We are experiencing the highest inflation in 40 years. The Federal Reserve has raised interest rates to try to curb inflation, but did they act too late? And, are we headed towards a recession? Newt’s guest is Thomas Hoenig, former Vice Chairman of the Federal Deposit Insurance Corporation and former President and Chief Executive Officer of the Federal Reserve Bank of Kansas City. He currently is a Distinguished Senior Fellow at the Mercatus Center at George Mason University.

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