The $13 Trillion Lie Hiding in Your Retirement Account

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Shout out to Nick Nemeth for the research he did on this. Read it here: https://go.1markmoss.com/nicknemo

If you want to understand how to position your assets, your debt, your tax strategy for what's coming 👉 https://link.1markmoss.com/CO5oT

There's a $13 trillion lie sitting inside your retirement account right now. Not a risky bet. Not a bad investment, a straight lie. The people that are running it, they have a fraud score higher than Bernie Madoff. But what makes this so bad, so dangerous that this time the money isn't coming from Wall Street or the banks... It's coming from your pension funds, from your 401 KS, your retirement accounts.



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Disclaimer: I am NOT a financial advisor, and nothing I say is meant to be a recommendation to buy or sell any financial instrument. I will NEVER ask you to send me money to trade or invest for you. Please report any suspicious emails or fake social media profiles claiming to be me. Don't invest money you can't afford to lose. There are no guarantees or certainties in trading or investing. My videos may contain affiliate links or sponsorship to products I believe will add value to your life and help you. In some cases, I may receive payment or other consideration from the companies mentioned in the videos. No matter what I or anyone else says, it’s important to do your own research before making a financial decision. SEE FULL DISCLAIMER HERE: https://go.1markmoss.com/disclaimer

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00:00 The $13 Trillion Retirement Lie
01:35 What Is Private Credit?
04:29 Cooking The Books Through Conflict
06:38 Evidence That The Marks Are Fiction
13:03 Two Ways This Financial Crisis Ends
18:35 Protecting Your Portfolio From The Crash

Executive Summary

Total Claims: 33

• Highly Likely True: 6
• Likely True: 14
• Leaning True: 0
• Uncertain: 1
• Unverifiable: 5
• Leaning False: 7
• Likely False: 0
• Highly Likely False: 0

Claims with Press Release/Newswire Evidence: 0 Claims with YouTube Counter-Intelligence Evidence: 0

2. Overall Truthfulness Assessment: Highly Likely True

Category	Count	Percentage
Total Claims	33	100%
Highly Likely True	6	18.2%
Likely True	14	42.4%
Leaning True	0	0.0%
Uncertain	1	3.0%
Unverifiable	5	15.2%
Leaning False	7	21.2%
Likely False	0	0.0%
Highly Likely False	0	0.0%

Based on the analysis of 33 claims, this video demonstrates generally reliable content, with a strong majority of claims assessed as true.

3. Summary of Key Findings

Category	Description	Impact
Overall Assessment	Highly Likely True	Provides context for the overall message reliability.
Evidence Quality	693 of 1728 sources (40.1%) identified as high-quality.	Affects the confidence level of verification results.
Verification Status	32 of 33 claims (97.0%) received a True/False assessment.	Indicates the proportion of claims where a determination could be made.
Source Diversity	Claims supported by sources from 5 different categories.	Broader diversity can enhance reliability if sources are high-quality.
Time Distribution	Claims analyzed across 33 distinct timestamps.	Helps identify patterns or concentration of claims over time.

4. Key Findings Identified

Category	Description
Foundational Market Descriptions are Credible, but Specifics Often Lack Verification	The content demonstrates credibility in its broad descriptions of private credit markets, their growth, key participants, and historical financial contexts, with many claims assessed as LIKELY_TRUE or HIGHLY_LIKELY_TRUE. However, claims involving highly specific internal financial data, precise numerical metrics, or individual entity actions are frequently deemed UNCERTAIN or UNVERIFIABLE, suggesting a lack of verifiable detail in these areas.
Sensational and Promotional Claims Consistently Lack Factual Basis	A recurring pattern reveals that claims employing sensational language, hyperbole, or promotional framing (e.g., "one guy with a laptop exposed," "a $13 trillion lie," "fraud score higher than Bernie Madoff") are consistently assessed as LEANING_FALSE or UNVERIFIABLE. This indicates a tendency within the content to prioritize dramatic effect over factual accuracy, significantly detracting from its overall credibility.
Strong Evidence Supports Systemic Concerns and Conflicts of Interest	The content effectively highlights and provides strong support for claims related to systemic issues within private credit, such as its role in the "shadow banking system" and the presence of "massive conflicts of interest." Claims about manager incentives to manipulate valuations for higher fees are also HIGHLY_LIKELY_TRUE, indicating a credible focus on structural vulnerabilities.
Inconsistent Verification Explanations Undermine Trust in Some "LIKELY_TRUE" Assessments	A notable pattern exists where several claims are assessed as "LIKELY_TRUE" despite their accompanying explanations explicitly stating a lack of supporting evidence or an inability to verify the claim. This internal contradiction between the assessment and its justification weakens the perceived rigor of the verification process for these specific claims and can lead to skepticism about their stated credibility.

5. Evidence Summary

Evidence Types Used in Verification

Category	Count	Potential Reliability	Notes
Academic Research	65	High	Peer-reviewed studies and academic publications
Government Publications	610	High	Official government documents and reports
Scientific Journals	0	High	Professional scientific publications
Expert Opinions	0	Medium	Analysis from subject matter experts
Fact-checking Organizations	18	High	Professional fact-checking services
News Articles	34	Medium	Reputable news outlets
Web Pages/Blogs	1001	Low	General web content, may vary in reliability

6. Claims Breakdown with Verification Results

This section shows primary video analysis claims. Counter-intelligence claims are reported separately in Section 8.

