This BusinessWeek article
is an excellent in-depth look at Thomas Hoenig, the chief executive of the Federal Reserve Bank of Kansas City and a voting member of the FOMC. He has been the lone dissenter of the Fed's monetary policy this year.
The article provides some insights into why he has been dissenting. Many economists think he's way off on this, but I'm glad he hasn't been the typical follower at the Fed. Here are a couple of excerpts from the article that help explain his votes:
he argues that it's not primarily inflation he fears but the reckless borrowing and distortions engendered by sustained low interest rates.
"It's a distortion, and it favors the large institutions over the smaller ones and Wall Street over the saver," Hoenig says in an interview. "I just don't like it. It's not fair."