It’s late, but one last thought. I’m not entirely clear whether Feldstein would say the Paulson plan just flat-out won’t work no matter what, or if it’s necessary but needs the floor under the housing market to work. If it’s the former and McCain agrees with him now, doesn’t it raise the possibility that McCain should have opposed the Paulson plan (potentially reaping major political benefits) as not dealing with the fundamental problem and proposed this kind of mortgage bailout two weeks ago?
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About the Author
Rich Lowry is the editor in chief of National Review.
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