Tuesday, July 31, 2007

Wordock in denial.

So I was reading this article in MarketWatch and was thrilled to come across a recorded interview with Robert Shiller. You know? From Case-Shiller! Click on the link to hear it yourself.

Anyhoo, if you don't have time to listen to it, here's a pithy summary by yours truly (Read: This is not an actual transcript!)

Shiller: "Some markets have enjoyed an increase month over month..."

Wordock: "So the market is turning around?"

Shiller: "Well, it's all speculation, so that could happen but I'm not saying it will."

Wordock: "What about Boston? The bust is over in Boston, right?"

Shiller: "No...."

Wordock: "Well the bust COULD be over?"

Shiller: "I wouldn't put stock in the month over month numbers alone..."

Wordock: "Great! So the bust is over!"

Seriously, Wordock hears only what he wants to hear. He must own a home in Boston. Despite everything Shiller says to the contrary, Wordock writes this amusing headline and summary on the java player:

"Robert Shiller: Seeing positive signs on home front"
"With home prices now higher in eight of 20 cities on a month-to-month basis, there's a chance we may be seeing a recovery. So says Robert Shiller, Yale University economics professor and chief economist at MacroMarkets. He tells John Wordock that Boston has now seen home price increases two months in a row and that could be a sign of a turnaround."

Despite the fact that the associated MarketWatch article says this:

"'At a national level, declines in annual home-price returns are showing no signs of a slowdown or turnaround,' said Robert J. Shiller, chief economist at MacroMarkets LLC., and the co-inventor of the price index. Futures markets predict further declines, he said."

Un-freaking-believable, Mr. Wordock.

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