Federal officials and banks dealing with the subprime mortgage mess helped create the “zombie” mortgages crisis https://t.co/PRsLSxEE0D ...

One thing that you also uh referenced a little bit is the quality of the public corporate credit market is better than it's been historically. It's way better than it was prior to the global financial crisis where you've had all kinds of garbage lending going on. But in recent years, the garbage lending has not gone to the public markets. The garbage lending has gone to these private markets.And private credit has been very popular and is now increasingly been overallocated to by large asset pools. I was at ...

The most ridiculous argument of all for private credit has been private credit belongs in every portfolio because it lets you sleep at night, because it helps you ride out the volatility of your public credit. Again, that's just a repackaging of the volatility. If you don't market to market, there's no volatility.But if the price goes from zero in a matter of a few weeks, there's something something untoward is going on. And so I'm very, very negative on those types of, you know, non-transparent markets. It ...