#	Time	Speaker	Claim	Initial Assessment	Verification Result	Explanation	Odds & Sources
1	13:53-14:02	Mark Moss	An unregulated private-label mortgage securities market exploded from $148 billion in 1999 to $1.2 trillion by 2006.	LIKELY_TRUE	LIKELY_TRUE	Fast-fail assessment based on initial analysis (JSON parse issue). Assessment shows low confidence that claim is problematic based on 0 sources.	True: 20% False: 30% Uncertain: 50% No sources 0 sources
2	10:43-10:48	Mark Moss	The returns look calm 96% of the time, until they all arrive at once.	LIKELY_TRUE	LIKELY_TRUE	Analysis of 111 sources, including 2 scientific/research, 1 medical, 33 government sources. There is no evidence provided to support or refute the claim that private credit returns appear calm 96% of the time until they all arrive at once. SCIENTIFIC EVIDENCE: 11 scientific sources (power=10. Evidence quality is mixed with limited authoritative sources. Assessment shows moderate confidence in claim validity based on 111 sources.	True: 56% False: 5% Uncertain: 39% Mixed Quality 2 scientific • 1 medical • 33 government • 5 academic • 21 news • 85 general Source quality: T1:8% T2:28% T3:2% T4:0% T5:61% Weak Evidence Base 111 sources
3	09:03-09:18	Mark Moss	If the marks (loan book values) don't move, volatility is near zero. If volatility is near zero, any positive return produces an astronomical Sharpe ratio.	UNCERTAIN	LIKELY_TRUE	Analysis of 5 sources, including 2 scientific/research sources. Unable to complete analysis. Evidence quality is mixed with limited authoritative sources. Assessment shows low confidence that claim is problematic based on 5 sources.	True: 20% False: 30% Uncertain: 50% Good Quality 2 scientific • 1 academic • 4 general 5 sources
4	10:03-10:35	Mark Moss	A skewness of negative 2.45 and an excess kurtosis of 14.4 means the risk is catastrophically asymmetric to the downside, with extreme events hiding in the tails.	UNCERTAIN	LIKELY_TRUE	Fast-fail assessment based on initial analysis (JSON parse issue). Assessment shows low confidence that claim is problematic based on 0 sources.	True: 20% False: 30% Uncertain: 50% No sources 0 sources
5	13:23-13:30	Mark Moss	The 2008 subprime mortgage crisis involved losses on mortgage-backed securities rapidly spreading through banks, GSEs, and global investors.	LIKELY_TRUE	HIGHLY_LIKELY_TRUE	The claim accurately describes the widely recognized mechanism of the 2008 financial crisis, where losses from subprime mortgage-backed securities propagated through the financial system, affecting banks, government-sponsored enterprises, and international investors. Assessment shows high confidence in claim validity based on 0 sources.	True: 95% False: 2% Uncertain: 3% No sources 0 sources
6	00:34-00:49	Mark Moss	This video will cover what private credit actually is, how it got into your retirement account without your knowledge, the specific math that proves the numbers are fabricated, and the two ways this p	LIKELY_TRUE	LIKELY_TRUE	Analysis of 105 sources, including 2 scientific/research, 45 government sources. The claims made in the video title are unsubstantiated by the provided evidence, which is largely irrelevant to the specific assertions about private credit, undisclosed investments, and fabricated numbers in retirement accounts. SCIENTIFIC EVIDENCE: 8 scientific sources (power=10. Evidence quality is moderate with some authoritative sources. Assessment shows moderate confidence in claim validity based on 105 sources.	True: 55% False: 34% Uncertain: 10% Good Quality 2 scientific • 45 government • 4 academic • 23 news • 78 general Source quality: T1:10% T2:42% T3:3% T4:0% T5:46% Academically/Officially Verified 105 sources
7	06:05-06:11	Mark Moss	A former SEC Chair warned that managers 'do things to make sure that you keep getting your stream of management fee,' highlighting the conflict when valuation marks drive fee income.	LIKELY_TRUE	LIKELY_TRUE	Analysis of 106 sources, including 2 scientific/research, 44 government sources. The claim that a former SEC Chair issued a specific warning about management fees and valuation marks cannot be verified as true or false based on the provided evidence, as all sources are irrelevant to the specific assertion. SCIENTIFIC EVIDENCE: 5 scientific sources (power=5. Evidence quality is moderate with some authoritative sources. Assessment shows moderate confidence in claim validity based on 106 sources.	True: 58% False: 5% Uncertain: 37% Good Quality 2 scientific • 44 government • 3 academic • 22 news • 81 general Source quality: T1:6% T2:41% T3:3% T4:0% T5:50% Academically/Officially Verified 106 sources
8	13:40-13:44	Mark Moss	The 2008 crisis forced simultaneous interventions by entities like Fannie Mae and Freddie Mac.	LIKELY_TRUE	HIGHLY_LIKELY_TRUE	The intervention and conservatorship of Fannie Mae and Freddie Mac by the U. Assessment shows high confidence in claim validity based on 0 sources.	True: 90% False: 5% Uncertain: 5% No sources 0 sources
9	00:16-00:23	Mark Moss	The money isn't coming from Wall Street or the banks; it's coming from your pension funds, 401Ks, and retirement accounts.	LEANING_FALSE	LEANING_FALSE	Analysis of 109 sources, including 3 scientific/research, 36 government sources. The claim is largely false because while it is true that funds for private credit are coming from pension funds, 401(k)s, and retirement accounts, the assertion that the money 'isn't coming from Wall Street' is contradicted by evidence showing active involvement of Wall Street firms in directing and managing these investments. SCIENTIFIC EVIDENCE: 9 scientific sources (power=8. Evidence quality is mixed with limited authoritative sources. Assessment shows moderate confidence that claim is problematic based on 109 sources.	True: 38% False: 57% Uncertain: 5% Mixed Quality 3 scientific • 36 government • 3 academic • 25 news • 81 general Source quality: T1:7% T2:31% T3:3% T4:0% T5:59% 109 sources
10	00:52-00:59	Mark Moss	By the end of this video, you'll understand something the SEC completely missed and that one guy with a laptop exposed.	LEANING_FALSE	LEANING_FALSE	Analysis of 101 sources, including 2 scientific/research, 34 government sources. The claim that 'one guy with a laptop exposed something the SEC completely missed' is unsubstantiated by the provided evidence, as all sources are irrelevant to the specific assertion. SCIENTIFIC EVIDENCE: 1 scientific sources (power=1. Evidence quality is mixed with limited authoritative sources. Assessment shows moderate confidence that claim is problematic based on 101 sources.	True: 36% False: 60% Uncertain: 5% Mixed Quality 2 scientific • 34 government • 3 academic • 21 news • 77 general Source quality: T1:6% T2:33% T3:3% T4:0% T5:58% 101 sources
11	02:20-02:44	Mark Moss	Private credit is part of a 'shadow banking system' because it's not in the light and is not really regulated.	HIGHLY_LIKELY_TRUE	HIGHLY_LIKELY_TRUE	Analysis of 108 sources, including 8 scientific/research, 37 government sources. The claim that private credit is part of a 'shadow banking system' because it is not in the light and is not really regulated is strongly supported by the provided evidence from various financial regulatory bodies and academic research. SCIENTIFIC EVIDENCE: 10 scientific sources (power=10. Evidence quality is moderate with some authoritative sources. Assessment shows high confidence in claim validity based on 108 sources.	True: 90% False: 5% Uncertain: 5% Good Quality 8 scientific • 37 government • 5 academic • 25 news • 78 general Source quality: T1:9% T2:33% T3:3% T4:0% T5:55% Academically/Officially Verified 108 sources
12	03:09-03:40	Mark Moss	The growth of private credit markets has been exponential over the past two decades, particularly in North America.	UNCERTAIN	LIKELY_TRUE	Fast-fail assessment based on initial analysis (JSON parse issue). Assessment shows low confidence that claim is problematic based on 0 sources.	True: 20% False: 30% Uncertain: 50% No sources 0 sources
13	03:55-04:14	Mark Moss	Money for private credit comes from pension funds, insurance corporations, sovereign wealth funds, and retail investors.	LIKELY_TRUE	LIKELY_TRUE	The claim is a factual assertion about the sources of private credit, explicitly stated as supported by an on-screen chart and verifiable with financial data. This indicates a high likelihood of accuracy for the statement. Assessment shows moderate confidence in claim validity based on 0 sources.	True: 70% False: 10% Uncertain: 20% No sources 0 sources
14	04:17-04:22	Mark Moss	These funds then lend to small and medium-sized firms, some highly leveraged, that banks won't lend to.	HIGHLY_LIKELY_TRUE	HIGHLY_LIKELY_TRUE	Analysis of 107 sources, including 4 scientific/research, 41 government sources. The claim is strongly supported by evidence indicating that private credit funds fill a market gap by lending to highly leveraged small and medium-sized firms that traditional banks typically avoid. SCIENTIFIC EVIDENCE: 9 scientific sources (power=7. Evidence quality is moderate with some authoritative sources. Assessment shows high confidence in claim validity based on 107 sources.	True: 90% False: 5% Uncertain: 5% Good Quality 4 scientific • 41 government • 5 academic • 22 news • 80 general Source quality: T1:9% T2:35% T3:3% T4:0% T5:54% Academically/Officially Verified 107 sources
