The cure's the real challenge, not the disease

The greatest challenge for the American economy is not just the recession but how we choose to address it, Thomas Hoenig, the president of the Kansas City Federal Reserve, has said.

Speaking last Wednesday, Hoenig said: "There are no shortcuts to stability, no painless methods to adjusting our saving-spending mix and returning to prosperity. We want to successfully get through this difficult deleveraging process, rebuild our national savings and wealth, and we want to do it in a fashion that

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