Mia is once again joined by Molly to discuss a bank run on another type of shadow banks caused by subprime car loans!

Sources:

https://businessjournalism.org/2026/01/tricolor-investigation/

https://sg.finance.yahoo.com/news/deutsche-bank-signals-30b-risk-020300965.html

https://www.wsj.com/livecoverage/stock-market-today-dow-sp-500-nasdaq-03-12-2026/card/morgan-stanley-private-credit-fund-hit-with-redemption-requests-IS8PSZh497HC5aF4CkGN

https://europeanbusinessmagazine.com/business/private-credit-defaults-have-just-passed-their-2008-peak/

https://finance.yahoo.com/markets/stocks/articles/morgan-stanley-tests-private-credit-110634713.html

https://www.cnn.com/2026/02/23/business/what-is-blue-owl-private-credit

https://finance.yahoo.com/markets/stocks/articles/barclays-weighs-mfs-fallout-private-080551362.html

https://www.cnbc.com/2026/04/16/apollo-global-marc-rowan-private-credit-funds-redemptions.html

https://www.reuters.com/markets/europe/apollos-private-credit-fund-limits-investor-withdrawals-after-redemption-2026-03-23/

https://www.reuters.com/legal/transactional/wall-street-banks-trade-derivatives-bet-pain-private-credit-ft-reports-2026-04-17/

https://www.cnbc.com/2026/03/23/apollo-private-credit-fund-gives-investors-only-45percent-of-requested-withdrawals.html

https://www.jdsupra.com/legalnews/shadow-banking-and-private-credit-what-7018536/

https://www.privatedebtinvestor.com/insight-the-challenges-for-pd-arms-of-pe-firms/

https://archive.vn/f9UdP

https://archive.vn/HUxEo#selection-1637.0-1650.0

https://www.newyorkfed.org/medialibrary/media/research/staff_reports/sr1111.pdf?sc_lang=en

https://www.deloitte.com/us/en/insights/industry/financial-services/banks-private-credit-partnerships.html

Mia is once again joined by Molly to discuss a bank run on another type of shadow banks caused by subprime car loans!
Sources:
<a href="https://businessjournalism.org/2026/01/tricolor-investigation/">https://businessjournalism.org/2026/01/tricolor-investigation/</a>
<a href="https://sg.finance.yahoo.com/news/deutsche-bank-signals-30b-risk-020300965.html">https://sg.finance.yahoo.com/news/deutsche-bank-signals-30b-risk-020300965.html</a>
<a href="https://www.wsj.com/livecoverage/stock-market-today-dow-sp-500-nasdaq-03-12-2026/card/morgan-stanley-private-credit-fund-hit-with-redemption-requests-IS8PSZh497HC5aF4CkGN">https://www.wsj.com/livecoverage/stock-market-today-dow-sp-500-nasdaq-03-12-2026/card/morgan-stanley-private-credit-fund-hit-with-redemption-requests-IS8PSZh497HC5aF4CkGN</a>
<a href="https://europeanbusinessmagazine.com/business/private-credit-defaults-have-just-passed-their-2008-peak/">https://europeanbusinessmagazine.com/business/private-credit-defaults-have-just-passed-their-2008-peak/</a>
<a href="https://finance.yahoo.com/markets/stocks/articles/morgan-stanley-tests-private-credit-110634713.html">https://finance.yahoo.com/markets/stocks/articles/morgan-stanley-tests-private-credit-110634713.html</a>
<a href="https://www.cnn.com/2026/02/23/business/what-is-blue-owl-private-credit">https://www.cnn.com/2026/02/23/business/what-is-blue-owl-private-credit</a>
<a href="https://finance.yahoo.com/markets/stocks/articles/barclays-weighs-mfs-fallout-private-080551362.html">https://finance.yahoo.com/markets/stocks/articles/barclays-weighs-mfs-fallout-private-080551362.html</a>
<a href="https://www.cnbc.com/2026/04/16/apollo-global-marc-rowan-private-credit-funds-redemptions.html">https://www.cnbc.com/2026/04/16/apollo-global-marc-rowan-private-credit-funds-redemptions.html</a>
<a href="https://www.reuters.com/markets/europe/apollos-private-credit-fund-limits-investor-withdrawals-after-redemption-2026-03-23/">https://www.reuters.com/markets/europe/apollos-private-credit-fund-limits-investor-withdrawals-after-redemption-2026-03-23/</a>
<a href="https://www.reuters.com/legal/transactional/wall-street-banks-trade-derivatives-bet-pain-private-credit-ft-reports-2026-04-17/">https://www.reuters.com/legal/transactional/wall-street-banks-trade-derivatives-bet-pain-private-credit-ft-reports-2026-04-17/</a>
<a href="https://www.cnbc.com/2026/03/23/apollo-private-credit-fund-gives-investors-only-45percent-of-requested-withdrawals.html">https://www.cnbc.com/2026/03/23/apollo-private-credit-fund-gives-investors-only-45percent-of-requested-withdrawals.html</a>
<a href="https://www.jdsupra.com/legalnews/shadow-banking-and-private-credit-what-7018536/">https://www.jdsupra.com/legalnews/shadow-banking-and-private-credit-what-7018536/</a>
<a href="https://www.privatedebtinvestor.com/insight-the-challenges-for-pd-arms-of-pe-firms/">https://www.privatedebtinvestor.com/insight-the-challenges-for-pd-arms-of-pe-firms/</a>
<a href="https://archive.vn/f9UdP">https://archive.vn/f9UdP</a>
<a href="https://archive.vn/HUxEo#selection-1637.0-1650.0">https://archive.vn/HUxEo#selection-1637.0-1650.0</a>
<a href="https://www.newyorkfed.org/medialibrary/media/research/staff_reports/sr1111.pdf?sc_lang=en">https://www.newyorkfed.org/medialibrary/media/research/staff_reports/sr1111.pdf?sc_lang=en</a>
<a href="https://www.deloitte.com/us/en/insights/industry/financial-services/banks-private-credit-partnerships.html">https://www.deloitte.com/us/en/insights/industry/financial-services/banks-private-credit-partnerships.html</a>

It Could Happen Here started as an exploration of the possibility of a new civil war. Now a daily show, it's evolved into a chronicle of collapse as it happens, and an exploration of how we might build a better future. Every day Robert Evans, Garrison Davis, Mia Wong, and James Stout take you on a jaunty walk through the burning ruins of the old world and towards a better one that lays just on the horizon.

It Could Happen Here started as an exploration of the possibility of a new civil war. Now a daily show, it's evolved into a chronicle of collapse as it happens, and an exploration of how we might build a better future. Every day Robert Evans, Garrison Davis, Mia Wong, and James Stout take you on a jaunty walk through the burning ruins of the old world and towards a better one that lays just on the horizon.

It Could Happen Here

Private Credit: It's 2008's All The Way Down

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/59899f02-f616-46dc-a21f-b4310182f97b/transcript