The Real Deal Miami

Shiller checks in from Davos

January 27, 2010 05:33PM

“I don’t have a miracle cure,” Yale University economist Robert Shiller told CNBC, when asked what the U.S. government can do to jump start the economy. The network caught up with Shiller in Davos, Switzerland, where the professor behind the Case-Shiller home price index is joining the rest of the globe’s biggest financial hot shots for this week’s annual World Economic Forum. “There’s a punitive mood afoot today and we have to channel that constructively. We have to recognize that the financial system is the lifeblood of our economy,” Shiller said. When asked whether there’s a safe place to invest right now, Shiller endorsed diversification, and recommended that individuals consult a financial adviser. While he said he wasn’t an adviser himself, he did concede that he was shrewd enough to pull out of his real estate investments at the market’s peak.