WASHINGTON, DC-At the last session held at the Urban Land Institute’s
 annual conference last week, former Federal Reserve Bank chairman
Donald Kohn ticked off the many headwinds still facing the US economy:
consumers are saving and not spending; banks cannot lend at the levels
government would like because the demand is simply not there; the
recession proved to be deeper than many had initially thought; and,
finally, the worst problem of all–the ongoing overhang of housing.

But there are a few bright spots, he also said–one of which is waiting for fundamentals
to improve. He also noted that the high unemployment dragging down the recovery is
a function of the business cycle, and not a major structural

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