Federal Reserve Bank of Chicago President Charles Evans pointed directly to a major problem with the economic system in a speech before the Indianapolis Neighborhood Housing Partnership on Wednesday: a serious deficit in the country's financial literacy. His solution, however is aimed less at eliminating that illiteracy than at incentivizing it in appropriate directions. Evans spoke at the Indianapolis Neighborhood Housing Partnership (INHP) Community Breakfast on the roots of the housing crisis and current plans to end it, but his speech differed a bit form the formulaic presentation given over and over by financial and housing officials. While others have pointed to the use of inappropriate mortgage products as one cause of the crisis, rather than vilify these products such as option...(read more)

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