Robert Shiller

Yale economist and Nobel Prize winner Robert Shiller looks at the "general optimism" among people in the United States, despite the "threat" of the world economy.

In particular, Shiller comments that the times we live in spotlight and favor higher-end consumers in world centers, which accounts for strength in markets like London and New York. High prices in San Francisco, Portland and Seattle (and Shiller would add Vancouver), track to the fact that there's a pervasive mood "trusting technology" to be an ongoing juggernaut in the economy.

"It's not overall a bubble, but it seems that there is demand in certain places that is pushing up home prices at double-digit rates."

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