In a few brief minutes, Professor Bob Shiller calmly and eloquently crushed the hopes and dreams of CNBC's cheerleading muppetry as they desperately tried to spin today's house price data as great news. Exuberant at gains in San Francisco and Miami, the anchor is stunned (briefly) when Shiller dares to say "things are getting too bubbly," and warns these areas are full of speculative excess. While falling just short of calling a turn in the housing cycle (noting ), when Simon Hobbs says "my reading of this is actually very optimistic," and begs Shiller to look at the glass-half-full side of the argument, the "anxious" Professor retorts, that home sales rates "trouble him" and warns the real estate market is "fragile." Shiller then concludes that not only are stocks extremely expensive but that housing is not a good investment... the anchor fades to black...
Here is Professor Shiller popping the cheerleading bubble...
We suspect he will not be invited back anytime soon...
