Debt to GDP

The BigPicture refers to OptionARMaggedon for the following charts:



As a % of GDP:

Leverage

Found this chart from Ned Davis Research on the web. I find it very interesting as it goes back to the 20's while the flow of funds data provided by the FED used for many debt to gdp ratios only goes back to the 50's. How brutal will the current deleveraging be?