Word: know
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Dates: during 2000-2009
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...want to know what's going on in the U.S. housing market, chances are you follow the Case-Shiller index. Robert Shiller, the Yale University economist who helped create the home-price gauge, was something of a pop economist even before the real estate meltdown-a book published in 2000 warning about the coming crash in stocks made him a rock star of the last bubble, too. His latest book, Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters For Global Capitalism , was written with University of California, Berkeley economist George Akerlof. Shiller spoke with TIME...
...issue, whether we'll overshoot and end up being below, in inflation-adjusted terms, where we were in 1997. We're not quite down to where we were before, but we're getting close. Overshooting is typical in the stock market, but in the housing market, I don't know. We've never really had such a big, national bubble in the housing market before...
...know. It's bizarre. People are fascinated by housing they want to read the home section of the newspaper and gossip about it. But they don't seem to want to trade it. I think it's all a matter of getting it right. And we continue to work on it. It's like insurance. They invented life insurance in the 1600s, but it didn't become common until the 20th century...
...What we're seeing now is some renewed optimism, and it could develop into something, but it's still too early to know. In the Great Depression we had a recovery after '33-it wasn't a full recovery, but it was a recovery. So it's entirely plausible that we could be there soon. But a full recovery didn't come until 1947/1948. We really messed up our system for now, and it's going to be hard to have a full recovery. But we could have further gains in the stock market and an end to the home...
...know if I'm ready to make any big announcements. I'm worried about the tremendous expansion of the Fed's balance sheet and unwinding that, but I suppose we'll probably do that all right. I'm worried about the anger that's developing. People have tolerated a lot of inequality, but in light of recent events, I could see social changes. But that's not forecasting a bubble...