Hoenig Says Fed Anti-Capitalistic, Taking Shortcuts To Greatness

"There is only one difference between a bad economist and a good one: the bad economist confines himself to the visible effect; the good economist takes into account both the effect that can be seen and those effects that must be foreseen.  The bad economist pursues a small present good that will be followed by a great evil to come, while the good economist pursues a great good to come, at the risk of a small present evil." –Frederic Bastiat (1801-1850)

http://blogs.forbes.com/greatspeculations/2011/04/04/hoenig-says-fed-anti-capitalistic-taking-shortcuts-to-greatness/