“Homeowners who refinanced their mortgages took out cash and reduced their monthly payments at the same time. Much of the cash obtained by refinancing was spent on consumer durables, home improvements and the like.”
Quote by Martin Feldstein
Author
Martin Feldstein
Martin Feldstein, born on November 25, 1939, is a renowned American economist who served as the Chairman of the Council of Economic Advisers under the U.S. President. He has made significant contributions to the fields of tax policy, social security, and international economics. more