|Graph #1: Growth of Financial (red) and NonFinancial (blue) Business Debt, relative to GDP|
That's when it was all over. But when did the trouble start? The next graph shows the blue relative to the red:
The red line here is a Hodrick-Prescott, showing decline since the beginning.
If you look again, you might see an uptrend in the early 1960s which appears in the Hodrick-Prescott as a brief flattening. If I started the H-P in 1960 it would start with an uptrend.
The early 1960s were pretty good, by the way.