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Economist Robert Shiller has a new book out. You'll be thrilled to learn that it doesn't contain any warnings about a looming market crash. Well, unless you count that bit about the "train of catastrophes" that might ensue if current efforts to stabilize the financial system fail. But that's not really a prediction...
Considering the Yale professor's recent publishing history, this is quite a relief. In March 2000, as stock prices soared to record levels, Shiller released his first general-audience book. Titled Irrational Exuberance, a phrase borrowed from a 1996 Alan Greenspan speech, it made the case that stock-market investors tend to go mad every few years--and that they were at the time in the grips of perhaps their worst psychotic episode ever...
...every position,” said Stanford head coach Trent Johnson. “But what they were running offensively, they got some good shots. And they kept competing, so it’s just going to be a matter of time.” Reserve guard Drew Shiller led Stanford with 18 points. Anthony Goods, despite battling a stomach illness throughout the game, was one of four other Cardinal players in double figures, scoring 17 in 16 minutes, including five-of-six shooting from three-point range. Brook Lopez, a projected first-round NBA draft pick...
More from halftime: I lied. The corrected stat sheet has Harvard 10-of-21 from the free-throw line. Housman leads the squad with 10 points, Harris has eight. Finger and reserve point guard Drew Shiller lead the Cardinal with 13 apiece...
...Shiller is right that house prices are subject to bouts of irrational exuberance--and he seems to be--this is the happy flip side. Somewhere along the path to and from irrational pessimism, this real estate bust may deliver the place you've been looking...