Word: nationalism
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...voters need to relate to the presidential candidates as if they were one of us? I don't want the President to be my friend, share a carpool or be a drinking buddy. I want my President to be qualified to lead the greatest nation on the planet. I want my President to bring all Americans back to playing on the same team, because I'm tired of the divisive anger and blame. We have a President now who seemed like one of us-and where has it gotten us? L. Bonomi, Palo Alto, California...
...Savov at Credit Suisse says the banking problems could slow domestic investment and industrial growth. But significantly, Russia's most important banks don't appear to be at risk - in fact, their conservative behavior, rather than risky practices, may be holding the economy back. About 40% of the nation's deposits is in the hands of three stodgy institutions with strong ties to the Kremlin - Sberbank, VTB and Gazprombank - that have been increasingly loath to lend to some 1,200 scrappy, smaller rivals. This is contributing to the liquidity squeeze. "It's the second- and third-league firms and banks...
...matter of hours. At that point the market was down almost 60% for the year, its lowest level since early 2006, although it has since been boosted by measures taken by the Russian central bank and the Kremlin. Those measures, however, weren't enough to shore up the nation's largest investment bank, Renaissance Capital, which on Sept. 21 sold a 50% stake to the Russian oligarch Mikhail Prokhorov for $500 million. Just over a month ago, Forbes magazine, in a profile of Renaissance and its New Zealand - born chief executive, Stephen Jennings, reckoned the same stake would have been...
...market problems will result in a "smallish blip" in the economy rather than any bigger meltdown. Certainly, the situation today is very different from a decade ago, he and others point out: Russia currently has a whopping $550 billion in foreign-currency reserves, a hefty budget surplus, a negligible national debt and an economy that remains on course to grow by 7% this year. The fount of much of the nation's newfound wealth - oil and gas - isn't affected by these banking liquidity problems. As long as the price of oil stays somewhere above about $70 per barrel...
...wake of the meltdown of the stock market in Moscow this month, there are quite a few Russians who probably wish they had heeded that sort of advice. For after partying through several years of heady growth, much of it financed by borrowing from abroad, the nation's scrappy banking system and its underdeveloped financial markets are suddenly losing much of what they have won in the past couple of years - and more...