- He is willing to admit that the global financial crisis has generally lessened.
- His concern is that we could see up to 10 years of slow financial growth; we are 5 years into it.
- The housing market is six years into decline. While the short-term indications look good, he is worried that it is a short-term blip in a continuing decline.
- He does think it is a good time to buy because of low interest rates and affordable housing. What concerns him is how much the government is supporting things.
Shiller is truly a ray of sunshine next to Roubini who today observes:
- The euro area is "less worse" than it was last summer.
- He isn't willing to say that the economy will be better three years out because the financial system is still fragile.