Once again a comment arrived in my mailbox but not in the comments section. Sorry for the mixup.
"I will miss him. The guy seems pretty sensible in his reasoning. I found this article about him to be quite informative. I don't think he has put a timeframe on his inflation predictions. He only says that the lag time of the effects of monetary policy are "lengthy and variable." By the time we can see a problem developing, it will be too late to control it. History has shown us that by the time we see a bubble, it pops rather than deflates. How can there be any argument to his views on "too big to fail?" Extremely low interest promotes investment in purely speculative instruments that do nothing to grow the economy.
Maybe I just don't have as much to lose on my balance sheet by agreeing with Hoenig. I will say that my admiration of his ideas on dissent probably makes my life more difficult than it needs to be in my service on boards."
Fair enough. But the Fed is not just your average school board, and if during my career I had consistently been the lone voice of dissent among them I would have some doubts.
There is an old story about two mothers watching the school band go by. One says to the the other, "Look, there's my Tommy - and he's the only one in step!"
My objection is not his lone voice (been there), but that I think he has been seriously wrong for too long.