Stock market already took its hit. Most real wealth is in private markets: residential real estate, private equity, and bonds. Bonds are being bailed out by t

Stock market already took its hit. Most real wealth is in private markets: residential real estate, private equity, and bonds. Bonds are being bailed out by the fed. Residential real estate and private equity will take some time to deflate. Then the rent collectors in residential real estate (state property taxes) will take their hit...