[Pan_Yan]

It was in very rough shape with most of their larger units laid up.

I guess the real question is who are they trying to intimidate. Is this for domestic consumption or for Obama's? Who should this worry: Ukraine, Georgia, Syria, Turkey? It could be he's intentionally ruffling some feathers in his military ranks.

[Jimmy Valentine]

Well the Ukrainians are worried. They buy natural gas from Gazprom and the Russians don't give them a break on price.

The Rusians are trying to unilaterally extend their leases on Odessa, and Sevastopol.

Georgia certainly.

Syria is kind of a client state and Russia uses a warm water port there.

Turkey possible but I don't think so. The Bosphorus and its control have fevered the dreams of every Russian ruler since Peter the Great. But I don't see anything happening here.

The big question is the Northern Fleet and particularly their sub-surface assets. That is what I would be looking at if I were Pres.