Dean Baker
Dean Baker
Dean Bakeris an American macroeconomist and co-founder of the Center for Economic and Policy Research, with Mark Weisbrot. He has been a senior economist at the Economic Policy Institute and an assistant professor of economics at Bucknell University. He has a Ph.D. in economics from the University of Michigan...
bubble housing promoted
He consciously promoted the housing bubble as a way of boosting the economy.
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Historically, rent prices and sale prices have moved together.
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If home prices level off, that can knock down growth by 1 or 2 percentage points, from 3.5 percent to 1.5 percent.
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Home and rental prices will come back together by home prices falling. I don't think landlords will be in any position to raise rates too much.
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Does he want to see it burst on its own, or is it appropriate for the Fed to move to deflate asset bubbles?
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Hawaii's home prices suffered in the 1990s because of economic trouble in Japan, ... If home prices in California reverse, it will have ripple effects.
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First of all, it's very expensive to administer private accounts, especially if you let people manage these accounts themselves, ... Bush is vague on how he would set it up and make it work.
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People are always trying to explain the lack of questions as saying there's a consensus around monetary policy, but there's anything but a consensus on monetary policy. What upsets me more than anything is no one is asking serious questions.
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People are willing to pay them because there is an expectation that prices will continue to rise. Once people don't have that expectation, things will change.
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Builders will keep building as long as they can keep getting these prices. But I think there's a glut developing clearly in some markets and that clearly will put downward pressure on prices.
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It could be a very big hit. I'd say there's a 10 to 15 percent chance of negative growth if we see a spike in interest rates, or a really big jump in energy prices.
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People are really stretched. They are banking on everything turning out right for them. That they won't lose their jobs, that they won't run into unexpected expenses. They're betting that the housing market will continue to appreciate.
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Saving Social Security with Stock: The Promises Don't Add Up.
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I've always thought you'll have the movement in price before you'll see it on quantity side, ... As long as the price remains high, if you're a builder, you want to get the houses up in order to cash in.