Wall Street partied hard while President Trump pushed for huge business tax cuts that the economy didn't really need. In the fall, Morgan Stanley predicted that enacting aggressive tax cuts risked "overheating" the economy and causing stocks to "boom then bust." "We desperately need tax cuts to put our people back to work," Trump told reporters on October 25. McCain said there was a threat all along that the tax cuts would overheat the labor market. For its part, the White House is still hyping the tax cuts, Trump's signature legislative achievement.

Source: CNN February 06, 2018 12:00 UTC