Monday, November 05, 2007

They Paved Paradise

"People have lost sight of the basic truth that housing is not an investment - it's a manufactured good. People forget that there's a lot of inflation over time and, correcting for that, variations in housing prices haven't changed for 350 years until the last decade and a half. It's obviously not a speculative market. People are just starting to wake up to this. What they still don't realize is that it's also the start of a major downtrend and, maybe, a global recession."


- Prof. Robert Shiller, to a lecture full of MBAs and me.

2 Comments:

At 3:10 PM, Anonymous Matt said...

Having a spent a semester with Prof. Shiller, whatever insights he offers on the current market situation is somewhat diminished by his resemblence to Gilderoy Lockhart from the Harry Potter series...

 
At 2:24 PM, Blogger YLS3L said...

shiller taught undergrads when you were here? given the amount of time it seems he (doesn't) prepare for a grad lecture, i can only imagine what that experience was like...

 

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