“That’s a dispiriting figure, given $3.7 trillion was erased from stocks in the last few weeks, just as consumer spending is slowing and data from housing to the labor market has shown signs of weakness. 
“The wealth is owned by folks that are older,” Zandi said. “They are very sensitive to their stock portfolio because they’re not working, they don’t have other income. So they are really focused on their wealth, and if the stock market declines and their wealth is diminished, they’re going to respond to that.”