Perhaps absolutely nothing. I could see this working in both directions,you could even have more employement if people used some of the funds gained from stock market sales to purchased goods and services. You would have a very unhappy society though especially amoung rentier--creditors.
A drop of the dow to 3000 would have every financial "expert", from Proyect, to Milton Friedman on talk shows daily to explain who to fix the situation.
--mike
-- Michael Cohen mike at cns.bu.edu Associate Professor, Center for Adaptive Systems Work: 677 Beacon, Street, Rm313 Boston, Mass 02115 Home: 25 Stearns Rd, #3 Brookline, Mass 02146 Tel-Work: 617-353-9484 Tel-Home:617-734-8828 Tel-FAX:617-353-7755