Economists Robert Shiller and Jeremy Siegel look at the road ahead for the U.S. economy.
Judge by the New Year’s first day on Wall Street, and it looks like everything’s coming up roses for the U.S. economy.
The Dow is at a two-year high and animal spirits are back in gear. Economists are projecting maybe 4 percent growth this year – and that’s way up, too. Manufacturing firms are revving. Companies are loaded with cash. OK. Here we go.
Or do we?
Lots of people aren’t in the stock market. Lots of people don’t have jobs. Home foreclosures are still grinding along. Is this the year of the economic comeback?
Robert Shiller, professor of economics at Yale University. He's co-author, with economist Karl Case, of the Case-Schiller home price index, the most widely cited database of housing prices in the U.S. Co-author of the new book, "Reforming U.S. Financial Markets: Reflections Before and Beyond Dodd-Frank." You can also watch Professor Shiller’s Yale course on financial markets online here.
Jeremy Siegel, professor of finance at the University of Pennsylvania’s Wharton School of Business. He's author of "The Future for Investors: Why the Tried and True Triumph Over the Bold and the New" and "Stocks for the Long Run: The Definitive Guide to Financial Market Returns and Longterm Investment Strategies," now in its updated fourth edition.
This program aired on January 4, 2011. The audio for this program is not available.