A dominant theme on Wall Street in the years since the credit crisis has been the obsession with debt. Specifically, there has been a perpetual fear among analysts, investors and reporters that there is “too much debt” in the private and public sectors. Even in Washington, there has been a notable increase in the number of policymakers fixated on debt levels. In today’s report, I’ll make the case that widespread antipathy toward debt reveals a cautious, conservative mindset among investors. This, in turn, implies the financial market is on a sound footing and that risks