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But rising leverage can also be a threat to stability.
More worrying to some critics has not been the rising leverage, but the return of "cov-lite" bank debt.
This boom displayed all of the features of a major financial crisis in the making — asset price inflation, rising leverage, a large current account deficit and slowing growth.
A wonderful tool that generates heightened profits when assets are rising, leverage can crush you when it comes time to sell.
So the causation could run the other way, with deregulation and rising leverage pulling in foreign capital, keeping the dollar overvalued, and producing persistent deficits.
Historically, however, many price bubbles have gone hand-in-hand with borrowing binges and rising leverage, including America's share price and real estate bubbles in the 1920s.
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With oil prices high or rising, that leverage has been working in Mission's favor, though a pullback in crude would no doubt be a blow to this independent exploration-and-production outfit.
With slower growth and rising corporate leverage, immediate prudential attention is needed to ensure the resilience of both corporates and banks.
But with deal prices and leverage rising, now might not be the best time for them to enter the fray.
As long as home prices were rising, all this leverage seemed like a good thing: it let people buy homes that they couldn't otherwise afford, and maximized their return on investment.
Organized by Geller and Spencer, the rally was carefully timed to coincide with the peak of the midterm congressional election campaign, in which many rightwing Republicans hoped to leverage rising anti-Muslim sentiment into resentment against the presidency of Obama.
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