Thomas Hoenig, Top Fed Official, Warns Fed Risks Repeating Past Mistakes

Thomas Hoenig, Top Fed Official, Warns Fed Risks Repeating Past Mistakes: "'We should learn from the experiences around the bubbles we've seen -- the financial bubbles that have been repetitive throughout the 90s, through the 80s, and into this decade as well.

'I don't want to see unemployment this high,' Hoenig said. 'But I also don't want to see it this high three or four years from now following another crisis because we were so impatient. That's a very hard trade-off and it's very difficult to explain, but it's what we need to do.'"