Shiller talks about the trade war, consumer spending, and even drops a bombshell of why he thinks the housing market could be entering a downturn.

Shiller warned that the surge in the recent recession fears, driven by economic narratives such as the trade war and inverted yield curves, could be just enough negativity in the news to weigh on the animal spirits of consumers. 

He suggested that the American Dream of spending money you don't have to keep up with the Joneses could be at a pivotal point due to the economic narrative of a worldwide recession. Considering the economy is 75% or so consumer-driven, any pullback in spending would likely result in a much broader slowdown, especially with an already manufacturing and transportation recession festering behind the scenes.