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21 (90/28). Here it is apparent that even though housing and stock prices fall 44 I N H E R I T I N G W E A LT H I N A M E R I C A at the same rate, wealth inequality goes up. The reason is differential leverage between the two groups. If asset prices decline at the same rate, net worth decreases at an even greater rate for the middle than the rich, since the debt-equity ratio is higher for the former than the latter. The converse is also true. A proportionate increase in house and stock prices will result in a decrease in wealth inequality.

One might argue that because automobile loans are included in liabilities, it might make sense to include vehicles on the asset side. However, there are many other types of consumer loans that are included in liabilities without the corresponding asset included on the asset side. These include such items as furniture loans, loans for computers and other electronic equipment, appliance loans, and so on. Also, educational loans are included on the liability side even though “human capital” is not added on the asset side.

All Households 2. Top 1 Percent 3. Next 19 Percent 4. 78 source: My own computations from the 1983, 1989, 2001, 2007, and 2010 SCF. Households are classified into wealth class according to their net worth. Calculations are based on household portfolios averaged over the period. Miscellaneous assets are excluded from the calculation.  The largest declines in asset prices over the years 2007 to 2010 occurred for residential and nonresidential real estate and businesses. 23 percent because interest rates on corporate and foreign bonds continued to remain strong over these years.

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