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Surprise, Surprise!

USA: Huspriserna ner, arbetslösheten upp. Det borde vara tvärtom för att krisen skall vara över, skrev jag på denna blog  3 juni 2011.

Can't New York Times Find an Economist Who Knows Anything Abou the Economy?

Several economists expressed surprise over the continuing weakness of the economy. What is surprising in this picture?

What sector did they expect to give a boost to the economy that fell short?
Det skrev CEPR, 24 June 2011

The special cues to the ignorance of the economists interviewed is the seeming surprise at the continuing drop in house prices. Do these economists still not know about the housing bubble? It almost crashed the financial system and is the cause of the current downturn.

Can you actually get paid to be an economist and still not know about the bubble?

Of course if you knew about the bubble then you are not surprised that house prices are continuing to fall. Prices have to fall by about 10 percent in real terms to get back to their long-term trend.

This means that the decline in house prices over the last half year should have been entirely predictable.

The economists cited in this article also seemed surprised that consumers aren't spending more...

Full text at CEPR

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