Robert Shiller (He’s a Yale economist, he knows more than you do…) already famous for the Case-Shiller housing cost index and for the prescient book “Irrational Exuberance”, has a message for the masters of the universe, (and the remaining non-masters who are hoping to get out of their unfortunate real estate positions…)
Dropping a bombshell that has to date attracted less attention than I would have expected, he forecasts more pain for real estate: “a further decline in property values of 10 percent to 25 percent in the next five years ‘wouldn’t surprise me at all.’ ”
Unsurprisingly, he believes that this catastrophic coda to an already worse than 1930′s level contraction will be accompanied by generalized havoc in the overall economy mimicing the lost decade(s) that have brought the Japanese economy to its present pitiful shadow of an earlier age.
This is probably good news for the world, because the sooner the American Empire collapses the better, except that empires in the throes of dissolution are apt to flail about in dangerous fashion.
In any case, pass the popcorn
Class war, y’all