And so the wholesale selling off of America continues. Thanks to $140/bbl oil, Mission Accomplished, eh, George?
It was reported by Bloomberg today that the iconic Chrysler Building in New York City was sold to the Abu Dhabi Sovereign Wealth Fund for an undisclosed price. This comes one month after a Dubai sovereign wealth fund purchased the General Motors building in New York. The key graf here:
Abu Dhabi, Kuwait and other Persian Gulf countries flush with oil revenue have taken advantage of falling prices to invest in real estate and financial companies around the world. Middle Eastern investors have spent $1.8 billion this year on commercial property in the U.S., more than other international buyers, according to Real Capital Analytics Inc., a New York-based property research firm.
``We're sending our money their way'' to purchase oil, ``and that money is coming back and buying our assets,'' said Dan Fasulo, market analysis director at Real Capital.
This also comes on the heels of several large American financial companies being infused with cash from sovereign wealth funds.
I remember the uproar when Japanese investers bought the Rockefeller Center in the 1980's, and how that was a harbinger of the Decline of the American Empire. I guess they just softened us up for what was yet to come, the wholesale unloading of American assets at fire sale prices, thanks to our addiction to foreign oil, and our government's refusal to do anything about it. We've all pretty much come to the conclusion that Middle East sheiks own the Bush Crime Family, as they continually do their bidding, prostrating themselves before their masters, and, other than a few whimpers to the American press about "jawboning" the Arabs into pumping more oil, more or less declaring their neverending fealty to said princes. So it goes...
Meanwhile, on liberal talk radio, all I heard this morning was about the freakin' menu contract for the Democratic National Convention! Where's Paris Hilton, Lindsey Lohan and a bald Britney Spears when you need them most... (And don't say "Rehab!" in the comments...)