Hoenig Rules

Hoenig: "We've witnessed nothing short of an economic coup in this country. Paulson and Bush have turned what could have been a short six-month slowdown into one of the worst economic periods in modern times. You can't fix capitalism with socialism.

Worse off, the free market is mistakenly getting the blame for the economic chaos that's been caused by government intervention. Freddie, Fannie, the Community Reinvestment Act and the easy money policy from the Federal Reserve were all government-led intrusions into a free market. That's what has prompted the collapse...not speculators or nefarious operators on Wall Street."

and a little later...

"I'm inspired by my 104 year old grandmother, who to this day still reminds me of the importance of frugality and thrift. 'Make a dollar, save a quarter' she says. This is simple advice but would have kept countless Americans from financial ruin in recent years."