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What's difference this time that no one believes private credit is or never has been safe in the first place. It's also often one step further away from banks:

What's difference this time that no one believes private credit is or never has been safe in the first place. It's also often one step further away from banks: banks lend to funds who lend private credit. Risky things are expected to blow up, especially if there is a bubble.

kragen 1y ago
Nobody believed subprime mortgages were safe the last time around.
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nyeah 1y ago
Yet somebody (or some...thing) has the tranches that are made out of default. That may not be the smart money, or even the dumb money, or even the money that was overexposed to heavy metals when it was young [1]. [1] Apologies to Ned Beauman https://www.penguinrandomhouse.com/books/709614/venomous-lumpsucker-by-ned-beauman/ https://www.penguinrandomhouse.com/books/709614/venomous-lum...
- kragen 1y ago
  It might just be the money with a large appetite for risk but that hasn't eaten so much mercury and lead that it goes into a slot machine.
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