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The problem with the US$1.5 trillion margin-debt chart

I love a good chart. This one hits hard. It is also doing rather more arguing than the data can support.

Auto-generated description: A graph shows total margin debt reaching $1.5 trillion, marking a new all-time high, alongside the S&P 500 index trend, with annotations for the Dot Com Bubble, Global Financial Crisis (GFC), and late pandemic period.

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