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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