Or should I say they have been desperate, because they have been earning nothing on it? The feeling before August 2008 going back all the way into the 1970s, thirty-five years!, meant Americans felt comfortable with 3 to 4-times less cash on hand for immediate withdrawal. The panic of 2008 continues.
Net balances first moved above $1 trillion in October 2013, but notably have surged to that level since August 2008 out of all proportion with the historical record.
