Robert Shiller Says Double Dip “May Be Imminent”

Posted By on August 27, 2010

08/27/2010

The WSJ’s Simon Constable interviews Robert Shiller.  He says that an economic double dip may be “imminent.”   Shiller also believes that when the NBER looks back at the data, Q3 of this year will mark the beginning of the second dip of the recession. Ironically, since up to now the previous recession has never actually officially ended according to the NBER, it will merely confirm that the recession which started in December 2007, will have continued for three years, in what is possibly the longest recession on record. Furthermore, those looking to sell houses are advised not to listen to the interview, as the co-creator of the Case-Shiller Home Price Index also added that he is worried housing prices could decline for another five years. He noted that Japan saw land prices decline for 15 consecutive years up to 2006. Following up on this week’s weakest new home sales data in history this should probably not come as a big surprise to most. This is a 20 minute interview about the new normal.

Please click here to listen to this video…………..Robert Shiller

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