Good morning mr. Shiller,
I’m a student, my name is Luigi.
Sorry for my no perfect english, maybe italian will be better ?
Anyway, I just finish to read your wonderful book, Finance and good society. I really enjoyed it.
I have a question,
You wrote in a pag. 271, “the main cause of subprime crisis was a crash of houses price market..”
Of course, I agree.
You also mention chinese immigrant in Hong Kong during Mao (sadness) period. What a coincidence. My daughter grandfather, was one of them !
I am thinking, have you ever considered millions of working hours were transfered from western side (US & UE) to eastern side (China and generally Asia), since 1979 ?
Do you think, it could influence the base of our economy ?
Millions of unemployed, nowday, can’t pay their mortgage.
If this is true, the crisis was caused mainly by the growing up of China and co.
Statistic data of China are unbelieveble !
I went there in 2010 and I saw many american and european factory..
Hoping in your answer,I say hallo,