It IS doom and gloom. Most (so called) experts agree that the world is already in a recession and the best case scenario is to avoid a depression. If they truly were experts, they should have been predicting this for years.
It was less than a year ago that these experts were saying China had to control it's 'out of control' growth, for their own good. Well that is happening. although not in the best way.
I still stand by my assertion that Dubai is one of the best places in terms of financial security. The GCC countries have a combined 2.3Trillion dollars in reserve. When coupled with the relatively low populations, that number becomes even important. The governments in the GCC also have the ability to react in a unilateral and rapid manner, and hopefully they will institute the correct policies (not a foregone conclusion) At least they have the capability to weather the storm, something that is being questioned of many other countries around the world.
I thank my lucky stars that I came to Dubai and EK. If not, I would be sweating bullets back home (or already redundant) This financial mess will certainly affect Dubai but I am convinced that it will not be to the extent it will damage most places.
If people no longer make big bucks on property in Dubai, then that is far less suffering than I predict for developing and developed countries. In fact, a decline in property value should benefit most residents of Dubai. (Disclosure; I own property in Dubai) The bursting of the bubble was inevitable, it has only been accelerated by this financial crisis.