"Gradual Easing, Not A Decline"

Those who believe the home price boom is normal have a common argument. Stop thinking about it. "Now: Don't worry. Tomorrow: Don't worry. Next year: Don't worry."

The Citizen Times story makes one wonder, what makes a person an "economist"? "There might be a recession around the end of the decade, Smith said. 'This is 2005. Why should I worry about something that's going to happen five years from now?'" Does this guy have a mortgage?

He has a message for Washington. "'There is no statistically significant correlation between the federal budget deficit and anything,' Smith said. 'It has nothing to do with economic growth. It's just there.'"

"'He predicted a gradual easing of the rate of growth in home prices nationwide, not a decline. 'This is not a national housing bubble.'"