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Moscow Does Not Believe in Stock Plunges
The bearish economist Nouriel Roubini, the Dr. Doom of the credit crunch, has been sharply critical of the federal government's bailouts of Fannie and Freddie and now A.I.G. He says that the Paulson & company are turning the United States into to the U.S.S.R.A. (the United Socialist State Republic of America).
But for a more aggressive government intervention, we must go back to the real U.S.S.R, or rather, its successor nation, Russia.
There the government has halted trading in its market for two days in an effort to stem the steepest slide in stocks since the ruble crisis of 1998.
The suspensions come as the government tries to pump liquidity into its banking system. Today, it said it would loan $44 billion to the country's three largest banks.
Trading was halted on Tuesday after the dollar-denominated RTS index fell 11.5 percent and the ruble-denominated Micex index tumbled 17.5 percent.
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