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The Great Depression: Episode 2?

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NEW YORK -- It's beginning to look a lot like 1930s, and the nation's latest dive in home values and stock values is a very serious matter that will likely be with us for awhile, says economics professor and author Robert Shiller. "The real puzzle is that no one saw it," said Shiller -- a Yale University professor and author of "The Subprime Solution" and "Irrational Exuberance" -- during a presentation Wednesday at the Inman News Real Estate Connect conference in New York City. "It may look comical, the mess we've gotten into, if it weren't so tragic." Why were so many financial wizards and the public at large blindsided by the nation's latest financial catastrophe? Part of the reason, Shiller said, is that the Great Depression "happened so long ago that it seems like ancient history." While finance and real estate theories have become far more mathematical and statistical in modern times, Shiller said, "the data tha...