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The rise of private credit, and why 'ordinary people's money is on the line'
When companies need a loan, traditionally they turn to a bank. But increasingly they’re turning to financial firms that are not really banks — but do have a lot of cash. This is called the “private credit” market. It has exploded in the past 15 years, valued now around $2 trillion. Natasha Sarin, president of the Yale Budget Lab, argues ...
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