Chris Dillow: Another uncertainty is that the size of adverse wealth effects from the fall in US stock prices depends on mental accounting: do investors see it as a 15% drop since Jan, or as still-decent gains in the last 2+ years? (Why yes, I do remember the Lawson boom of 88-89.)

Another uncertainty is that the size of adverse wealth effects from the fall in US stock prices depends on mental accounting: do investors see it as a 15% drop since Jan, or as still-decent gains in the last 2+ years? (Why yes, I do remember the Lawson boom of 88-89.)