Recession and lessons

guardian.co.uk

2006-2007 was the time when the great boom hit its highest point as I believe in Dubai. The no of developments on the map was phenomenal and huge in contrast. Some of the projects were introduced as twice the size of Hong Kong. Construction flux was everywhere and hardly you would find a place where you don't see any tower crane. The world's tallest tower, the biggest shopping mall, the longest tunnel, the longest automated metro system, the most expensive hotels, the biggest man made islands, you name it. Almost every development was in the highest in its caliber. 


Thousands of construction experts were hired by the local and international firms to meet the immense requirement and most of the times the requirement was far higher than the supply. Banks were throwing money and there was nothing called mortgages in Dubai. If you could find a job in Dubai, that's it, bank would come to your office station or home and would lend you any amount that you could imagine. Most of the people thought that they have come to the ultimate heaven and the surrounding environment also gave enough clues. There were very few who didn't believe in this boom to continue. 

Suddenly, I heard a news that some of the banks in States in trouble and their President is seeking the help of the Americans to come out from the issue. Still, Dubai was running in its full swing. Latest models of cars, crowded expensive shopping malls were still running. Around two months later their was a small wind blown across. The big developers slowed a little bit to see the wind blows. Still we were running. It took another one month, suddenly the storm hit our giant giant boom.... The biggest developers even started to fire their employees. Thousands of tower cranes were stopped, no swing. The busy construction sites got silent day by day. The heat was imminent in all parts. Day by day the number of employees sacked were grown. It seemed that it would be heading towards the end of the modern civilization. Banks were in a big trouble to recover those loans. I couldn't imagine such an effect of economy on the whole living system of the people. It was immense and I believe it even affected to the health matters. 


It showed the underline truth of this economic system and the modern life style attached to it. I think we all need to go back to our religions and adjust our way of life, cos for sure there would be many more storms to come while we would see the bright sun in between.