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ourearthhome (December 31, 1969 at 5:59 pm)
Suggestions for what we should do: embrace the idea of land value taxation with reduction of taxation on labor and capital and return to an honest monetary system backed by positive value and not debt.
titsmagee9999 (December 31, 1969 at 5:59 pm)
You mean you did not notice that since 1999 is when Realestate was having mass promotion and 31 different RE seminars in your learning Annex? How about home prices nearly double in 2002?
upinflamezzz (December 31, 1969 at 5:59 pm)
We're going to see massice foreclosures. It's just beginning.
ourearthhome (December 31, 1969 at 5:59 pm)
The housing crisis is at its fundamental core a crisis of land speculation that finally crested. I know you guys think this is nuts because folks at the American Economic Association and other so-called institutions of higher learning worked diligently for over 100 years to establish the dogma that land is really not land at all but capital in total reversal of what all classical economists had been saying from the beginning. Once the distinction was lost there was no understanding.
webaroos (December 31, 1969 at 5:59 pm)
20 Year boom, and how long did everyone think it was going to keep rising, the prices did not make sense 10 years ago let alone now with some properties rising 50% per annum, who has the money to buy at todays prices?
alanhowitzer (December 31, 1969 at 5:59 pm)
Because he's trying to save his banker buddies. He's the head of the Fed, a private banking conglomerate.
prateekool87 (December 31, 1969 at 5:59 pm)
A true genius
juliancochran (December 31, 1969 at 5:59 pm)
Shiller is very very sharp. I have read numerous of his papers going back to the 70s and it really inspiring material. A very independent and thorough thinker.
lennyfest (December 31, 1969 at 5:59 pm)
If you buy now, you will find a house like the one you bought for $100K or more less than what you paid. You effectively will be catching a falling knife and become instantly underwater on your mortgage! Imagine going to the bank and asking, "I'd like to open an account for minus (-)$100K". After years of deposits adding up to $100K you will have $0 in the account. Silly isn't it? Well that is exactly what you will be doing if you bought a house right now.
bigphilly17 (December 31, 1969 at 5:59 pm)
Shiller is sharp. Krugman is an idiot. |
