Oleg Deripaska’s fortunes have plummeted.  Controlling dozens of factories in Russia he was worth an estimated almost 30 billion dollars in 2008.  This year he’s worth  2 billion according to another estimate, because most of his industry is copnnected to sectors hit the hardest by the Worlds financial crisis, ie auto manufacturing, aluminum and steel and construction. His advisors say he was worth almost 40 billion and didn’t lose quite as much as some say, but admit the plunge in his fortunes are dizzying.   I met Deripaska a couple of weeks after this normally low profile Oligarch had been publicly lambasted by Prime Minister Vladimir Putin for failing to keep Russians employed at a cement factory near St. Petersburg .

The Kremlin is frightened of civil unrest in Russia because of the economic crisis and it’s easy to blame businessmen instead of shouldering  political responsibility.

Putin called Deripaska and others at the meeting guilty of holding ordinary people hostage to their ambitions and greed.

When I asked Deripaska if he was in turn angry with Putin he smiled but carefully answered no.  The last rich Russian to criticize Putin went to jail.

He told me “it was not of course 100% my fault but I felt responsible, maybe we can do more to change and modernize this facility quickly, but unfortunately the crisis hit demand in construction, in cement.”

Deripska may be many things, he is certainly not any ones fool.   He is a nuclear physicist by education.   He built a huge empire in Russia and knows the innermost workings of the Country.  He is frankly likable and reflective on his Countries past and future and  he makes a few stunning observations;

Unemployment in Russia ?  The Kremlin says its stopped growing and is somewhere around 7%.  Deripaska says it’s really 10% and predicts it could grow saying “we are still on the way down, it will be a very hard time. Unemployment could hit 15 million people, which is 20% and it’s just reality. Demand very weak and economy still needs to find a bottom.”

On Government expecting private business to act as a social net?

Deripaska says “That’s Russia . If you want to benefit on a  20% return on your investment every year you need to be prepared to deal with this issue.  In developed Countries where processes established for the last 100 years you can rely on municipal services, on police, on education system. In Russia where we hade everything restarted 18 years ago, original principles and original system couldn’t be effective now.”  IN other words the State hasn’t put in place a sufficient social net after the collapse of communism and wealthy business has to take up the slack.

On American Russian relations and President Obama’s visit to Moscow ;

Deripaska agrees with American experts,  “I can’t really feel”a so-called reset in relations. He says resets are not about high level meetings it has to be reflected in investment, science co-operation, education exchange, tourism.”

He says its not just about rebuilding trust but that “we didn’t have time to actually learn each other.”  Our kids he believes need to share history and science and literature, attend business schools In America.  “It has to be about people” he adds.

And finally Deripaska talks frankly about the Russian booms times when oil was good and the  fact many Russian politicians are  is still waiting for high oil prices again.

“it’s stupid, it’s a mistake, it’s the biggest mistake. We can feel maybe half the Russian Government still believes that it would be the case, and this is a huge mistake”.

Deripaska believes his Government needs to start helping the creation of small and medium business enterprise instead of focusing on taxing big oil and gas companies for revenue.

To wait for oil prices to rise he says “this may create that the Russian transition through this crisis would be longer, it should be done in 3 years and we may end up, it will be 5 maybe 7 years.”

The headline is a new arms treaty out of the American Russian meetings in Moscow.  Russian President Obama and U.S. President Obama signed a framework treaty to lower existing agreements on nuclear warheads by a third to as low as 1500 each.

But did you know that our arms agreements with the Russians only involve nukes that reach the U.S. on ballistic missiles instead of so called tactical nukes that can be fired by artillery or cruise missile, for example at an American aircraft carrier from a Russian sub.  There are several thousand held by both sides. Smaller and much more easily sold or stolen by terrorists.  And … in Europe the U.S. still has about 200 tactical nukes at a handful of NATO bases.  They were originally there in case of war with the Soviet Union and still 20 years after the Cold war remain there.

Wisely the Obama administration is attempting to include tactical nukes in a new arms agreement to replace START which expires in Dec.

An insider on the American arms negotiating team tells me what was very important in these meetings with the Russians – the Russians agreed to have discussions to develop co-operation on missile defenses – huge because the Russians agreed to that directly with the President.They had been refusing until American got rid of the 3rd site (Radar in the Czerch Republic and Missile launchers in Poland)  to even discuss co-operation.

