Chart of the Day: Credit-Equity Divergence
Helen Thomas finds this chart in a report from Bank of America:

Basically, the x-axis is stock prices while the y-axis is bond spreads. The red dots are What Was: they're weekly datapoints from June 2002 to June 2007. The grey dots are What Is: they're the datapoings from July 2007 onwards. And the black dot is where we are right now: about as far away from normal as we've ever been.
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