Andrew Park is a senior editor at S&P LCD and is one of the foremost experts on collateralized loan obligations and the leverage loan market. Andrew also writes daily on what's going on in the collateralized loan obligations (CLO) market and his data is the basis for most of the reporting on this topic in the Wall Street Journal, Financial Times, and by many policymakers. He joins the show today to talk about CLOs and their implications for the financial system and, more generally, the economy. David and Andrew also discuss the leveraged loan market, the differences between CDOs and CLOs, and the Fed's most recent rate hikes. Transcript for the episode: https://www.mercatus.org/bridge/podcasts/04222019/andrew-park-loans-financial-system-and-economy Andrew's Twitter: @apark_ Andrew's Forbes profile & archive: https://www.forbes.com/sites/spleverage/people/andrewparksp/#18bc9eb1102d Related Links: *Wall Street's Billionaire Machine, Where Almost Everyone Gets Rich* by Tom Metcalf, Tom Maloney, Sally Bakewell, and Christopher Cannon https://www.bloomberg.com/graphics/2018-collateralized-loan-obligations/ *U.S. Leveraged Loan Market: Plenty of Risk, But Not Systemic* by Beth MacLean https://www.pimco.com/en-us/insights/viewpoints/us-leveraged-loan-market-plenty-of-risk-but-not-systemic/ David's blog: macromarketmusings.blogspot.com David's Twitter: @DavidBeckworth

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