This is an eye opener - Russian Prime Minister Vladimir Putin treats his cronies like little children in the following video, (hat tip: Hugh Hendry), in particular, Magna partner, Russian billionaire, Oleg Deripaska.
Furthermore, the big Russian players like Rusal are under intense pressure from Putin not to cut capacity (check out ‘Putin bitch slaps Deripaska’ on http://www.youtube.com/watch?v=PprlM5R3Hbg), and are rumoured to be surviving only by not paying their electricity bills.
As I watched this video, I realized that things are different in Russia. Its a foregone conclusion that Russia is a command economy, but to actually see it in action is revealing.
The singular feature of the great crash of 1929 was that the worst continued to worsen. What looked one day like the end proved on the next day to have been only the beginning. Nothing could have been more ingeniously designed to maximize the suffering, and also to ensure that as few as possible escaped the common misfortune. The fortunate speculator who had funds to answer the first margin call presently got another and equally urgent one, and if he met that there would still be another. In the end all the money he had was extracted from him and lost. — John Kenneth Galbraith, “The Great Crash
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WSJ's What's News Early Edition, Feb. 9, 2010by The Wall Street Journal 9 Feb 2010 at 5:02am
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