11/12/2012 08:26 am ET Updated Jan 12, 2013

'The Lesson Of Europe Is, Don't Wait Until You're In A Crisis To Act'

When the housing bubble burst in 2006, U.S. policy makers looked to Japan for clues about what to do -- and not do -- in response. Now their attention is shifting to Europe as America gets set to follow that region with a concerted attack on its budget deficit.

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