5Any purported estimation of ‘wealth effects’ should reflect an acute awareness of the possibility (maybe, likelihood) that the putative ‘effect’ actually captures the influence of some omitted variable, like credit conditions (cf. Muellbauer (2007), Aron, Duca, Muellbauer, Murata, and Murphy (2008)) or growth expectations (Disney, Gathergood, and Henley (2008)). This footnote performs that duty; we mostly refrain from further apologies in the remainder of the text. See Calomiris, Longhofer, and Miles (2009) for such a critique.