The bull case: Nothing matters.
Not debt, not growth, not earnings, not layoffs, not valuations, not forward multiples, not tax hikes.
Keep buying historic valuations because the magic money fairy will keep bailing us out.

Run your business to the ground by hollowing it out with bad debt? No worries, the Fed will step in to buy your junk debt.

Squandered all your cash on buybacks & loaded up on debt to finance them & you’re ready to file bankruptcy? No worries, Congress will bail you out as politicians are afraid to see layoffs in the news.

They get bailed out and they lay off people anyways? Oh well, what are you gonna do, as long as stocks are saved.

That’s not to say all companies succeed in this, but generally speaking that has been the drum roll all year and the Fed keeps validating all this bad behavior.

Government can't finance its debt because it runs a colossal shit show?
No worries we finance all their debt too.

With no limits, no checks & no balances, central banks are enabling mismanagement of everything, promote inefficiencies in the system, capping LT growth potential.