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Shiller Backs Away From 'Late Great Depression' Remark

Blair43 Wrote: May 03, 2012 11:02 AM

“I’ve been advocating raising taxes and expenditures as a temporary measure to get us out of the weak economy. That’s the balanced budget multiplier first proposed by William Salant and Paul Samuelson in the 1940s,” he said. “Now’s the time to use it.” Uh, for being a so-called economist, you should know by know that as many times as Keynesian approaches have been tried, they've failed. They have NO track record of success. Ever. Tax increases depress the economy, not get it going. All we have to do is look back 20 years to see the effects of the Reagan and Bush tax cuts to see that. Sir, you are an idiot.

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Drik Wrote: May 03, 2012 12:31 PM

It will work THIS time tho because they intend well.

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Shiller Backs Away From 'Late Great Depression' Remark

After declaring that the world was in a state of “late Great Depression” on Tuesday, renowned Yale economist Robert Shiller hedged his words.

“Did I say that? Well, I think there are a lot of analogies to what we’ve been going through to that of the Great Depression, but I don’t really think we’re in a depression, so I might have said it slightly wrong,” he said in an interview on CNBC’s “The Kudlow Report.”

Shiller, co-developer of the Case-Shiller index on housing trends and author of “Finance and the Great Society,” said that while the United States wasn’t in a...