But in an interview last month, GMAC Chief Executive Eric Feldstein insisted the opposite was true.
Feldstein would cap deductions at no more than 2 percent of income for all taxpayers.
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Feldstein estimated that a fairly comprehensive cap could cut the deficit by almost half over time.
"We're an asset-rich company in an asset-starved world, which is why this is working, " says Feldstein.
Harvard economist Martin Feldstein, Stanford University's Michael Boskin and Lindsey are mentioned as possible Bush picks.
By a charitable estimate, says Feldstein, this could raise consumer spending by 0.25% of GDP.
In the beginning Feldstein cold-called businesses, offering to build or repair whatever they needed.
Therefore, Feldstein recommends shorting the credit of JFE Steel via its credit default swaps.
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Conservative economist Marty Feldstein has proposed limiting the value of tax expenditures to 2 percent of income.
Feldstein predicts the recession will "last longer and be deeper" than the last two recessions earlier this decade.
Unless that recovery is 72 cents on the dollar or higher, Feldstein figures, the trade is a moneymaker.
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Contrary to what Messrs Feldstein and Samwick would claim, there is no such thing as a free lunch.
Here, for a change, Messrs Feldstein and Samwick make the more plausible assumption.
However, as Harvard University's Martin Feldstein points out, if house prices rise, people feel richer and borrow and spend more.
The burden of keeping the money spigots flowing falls on Eric Feldstein, 45, who became GMAC chairman in November 2002.
Martin Feldstein, a professor of economics at Harvard University, has been on the board of American International Group since 1988.
Another factor, too, suggests that benefits under a Bush scheme might be far lower than Messrs Feldstein and Samwick suggest.
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Feldstein, who has been one of the authors of the cap on deductions, was not the source of the White House view.
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The home-equity requirement is one of the toughest hurdles, says Mr. Feldstein.
Two years later the company moved into a commercial garage, where Feldstein whipped up everything from bank deposit machines to human-nerve stimulators.
So Feldstein invented a system that pressurizes a small amount of water and pushes it through tiny nozzles, atomizing it into vapor.
So Feldstein is negotiating to sell a majority stake in that business.
Two of my favorite bight lights were Marty Feldstein and Alan Meltzer.
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By using a variable-rate annuity, Messrs Feldstein and Samwick can assume higher average returns (and hence lower benefit cuts) than the Democratic economists.
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"Yes, these are rough waters, " concedes GMAC Chairman Eric Feldstein, 45, who is scrambling to come up with new strategies to preserve GMAC's liquidity.
Yet Feldstein has attracted little attention outside of the trade press, even as he provides new jobs by the hundreds in a prolonged downturn.
Feldstein was speaking only for himself, but his comments are as official--and as unpoliticized--as anyone's likely to get about the state of the economy.
But I cannot dismiss, and I hope readers will duly consider, the alarms being sounded by Kyle Bass and Martin Feldstein among many others.
Greg Mankiw, a Harvard economist who chaired the CEA in 2003-05, points out that the council packed considerable intellectual firepower under Martin Feldstein in 1982.
The seven members of the committee who made the decision include economists Robert Hall (Stanford), Martin Feldstein (Harvard), Jeffrey Frankel (Harvard) and James Poterba (MIT).
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