Dean Baker
Dean Baker
Dean Bakeris an American macroeconomist and co-founder of the Center for Economic and Policy Research, with Mark Weisbrot. He has been a senior economist at the Economic Policy Institute and an assistant professor of economics at Bucknell University. He has a Ph.D. in economics from the University of Michigan...
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We're building at a 2 million-a-year pace, which is more than demand, and we're going to keep building at that pace until home prices correct, ... It's already showing up in the rental market, oversupply is pushing down rental prices.
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WE WERE shocking today and were given a lesson in finishing as they had nine chances and took six of them.
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When you see it increasing quarter after quarter, there seems to be something going on here. We're building more homes than are being filled.
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There has never been a run up in home prices like this.
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Does he want to see it burst on its own, or is it appropriate for the Fed to move to deflate asset bubbles?
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It's clearly very strong across the board. There's no evidence of any downturn at this point.
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In terms of people's lives, let's say someone had a reasonably good job in the tourism industry, they're not going to wait around a year and half or two years for their job to come back. What's there when it (the Gulf economy) comes back might be qualitatively different than what it was before.
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I think Alan and really played a unique role here. He certainly expanded the power of the Fed, in the sense that he came to be the all purpose authority on economic matters -- he was commenting on trade policy, tax policy.
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If Medicare could negotiate directly with drug companies it could save the federal and state governments hundred of billions of dollars and cut insurance premiums.
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They can't continue to spend beyond their income indefinitely. If people are building up large amounts of debt, you reach a point where they can't continue.
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Things do seem like they're out of line, but of course I've been seeing warning bells for several years.
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The idea that we have to make cuts imminently because of the Baby Boomer generation is simply not true. We knew about Boomers and adjusted the program accordingly. Greenspan is really off the mark.
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Gore is keeping the existing system in place because it works -- using the budget surplus to add to the Social Security trust fund. So what's the point in dismantling it,
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If home prices level off, that can knock down growth by 1 or 2 percentage points, from 3.5 percent to 1.5 percent.