Was it really a Minsky moment?

In a Minskian world, the "moment" occurs after a cumulative process toward financial instability. Minsky argued that during a sustained boom, an upward revision of profit expectations should lead to higher leverage ratios and greater risk taking. In this article, I investigate whether the balance sheet of the nonfinancial corporate sector, which plays a central role in Minsky's theory, exhibited any such patterns. I conclude that the nonfinancial corporate sector did not move toward a more precarious position, hence the properties that must exist for a "Minsky moment" are absent.