circumstances. >> but what's your sense? >> my sense is we erred. we kept interest rates too low. 1%. it's not they want to point blame to myself or anyone else but i do have to say this is what happened, what were the consequences, and what have we learned from it. it is, frankly, one of the reasons that i'm more, if you will, cautious in the sense of saying you need to not tighten -- not have a tight monetary policy but begin to let the markets know that we aren't going to assure them of everything. >> thomas hoenig. [ male announcer ] your hard work has paid off. and you want to pass along as much as possible to future generations.