What We Do in the Shadows: Will Private Credit Take Down the Economy?

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What is worth $1.8 trillion dollars, is deeply intertwined with the software business, small banks, and cockroaches, is veiled in mystery, and could take down the US economy? Private credit! The mysterious, mammoth lending industry — which is now bigger than the entire junk bond market — has been the cause of major concern since late last year, when it began showing signs of distress. JPMorgan Chase & Co. CEO Jamie Dimon added to the panic in October, comparing the failure of subprime auto lender Tricolor Holdings to seeing a cockroach: