"In trying to use policy as a cure-all, we will repeat the cycle of severe recession and unemployment in a few short years by keeping rates too low for too long."
Mr. Hoenig added: "I wish free money was really free and that there was a painless way to move from severe recession and high leverage to robust and sustainable economic growth, but there is no short cut."
As this writer states it takes one to speak out, hopefully more will follow.
Great blog btw.
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