So now there are two tracks – The follow on agreement to Start and then discussions departmentally on how to solve the missile defense shield issue.

It all has to be done by December when Start expires.  And the Russians will never approve a new arms deal unless the ABM issue is solved.

I hit the social networking sites to ask people if they’ll be watching the Michael Jackson memorial. On Facebook, Tenzin writes:

he’s a pop god i would surely have attended the concert if i could … but i can only watch it on tv …

The memorial is on TV today, including LIVE coverage on FOX News hosted by Shepard Smith. But for those who aren’t near a TV today, we’re also streaming live right here on FoxNews.com. I’ll be covering the memorial itself and the lead-up to it from 12-2pmET on Strategy Room. Reporters Anita Vogel and Adam Housley are covering the expected family funeral and the public memorial in Los Angeles for Fox News, and may also be joining us with live reports on Strategy Room. At 2pm, I’ll head over to FOX News Radio, where I’ll join host Todd Starnes to discuss the performances, the attendees, and more. We’ll be sure to discuss the cost of today’s events, which has some fans very concerned. On Twitter, Jeff writes:

Label me a fan, but this thing about taxpayers paying for the funeral security is off the wall.

And others say they aren’t fans of Jackson at all, but will still check out today’s memorial. On Facebook, Jeffry writes:

I may watch it out of curiosity because it’s demanding so much attention. If I were out there and if I had a ticket I might attend because it’s an historic event not because I’m a Michael Jackson fan.

Will you be watching today’s coverage? If so, is it because it’s become such a huge news story, because you’re a fan, or for another reason? We want to hear from you. Click “comments” below and share your thoughts.

Alaska Governor Sarah Palin broke her silence following her announcement she was stepping down. Her spokeswoman Meghan Stapleton offered FOX News along with ABC, NBC and CNN a chance to interview the Governor in Dillingham, Alaska where she was fishing with her husband Todd and daughter Piper. Palin wanted to set the record straight concerning her shocking decision. She told me that she’s been considering the move for months. Palin says the attacks both in her home state and the media coverage she’s endured outside of Alaska led her to conclude she could get more done outside the governor’s office.

At times Palin appeared bitter about her treatment in the press. She called attacks by bloggers “bull crap”. She’s been hit by 15 ethics complaints, most of which have been dismissed. She won’t say if she’s ultimately planning a run for the White House, but did tee off on those in the Republican party establishment who have criticized her move. She says she’s an unconventional politician who doesn’t feel she needs to seek advice leaders of a party that has not had much success recently.

After Palin passes the baton to her Lieutenant Governor Sean Parnell, she will finish work on her book. It’s due to be released in the Spring of 2010. Stapleton says Palin will then go on a book tour. She’s also fielding numerous offers to speak around the country.

Palin says she will work to get politicians who share her priorities elected. Todd Palin was all smiles as he captained the fishing boat in Bristol Bay out to nets filled with Sockeye. Todd grew up commercial fishing these waters and Sarah has been making the summer trip to Dillingham for many years. She joked that even though she’s been helping Todd haul in fish for decades he still yells at her for doing it wrong. The governor and another hauler lifted the nets out of the water and pried the salmon out.

It was tough work. She wore rubber gloves, knee-high boots and waders.

This was a portrait of the woman that emerged soon after she was picked by Sen. John McCain to be his running mate. This was Sarah the moose hunter and folksy hockey mom and definitely not the diva some McCain staffers made her out to be after the campaign.

Image makeover? Perhaps. The final word from Sarah Palin? Definitely not.

Alaska Governor Sarah Palin is finally ready to face the media after her stunning announcement that she’s resigning at the end of July. Palin will do a one on one interview with me Monday night in Dillingham, Alaska. She has been on a commercial fishing boat with her husband Todd and will come to shore to do the interview.

There’s been rampant speculation about Palin’s future after she announced July 4th at her home in Wasilla that she will not seek re-election and will step down at the end of the month. Palin did not take any questions at the announcement, but has been communicating with supporters through facebook and twitter. In one tweet she compared her decision to those who pursue a “higher calling” leading many to speculate that she’s planning a future run for the white house.

I’ll certainly ask her about her plans and the criticism from those inside the beltway that she’s made a big mistake if she does have higher aspirations.

Stay tuned.