Felix Salmon tells me something I didn’t know

And, at least in 2006, the purchase of stocks and bonds was classified as consumption, not savings.

In the linked page Salmon says that

Seems implausible, but then again it can’t really be counted as investment because then corporate investment with the proceeds of bond and stock sales would be double counted.

More to the point, I think the stock and bond purchases could count as savings because if the corporation saved the money then it would be double counting.

Basically, it seems that the corporation is counted as simply a pass-thru. If the corporation buys capital then it counts as investment. If the corporation saves, then it counts as savings. Remember that from this perspective savings and investment are not the same thing because savings will correspond to investment by third party. If you counted corporate savings as corporate investment then you are going to double count.

In any case, all of this is showing up on the corporate side. So while personal savings is now only 485B, gross private savings is over 2400B.