(Reuters) - The state of the economy is worrisome and there is a high possibility of a double-dip recession, one of the property market's most well-known economists said on Tuesday.
Robert Shiller, professor of economics at Yale University and co-developer of Standard and Poor's S&P/Case-Shiller home price indexes, told Reuters Insider he does not know where home prices may be headed, but believes the economy may be on a precarious path.
"For me a double-dip is another recession before we've healed from this recession ... The probability of that kind of double-dip is more than 50 percent," Shiller said.
"I actually expect it."
Shiller thinks the administration needs to push another stimulus bill through that puts people back to work.
That would be nice, but it's not going to happen.
First off, the first stimulus bill was loaded with bullshit that actually FIRED people, not put them to work.
That's what the Race to the Top program is about.
Second, too many deficit trolls are looking to cut spending and put the U.S. through an austerity plan similar to what Greece is going through.
Never mind that the austerity plan in Greece has made things worse there.
We need austerity for the middle and working classes here in the U.S.
So we're cutting food stamps, raising the retirement age, cutting Social Security benefits, closing schools, firing teachers and otherwise making a making a mess of thing while making sure the banksters have lots of 0% interest dough available to them.
Heckuva job, Barack!
I think Sheer is right - I am expecting a double dip as well.
I am not an economist, but common sense tells me, when you don't put people back to work, when you put an end to government stimulus while corporations are sitting on their cash (i.e., not hiring or reinvesting it), when the housing market continues to be a problem, when the banks STILL have crap mortgages on their books, and when Europe is STILL a mess, problems are coming.
Really big problems.
I am sure President Accountability will try and blame it on Bush and the public school system.
But this is HIS mess now.
Oh no, it is all the fault of Bush. It must be. The Chosen One cannot be held accountable. If it is not the fault of Bush it must be Cheney...or Rove or Haliburton. Not the lefty hopey changey community activist Chicago pol! And if the Dems get waxed this November it can't be the fault of Obama and his policies it must be Palin or racism or xenophopia or Bush or Fox News or faulty messaging. Can't be Obama.
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