Obviously, this is not to say that had asset prices been flat for an extended period the personal saving rate would have been unchanged, on net, over the past five years. If asset prices had not risen, real incomes would surely have been altered, and the vast array of secondary and tertiary effects of assetprice changes would have been different.
012234  7  7    ) 2  *2 3 42  7+   8 7434 774  2    9< $   9 9472 83  38 3 0 3 38 3  1  1 33 930183 11 3  1  01 33  9 3831 10 933 3831 1 9  1 01  889 19 9&1 3 1031 3 1 3 01 301 087 3 9 33 3 1 230 1 09819 0 01 19 933 1 933 0 2101  3831 1  1 5 L 933 FG 933 01 1 02101  933 1 3  230 8 5991 23 996 346 94094   1  48 4 01 5 5 68 0158 32 68 06 410 41 9 6984 61 016 801268  3 15 615845 091 61 8050 61 0  89 410 5  1 43 5  OPQRSTUVPQ    54030 0543 61 86 61 $ 1 045061 4 5 61 0 36 86 61 1 61 15843   1487156  01(!20!