After declaring that the world was in a state of “late Great Depression” this week, renowned Yale economist Robert Shiller hedged his words.
“Did I say that? Well, I think there are a lot of analogies to what we’ve been going through to that of the Great Depression, but I don’t really think we’re in a depression, so I might have said it slightly wrong,” he said in an interview on CNBC’s “The Kudlow Report.”
The interview, which was conducted Tuesday, aired Wednesday.
Shiller, co-developer of the Case-Shiller index on housing trends and author of “Finance and the Great Society,” said that while the United States wasn’t in a recession, certain elements of the economy resembled one.
“The persistence of high unemployment is a problem,” he said, along with interest rates at “Depression levels.”