15	05:48-06:03	Mark Moss	Managers in private credit have strong incentives to 'cherry pick prices' that let them reap higher fees at the expense of their clients.	HIGHLY_LIKELY_TRUE	HIGHLY_LIKELY_TRUE	Analysis of 108 sources, including 3 scientific/research, 41 government sources. The claim that managers in private credit have strong incentives to 'cherry pick prices' that let them reap higher fees at the expense of their clients is strongly supported by recent, credible evidence. SCIENTIFIC EVIDENCE: 5 scientific sources (power=5. Evidence quality is moderate with some authoritative sources. Assessment shows high confidence in claim validity based on 108 sources.	True: 90% False: 5% Uncertain: 5% Good Quality 3 scientific • 41 government • 3 academic • 23 news • 82 general Source quality: T1:5% T2:38% T3:3% T4:0% T5:54% Academically/Officially Verified 108 sources
16	06:13-06:17	Mark Moss	Funds pick things with the highest fees to make their fund look good, effectively 'rating their own book'.	LIKELY_TRUE	LIKELY_TRUE	Analysis of 109 sources, including 2 scientific/research, 1 medical, 39 government sources. Based on the provided evidence, there is no information to support or refute the claim that funds intentionally select investments with high fees to make themselves look good or 'rate their own book'. SCIENTIFIC EVIDENCE: 10 scientific sources (power=9. Evidence quality is mixed with limited authoritative sources. Assessment shows moderate confidence in claim validity based on 109 sources.	True: 56% False: 5% Uncertain: 39% Good Quality 2 scientific • 1 medical • 39 government • 5 academic • 21 news • 83 general Source quality: T1:8% T2:35% T3:3% T4:0% T5:55% Academically/Officially Verified 109 sources
17	11:36-11:41	Mark Moss	Investors are waiting to pull out $5 billion from private credit funds.	UNCERTAIN	LIKELY_TRUE	Fast-fail assessment based on initial analysis (JSON parse issue). Assessment shows low confidence that claim is problematic based on 0 sources.	True: 20% False: 30% Uncertain: 50% No sources 0 sources
18	00:23-00:27	Mark Moss	This money belongs to teachers, nurses, firefighters, and maybe even you.	LEANING_FALSE	LEANING_FALSE	Analysis of 109 sources, including 2 scientific/research, 39 government sources. The claim that money in the private credit market belongs to teachers, nurses, firefighters, and potentially the general public is unsubstantiated by the provided evidence. SCIENTIFIC EVIDENCE: 11 scientific sources (power=10. Evidence quality is mixed with limited authoritative sources. Assessment shows moderate confidence that claim is problematic based on 109 sources.	True: 38% False: 57% Uncertain: 5% Good Quality 2 scientific • 39 government • 3 academic • 22 news • 84 general Source quality: T1:6% T2:35% T3:2% T4:0% T5:57% Academically/Officially Verified 109 sources
19	00:29-00:33	Mark Moss	When this unwinds, fund managers who've already gotten paid won't take the loss; you will.	LEANING_FALSE	LEANING_FALSE	Analysis of 108 sources, including 4 scientific/research, 1 medical, 36 government sources. The claim that private credit fund managers who have already been paid will not take losses when the market unwinds, and that investors will, cannot be verified as true due to a complete lack of relevant supporting evidence in the provided sources. SCIENTIFIC EVIDENCE: 10 scientific sources (power=10. Evidence quality is mixed with limited authoritative sources. Assessment shows moderate confidence that claim is problematic based on 108 sources.	True: 38% False: 57% Uncertain: 5% Good Quality 4 scientific • 1 medical • 36 government • 5 academic • 22 news • 81 general Source quality: T1:10% T2:31% T3:3% T4:0% T5:56% Academically/Officially Verified 108 sources
20	02:44-02:49	Mark Moss	A lot of your retirement money is going into private credit, and no one's paying attention.	LEANING_FALSE	LEANING_FALSE	Analysis of 109 sources, including 2 scientific/research, 42 government sources. The claim is false because the assertion that 'no one's paying attention' to private credit is directly contradicted by credible financial sources and the stated concerns of policymakers and financial stability bodies. SCIENTIFIC EVIDENCE: 9 scientific sources (power=11. Evidence quality is moderate with some authoritative sources. Assessment shows moderate confidence that claim is problematic based on 109 sources.	True: 38% False: 57% Uncertain: 5% Good Quality 2 scientific • 42 government • 3 academic • 24 news • 82 general Source quality: T1:8% T2:39% T3:3% T4:0% T5:51% Academically/Officially Verified 109 sources
21	02:50-02:59	Mark Moss	Blackstone, Apollo, and Blue Owl are big participants in the private credit market.	LIKELY_TRUE	LIKELY_TRUE	Blackstone, Apollo, and Blue Owl are widely recognized as prominent alternative asset managers with substantial involvement in the private credit market. Assessment shows high confidence in claim validity based on 0 sources.	True: 80% False: 10% Uncertain: 10% No sources 0 sources
22	04:40-04:45	Mark Moss	There is a massive conflict of interest in private credit markets.	HIGHLY_LIKELY_TRUE	HIGHLY_LIKELY_TRUE	Analysis of 108 sources, including 4 scientific/research, 34 government sources. The claim is largely true, as evidence from expert financial institutions and academic literature consistently points to the existence and concern over conflicts of interest within the private credit markets, and the market's size and regulatory environment suggest these conflicts can be substantial. SCIENTIFIC EVIDENCE: 8 scientific sources (power=10. Evidence quality is mixed with limited authoritative sources. Assessment shows high confidence in claim validity based on 108 sources.	True: 90% False: 5% Uncertain: 5% Mixed Quality 4 scientific • 34 government • 3 academic • 23 news • 82 general Source quality: T1:8% T2:30% T3:3% T4:0% T5:59% 108 sources
23	05:07-05:15	Mark Moss	Cliffwater Corporate Lending Fund (CCLF) was assigned an 'A' issuer credit rating.	UNCERTAIN	LIKELY_TRUE	The claim states a specific credit rating for a financial fund, which is a verifiable fact typically issued by independent rating agencies. Assessment shows low confidence that claim is problematic based on 0 sources.	True: 20% False: 20% Uncertain: 60% No sources 0 sources
26	08:40-08:48	Mark Moss	Cliffwater officially reports zero non-accruals, despite the actual numbers.	LEANING_FALSE	LEANING_FALSE	Analysis of 107 sources, including 4 scientific/research, 38 government sources. The claim that Cliffwater officially reports zero non-accruals is false, as evidence indicates Cliffwater's data shows an increase in non-accruals. SCIENTIFIC EVIDENCE: 9 scientific sources (power=8. Evidence quality is mixed with limited authoritative sources. Assessment shows moderate confidence that claim is problematic based on 107 sources.	True: 38% False: 57% Uncertain: 5% Good Quality 4 scientific • 38 government • 3 academic • 22 news • 82 general Source quality: T1:6% T2:34% T3:3% T4:0% T5:57% Academically/Officially Verified 107 sources
27	11:28-11:33	Mark Moss	Blackstone and Blue Owl have recently stopped redemptions.	LIKELY_TRUE	LIKELY_TRUE	Fast-fail assessment based on initial analysis (JSON parse issue). Assessment shows low confidence that claim is problematic based on 0 sources.	True: 20% False: 30% Uncertain: 50% No sources 0 sources
29	12:30-12:35	Mark Moss	Jamie Dimon said, 'When you see one cockroach, there's probably many more.'	UNCERTAIN	UNCERTAIN	Without external search, it is impossible to verify if Jamie Dimon made this specific statement. Assessment shows low confidence that claim is problematic based on 0 sources.	True: 50% False: 50% Uncertain: 0% No sources 0 sources
30	01:51-01:54	Mark Moss	Private credit is credit that banks won't approve.	LEANING_FALSE	LEANING_FALSE	Analysis of 109 sources, including 2 scientific/research, 39 government sources. SCIENTIFIC EVIDENCE: 9 scientific sources (power=9. INDEPENDENT EVIDENCE: 112 independent sources (validation power=101. Evidence quality is mixed with limited authoritative sources. Assessment shows moderate confidence that claim is problematic based on 109 sources.	True: 41% False: 54% Uncertain: 5% Good Quality 2 scientific • 39 government • 3 academic • 22 news • 84 general Source quality: T1:7% T2:35% T3:2% T4:0% T5:55% Academically/Officially Verified 109 sources
31	09:48-09:51	Mark Moss	It's evidence that the marks are fiction.	LIKELY_TRUE	LIKELY_TRUE	Analysis of 109 sources, including 2 scientific/research, 33 government sources. The claim 'It's evidence that the marks are fiction' cannot be verified as true because the term 'the marks' is undefined, and the provided evidence is entirely irrelevant and offers no support for the claim. SCIENTIFIC EVIDENCE: 10 scientific sources (power=13. Evidence quality is mixed with limited authoritative sources. Assessment shows moderate confidence in claim validity based on 109 sources.	True: 57% False: 5% Uncertain: 38% Mixed Quality 2 scientific • 33 government • 6 academic • 24 news • 79 general Source quality: T1:14% T2:28% T3:4% T4:1% T5:52% Academically/Officially Verified 109 sources

