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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I wouldn't necessarily predict this would be a trigger, but I wouldn't rule it out either. It wouldn't surprise me if you see money leaving the secondary mortgage market, leading housing prices to fall.
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Let's imagine rates go to 7 percent, I think that would take the air out of the bubble pretty quickly,
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It's just prudent to have a chemical safety program, ... We don't want to have a sterile leaning environment, we want kids to have a rich learning environment while keeping them safe, that's the same issue every school faces.
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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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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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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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I think Alan and really played a unique role here. He certainly expanded the power of the Fed, in the sense that he came to be the all purpose authority on economic matters -- he was commenting on trade policy, tax policy.
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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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In terms of people's lives, let's say someone had a reasonably good job in the tourism industry, they're not going to wait around a year and half or two years for their job to come back. What's there when it (the Gulf economy) comes back might be qualitatively different than what it was before.
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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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There has never been a run up in home prices like this.