The Random Eyes sidebar link turned up a comparison of two items from Nonfarm Nonfinancial Corporate Business balance sheets: Totals Assets, and Total Financial Assets:
|Graph #1: FRED's #3AO|
Everything below the red line (down to the zero line) is financial assets; everything above it, up to the blue line, is productive assets.
If I divide the red line values by the blue line values, and multiply by 100 to convert to percent, I get to look at the history of financial assets as a percent of total assets, for Nonfarm Nonfinancial Corporate Business:
|Graph #2: Financial Assets as a percent of Total Assets|
Half the assets of non-financial corporations are now financial assets.
Tax law made that happen. I'm sure of it.