• Before the 2008 Financial Crisis it grew at roughly the rate of GD Growth
    • Was roughly the same as GDP
  • After 2008 the balance sheet grew many times faster than GDP (it exploded)
    • Line looks vertical on a chart - not slow growth
    • Concern that this drove up asset prices
  • Over 94 years the balance sheet slowly grew to roughly 900 Billion pre 2008
  • After the 2008 Meltdown, the balance sheet grew by 1.4 Trillion in just 94 days (under Ben Bernanke)
    • Cause a reflation and recovery of financial markets
    • Reshaped how the US financial system looks since