Krugman on European Financial Suicide

[David Morris]

BRIGHT(!) Red Herring.

On Thu, Apr 19, 2012 at 12:25 PM, alice wellintown
<alicewellintown at gmail.com> wrote:
> Robert Shiller: There’s no guarantee that home prices are going to go
> up. I think we’ve gotten into an illusion about that. We got into an
> illusion and it created this spectacular bubble. We have to reflect
> now that we had a kind of crazy mind-set in the last couple of
> decades, and we have to get back to thinking like people used to
> think. Housing is a depreciating asset, goes out of style; it’s going
> to end up in the wrong place. People will want to live somewhere else,
> so it’s not any automatic capital gain.
>
> Duncan:  “I think this represents a new economic system,” Duncan told
> Marketwatch in a telephone interview from his office in Bangkok. “The
> biggest impediment the world faces in overcoming this crisis is the
> broadly held misconception that we are operating in a capitalist
> system.”
>
>
>
> Ask Spain if housing is an investment.