The ratio of household equities to money market fund assets is near a record high, 60% above the 2007 high and 30% above the 1999 internet bubble high. The chart would appear to prove irrational exuberance among the general populace.

In reality, the lowest percentage of Americans currently own stock over the last two decades. With the stock market within spitting distance of all-time highs, only 52% of Americans own stock, down from 65% in 2007. As the stock market has gone up, average Americans have left the market. They realize it is a rigged game and they are nothing but muppets to the Wall Street shysters.

The reason the ratio of household equities to money market funds is so high is due to the Federal Reserve's "Save a Wall Street Banker" policies implemented over the last seven years. When you purposely destroy the lives of senior citizens by reducing interest rates to "emergency" levels of 0% and keep them there six years after the great recession is over, it tends to reduce the amount of savings in money market funds. The divergence created by the Fed's insane policies is borne out by the data.