Where's all the money gone?

Australians have experienced an unprecedented era of stable political conditions, growth, low unemployment, and low interest rates over the last decade and a half. In this environment they have been able to borrow more for investment and consumption. Households, Banks, NBFIs and Government have all had access to cheap credit and this has pushed up the 'value' of several asset classes - creating a property boom and up until a year ago a share market bubble. We as economists are very careful when making decisions, as you can not make assumptions about future performance, based on historic performance. Here's the kind of information which is useful to ascertain the type of performance we've seen - and useful for your current work!http://www.asx.com.au/products/pdf/russell_investments_report.pdf
But times change! It is possible that the ramifications of the 'credit crunch' which started last year will continue to filter through our markets for years to come - certainly this next year and a half that you are studying economics. If the media is suggesting 10% reductions in housing prices this year, and we are seeing volatility and losses on the stock market - where is all the money going? And for those of us who are interested - where did it all come from to start with?
I will talk about the relationship between debt and wealth early next term, but hope that you'll ask your parents what they know in the mean time. If they know nothing, then ask them what their experience has been over the last 20-30 years - regarding access to debt/credit, growth in the value of their 'assets'(equities, bonds, cash, houses - art...?)