Wall St Woes • 24 September 2008 • The SnowBlog
Wall St Woes
Here's a fun perspective:
"If the US doesn't bail out its own financial sector (by borrowing money it doesn't have) then the only people with enough money [to do so] are foreign sovereign funds and large investors. And they will bail it out for cents on the dollar at fire sale prices. The end result would be that New York is, definitively, no longer the world's financial center. Odds on favourite to be the new one? Dubai. London doesn't want the job (they want to be middlemen). Tokyo can't quite do it. Shanghai isn't ready. But Dubai is raring to go."