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In a draft with few guarantees, Wall is one.
Popularly known as the lone dissenter on the Fed's policy-making panel who twice this year has voted against the Fed's decision to keep the main interest rate "exceptionally low" for "an extended period," Hoenig said part of the problem with near-zero rates is that it guarantees Wall Street profits.
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"I don't think we have any business guaranteeing Wall Street spreads," Hoenig said.
"I don't think we have any business guaranteeing Wall Street when we're unable to guarantee Main Street," he added.
They're especially efficient if you're going somewhere hot, and you're guaranteed wall-to-wall sunshine.
The Republican presidential hopeful released a statement on Monday calling for a "complete shutdown" on all Muslim immigration to the US, provoking near-global condemnation and guaranteeing wall-to-wall coverage.
They're so expensive — many billions apiece — that historically they have required government guarantees, because Wall Street is loath to invest so much in such politically fraught projects.
FORBES Obama Administration Weighs Mortgage Market Plan | The White House and a federal regulator are considering a plan to rejuvenate the private mortgage market and wean the industry off of Fannie Mae and Freddie Mac's guarantees, The Wall Street Journal reports.
In his latest remarks the billionaire called for a "complete shutdown" on Muslim immigration to the United States, provoking worldwide anger and guaranteeing almost wall-to-wall press coverage.
BoA had guaranteed that Wall Street's next big domino would not fall.
But a buoyant world economy is still boosting American exports; a fiscal stimulus is on the way; real interest rates are around zero and likely to fall further; and, with the rescue of Bear Stearns, the Fed has given an implicit guarantee to Wall Street.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com