Fire, Already

The question is no longer what will trigger the downturn. The question is how far it spreads.

As I’ve been writing about, private credit has been under immense stress for months, with liquidity strains, redemption pressure, and growing questions around valuations all surfacing at once. And now with things on the verge of imminent collapse and literally all of fucking Wall Street already on notice, one former major banking CEO has decided to offer up the King Solomon-like revelation that he believes things could get worse from here.

But, obviously, what he doesn’t realize is that the deterioration he’s warning about isn’t ahead of us. It’s already here.