This all sounds familiar.

Is it getting frothy at the top again?

 

https://wallstreetonparade.com/2019/09/the-fed-is-offering-100-billion-a-day-in-emergency-loans-to-unnamed-banks-and-congress-is-not-curious-enough-to-hold-a-hearing/

It is absolutely frothy in every asset class. Wait until the Fed has to start absorbing the defaults coming from the States unable to make good on their state employee retirement plan promises, along with the Federal entitlements promised. That is going to make for interesting times. Estimates are that the Fed's balance sheet will need to move from roughly $4T to $20T or more to absorb what is coming. Other estimates are much worse.