Update to Hussman's Ratio

In December, I posted about Hussman's Ratio of Margin Debt to Commercial and Industrial Loans, which was then at an alarmingly high 26 percent. It has since climbed to 27.8 percent.



Here are all the months when the ratio has been above 25 percent: February and March 2000; April through August 2007; February through May 2011; September 2013 through present.

Keep in mind that this ratio deflates the margin debt time series using commercial and industrial loans, which grow swiftly themselves during credit bubbles.