looking for a big run, page-34

"There is more money out on margin loans now than on credit cards. This is not a good look. "

what kind of nonsense is this comparison. What do margin loans ( for investment ) have to do with credit cards ( for consumption ).

A MUCH MORE RELEVANT comparison, would be the amount of lending to margin loans, compared to the amount of lending for residential property investments. I think you will find that there is vastly more lending for property, most of which is undervalued, highly illiquid, and mostly unprofitable ( thats what negative gearing is all about - MAKING A LOSS MAKING INVESTMENT - BRILLIANT ! ).

Traditionally property has been favoured by lenders for the obvious reason of mortgage security. In my view the rise of margin lending is simply levelling up the investment playing field and the Australian economy is much the better for it.