> A downturn in the stock market “would knock the wind out of these high income households…”

What are the drivers of this? Does it imply that the income of these households is mostly from stock market returns or that they would tighten belts because of perceived future financial insecurity? Or is it is because they’re largely business owners and a stock market contraction would correlate with reduced profits?

https://en.wikipedia.org/wiki/Wealth_effect but in reverse

Newly created account which over 8 hours has posted 7 "oh my god the economy is so bad!" doomer propaganda economics articles (from mainstream news outlets). @dang

Thanks, but please email us when you see evidence of abuse on HN. @replies aren't a reliable way to get our attention.