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Feldstein headed Reagan's economic policy team, and Hubbard headed the elder Bush's economic policy team. Its interesting that both lamented the lack of addressing the foreclosures as root of the problem. Feldstein and Hubbard gave their own proposals on the pages of the WSJ on the eve of the $700 billion bailout. The bailout plan had this gaping hole in it- with little for serious foreclosure prevention.
The Problem Is Still Falling House Prices
Wall Street Journal 10/04/2008
First, Let's Stabilize Home Prices
Wall Street Journal 10/02/2008
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