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Putin warns Russian industry - no unending bailouts

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posted on Aug, 19 2009 @ 11:13 AM
No link. This was mailed via email to me ...

Link to Reuters homepage
Reuters News 08/18/2009
Author: Gleb Bryanski

ZHUKOVSKY, Russia, Aug 18 (Reuters) - Prime Minister Vladimir Putin berated plane builders at the opening of Russia's premier air show on Tuesday, warning aviation bosses that the state will not support loss-making firms or defend bad managers.

Putin gave the sector an Oct. 1 deadline to propose recovery measures and singled out state-run United Aviation Corp -- created three years ago to spearhead the revival of Russia's domestic aviation industry --for signing unprofitable deals.

"I would like to warn you against the illusion that the state will cover losses indefinitely, pull you out of debt and correct management's mistakes," Putin told a meeting of industry managers and government officials at the MAKS aerospace fair near Moscow. "We will invest in the aviation industry, but we need results."

I can't find the original article. If this email is for real, then Putin has a better handle on economics then the Obama administration. BY FAR.

Continually bailing out failing companies and banks goes completely against the free market doctrine. Having a market that doesn't have to worry about bankruptcy for their own failings is like having Christianity without a Hell for screwups. IT DOES NOT WORK.

If this emailed article is true, then Obama could take a lesson or two on economics and capitalism from Mr. Putin.

I'm looking through Reuters to try to find the original article.
So far ... I'm not getting it ...

posted on Aug, 19 2009 @ 11:24 AM
if it helps, the story is on china daily here.

i don't know if putin is against bailouts, as such, he seems happy enough to give them generally, i think he's just looking for control of how the cash is spent. i don't think americans would be all that happy with a russian type arrangement.

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