged from dusty obscurity to became a trading and tourism hub with global ambitions, said on Wednesday it would ask creditors of state-owned Dubai World and Nakheel to agree to a standstill on billions of dollars of debt as a first step towards restructuring.
Dubai World, the conglomerate that led the emirate's expansion, had $59 billion of liabilities as of August, a large proportion of Dubai's total debt of $80 billion. Nakheel was the builder of three palm shaped islands off Dubai.
The news shook markets that are recovering from the collapse of the U.S. housing market and contagion that threatened to rupture the global financial system last year.
"The panic button's been hit again," said Francis Lun, general manager of Fulbright Securities ... cont. at link above