Oh the junkies on Wall Street won't like this. They'll be begging for one last fix before being sent to the methadone clinic for Stimulus Part II. Reuters:
Financial products should be treated like medicines and sold to consumers only when they are certified safe to prevent a repeat of last year's financial meltdown, the world's central bankers said on Monday.
The Bank for International Settlements (BIS), which acts as a forum for central banks, said government efforts to revive the global economy might have only a temporary impact because banks are not being pushed hard enough to fix their underlying problems.
Banks' lending and other practices, including the approval of risky mortgages in the United States, led the global economy into the worst recession in decades.
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