Dubai opens record
The Dubai tower, the tallest structure in the world, will be open on Monday amidst much concern and security. The tower actually set the record for the highest structure in the summer of 2007 sending a crisis signal for the skyscraper index. Since then Dubai has had to borrow $25 billion from its neighbors to keep the lights on.
It would seem that under “normal” conditions that most of the economic crisis would have been over by now and that prospects for the future would be brightening. However, the world wide stimulus and bailouts have significantly slowed and distorted the normal correction process and may have set us up for the possibility of more stock market volatility and crashes, foreclosures, and unemployment in 2010.
If you take all the reporting about the economy and you delete everyone but those who actually study the real workings of the economy, rather than just statistics and government reports, the common themes are that government programs have failed to address the problems of the real economy and that things are actually getting worse, not better.