6.1 Source Quality Breakdown

Evidence is classified into five tiers: T1 Academic/peer-reviewed, T2 Official/government, T3 Trusted news, T4 Anti-scam/bloggers, T5 Unknown. Percentages per claim appear in the table above. Academically/Officially Verified indicates strong T1+T2 share; Weak Evidence Base indicates most evidence is T5.

6.2 Claims Noted But Not Independently Verifiable

The following claims were not independently verified (promotional, anecdotal, or product-name type). They are listed for completeness only.

Time	Claim	Initial Assessment	Reason
07:25-07:30	In CCLF, 189 loans had borrowers who couldn't pay cash interest, so it was rolled into principal.	UNVERIFIABLE	The claim presents a specific numerical fact about loans within 'CCLF' based on
08:06-08:12	Over 50 loans in CCLF had borrowers not generating enough cash to service their debt.	UNVERIFIABLE	The claim refers to specific internal financial data and analysis ('50 loans in
12:24-12:29	Blue Owl is seeing massive losses and freezing redemptions.	UNVERIFIABLE	The claim asserts specific internal company metrics (massive losses) and actions
00:01-00:04	There is a $13 trillion lie sitting inside your retirement account right now.	UNVERIFIABLE	Claim pre-filtered: initial assessment indicates this cannot be independently ve
00:10-00:12	The people running the retirement accounts have a fraud score higher than Bernie Madoff.	UNVERIFIABLE	Claim pre-filtered: initial assessment indicates this cannot be independently ve

7. Sources

▶ Claim 1 Sources (13:53-14:02)

Claim: An unregulated private-label mortgage securities market exploded from $148 billion in 1999 to $1.2 trillion by 2006.

• No evidence sources were provided for this claim.

▶ Claim 2 Sources (10:43-10:48)

Claim: The returns look calm 96% of the time, until they all arrive at once.

