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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The problem is that few people recognize it for the gamble that it is.
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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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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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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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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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I think their intention is to get people who are loyal and that does raise problems. It's clear that they're looking at this as a sales position.
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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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Historically, rent prices and sale prices have moved together.
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There is a large psychological element behind current housing prices,
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He consciously promoted the housing bubble as a way of boosting the economy.
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It does pull a lot of money out of people's pockets. Even if it doesn't go back up much, it translates to a 50-to-60-cents-a-gallon gas tax. But for the borrowing that people were willing to do, it probably would have led to recession.
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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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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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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.