February 07, 2008

Robert Shiller, laying it down, telling you how it's gonna be.






A "historic housing bust" the likes of which haven't been seen since the Great Depression.

Any questions?




18 comments:

EchoParker said...

Yes, but did you notice he didn't really answer her question about the stimulus package and raising the conforming loan limits to $729000. No where in today's media coverage of the Senate and the stimulus package was the limit discussed. In my opinion, that's a very big item, since it's the real estate bubble that's been driving this train. When will it be time to say, "Party Over"? And I'm a real estate broker that thinks the party should have been over in 2006.

born to lose said...

why is he being so pollyanna all of a sudden?

He's been telling us for years whats coming and now that its here he's getting timid?

In florida, we're in a deep recession right now, everyone knows that.

Depression is just around the corner.

Anonymous said...

Doesn't matter if the limit is raised, buyers aren't going to come off the fence until the market fundamentals return and it makes sense to buy. If you give people a rebate, it doesn't mean they will spend it on RE. The best thing would be to accelerate the housing collapse, not drag it out. Pull the tooth quickly so the market can get back to normal and the economy can move forward. The govt is just causing more problems.

Pets OR Meat? said...

Shiller looks worn out and beat.

Probably the PPT had him at Gitmo waterboarded and tortured before Cheney came in with the needles and the medicine...

Lobotomy doesn't often work for the better, ask George Jr.

Bernanke will have his heart attack soon and will be hailed as a hero and a warrier at Walter Reed. A great expert on the Great Depression (Shiller comment)?

The only future is Halliburton.

USA is Dead.

Princess Mononoke said...

We are sooooo screwed ...

Princess Mononoke said...

The great U.S.A. Titanic IS sinking in frigid waters...

You know I feel like the 'PTB' are handing us all life jackets or at least are ACTING like they're making an effort with this supposed stimulus package and reserving the lifeboats for the wealthiest in this nation!

"Swifter action might have saved lives. After the collision, ONE HOUR was spent evaluating damage and making decisions before lowering the first lifeboat." ~wiki

Stuck in So Pa said...

Pets OR Meat? said...
Shiller looks worn out and beat.
============================
Does he ever! He needs some time off! I think that this man realizes more than most how really bad it's going to get and the strain is starting to show.

I'm thinking that "shoot the messenger" is cropping up in his thoughts a lot lately.

Did you notice how he gave kudos to HeliBen for being a student of the Great Depression and "knowing exactly what to do!”

Yeah, Right!

Take a nice,long vacation Bob. You need it, and God knows you've earned it!

Princess Mononoke said...

I just heard this great description on CNBC-Squawk Box to what the 'PTB' are trying to do to save corporations from this housing crisis...

"Securitization ENABLES fraud"

How true is that!!! The 'PTB' needs to wake up to the consequences of the actions being considered today to bail out the idiots who made obscene investment decisions and mis-management of funds with OTHER peoples money!

Стивен said...

The U.S. media self-censors and simply will not openly discuss very bad and very real downside risks.

Here's Shiller in Q3 2007 warning about a possible fifty percent drop in home prices in some parts of the U.S.: http://tinyurl.com/34c8a9.

Google this news item: it was only picked up by Finfacts Ireland, in spite of the fact that this is a legitimate warning affecting U.S. household wealth from a highly credited professional. Nothing appeared in the U.S.

The same thing is going on right now with the potential severity of the recession.

Стивен said...

The U.S. media self-censors and simply will not openly discuss very bad and very real downside risks.

Here's Shiller in Q3 2007 warning about a possible fifty percent drop in home prices in some parts of the U.S.: http://tinyurl.com/34c8a9.

Google this news item: it was only picked up by Finfacts Ireland, in spite of the fact that this is a legitimate warning affecting U.S. household wealth from a highly credited professional. Nothing appeared in the U.S.

The same thing is going on right now with the potential severity of the recession.

Anonymous said...

I like him but am supposed to buy an overpriced home just so other people can feel better and have more confidence?

Maybe, if this country had some money in its pockets, was not in such debt, was not spending money it doesn't have on wars and unsustainable social programs, and did not ship all its jobs overseas there would be some fu*king confidence.

What have I to be confident about?

Oh yeah, some talking head tells me that we are the greatest country that this Earth had ever witnessed, blah, blah, blah.

Anonymous said...

Stick close to Professor S. (And get some sleep, my friend). It's torture having to endure all the airheads who interview him. I JUST WANT TO HEAR HIM! JUST SUBMIT HIM A CARD TO ANSWER AND SHUT UP!

JaneZinfandel said...

born to lose said...

why is he being so pollyanna all of a sudden?

He's been telling us for years whats coming and now that its here he's getting timid?

Maybe he has men in black sedans with tinted windows parked across the street every night.

JaneZinfandel said...

Anonymous said...
What have I to be confident about?

Oh yeah, some talking head tells me that we are the greatest country that this Earth had ever witnessed, blah, blah, blah.

CNBC did a blip today about New Yorkers now accepting Euros in Manhattan. The Talking Head Brunette called them "traitors". Is unpatriotic to accept euros. LOL

Anonymous said...

So benny's an expert on the depression huh?

I fear we'll all be experts soon.

oneclickplus said...

At the end of the interview he says that we need maybe MORE AND BIGGER "rebates" packages like the one being proposed ... WTF!! I just lost all respect for him.

Anonymous said...

He obviously believes we're headed straight for another Great Depression if we don't play our cards exactly right, and even then, it's going to be bad.

WINGS said...

I wanna relive the high flying days of the mid 2000s.

I'm going to ask a realtor to set up a lottery and let me enter my numbers in.

I'm guaranteed to win since I'll be the only person entering the lotto to buy a house.

I'm even going to camp out on the sidewalk waiting for my chance to win the housing lottery and buy and overpriced house.

When I win the lottery I'm going to jump up and down in happiness and cry tears of joy.

Then I'm going to quickly and eagerly, no, HUNGRILY, sign on the dotted line and overpay for a stucco dump in California.

I love reliving the good times and will have many great memories to cherish of my housing extravaganza.

Please join me and we can buy some time shares too!