We’ve never had a decline in house prices on a nationwide basis. So, what I think what is more likely is that house prices will slow, maybe stabilize, might slow consumption spending a bit. I don’t think it’s going to drive the economy too far from its full employment path, though.

I don't fully understand movements in the gold price.

I come from Main Street, from a small town that's really depressed.

If you want to understand geology, study earthquakes. If you want to understand the economy, study the Depression.

The Federal Reserve is not currently forecasting a recession.

The best approach here, if at all possible, is to use supervisory and regulatory methods to restrain undue risk-taking and to make sure the system is resilient in case an asset-price bubble bursts in the future.

In fact, the world needs more nerds.