Market crashes don't necessarily have to result in economic pain. But when they did, both in 2008 and 1929, it was because the rise in stock prices was finance

Market crashes don't necessarily have to result in economic pain. But when they did, both in 2008 and 1929, it was because the rise in stock prices was financed by debt. I'm worried that that might be the case today in the form of leveraged buybacks and the like, but I can't find any statistics on how much of the current asset bubble was debt financed. I suppose we'll know soon enough.