Martin Feldstein

Feldstein is a respected conservative economist. He served as Reagan's top economic adviser until he realized that president wasn't serious about reducing the deficit.

Today he was interviewed on CNBC. His main points:

1. To deal with a recession he would normally he'd prefer monetary policy (think low interest rates) over fiscal policy (government spending and taxation) but these are not ordinary times.

2. The stimulus must be very large and must be predominantly government spending. Those tax rebates last year were a joke of a stimulus as only 15% of it was actually spent.

3. By the end of 2009 we may see the worse of this recession but we won't likely hit bottom until 2010 or later.

In short, a fiscal-hawk conservative come out in favor of running very large deficits for the next couple of years and sees no great benefit to tax cuts. Wow.

I'm betting Rush and Hannity don't invite him on their shows anytime soon.