What's the NAR hiding? Do they think people are so dumb that if they attack the guy who nailed the housing bubble call, just like he nailed the dot-com collapse call, that people will believe the NAR spin and lies vs. the now-obvious truth? And we all know (the NAR included) that the bubble blogs and their readers collectively had a big impact on the mindset of America. But of course the NAR doesn't want to admit that, no way no sir.
Folks, the NAR is run by some of the dumbest people in the country. Which is par for the course as I'd imagine most of 'em are real estate clerks. Garbage in... garbage out... God I hate the corrupt NAR.
Hat-tip to the most excellent paper money blog for the link. Here's their hack-job on Shiller:
Real Estate's 25 Most Influential Thought Leaders:15 Others Who've Had an Impact
Robert J. Shiller - Stanley B. Resor Professor of Economics, Yale University, New Haven, Conn.
Why: Got big media coverage equating rising real estate prices with the tech bubble, but we haven't heard the pop yet.
Robert Shiller scored instant media celebrity when his 2000 book, Irrational Exuberance, predicted the tech bubble's explosion just weeks before the fact. Four years later, when he tried to apply the same principles to the real estate boom, he found out that all investments don't behave alike.
Shiller contended that rising home prices weren't based in the fundamentals of population growth and supply and demand; they were bubbles, destined to pop. To the contrary, NAR economists predicted that market slowdowns would largely be gradual trend that's playing out today. Shiller's failed bubble scenario demonstrates that sometimes even smart guys get it wrong
December 23, 2006
The NAR attacks Robert Shiller, says they "haven't heard the pop yet". HP's message to the NAR - Are you f*cking deaf?
Posted by blogger at 12/23/2006