Detailed text transcripts for TV channel - MSNBC - 20120613:08:34:00
If you sell a house, you need somewhere else to live, which is going to also cost you money. when we say we've lost 40% of our wealth, is that how it feels to people and does it have the knocks on the economy from that kind of wealth drop? >> there are two things. you say it not liquid but a lot of folks took out home equity loans and did tap into sort of the rising paper value of their homes but more broadly it speaks something what we call the wealth effect that, even if you haven't realized the gains on your home or realized these increases in prices, that it makes you feel more wealthy and...