Moving from one house or apartment to another is mainly onerous, but one of its few pleasures is coming across papers you have not seen for years: the adventure stories your grown son wrote when he was eight years old or the book report he wrote on William Shakespeare’s Richard III when he was 10.
Another potential source of amusement is finding an older newspaper or magazine article or column, preserved on purpose or inadvertently. One reads these pieces with the benefit of time: You, dear reader, have seen the future at which the columnist, either hapless or prescient, could only make a guess, educated or otherwise.
So herewith are excerpts from two side-by-side columns published in the Summer 2005 edition of TIAA-CREF’s “advance,” two years before the financial crisis sent the global economy into its worst downturn since the Great Depression.
On the left side of page 19, Robert Shiller, professor of economics at Yale University, began a column entitled “Homes are a Risky Long-Term Investment.”
On the right side, Richard Peach – then a vice president at the Federal Reserve Bank of New York and now a senior vice president in the area of macroeconomic and monetary studies – wrote under the headline: “Is There a Housing Bubble?”