If what is happening now turns out to be something worse than a temporary soft patch, the market correction will continue further, thus weakening growth as the negative wealth effects of falling equity markets reduce private spending. And, unlike in 2007-2010, when every negative shock and market downturn was countered by more policy action by governments, this time around policymakers are running out of ammunition, and thus may be unable to trigger more asset reflation and jump-start the real economy.
如果未来表明，事情不仅仅是一段“淡光景”那么简单，市场就会进一步调整，由此而来的反向财富效应将令私人缩减支出，从而进一步拖累经济。与2007到2010年期间不同的是，当时政府出台了好些政策以抵消负面冲击和市场下行的影响，如今政策制定者已弹尽粮绝，也许无法再靠推动资产价格来发动实体经济了。