USAToday reports IMF’s managing director, Dominique Strauss-Kahn, warning  investors that global banks are still clueless.  They “remain saddled with too many toxic securities and have not yet shown an understanding of the need to embrace far-reaching operational reforms … Bad loans must be disposed of before banks can play their customary role in financing economic growth.” So what’s new? Sounds like they’re trapped, as always, in the same old mindset of blind greed and hyper-optimism. The IMF boss, a French economist, did made specific comments that suggest our “too-political-to-fail” banks are setting the world up for another, more lethal meltdown … and possibly the dreaded “Great Depression 2″ that we recently dodged:

“All around the world, you still have a lot of undisclosed losses” …

“You never recover until the cleansing of the banks’ balance sheet has been done, and now we’re not at the point where this has been totally done.”

“I’m rather pessimistic … politicians seem to have drawn the lesson that they need to change the way they’re working if they want to manage the global economy” but “the banking sector — very little lessons have been drawn in terms of behavior.”

Ouch! And that’s direct from the International Monetary Fund’s boss. You really have to wonder if we’re headed for another meltdown soon. And since the US doesn’t have another $23.7 trillion (nor the political will) to bailout Wall Street’s “too-greedy-to-fail” banks again, investors better wake up fast and prepare for that dreaded “Great Depression 2″ we barely dodged in last year’s financial “near-death” experience.