"Overly leveraged U.S. consumers and financial firms expose the financial system to shocks, a top Federal Reserve official said Monday, urging changes to the tax code that would lower the incentives of piling on debt.
In prepared remarks to a bankers at a summit in Big Sky, Mont., Minneapolis Fed President Narayana Kocherlakota said heavily indebted households and financial institutions were leaving the system vulnerable to risks..."
at http://blogs.wsj.com/economics/2011/06/27/fed-official-warns-of-too-much-debt-for-consumers-corporations/?mod=WSJBlog
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