This Time IS Different: ETFs At 5.5X 2007 Pre-Crisis Peak, Consumers Buried In Debt Like Never Before—$4 Trillion Worth

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By David Stockman

According to Moody’s Investors Service, the now $3.9 trillion ETF industry could result in a toxic feedback loop of selling when market makers step away from supporting assets during market turmoil….. see the ETFlash crash of August 2015, when massive dislocations among countless ETFs resulted in the the broad halt of the overall stock market.

All three forms of non-housing consumer debt combined – revolving credit, auto loans, and student loans — rose by a respectable $191 billion in Q1 from a year ago to $4.0 trillion, carried by surging student loans and auto loans:




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