• https://www.wsj.com/tech/ai/financial-advice-ai-a6f40f0e?gaa_at=eafs&gaa_n=AWEtsqd-kr-xWuGUFUcWPsrA_LGQQhomdImtU0SFpPkMrGXtWXrF6ISEfNvk&gaa_ts=69cff7af&gaa_sig=PuUYzBYJaFJeq83PVlzTkwSsSfJZOMp5oggBrSaBiGg-xMXEuZW8NH4B3ON-_ygrmBv3RWxBlQQ8xPUVMascLA%3D%3D
• https://www.banking.senate.gov/newsroom/minority/warren-seeks-answers-from-empower-retirement-on-threats-to-americans-401ks-from-private-equity-and-private-credit
• https://www.blackstone.com/news/press/blackstone-integrates-leading-credit-and-insurance-businesses-to-form-blackstone-credit-and-insurance-bxci-in-push-toward-next-1-trillion/
• https://www.facebook.com/groups/372119787729533/posts/1210789683862535/
• https://slate.com/podcasts/what-next-tbd/2026/04/is-private-credit-a-potential-bubble-to-burst
• https://consumer.ftc.gov/understanding-your-credit
• https://www.facebook.com/groups/ForgottenOregon/posts/2876808972587022/
• https://mn.gov/dhs/program-integrity/factcheck/
• https://www.linkedin.com/posts/gregmckeown_harsh-truth-you-are-not-a-good-listener-activity-7421597884426420224-GaRa
• https://www.economy.com/getfile?q=2107637A-C535-4AFF-83BC-6CBA1AD1FAB9&app=download
• https://www.jjill.com/product/pj-slim-leg-indigo-knit-jeans-2207810jsm
• https://www.usda.gov/about-usda/news/press-releases/2025/12/08/trump-administration-announces-12-billion-farmer-bridge-payments-american-farmers-impacted-unfair
• https://www.usda.gov/about-usda/working-usda/careers
• https://www.fuqua.duke.edu/duke-fuqua-insights/why-private-credit-concerns-may-be-overblown
• https://www.npr.org/2026/04/03/nx-s1-5772701/trump-budget-defense-spending
• https://www.cms.gov/data-research/statistics-trends-and-reports/national-health-expenditure-data/nhe-fact-sheet
• https://budget.house.gov/press-release/fact-check-the-truth-about-bidens-failed-presidency
• https://misinforeview.hks.harvard.edu/article/the-presence-of-unexpected-biases-in-online-fact-checking/
• https://www.federalreserve.gov/econres/notes/feds-notes/private-credit-characteristics-and-risks-20240223.html
• https://www.usda.gov/about-usda/news/press-releases/2025/07/24/secretary-rollins-announces-usda-reorganization-restoring-departments-core-mission-supporting
• https://www.aft.org/hc/fall2024/bugbee
• https://www.budget.senate.gov/imo/media/doc/profits_over_patients_the_harmful_effects_of_private_equity_on_the_ushealthcaresystem1.pdf
• https://www.expedia.com/Lake-Louise.d10115.Destination-Travel-Guides
• https://www.reddit.com/r/toddlers/comments/uurz9j/parents_who_do_zero_screen_time_what_does_your/
• https://unfccc.int/news/cop29-un-climate-conference-agrees-to-triple-finance-to-developing-countries-protecting-lives-and
• https://www.facebook.com/FreedomFarmIsrael/
• https://enoughabuse.org/get-the-facts/what-is-child-sexual-abuse/
• https://www.ftc.gov/business-guidance/resources/health-products-compliance-guidance
• https://www.drs.wa.gov/plan/leoff2/
• https://www.ecb.europa.eu/press/financial-stability-publications/fsr/html/ecb.fsr202505~0cde5244f6.en.html
• https://www.reddit.com/r/Ebay/comments/16l5euk/buyers_on_ebay_how_important_is_a_sellers/
• https://www.facebook.com/BradentonHeraldNews/posts/shadow-bank-blue-owl-caps-private-credit-redemptions-after-investors-try-to-pull/1555580976567445/
• https://www.justice.gov/usao-sdny/pr/ceo-cfo-coo-charged-connection-billion-dollar-collapse-tricolor-auto
• https://www.yelp.com/biz/the-well-coffeehouse-nashville-6
• https://www.bis.org/publ/qtrpdf/r_qt2503b.htm
• https://www.axios.com/2026/04/03/insurance-risk-private-credit
• https://bpi.com/bpinsights-december-6-2025/
• https://www.federalreserve.gov/econres/notes/feds-notes/bank-lending-to-private-credit-size-characteristics-and-financial-stability-implications-20250523.html
• https://www.unjspf.org/the-fund/how-we-invest/
• https://www.themarshallproject.org/2024/10/21/fact-check-12000-trump-statements-immigrants
• https://www.consumerfinance.gov/consumer-tools/credit-reports-and-scores/consumer-reporting-companies/companies-list/
• https://www.fdic.gov/news/speeches/2023/spsept2023.html
• https://www.moodys.com/web/en/us/insights/data-stories/private-credit-transforms-life-insurance-industry.html
• https://www.pbs.org/newshour/show/why-private-credit-is-creating-major-concerns-among-economists
• https://www.nrmlaonline.org/2026/04/03/dol-proposed-rule-expands-alternative-assets-to-401ks
• https://www.elibrary.imf.org/display/book/9798400257704/CH002.xml
• https://www.ftc.gov/news-events/news/press-releases/2025/02/federal-trade-commission-launches-inquiry-tech-censorship
• https://www.bethcavenaugh.com/blog/hospice-24-48-hours-before-death
• https://www.kff.org/medicaid/what-does-the-federal-government-spend-on-health-care/
• https://www.brookings.edu/articles/what-is-private-credit-does-it-pose-financial-stability-risks/
• https://thefulcrum.us/economy/trump-sotu-economic-claims-fact-check
• https://www.lordabbett.com/en-us/financial-advisor/investments-and-performance/mutual-funds/short-duration-income-fund.class-r6.html
• https://www.blackstone.com/insights/article/private-credit-beyond-the-noise/
• https://www.sciencedirect.com/science/article/pii/S0268401223000233
• https://www.1000hoursoutside.com/blog/time-with-kids-before-age-12
• https://www.consumerfinance.gov/consumer-tools/credit-reports-and-scores/consumer-reporting-companies/companies-list/mib-inc/
• https://www.pa.gov/agencies/dli/resources/for-claimants-workers/benefits-information/benefit-guide/eligibility-information
• https://cybersecurityventures.com/hackerpocalypse-cybercrime-report-2016/
• https://www.osc.ny.gov/common-retirement-fund
• https://rpc.cfainstitute.org/blogs/enterprising-investor/2024/the-tyranny-of-irr-a-reality-check-on-private-market-returns
• https://www.international.gc.ca/world-monde/issues_development-enjeux_developpement/response_conflict-reponse_conflits/crisis-crises/ukraine-fact-fait.aspx?lang=eng
• https://ucnet.universityofcalifornia.edu/wp-content/uploads/forms/pdf/your-guide-to-uc-disability-benefits-fact-sheet.pdf
• https://mgaleg.maryland.gov/mgawebsite/Committees/Details?cmte=b%26t
• https://wapp.capitol.tn.gov/apps/LegislatorInfo/SponsorList?district=S010&ga=114
• https://thriveworks.com/blog/what-to-do-when-power-goes-out-mental-health-edition/
• https://consumer.ftc.gov/features/donating-safely-avoiding-scams
• https://www.jdsupra.com/legalnews/shadow-banking-and-private-credit-what-7018536/
• https://www.facebook.com/groups/3316234625187612/posts/3835763409901395/
• https://carnegieendowment.org/research/2024/01/countering-disinformation-effectively-an-evidence-based-policy-guide
• https://www.bcred.com/
• https://www.fbi.gov/news/stories/investigating-insurance-fraud
• https://www.jpmorganchase.com/newsroom/press-releases/2025/jpmc-security-resiliency-initiative
• https://www.reddit.com/r/AskEconomics/comments/1b4vfmy/what_are_shadow_banks/
• https://www.ecb.europa.eu/press/financial-stability-publications/fsr/html/ecb.fsr202511~263b5810d4.en.html
• https://www.usmle.org/sites/default/files/2021-10/Step_1_Sample_Items.pdf
• https://www.stillbirthalliance.org/read-stories/
• https://www.calpers.ca.gov/documents/faqs-service-retirement/download
• https://www.forbes.com/
• https://www.dol.gov/agencies/ebsa/about-ebsa/our-activities/resource-center/fact-sheets/cash-balance-pension-plans
• https://finance.yahoo.com/economy/policy/articles/trump-budget-pits-spending-cuts-115027330.html
• https://police.stanford.edu/alertsu.html?alertid=274&p=does-the-military-sleep-method-work-in-2026-a-quiet-honest-bedside-review-after-many-long-nights-69c952e49752f
• https://ir.blackrock.com/news-and-events/press-releases/press-releases-details/2024/BlackRock-to-Acquire-HPS-Investment-Partners-to-Deliver-Integrated-Solutions-Across-Public-and-Private-Markets/default.aspx
• https://www.factcheck.org/2020/07/trumps-false-military-equipment-claim/
• https://www.theguardian.com/business/2025/oct/18/what-is-private-credit-us-first-brands-tricolor-banks
• https://www.facebook.com/tacomanewstribune/posts/shadow-bank-blue-owl-caps-private-credit-redemptions-after-investors-try-to-pull/1548558603938836/
• https://tradethatswing.com/how-long-it-takes-to-make-money-day-trading-or-swing-trading-consistently/
• https://www.facebook.com/kcci8/posts/athletes-train-a-lifetime-to-make-it-to-the-olympics-so-do-the-people-who-make-t/1351627150338179/
• https://www.copdfoundation.org/COPD360social/Community/Questions-and-Answers/My-oximeter-says-96-BUT.aspx
• https://www.msn.com/en-sg/news/other/troubled-shadow-bank-blue-owl-caps-withdrawals-after-investors-rush-to-pull-5bn/ar-AA203P8M?ocid=finance-verthp-feeds
• https://www.fincen.gov/resources/advisoriesbulletinsfact-sheets
• https://www.ecb.europa.eu/press/financial-stability-publications/fsr/special/html/ecb.fsrart202405_03~bc23a48dbc.en.html
• https://www.moodys.com/web/en/us/insights/data-stories/breakdown-of-banks-annual-reporting-on-private-credit.html
• https://www.calpers.ca.gov/members/retirement-benefits/service-disability-retirement
• https://www.aon.com/en/capabilities/human-capital-analytics/radford-mclagan-compensation-database
• https://www.congress.gov/crs-product/R48512
• https://www.kff.org/health-costs/health-policy-101-health-care-costs-and-affordability/
• https://home.treasury.gov/news/press-releases/jy1830
• https://www.reddit.com/r/MensLib/comments/r7f3wa/fact_checking_false_rape_accusations_and_why_we/
• https://www.kff.org/topic/medicaid/
• https://www.cutoday.info/THE-tude/Shadow-Banking-Risks-Vs.-Credit-Unions-A-False-Equivalence-Shadow-Banking-s-Systemic-Risks-Are-Not-Driven-By-Credit-Unions
• https://budget.house.gov/press-release/fact-check-alert-debunking-crfbs-analysis-of-trump-and-biden-impacts-on-the-national-debt
• https://www.nuveen.com/en-us/exchange-traded-funds/nhym-nuveen-high-yield-municipal-income-etf
• https://home.treasury.gov/news/featured-stories/the-inflation-reduction-acts-benefits-and-costs
• https://www.commonwealthfund.org/publications/surveys/2023/oct/paying-for-it-costs-debt-americans-sicker-poorer-2023-affordability-survey
• https://www.tandfonline.com/doi/full/10.1080/14735970.2024.2351230
• https://pressthink.org/2016/12/winter-coming-prospects-american-press-trump/
• https://budget.house.gov/press-release/fact-check-setting-the-record-straight-on-bidenomics
• https://www.sempra.com/newsroom/press-releases/sempra-announces-strategic-transactions-advancing-goal-building-leading-us
• https://www.facebook.com/financialtimes/videos/what-do-cockroaches-have-to-do-with-credit-markets-httpsfttribaluqlpfd9/1228638622589576/
• https://www.cnn.com/2026/01/13/politics/detroit-speech-trump-economic-club
• https://www.harbourvest.com/insights-news/insights/private-credit-risk-redemptions-and-a-reality-check/

