And the overwhelming majority of that is paper value on RE appreciation, which is NOT guaranteed. 8 year market cycles on average... when interest rates go up, and tax write offs disappear.. you will see housing values decline (which they already are doing in much of the nation)... and you will see lots of that 50 TRILLION go up in smoke...
With homeowner equity only accounting for 21% of our net worth, just how bad is your housing crash going to be? When was the last time we had a year over year decline in aggregate real estate values in this country?
Family net worth has doubled in the past decade. Your vision of a society creating fantasy wealth out of debt just can't be proven - other than you saying it is so.