A Year-End Review

The Volatility Index is at All-time Lows
Consumer Sentiment is Strong
Equity Markets are Hitting New All-time Highs
Interest Rates and the Cost of Capital are at Historic Lows
Homebuilder Optimism is Soaring
Structured product like CLOs are showing insatiable demand for collateral, and perhaps cutting corners?
What is it, 2007 or something?