Isn't this talking about personal debt, though? When they talk about the wealth effect in a stock market crash, it's pushing down on personal assets that are ma

Isn't this talking about personal debt, though? When they talk about the wealth effect in a stock market crash, it's pushing down on personal assets that are made up of saved money. In contrast, the housing crisis of 2008 (from which we are still collectively suffering) was preceded by people taking on massive personal debt well beyond their ability to actually handle, and many times larger than actual savings. The following burst has a pile-on effect, in that those already debt burdened don't simply lower spending habits, but rather fall into bankruptcy, default on mortgages and other loans, and so on, which puts a years- if not decades-long drag on economic activity.