Thursday, January 29, 2009

Fingers point towards US.............

Prime Minister Vladimir Putin of Russia and Premier Wen Jiabao of China had strong words for certain entities over the state of the global financial system at the World Economic Forum in Davos, Switzerland on Wednesday.Recent financial conditions are attributed by Wen, in his statement, to "inappropriate macroeconomic policies of some economies and their unsustainable model of development characterized by prolonged low savings and high consumption; excessive expansion of financial institutions in blind pursuit of profit; lack of self-discipline among financial institutions and rating agencies and the ensuing distortion of risk information and asset pricing; and the failure of financial supervision and regulation to keep up with financial innovations."....Link

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