Basically, The Economy Is Back To Being Ridiculously Overdependent On Finance Again

David Rosenberg made a point similar to this yesterday.  But in case it isn’t clear, the rebound in financial earnings has put the banking sector to basically right back to where it was before the crisis.  (Well, they’re not quite at peak profits yet, but as a segment of the economy that’s ridiculously big compared to the rest of the economy, all your dreams of a mean-reversion have been dashed).

This Bloomberg chart comes from Paul Kedrosky:

chjart

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