It is not difficult to see where this dynamic, if uncorrected, will lead—to more pronounced financial cycles and recurring crises. I would argue that the failure to reform the banking system in Japan was one of the principal reasons for that country’s “Lost Decade(s).” We must not let that pathology take hold here.

via A Perspective on the U.S. Economy and Monetary Policy – Richard Fisher Speeches, May , 2011 – News & Events – FRB Dallas.