Don't take off your seat belt, the ride has only begun.
Pretty much. There was plenty of liquidity in finance prior to the tax cuts. That's why the price of money was low. Money is a commodity. Adding more pushes yields even lower, unless investors take on more risk. Which is what's happened. It's hot money chasing returns. CLO's are like the CDO's of the GWB era & corporate junk bonds of the 80's.
https://www.washingtonpost.com/busi...5184de-817a-11e9-95a9-e2c830afe24f_story.html