Robert Shiller expressed recently his concerns about market valuations that could lead to another downleg in the stock market:
"Robert Shiller, the Yale economist who famously predicted the 2000-02 stock crash, says the market may be in trouble once more. Stocks already are overvalued, he says. And a renewed housing slump could send the market tumbling. "I wonder about a return to another break in the market," he recently told The Wall Street Journal."
in the Daily Crux
On the economic front he predicts a slow recovery, "The more plausible, bad scenario is not a double dip but just a very slow recovery where the unemployment rate comes down but only over years".
Robert Shiller is an American economist, academic, and best-selling author. He currently serves as the Arthur M. Okun Professor of Economics at Yale University and is a Fellow at the Yale International Center for Finance, Yale School of Management. Shiller has been a research associate of the National Bureau of Economic Research (NBER) since 1980, was Vice President of the American Economic Association in 2005, and President of the Eastern Economic Association for 2006-2007. He is also the founder and chief economist of the investment management firm MacroMarkets LLC.