I think that the Ukrainians lack the entrepreneural spirit. Their fighting leaders do not help much. They should enact laws to encourage free enterprise.
Beyond what's fashionable like clothes, perfume, jewelry and electronics like cell phones and computers, there is not much else in the stores. In every big city and even mediocre ones, I see knick knacks that stores sell to get some more money from their customers, especially tourists. Not so in Ukraine.
Sure, there are the matrioshka's, but you have to really look for them, and that's all. I was looking for Ukrainian T-shirts, that I could distribute to my friends and family. I looked all over Zaporozhye - nothing. In Yalta, we asked many people, and we were pointed to many places, after lots of walking - nothing. There was only one place where they are and that's an outdoor market in Kiev. How about pictures and postcards of the country or the city? Not much can be found. I was asked to buy one of those hand held snow domes, the ones that are filled with water and have a likeness of the city inside. When you shake it, snow gets scattered. Nothing. Playing cards? Shot glasses?
There is also a lack of enterprise in the waterways in the Dniper River or the Black Sea in Yalta. There were not enough boats or ships for transportation, sport or fishing. We looked for the one ship that took tourists for a ride, but we could not find it. I have said before that I was told there was not too much fish in the Black Sea. I think I know where the problem is - no fishermen. I saw not one place that sold fishing equipment. If one fish can lay one thousand eggs, how can a big sea like the Black Sea lack fish? If there is one, there can be many. There was no pollution.
Enacting laws is what fucked up the US economy. Free market is what it means lack of regulation. When you regulate you create roadblocks to the free market. Every law enacted is giving up a freedom. Look at the mortgage scam created. Over regulation lack of oversight. Don't need laws for oversight.
Billy Carter had it right. Kill all the lawyers and kill them tonight. Every government catastrophe in the US has a damned lawyers hands all over it.
The US economy was f--- up because it allowed people who cannot afford it to borrow money against their homes. Whether this is a law enacted or relaxing of an existing law, I don't know. Laws should be there to prevent this in the future, or anything like this, of course.
If it is enacting laws (like preventing the mafia from getting their share), tax breaks or even subsidies to start an enterprise, something has got to be done. I look at Ukrainian news everyday. Is there nothing else in business there besides gas?
If one gets a good salary, at least up to now, the salary usually goes up in the future. Therefore, to borrow money, if the payments are affordable, is prudent. But now, these people are losing their jobs.
Sure, there were some crooks, but I think most had good intentions in mind with this mortgage mess, in spite of what many believe was greed and dishonesty. The whole root of the problem is what most believed which was a great misconception that the value of real estate will go up forever. It did go down briefly in the late 80's, but it has been going up forever until now. In the last few years, it has more than tripled. If this was not a misconception, then lending to people who could not afford it, would be acceptable because they would then hold a piece of valuable real estate that they can refinance.
Look who's talking about spoiled. Oh I forget made millions from cabinet making in Oz, or was it an inheritance I forgot. Oh danny owns Kraftmaid, now I understand how he got his Pitts. What a moron.
I've just been watching a program about the great crash of '29 on wall street. What's happening now is essentially the same: the bursting of an unsustainable bubble created by rife on-margin (financed by borrowing) speculation. Its just that this time its real estate instead of stocks (although stocks are falling as a by-product). And we havn't seen the worst of it yet: we've had the first round of blood letting with the initial sharp fall, but we have yet to feel the effects of the less money -> less demand -> falling jobs and salaries -> less money ... cycle which is only now gathering momentum. In addition to this the global real estate market is going to shed further trillions of $ over the next year so leading to a further round of banking and finance company collapses - the current bad debt write off provisions are based on hopelessly optimistic projections.
Take a look at this graph of historic house prices in the UK http://www.housepricecrash.co.uk/graphs/generated/homepage.png - and you can see just how far we've got to go if this crash follows the same broad pattern is the previous ones.
Thing is we will never break this cycle of boom an bust so long as each generation gets lured by the promise of free money, be it by stocks or real estate (or whatever the next one is based on).
Sorry to contradict you Bass, but this isn't even close to the 29 depression. Hell it isn't as bad as the Carter years right now. The media has went way over the top, though they are the propganda arm for the socialist movement. It's a sales pitch to let the government do all. Funny how government did this, now they have the dim witted believing without printing money there is no way out of it.
Well there is a way. Though it's not on the backs of John Q. Public. First of all stop with the Global Economy crap. Nothing is Global, because global is not an entity, country or a state. Though some want to create such a Utopia, that will only lead to tyranny. Let the lemmings follow their course. I choose freedom myself.