This is what a bailout looks like!
As Felix Salmon explains,
The black line is Morgan Stanley’s market capitalization, which tends to hover in the $40 billion range but which fell as low as $9.8 billion in November 2008. The orange line is the amount that Morgan Stanley owed to the Federal Reserve on any given day — an amount which peaked at $107 billion on September 29, 2008. And the red line is the ratio between the two: Morgan Stanley’s debt to the Federal Reserve, expressed as a percentage of its market value. That ratio, it turns out, peaked at some point in October, at somewhere north of 750%.
The problem, of course, is that Morgan Stanley got bailed out, and is back to business as usual. The rest of us, on the other hand, are still in the throes of the Second Great Depression—and waiting for the other shoe (in Europe) to drop.