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Shiller Backs Away From 'Late Great Depression' Remark

Steven668 Wrote: May 03, 2012 3:10 AM

“The persistence of high unemployment is a problem” Um, Dude? You just defined a Depression. People with no jobs cannot afford to buy stuff. If people cannot afford to buy stuff, there is no reason to make stuff. If nobody needs to make stuff, there is no reason to hire people who make stuff. If people are not being hired, they don't have jobs, and they cannot afford to buy stuff. Taking money out of that cycle to give to political supporters does not help. On the other hand, people will be outrageously creative to survive. Out of that creativity, they will find ways to buy the stuff they need, making it necessary to make that stuff, forcing the hiring of people to make the stuff.... You see where this goes?

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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...