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Robert Shiller interview
Tuesday, February 05, 2008
Here's an interview with Robert Shiller to go along with the prior post. It was spotted over at The Big Picture and probably appears on about a thousand housing bubble blogs right about now.
Kathleen Hayes sounds pretty whiny, but the fact that she's an economist who used to work for the Federal Reserve probably explains it, as in, "Why can't home prices just go back up? Home prices are already way down, shouldn't people be buying now? Wah! Wah! Wah!
That's probably the way millions of people feel right about now.
2 comments:
Wah! Wah! Wah!
LOL. What did people expect anyway? Everyone knew there was a bubble and Greenspan hinted at a little froth and the unregulated derivative underwriters kept fueling the casino with synthetic delusions which everyone bought into. The real question now, is why this went on so long and why The Fed acted in such a collusive way. IMHO, this entire charade was all about a pea and shell game that attempted to hide The Iraq War reality under the shell of the housing boom, which became the only leg the economy could stand on. Instead of facing the reality of war debt and placing that situation into perspective, we blew up our economy with an illusion which is now being seen for what it was. It is unreal the lack of journalism, ethics, government oversighte and the massive amounts of collusion associated with this mess, which includes the on-going unregulated, un-enforced delusions of Wall Street which are connected to the mechanisms of American denial. This is a freak show, that will be put into perspective by time and historians that will see this for what it was and all the destruction that took place! This is very sad to watch, because it destroys Americas future!!!
I couldn't agree more with the last post. At least in the 19th Century and early 20th the press called a spade a spade: Rockefeller was lambasted for the crook he unquestionably was. When he employed a phalanx of PR men to do a quick "Santa Claus" job on him when it became clear he was Public Enemy No. 1, the PR flacks suggested he toss dimes to local passing children, who gathered around him like pigeons. The press reaction? "Rockefeller soaks up millions, then chucks it back to the people, one dime at a time." Where is that level of observation on the system today, one as egregious if not more so then the one at the century's turn? But they're tied up with the advertisers, who are tied up with Wall Street and the banks.
BASTARDS!!!! Ok. Rant off.
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