The essential lesson from financial crisis: We will recover – Arab News

The essential lesson from financial crisis: We will recover – Arab News

The essential lesson from financial crisis: We will recover /node/1646786/business-economy. The crash is the reverse of previous crashes, in that it started in the real world and spread to financial systems. We are in the middle of one of the most savage stock market crashes in history.. As a financial journalist, stock market crashes are the events you live for.. Plunging stockbrokers and soup queues are probably most people's immediate reaction to news of a market crash.. It was a good time to be a financial journalist in London.. Stock markets recovered, buoyed up by soaring prices in real estate around the world.. Dubai was the "Switzerland of the Middle East" for the quality and reliability of its financial industry, and life was good.. But somewhere - London or New York probably - a smart financier had an idea that was to eventually dent the Dubai. Towards the end of 2009, the strains that had been building up in Dubai could no longer be confined, and Dubai World - the builder of the glamorous Palm and lots of other Dubai icons - announced it could no longer pay back its debts and was seeking a "standstill" on repayments.. There