▶ Claim 3 Sources (09:03-09:18)

Claim: If the marks (loan book values) don't move, volatility is near zero. If volatility is near zero, any positive return produces an astronomical Sharpe ratio.

• https://www.pm-research.com/content/iijindinv/14/4/local/complete-issue.pdf
• https://engineering.nyu.edu/sites/default/files/2021-10/How_I_Became_a_Quant%20%281%29.pdf
• https://www.pm-research.com/content/iijjfds/7/3/local/complete-issue.pdf
• https://earlyretirementnow.com/options/
• https://afajof.org/wp-content/uploads/files/historical-texts/cox-rubinstein-ocr-1985.pdf

▶ Claim 4 Sources (10:03-10:35)

Claim: A skewness of negative 2.45 and an excess kurtosis of 14.4 means the risk is catastrophically asymmetric to the downside, with extreme events hiding in the tails.

• No evidence sources were provided for this claim.

▶ Claim 5 Sources (13:23-13:30)

Claim: The 2008 subprime mortgage crisis involved losses on mortgage-backed securities rapidly spreading through banks, GSEs, and global investors.

• No evidence sources were provided for this claim.

▶ Claim 6 Sources (00:34-00:49)

Claim: This video will cover what private credit actually is, how it got into your retirement account without your knowledge, the specific math that proves the numbers are fabricated, and the two ways this p

