If you read the headlines about Private Credit, it feels like we're on the verge of another Global Financial Crisis.

So, are we?

In this Private Credit "state of the union" episode of our show, we break down the structural differences between today's private credit market and the pre-GFC banking system, why the "private" in private credit makes it so hard to know how deep the problems actually go, and whether the knock-on effects to pensions, banks, and public markets could make this everyone's problem even if most Americans don't have direct exposure.

We dig into the Blue Owl gating, Blackstone's BREIT redemption crisis, and what Boaz Weinstein's activist bid tells us about where these portfolios are actually worth.

What's more, we ask whether the push to put private credit into 401(k)s and retail channels is democratizing wealth creation or backfilling institutional demand that's dried up.

Plus: the "SaaSpocalypse" thesis, why last Tuesday's record $66 billion day in IG bond issuance may be telling a very different story than private credit headlines, and more!