[quote=livinincali]
The Fed Z1 is the source of the chart. Not really sure is we can consider GSE (which are the Freddie, Fannies, etc of the world) as being double counted in household debt or not.[/quote]

I’m not really sure either. It’s a bit misleading, since the evolution of mortgage financing has changed things. It used to all show up as bank equity and debt, now its the GSE’s.

I’m also presuming what’s called “financials” includes debt obligations securitized by mortgages, which would also be double counting mortgages. Take those two out and the total debt probably wouldn’t look a lot different than what it looked like 40 years ago. Have to think that one through some more.