Tom Hoenig typically plays the role of the lone dissenter at the Fed meetings. He has publicly said he takes this role to show the world that the Fed is not just a one man operation.
And I quote:
"As an economist, I cannot be certain that my views are correct. Certainly, a majority of my counterparts on the FOMC last year did not agree with my views. But it is important to recognize that in the face of uncertainty, arriving at the best policy decision is built on divergent opinions and vigorous debate.Dot 1: He is retiring next year so literally he has hit his limit as regards career advancement. Although I am sure he will be serving on a few boards as a Director.
Because of this, the role of open dissent is at least as critical to FOMC monetary policy decisions as it is to deliberations by the Supreme Court, the United States Congress or any other body with important public responsibilities from the local through the federal level."
Dot 2: The entire Fed is stuffed now with those who believe the dream of Keynes.
Dot 3: Per Reuters he has said QE3 will probably be discussed if numbers disappoint before the next meeting. Well it's a given the numbers will be crap. So therefore there will be discussion.
So why come out publicly and say all this?
Is he saying he dissented to dissent? That's the way I am reading it.
So bring out David Tepper and all the rest of the gang to pimp, pump and prime the markets for the next leg up.