Everything is coming up roses for Donald Trump, impeachment is a major non-event. Yet there are still things that can bring him down. A stock market collapse, a credit collapse or a geo-political event that kills the economy. Junk bonds are now booming, a late cycle event that is a portent of things to come. Another even more important development in the credit market is the total prostitution of the rating agencies, just like  the early 2000’s. As the saying goes, We’ve learned nothing and forgotten nothing.