Leading economist says U.S. recession a real possibility

12/31/2007 | Times (London) (subscription required), The

Robert Shiller, an economics professor at Yale University, said the U.S. housing slump could force the country into a recession. "American real estate values have already lost around $1 trillion [£503 billion]. That could easily increase threefold over the next few years," Shiller said. "This is a much bigger issue than subprime. We are talking trillions of dollars' worth of losses."

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