What am I missing? Stock is a highly liquid asset, the exact opposite of a home. For starters, you don't give up the home (title, possession, or use) when you

What am I missing? Stock is a highly liquid asset, the exact opposite of a home. For starters, you don't give up the home (title, possession, or use) when you take out a home equity loan. But when wealthy stockholders borrow against stock, they are realizing the economic value of the stock by using that stock as collateral (i.e., exchanging it in exchange for the loan) but are not being taxed on that realization of income. Also, it's quite uncommon for someone capable of utilizing this scheme to pay any significant amount of interest on the loan (and this was true even before the decade of ZIRP), as quite paradoxically the wealthy pay less interest on larger loans.