Robert Shiller: Crisis Has Lots Of Parallels With Great Depression, Will Last For Years

Yale’s Robert Shiller speaks. Three parts (10 minutes each). Key points:

  • Last time house prices fell this much was Great Depression (and they’re falling faster now)
  • Last time negative interest rates on Treasuries was Great Depression
  • Last time consumer confidence this low was Great Depression
  • Recovery will take years and years.
  • Common “wisdom” echoing around during housing boom was classic bubble thinking. Houses actually aren’t always a good investment, etc.

Via Calculated Risk.


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