Re: [Pen-l] "loss of wealth" [was: Dean Baker: Getting the most bang for the stimulus buck

[Doug Henwood <dhenwood@xxxxxxxxx>]

On Jan 14, 2009, at 9:23 PM, Max B. Sawicky wrote:

> It ("wealth") is not fictitious when you draw on it.

Yeah, that was my point. If you can't borrow against it, it's just an  
imaginary number.

> As for regressions, invariably you can 'explain' something with
> different models.

Yeah again. In my little experiments, mortgage debt did more to  
"explain" consumption than housing wealth. Which makes sense given the  
point above, but that's not the way the point is usually presented.

Doug
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