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Shiller praises Ben Bernanke's knowledge of the great depression as a useful guard against making some of the same mistakes made during that earlier time.

Shiller said he considers it to be a historic housing bust right now in the States.

Shiller emphasizes how much confidence matters.

However, if the situation isn't handled right, a serious recession is on the horizon.

The interviewer attempts to spin the conversation into how the current "correction" has provided a "good time to buy", but Shiller shoots that down by pointing to the complete misalignment that is affecting the entire economy.