CAIN: "I was overqualified for the position. They didn't know what they were talking about, they didn't know me, they didn't know my background. Look, how do you define qualifications for the Federal Reserve Board of Governors? I served on a regional Federal Reserve Board of Kansas City, my undergraduate degree is in mathematics, I understand analytics and analysis. My graduate degree is in computer science, I have been in business for 50 years. What are they talking about? I understand business, I understand people and I understand the rules that they try to apply, I know how the Fed rate trickles down to the banks and the banks roll it on down to their customers and this sort of thing. I've been on the receiving end of a lot of their decisions. So being able to conceptualize economic analyses, statistical analyses and everything else that they do, I've been doing that all of my life. So, the people who were critical of me, said that I was not qualified, they did not know what they were talking about, period. And I was willing to take them on, if I had gotten to that phase, but it wasn't a good fit. That was it."