THE BASIS POINT

Dubai: Where 20-Somethings Become Millionaires In One Year

 

Working Girls In Dubai | (c) New York MagazineHome price expert Robert Shiller, co-founder of the S&P Case Shiller home price index and author of The Subprime Solution and Irrational Exuberance, has a famous anecdote about when it’s time to get out of a market. It was when he was in a cab and the cab driver was telling him all about how great he was doing flipping properties. Shiller’s home price index and the endless economic headlines remind us how that story ended.

The point is: when a cab driver tells the most well-informed home price economist on earth about how home price appreciation will make him rich, the market cycle has probably run its course. Which is exactly why we couldn’t help think the same thing about Dubai when we read New York Magazine’s feature on Dubai’s booming economy. Only this time, it’s not cab drivers, it’s 20-something blond girls from Texas who preach this doctrine about Dubai:

“I know a girl who made $2 million U.S. in commissions last year,” she said then. “And that’s tax-free! Within a year, I’ll be a millionaire. It’s not that difficult over here.”

It’s worth the read, if only to decode NY Mag’s mastery of the puff piece, catering to their core audience of displaced young ambitious New Yorkers. We say bravo to NY Mag, and good luck to those one way ticket holders in search of riches and hot blond girls from Texas who have disappeared from mid-town. May the Vegas-on-steroids bubble be made of oil, so when it bursts, there’s just more oil to keep the party lubricated.

 

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