Robert Shiller, Yale economics professor and co-founder of the Case-Shiller Home Price Index, was on Bloomberg TV this afternoon to talk about his thoughts on the economy. Overall, Shiller remained skeptical about an economic recovery despite Consumer Confidence shooting above expectations this morning. He cited a historical trend of ups and downs and economic indicator numbers that are still too low to be optimistic. It was reported this morning that Shiller's Case-Shiller Home Price Index fell 3.4% year-over-year, coming in at lower than the expected 3.2% decrease.
Near the end, the interview segued from Shiller's thoughts on housing in the New York area to his thoughts on jobs in the New York area?in particular, Wall Street jobs. In a twist from the relatively negative outlook that has dominated discourse on the financial sphere, Shiller revealed that he had high expectations for Wall Street.? From Bloomberg:
"I'm bullish on finance for the long run... I think finance is a central technology. The U.S. is very good at this technology, just like it's good at information technology as well," he said.
"I recommend to my students that it's still a good time to go into finance?if not in the short run, in the longer run. New York has a lot of strength that will carry it forward for a long time."
Video of the interview:
Source: http://www.businessinsider.com/robert-shiller-bullish-on-finance-2011-12
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