Yeah. It seems like the Fed is going to print cash endlessly. They are now buying this debt. It seems the stock market is a Fed thing now. I have no interest in taking bets either way anymore. It doesn't feel like investing.
I guess the central lesson from 2008 was "don't let the stock market crash." When you couple that to the president's inability to deconvolve "stock market" from "economy" it's a pretty toxic mix. The thing about CDOs that was entirely missed in 08 was that the risk is highly correlated, which completely undercut the argument that they weren't risky since a lone (no pun intended) default or two is diluted by the large number of loans represented in any given security. I can't, so far, figure out how CLOs are any different.