Martin Feldstein Strikes Out Again: Big Time

Harvard economics professor Martin Feldstein, who made himself famous by predicting in 1993 that Clinton tax increases would not raise any revenue, strikes out big time in his proposal for the housing market in today's NYT. He tells readers:

1) House prices are continuing to fall because of the wave of foreclosures;

2) That consumers are not spending because they are losing housing wealth;

3) That a major reason that unemployment is high is that underwater homeowners can't move to place with ...