If GDP and wealth grew at 3.5% per year then it seems only reasonable that the bondholder should have gotten a little bit less and the stockholder something more than that.

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And China, despite its growing wealth, accounts for just 3% of global trade.

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He set out what might happen if American house prices fell by a massive 20% in 2007-08, assuming that an extra dollar of housing wealth changed consumer spending by 3.8 cents (as in the Fed's own model).

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