NDExpert: Economist Wolfson urges government action on foreclosures | News | Notre Dame News | University of Notre Dame Skip To Content Skip To Navigation Skip To Search University of Notre Dame Notre Dame News Experts ND in the News Subscribe About Us Home Contact Search Menu Home › News › NDExpert: Economist Wolfson urges government action on foreclosures NDExpert: Economist Wolfson urges government action on foreclosures Published: December 08, 2008 Author: Michael O. Garvey The Bush administration’s massive allocation of funds to financial institutions has had negligible effects on the country’s economic crisis, and its attention seems now more focused on the plight of ordinary homeowners afflicted by alarmingly high rates of foreclosure.Federal Reserve Chairman Ben S. Bernanke has begun to insist that the government move more aggressively in this regard. “Steps that stabilize the housing market will help stabilize the economy as well,”Bernanke said last week. Martin Wolfson, associate professor of economics at the University of Notre Dame, has been arguing for such steps since the beginning of the crisis. “We’ve put all kinds of money and attention into bailing out financial institutions,”said Wolfson, a former economist for the Federal Reserve and a scholarly specialist in economic crises.“We need to put equal attention into addressing the needs of ordinary people who are struggling.At the base of all these toxic assets are homeowners who can’t pay their mortgages.We need a program that keeps people in their homes.It does us no good to throw people into the streets.It destroys their lives and communities.” Wolfson, a member of the Notre Dame faculty since 1989 and author of"Financial Crises: Understanding the Postwar U.S. Experience,"is heartened by what he sees as a shift in public attitudes about the role of government in economic matters. “We also need a serious program to put people to work,”he said,“and we need national health insurance.People often lose their homes because they lose their jobs, or they have a medical emergency they can’t pay for.” _ Contact: Professor Wolfson at 574-631-8093 or_ " mwolfson@nd.edu ":mailto:mwolfson@nd.edu TopicID: 30726 Home Experts ND in the News Subscribe About Us For the Media Contact Office of Public Affairs and Communications Notre Dame News 500 Grace Hall Notre Dame, IN 46556 USA Facebook Twitter Instagram YouTube Pinterest © 2022 University of Notre Dame Search Mobile App News Events Visit Accessibility Facebook Twitter Instagram YouTube LinkedIn