股票市场的损失会产生双重效应：它们减少了家庭的财富从而使他们的消费下降；同时它们造成借款投资股票的投资者的损失，从而引发保证金催缴和减价销售资产的风潮。
Losses in stock markets have a double effect: they reduce households’ wealth and lead them to spend less; and they cause massive losses to investors who borrowed to invest in stock, thus triggering margin calls and asset fire sales.