Even the weatherman eventually gets it right

There is no way to make the consumption of crow tempting, tasty or tender.

However, Yalehousing bubble economist Robert Shiller’s column in the New York Times yesterday has put a heaping portion of crow on my plate.

For years, Shiller had predicted that the housing bubble was fated to burst, based on his analysis of that market’s cycles in the U.S. and abroad.  For years, I derided the notion in my biweekly newsletter and in comments to those who asked me what I thought of the housing market.

Well, clearly, he was right and I was wrong.

I’ve just re-read David Leonhardt’s 2005 Times piece on Shiller, and the economist’s comments proved remarkably prescient.  In it, he predicted that prices could fall Continue reading