Which of the Following Best Describes How a Fall in Asset

Which of the following best describes how a fall in asset prices reduces output?

A) Asset crash → number of banks ↓→ loans ↓→ AE ↓→ output ↓
B) Asset crash → wealth ↓→ loans ↑→ inflation ↑→ output ↓
C) Asset crash → wealth ↓→ consumption ↓→ AE ↓→ output ↓
D) Asset crash → risk ↓→ loans ↑→ inflation ↓→ output ↓