Why should the second figure scare the market? I guess because it implies that most assets are financial assets rather than bonds, but not sure.

I share your enthusiasm for $SCHW as well. Same with $WAL after looking at similar data sets. @maverickresearch

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@arny_trezzi And yes— it speaks to over leveraging. However, I wouldn’t say that we should be “scared of it” rather… use it a tool to manage risk.

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At this point— I don’t see it getting worse as “a rising tide lifts all boats”— ie the fed/other larger private banks intervening.