So withdrawing and consuming them will have a greater negative wealth effect.

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House price weakness helps the buyer, who is usually less wealthy than the seller, one of several factors muting the negative wealth effect.

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On the other hand, the Obama administration currently plans to raise dividend and capital gains taxes, which will depress stock prices, making for a negative wealth effect.

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In the short run, the danger is that the wealth effect from housing may follow the equity wealth effect by turning negative.

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All this shifting of wealth is a zero-sum game and the net effect on incomes is usually zero, or even negative.

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