Nice post, TG. I also think Shiller’s great. Not ivory tower, down to earth.

What Rich said, that’s what I think too. Housing prices may well continue to decline on a real basis but I don’t see a long-term slide like Japan.

Mainly because I think something has to give on the U.S. currency side. Not sure when or how, gradual or sudden, but something has to give.

Also, I think energy issues will kick in eventually and make everything else seem inconsequential, possibly in a good way.