Thomas M. Hoenig, President and Chief Executive Officer, of the Kansas City Fed offers up some sobering and pragmatic advice for allowing market forces to deal with banks. Success depends on failure| Kansas City Federal Reserve The first principle is to properly understand our goals and correctly identify the problems we are attempting to solve. This may sound  obvious. However, when we are  in the middle of a crisis where more than a half million people are losing their jobs every month, it is tempting to pour money into the institutions thinking that it will correct the problem and get … Continue reading Success depends on failure| Kansas City Federal Reserve