on glimmering water
kids in coats
Recently, we read the following:
Wall Street Journal: "Top Official Sees End to Russia's Financial Crisis"
"A top official said Russia was at or close to the bottom of the financial crisis, adding that the Kremlin was happy to see foreign creditors take stakes in major companies to claw back bad loans. In comments to foreign media, First Deputy Prime Minister Igor Shuvalov said the government was increasingly upbeat about the Russian economy and hoped it would start growing again by the end of this year if the global economy doesn't sharply deteriorate.
"As oil prices have risen above $50 a barrel and the ruble has steadied against the dollar, the Kremlin says there are tentative grounds for optimism, sounding an increasingly confident note about its handling of the financial downturn. "The first phase is over," said Mr. Shuvalov. "Most businesses have already adapted and the budget is not playing out according to the worse scenario."
"Mr. Shuvalov confirmed that the Kremlin was no longer willing to offer large-scale bailouts to distressed corporations, something it did during the first stage of the crisis, but said that the government would help strategically important firms that had a genuine need. He stressed that commercial banks were now awash with cash, however, and could cover many of the lending requirements...."
And we thought:
…. Mr. Shuvalov’s optimism, like Obama’s, hinges on long-term measures taken to lay the foundation for sustainable economic recovery. Ironically, this is the kind of strategic thinking that, by most indications, many Wall Street types don't seem accustomed to. For all their keen minds, they don't seem able to see beyond quarterly results, which is certainly silly. Maybe they need some financial advice? Again, silly. Or, maybe they're just plain greedy…. =)