“The first thing that needs to happen, I think, is to get these people out of their homes,” a man wearing a bespoke blue-striped shirt, a Hermés tie patterned with elephants and Ferragamo loafers said recently. “Correct! I’ll explain,” the veteran member of a bank restructuring and advisory team said.
Amid evidence of sham documents Read More
“Life is such a fucking disaster,” a prominent New York hedge fund manager said recently. “We all live in some kind of world we create for ourselves. And I think that what happened is that built into that world were very enlarged expectations about what life was going to be. There’s been this Read More
Yale economist Robert Shiller, author of the recent The Subprime Solution: How Today’s Global Financial Crisis Happened and What to Do About It and the now immortal Irrational Exuberance, praises Suze Orman in a Wall Street Journal op-ed this morning. The relentlessly sunny Ms. Orman, like only a few other financial gurus, warned Read More
There’s a review of Yale economist Robert Shiller’s latest book, The Subprime Solution, in The Observer‘s print edition this week:
The over-valuation of real estate was brought on, he argues, by a “contagion” of bad thinking: Americans as a whole became convinced that real estate fundamentals such as personal income, the cost of building Read More
New York was a very different place two years ago, and Robert Toll, chief executive of massive luxury homebuilder Toll Brothers, was a cockier man. "Shiller is predicting the mountain goes into the sea," he said about Yale economics professor Robert Shiller, who had been warning that the real estate boom was a dangerous bubble. Read More
Location: You’ve been warning of a national real estate collapse since 2005. Do you feel vindicated by last year’s downturn?
Mr. Shiller: Well, I don’t like to use the word vindicated, but it is unraveling as more or less I expected.
When your S&P/Case-Shiller index of home prices came out last year Read More
With everyone’s attention diverted to plans for stadiums and symbolic spires, Charles Bagli reports that there’s been plenty of development happening over on the East Side of Manhattan.
The Daily News provides both an article and an editorial about “museums of conscience” putting in their two cents concerning Read More
George W. Bush has embraced the idea of allowing people to use some of the money in their Social Security accounts to buy stocks. President Clinton, in his 1999 State of the Union speech, suggested putting upwards of a trillion dollars of Social Security money into the markets. Al Gore, the cunningly constructed robot whose Read More