A dramatic drop in household wealth-for example, due to an extended downturn in the stock market-could eventually dampen household consumption and lead to an increase in saving.
Stock market downturns could lead to saving.
The stubborn Americans came back again in 1853, with Commodore Matthew Perry bringing for the shogun (whom he mistook for the emperor) a polite but insistent letter from President Millard Fillmore and a promise to return the next year, with a bigger squadron, for a positive response.