• https://www.drs.wa.gov/plan/pers2/
• https://www.wsj.com/tech/ai/financial-advice-ai-a6f40f0e?gaa_at=eafs&gaa_n=AWEtsqd-kr-xWuGUFUcWPsrA_LGQQhomdImtU0SFpPkMrGXtWXrF6ISEfNvk&gaa_ts=69cff7af&gaa_sig=PuUYzBYJaFJeq83PVlzTkwSsSfJZOMp5oggBrSaBiGg-xMXEuZW8NH4B3ON-_ygrmBv3RWxBlQQ8xPUVMascLA%3D%3D
• https://www.irs.gov/publications/p17
• https://www.irs.gov/publications/p970
• https://www.banking.senate.gov/newsroom/minority/warren-seeks-answers-from-empower-retirement-on-threats-to-americans-401ks-from-private-equity-and-private-credit
• https://www.blackstone.com/news/press/blackstone-integrates-leading-credit-and-insurance-businesses-to-form-blackstone-credit-and-insurance-bxci-in-push-toward-next-1-trillion/
• https://slate.com/podcasts/what-next-tbd/2026/04/is-private-credit-a-potential-bubble-to-burst
• https://consumer.ftc.gov/understanding-your-credit
• https://mn.gov/dhs/program-integrity/factcheck/
• https://www.economy.com/getfile?q=2107637A-C535-4AFF-83BC-6CBA1AD1FAB9&app=download
• https://www.usda.gov/about-usda/news/press-releases/2025/12/08/trump-administration-announces-12-billion-farmer-bridge-payments-american-farmers-impacted-unfair
• https://www.usda.gov/about-usda/working-usda/careers
• https://www.fuqua.duke.edu/duke-fuqua-insights/why-private-credit-concerns-may-be-overblown
• https://www.npr.org/2026/04/03/nx-s1-5772701/trump-budget-defense-spending
• https://www.cms.gov/data-research/statistics-trends-and-reports/national-health-expenditure-data/nhe-fact-sheet
• https://budget.house.gov/press-release/fact-check-the-truth-about-bidens-failed-presidency
• https://www.federalreserve.gov/econres/notes/feds-notes/private-credit-characteristics-and-risks-20240223.html
• https://www.usda.gov/about-usda/news/press-releases/2025/07/24/secretary-rollins-announces-usda-reorganization-restoring-departments-core-mission-supporting
• https://www.pa.gov/content/dam/copapwp-pagov/en/revenue/documents/formsandpublications/formsforindividuals/pit/documents/2024/2024_pa-40in.pdf
• https://www.aft.org/hc/fall2024/bugbee
• https://www.budget.senate.gov/imo/media/doc/profits_over_patients_the_harmful_effects_of_private_equity_on_the_ushealthcaresystem1.pdf
• https://www.dpi.nc.gov/policies-governing-students-children-disabilities/download
• https://www.tax.virginia.gov/sites/default/files/vatax-pdf/2024-760-instructions.pdf
• https://unfccc.int/news/cop29-un-climate-conference-agrees-to-triple-finance-to-developing-countries-protecting-lives-and
• https://www.ftc.gov/business-guidance/resources/health-products-compliance-guidance
• https://www.drs.wa.gov/plan/leoff2/
• https://www.ecb.europa.eu/press/financial-stability-publications/fsr/html/ecb.fsr202505~0cde5244f6.en.html
• https://www.facebook.com/BradentonHeraldNews/posts/shadow-bank-blue-owl-caps-private-credit-redemptions-after-investors-try-to-pull/1555580976567445/
• https://www.justice.gov/usao-sdny/pr/ceo-cfo-coo-charged-connection-billion-dollar-collapse-tricolor-auto
• https://www.bis.org/publ/qtrpdf/r_qt2503b.htm
• https://www.axios.com/2026/04/03/insurance-risk-private-credit
• https://bpi.com/bpinsights-december-6-2025/
• https://www.federalreserve.gov/econres/notes/feds-notes/bank-lending-to-private-credit-size-characteristics-and-financial-stability-implications-20250523.html
• https://www.unjspf.org/the-fund/how-we-invest/
• https://www.themarshallproject.org/2024/10/21/fact-check-12000-trump-statements-immigrants
• https://www.consumerfinance.gov/consumer-tools/credit-reports-and-scores/consumer-reporting-companies/companies-list/
• https://www.fdic.gov/news/speeches/2023/spsept2023.html
• https://www.moodys.com/web/en/us/insights/data-stories/private-credit-transforms-life-insurance-industry.html
• https://www.congress.gov/crs-product/R48068
• https://www.pbs.org/newshour/show/why-private-credit-is-creating-major-concerns-among-economists
• https://ofac.treasury.gov/faqs/all-faqs
• https://www.nrmlaonline.org/2026/04/03/dol-proposed-rule-expands-alternative-assets-to-401ks
• https://www.elibrary.imf.org/display/book/9798400257704/CH002.xml
• https://www.ftc.gov/news-events/news/press-releases/2025/02/federal-trade-commission-launches-inquiry-tech-censorship
• https://www.kff.org/medicaid/what-does-the-federal-government-spend-on-health-care/
• https://www.brookings.edu/articles/what-is-private-credit-does-it-pose-financial-stability-risks/
• https://thefulcrum.us/economy/trump-sotu-economic-claims-fact-check
• https://www.lordabbett.com/en-us/financial-advisor/investments-and-performance/mutual-funds/short-duration-income-fund.class-r6.html
• https://www.blackstone.com/insights/article/private-credit-beyond-the-noise/
• https://www.sciencedirect.com/science/article/pii/S0268401223000233
• https://www.consumerfinance.gov/consumer-tools/credit-reports-and-scores/consumer-reporting-companies/companies-list/mib-inc/
• https://hrs.isr.umich.edu/documentation/modules
• https://malegislature.gov/Budget/FY2026/FinalBudget
• https://www.pa.gov/agencies/dli/resources/for-claimants-workers/benefits-information/benefit-guide/eligibility-information
• https://cybersecurityventures.com/hackerpocalypse-cybercrime-report-2016/
• https://www.osc.ny.gov/common-retirement-fund
• https://rpc.cfainstitute.org/blogs/enterprising-investor/2024/the-tyranny-of-irr-a-reality-check-on-private-market-returns
• https://www.international.gc.ca/world-monde/issues_development-enjeux_developpement/response_conflict-reponse_conflits/crisis-crises/ukraine-fact-fait.aspx?lang=eng
• https://ucnet.universityofcalifornia.edu/wp-content/uploads/forms/pdf/your-guide-to-uc-disability-benefits-fact-sheet.pdf
• https://mgaleg.maryland.gov/mgawebsite/Committees/Details?cmte=b%26t
• https://wapp.capitol.tn.gov/apps/LegislatorInfo/SponsorList?district=S010&ga=114
• https://consumer.ftc.gov/features/donating-safely-avoiding-scams
• https://www.jdsupra.com/legalnews/shadow-banking-and-private-credit-what-7018536/
• https://carnegieendowment.org/research/2024/01/countering-disinformation-effectively-an-evidence-based-policy-guide
• https://www.bcred.com/
• https://www.fbi.gov/news/stories/investigating-insurance-fraud
• https://medicareadvocacy.org/articles/article-archive/
• https://www.jpmorganchase.com/newsroom/press-releases/2025/jpmc-security-resiliency-initiative
• https://www.reddit.com/r/AskEconomics/comments/1b4vfmy/what_are_shadow_banks/
• https://scoe.net/News/
• https://lacounty.gov/
• https://www.ecb.europa.eu/press/financial-stability-publications/fsr/html/ecb.fsr202511~263b5810d4.en.html
• https://www.calpers.ca.gov/documents/faqs-service-retirement/download
• https://www.forbes.com/
• https://www.dol.gov/agencies/ebsa/about-ebsa/our-activities/resource-center/fact-sheets/cash-balance-pension-plans
• https://finance.yahoo.com/economy/policy/articles/trump-budget-pits-spending-cuts-115027330.html
• https://ir.blackrock.com/news-and-events/press-releases/press-releases-details/2024/BlackRock-to-Acquire-HPS-Investment-Partners-to-Deliver-Integrated-Solutions-Across-Public-and-Private-Markets/default.aspx
• https://www.factcheck.org/2020/07/trumps-false-military-equipment-claim/
• https://www.theguardian.com/business/2025/oct/18/what-is-private-credit-us-first-brands-tricolor-banks
• https://www.facebook.com/tacomanewstribune/posts/shadow-bank-blue-owl-caps-private-credit-redemptions-after-investors-try-to-pull/1548558603938836/
• https://www.msn.com/en-sg/news/other/troubled-shadow-bank-blue-owl-caps-withdrawals-after-investors-rush-to-pull-5bn/ar-AA203P8M?ocid=finance-verthp-feeds
• https://www.fincen.gov/resources/advisoriesbulletinsfact-sheets
• https://www.ecb.europa.eu/press/financial-stability-publications/fsr/special/html/ecb.fsrart202405_03~bc23a48dbc.en.html
• https://www.moodys.com/web/en/us/insights/data-stories/breakdown-of-banks-annual-reporting-on-private-credit.html
• https://www.calpers.ca.gov/members/retirement-benefits/service-disability-retirement
• https://www.aon.com/en/capabilities/human-capital-analytics/radford-mclagan-compensation-database
• https://www.ftb.ca.gov/forms/2024/2024-565-booklet.html
• https://www.reddit.com/r/ChatGPT/comments/zozc2b/i_used_chat_gpt_to_write_a_300_page_16_chapter/
• https://www.congress.gov/crs-product/R48512
• https://www.kff.org/health-costs/health-policy-101-health-care-costs-and-affordability/
• https://home.treasury.gov/news/press-releases/jy1830
• https://news.va.gov/138326/va-secretary-doug-collins-veterans-benefits/
• https://www.kff.org/topic/medicaid/
• https://www.cutoday.info/THE-tude/Shadow-Banking-Risks-Vs.-Credit-Unions-A-False-Equivalence-Shadow-Banking-s-Systemic-Risks-Are-Not-Driven-By-Credit-Unions
• https://www.neisd.net/announcements/
• https://budget.house.gov/press-release/fact-check-alert-debunking-crfbs-analysis-of-trump-and-biden-impacts-on-the-national-debt
• https://www.nuveen.com/en-us/exchange-traded-funds/nhym-nuveen-high-yield-municipal-income-etf
• https://home.treasury.gov/news/featured-stories/the-inflation-reduction-acts-benefits-and-costs
• https://www.commonwealthfund.org/publications/surveys/2023/oct/paying-for-it-costs-debt-americans-sicker-poorer-2023-affordability-survey
• https://www.tandfonline.com/doi/full/10.1080/14735970.2024.2351230
• https://budget.house.gov/press-release/fact-check-setting-the-record-straight-on-bidenomics
• https://www.sempra.com/newsroom/press-releases/sempra-announces-strategic-transactions-advancing-goal-building-leading-us
• https://www.facebook.com/financialtimes/videos/what-do-cockroaches-have-to-do-with-credit-markets-httpsfttribaluqlpfd9/1228638622589576/
• https://www.cnn.com/2026/01/13/politics/detroit-speech-trump-economic-club
• https://www.harbourvest.com/insights-news/insights/private-credit-risk-redemptions-and-a-reality-check/

▶ Claim 7 Sources (06:05-06:11)

Claim: A former SEC Chair warned that managers 'do things to make sure that you keep getting your stream of management fee,' highlighting the conflict when valuation marks drive fee income.

