Steve Eisman

So, you know, the funny thing is that for my podcast, I do this weekly wrap that I put out every Friday.

And every week for the last probably two months, I'm speaking about private credit.

And just amusing for your viewers, I start writing the rap when I wake up Monday, and I do work every single day.

And so for the last several weeks, the way it's been written, it goes, and then there was some more bad news about private credit on Monday, blah, blah, blah.

And then I wake up Tuesday and then I edit a paragraph.

And on Tuesday, blah, blah, blah.

And on Wednesday.

And so it's absolutely relentless.

Yes.

So let me – let's take a step back.

There are two issues here.

They're related but they're not exactly the same.

The two issues are –

Should private credit have been sold to retail?

Right.

And I think the answer to that question is mostly no.

And we're suffering the ramifications of that right now.

And the second issue, which is related, is are we starting a credit cycle in private credit?

And how bad is it going to be?

So let me address the first question first, and then we'll get to the second question, because every piece of news that you hear is related to that.