Good article about the burgeoning mortgage market in Russia.
“While the learning curve has been steep, analysts say the post-World War II example of the US – where government-backed credits, loans, and mortgages for GIs transformed the American economy for decades – is a lesson for the Kremlin.
“It’s a huge effect [on] releasing spending power into the economy,” says Gaige of Ernst & Young. In the past, “the money people needed to buy a house would have been taken out of the economy … and their spending power would have been reduced” before and after the purchase by the effort to collect that money.”
Wish I could participate. The only thing worse is watching VIP go from 56 to 100 and not holding any shares…
Props to Putin, anything else aside he seems to have read his De Soto!
Props to Putin indeed. The new Peter the Great.