A certain analyst at a certain bank saying that 'knee jerk reaction' is occurring from the Dubai situation, what a fool.
Dubai was a long time coming, it's not the debt issue it's the exposure issue and it's a fear issue. Since the credit crunch was papered over with public monies the underlying shit is still floating around and a major 'freeze' on credit markets cannot be ruled out. Especially on the back of sovereign funds exposure to commercial property debt; creditors are going to get really itchy.
It's FUBAR time
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