@Mark I understood your point. But isn’t it true that inflated private credit ratings and low liquidity might be a bigger issue right now than what we saw in 2008? The market seems much less transparent, and it feels like the growth we’re seeing isn’t really matched by sufficient regulatory oversight in the U.S.

If the ratings for private loans are possibly too high and unclear, could this create risks similar to those we saw during the 2008 crisis? This might especially affect insurers and investors who have a significant amount of money tied up in private credit markets.