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...
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He consciously promoted the housing bubble as a way of boosting the economy.
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He was the one who had the courage to let the unemployment rate fall. Very few people thought the unemployment rate could fall that low.
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Until the psychology starts to shift or interest rates jump up, the market will probably stay strong, ... So far we haven't seen that. We've had a lot of stories on housing bubbles lately. Maybe that will affect the psychology.
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We've backed ourselves into a very dangerous situation. The economy is dependent on everyone consuming like crazy. If everyone heard my diatribe and said, 'Yeah, we better start saving,' the economy would go into a recession.
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With the housing bubble now having generated comparable levels of unsustainable wealth, the economy faces even greater dangers today than it did when the stock market crashed.
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We're building at a 2 million-a-year pace, which is more than demand, and we're going to keep building at that pace until home prices correct, ... It's already showing up in the rental market, oversupply is pushing down rental prices.
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WE WERE shocking today and were given a lesson in finishing as they had nine chances and took six of them.
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When you see it increasing quarter after quarter, there seems to be something going on here. We're building more homes than are being filled.
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These monthly numbers are very erratic. It can be that this is a sign (of the bubble bursting), but I would never make too much of one month's number. Especially since the other timely data we get, the mortgage applications for home purchases, have still been pretty high.
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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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Home prices are going through the roof, forcing people to turn to exotic loans and unorthodox financing. These people have no room for error.
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Clearly, housing is going to be a drag on the economy; the question is how much does housing slow and how quickly.
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If Medicare could negotiate directly with drug companies it could save the federal and state governments hundred of billions of dollars and cut insurance premiums.