Is There a Wealth Effect in the Economy?

In the financial crisis that red line did dip For the first time and that was very unusual then you kind of fast forward throughout the the decade of 2009 2019 We had ups and downs of the stock market, but the consumer was pretty resilient. I argue that if we stay at these more depressed levels in the stock market a consumption has come off a little bit. If we actually do fall into a more proper recession and then corporate earnings get hit and you get the time natural recession people look up at their portfolios They looked up at their overall wealth and they're outlook and they're like, oh, maybe I'm not that wealthy Maybe I'll consume less higher or less people and that's the way

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