A liberal Yale professor is claiming that the election of Donald J. Trump as president means Americans want to “live big.”
Yale economist Robert Shiller, winner of a 2013 Nobel Prize in economics, appeared on CNBC and insisted that Americans are tired of living close to the vest and want to get back to a pre-Obama, more vibrant America.
“We used to be more into modest living,” Schiller told CNBC. “Now people are thinking, ‘[that] doesn’t work.’ You know? You have to live big-league and you’re on your way.”
The economist assumed that the election of Trump was a clue to how Americans hope to be living, saying, “Trump is a real estate man, right? He talks about living big, living large. I can imagine that this will boost housing demand as well, among at least those who are excited by Trump.”
In an earlier CNBC report, Shiller also noted that the market highs we are seeing is really just because everyone is excited about Trump and that the drive upwards is a simple psychological imputes based only on his election.
“Trump does magic,” he said.
Schiller is most well-known by the public for his book from 2000 titled, “Irrational Exuberance.” In that time he warned that a market crash was just ahead and he turned out to be 100 percent right as the markets crashed, especially the housing market, sending the U.S. into a horrible financial meltdown.
The professor is also making a new warning that the stock market is likely to have a major crash coming any day. He’s been warning of this new crash since mid 2015 and with CNBC Shiller renewed this warning saying that we might be seeing the calm before the crash just like what happened in the “Roaring 20s” before the Great Depression.
“It could be like … Coolidge prosperity. It went for a while and it ended badly,” he said.
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