Oct 18, 2008

Russia's Good Times Start to Fade

For some reason, a 73% drop in Russia's stock market, and plumeting oil prices, have some people worried about the economy.

"Six months from now, warn investors, things could look very bleak. 'Things are going to crash. Of the high-end restaurants, you're going to have the vast majority of them closing. If you're stuck in traffic, just refer to it as pre-crisis traffic. In six months, it's going to be a different story,' said James Fenkner, director of Red Star Asset Management."

While it is stunning to discover that managed capitalism works just about as well as managed democracy, we're still waiting to see how the downturn will impact Moscow's booming market for high-end prostitutes.

No comments: