Monthly log chart dating back to 1976. Parabolic in 2012 to say the minimum. How this recession plays out is beyond me. Something has to give. Based on my other charts, a pretty picture is not depicted. Clearly all that excess money supply is in financial assets. Makes sense that as soon as corporations experience an earnings recession while at the same time, having to roll over debt at the higher rates, money left over for share buybacks will not be plenty. What buyers will stand ready to make up for that decrease in demand, is unclear.