Throughout his speech, Hoenig warned that there are no shortcuts to greatness in monetary policy.
FORBES: Hoenig Says Fed Anti-Capitalistic, Taking Shortcuts To Greatness
On March 7, I had the great pleasure of listening to Thomas Hoenig speak at the Colorado CFA Society forecast dinner.
FORBES: Hoenig Says Fed Anti-Capitalistic, Taking Shortcuts To Greatness
Kansas City Fed president Thomas Hoenig dissented from the FOMC's statement in September, and remains opposed to the central bank's stance.
To my shock, Hoenig agreed with me: The Fed is anti-capitalistic.
FORBES: Hoenig Says Fed Anti-Capitalistic, Taking Shortcuts To Greatness
Following the lead of Thomas Hoenig, Kansas City Fed chief Esther George warned QE3 and ultra-low rates could spark higher than expected inflation.
George was following in the footsteps of Thomas Hoenig, who used to head the Kansas City Fed and had dissented consistently with Bernanke.
FORBES: FOMC: Fed Warns Of Halted Economy And Disinflation; QEternity Is Here To Stay
New FDIC Director Tom Hoenig has rightly called for those latter rules to be scrapped and replaced with something simpler, especially for community banks.
The walls between commercial and investment banks have been demolished, Hoenig argued, and the two functions within banks are now joined at the hip.
FORBES: Hoenig Says Fed Anti-Capitalistic, Taking Shortcuts To Greatness
After Hoenig came off the stage, I posed the question to Hoenig, and I asked him point-blank whether the Federal Reserve is an anti-capitalistic entity.
FORBES: Hoenig Says Fed Anti-Capitalistic, Taking Shortcuts To Greatness
Hoenig, the Maine state veterinarian, said the allegations included keeping too many birds in cases, failing to treat injured chickens or promptly remove dead animals, and improper euthanization.
The second quote above, however, was not from President Hoenig.
In fact, Kansas City Federal Reserve President Thomas Hoenig has repeatedly expressed his desire to increase overnight lending rates to 1% from the current zero to 0.25% range by the end of summer.
For example, Hoenig recalled that the Fed lowered the interest rate to 1% in 2003 and, though the economy was improving, kept rates low levels for over a year in order to bring unemployment below 6.5%.
FORBES: Hoenig Says Fed Anti-Capitalistic, Taking Shortcuts To Greatness
Kansas City Fed president Thomas Hoenig estimated in a recent interview that the real fed funds rate was negative 40 percent of the time during the 1970s and the 2000s, the two debt supercycles Milken referred to.
But regional bank presidents draw more attention when they're among the ones who cast votes, as Kansas City Fed President Thomas Hoenig showed when he formally objected to the Fed's current policy at all seven of the committee's meetings this year.
Kansas City Federal Reserve Bank President Thomas Hoenig sounded the inflation-curbing call earlier than Trichet when he said Wednesday that the central bank should consider lifting its target interest rate from its current low point of 0-0.25% that has been in place for more than 2 years.
FORBES: Trichet Cites Inflation Fears, Adding Strength To Euro
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