Private Credit and Data Center Wraps Are 2008 Redux

It’s easy to dismiss comparisons between finance today and the build up to the 2008 meltdown as exaggerated or overwrought. But right now, it’s hard to ignore evidence that we’ve entered a fresh golden age of financial engineering — and it should be impossible to forget that the products of this alchemy can tarnish easily or, worse, turn out to be iron pyrite.