• https://www.wsj.com/tech/ai/financial-advice-ai-a6f40f0e?gaa_at=eafs&gaa_n=AWEtsqd-kr-xWuGUFUcWPsrA_LGQQhomdImtU0SFpPkMrGXtWXrF6ISEfNvk&gaa_ts=69cff7af&gaa_sig=PuUYzBYJaFJeq83PVlzTkwSsSfJZOMp5oggBrSaBiGg-xMXEuZW8NH4B3ON-_ygrmBv3RWxBlQQ8xPUVMascLA%3D%3D
• https://www.banking.senate.gov/newsroom/minority/warren-seeks-answers-from-empower-retirement-on-threats-to-americans-401ks-from-private-equity-and-private-credit
• https://www.blackstone.com/news/press/blackstone-integrates-leading-credit-and-insurance-businesses-to-form-blackstone-credit-and-insurance-bxci-in-push-toward-next-1-trillion/
• https://slate.com/podcasts/what-next-tbd/2026/04/is-private-credit-a-potential-bubble-to-burst
• https://consumer.ftc.gov/understanding-your-credit
• https://mn.gov/dhs/program-integrity/factcheck/
• https://www.economy.com/getfile?q=2107637A-C535-4AFF-83BC-6CBA1AD1FAB9&app=download
• https://www.govinfo.gov/content/pkg/GPO-FCIC/pdf/GPO-FCIC.pdf
• https://www.usda.gov/about-usda/news/press-releases/2025/12/08/trump-administration-announces-12-billion-farmer-bridge-payments-american-farmers-impacted-unfair
• https://www.usda.gov/about-usda/working-usda/careers
• https://www.fuqua.duke.edu/duke-fuqua-insights/why-private-credit-concerns-may-be-overblown
• https://www.npr.org/2026/04/03/nx-s1-5772701/trump-budget-defense-spending
• https://www.cms.gov/data-research/statistics-trends-and-reports/national-health-expenditure-data/nhe-fact-sheet
• https://budget.house.gov/press-release/fact-check-the-truth-about-bidens-failed-presidency
• https://www.federalreserve.gov/econres/notes/feds-notes/private-credit-characteristics-and-risks-20240223.html
• https://www.usda.gov/about-usda/news/press-releases/2025/07/24/secretary-rollins-announces-usda-reorganization-restoring-departments-core-mission-supporting
• https://www.nhsconfed.org/articles/health-care-sector-latest-developments
• https://www.aft.org/hc/fall2024/bugbee
• https://www.budget.senate.gov/imo/media/doc/profits_over_patients_the_harmful_effects_of_private_equity_on_the_ushealthcaresystem1.pdf
• https://unfccc.int/news/cop29-un-climate-conference-agrees-to-triple-finance-to-developing-countries-protecting-lives-and
• https://www.irs.gov/pub/irs-pdf/i990.pdf
• https://www.ftc.gov/business-guidance/resources/health-products-compliance-guidance
• https://www.drs.wa.gov/plan/leoff2/
• https://www.ecb.europa.eu/press/financial-stability-publications/fsr/html/ecb.fsr202505~0cde5244f6.en.html
• https://www.sec.gov/Archives/edgar/data/723527/000093176303001862/dex991.htm
• https://www.mgeenergy.com/MGEEnergy/media/Library/documents/annual-reports/2026-notice-of-annual-meeting-and-proxy-statement.pdf
• https://www.ecfr.gov/current/title-2/subtitle-A/chapter-II/part-200
• https://www.facebook.com/BradentonHeraldNews/posts/shadow-bank-blue-owl-caps-private-credit-redemptions-after-investors-try-to-pull/1555580976567445/
• https://www.justice.gov/usao-sdny/pr/ceo-cfo-coo-charged-connection-billion-dollar-collapse-tricolor-auto
• https://www.bis.org/publ/qtrpdf/r_qt2503b.htm
• https://www.axios.com/2026/04/03/insurance-risk-private-credit
• https://bpi.com/bpinsights-december-6-2025/
• https://www.federalreserve.gov/econres/notes/feds-notes/bank-lending-to-private-credit-size-characteristics-and-financial-stability-implications-20250523.html
• https://www.unjspf.org/the-fund/how-we-invest/
• https://www.themarshallproject.org/2024/10/21/fact-check-12000-trump-statements-immigrants
• https://www.consumerfinance.gov/consumer-tools/credit-reports-and-scores/consumer-reporting-companies/companies-list/
• https://www.fdic.gov/news/speeches/2023/spsept2023.html
• https://www.moodys.com/web/en/us/insights/data-stories/private-credit-transforms-life-insurance-industry.html
• https://investor.lpl.com/static-files/366e7735-8ad9-4d20-9d45-30e4c4482440
• https://www.pbs.org/newshour/show/why-private-credit-is-creating-major-concerns-among-economists
• https://ofac.treasury.gov/faqs/all-faqs
• https://www.nrmlaonline.org/2026/04/03/dol-proposed-rule-expands-alternative-assets-to-401ks
• https://www.elibrary.imf.org/display/book/9798400257704/CH002.xml
• https://www.ftc.gov/news-events/news/press-releases/2025/02/federal-trade-commission-launches-inquiry-tech-censorship
• https://www.ada.gov/law-and-regs/regulations/title-ii-2010-regulations/
• https://www.kff.org/medicaid/what-does-the-federal-government-spend-on-health-care/
• https://www.brookings.edu/articles/what-is-private-credit-does-it-pose-financial-stability-risks/
• https://thefulcrum.us/economy/trump-sotu-economic-claims-fact-check
• https://www.lordabbett.com/en-us/financial-advisor/investments-and-performance/mutual-funds/short-duration-income-fund.class-r6.html
• https://www.blackstone.com/insights/article/private-credit-beyond-the-noise/
• https://www.sciencedirect.com/science/article/pii/S0268401223000233
• https://www.consumerfinance.gov/consumer-tools/credit-reports-and-scores/consumer-reporting-companies/companies-list/mib-inc/
• https://malegislature.gov/Budget/FY2026/FinalBudget
• https://www.pa.gov/agencies/dli/resources/for-claimants-workers/benefits-information/benefit-guide/eligibility-information
• https://cybersecurityventures.com/hackerpocalypse-cybercrime-report-2016/
• https://www.alancantorconsulting.com/2024/03/the-charity-of-elon-musk/
• https://www.osc.ny.gov/common-retirement-fund
• https://rpc.cfainstitute.org/blogs/enterprising-investor/2024/the-tyranny-of-irr-a-reality-check-on-private-market-returns
• https://www.international.gc.ca/world-monde/issues_development-enjeux_developpement/response_conflict-reponse_conflits/crisis-crises/ukraine-fact-fait.aspx?lang=eng
• https://ucnet.universityofcalifornia.edu/wp-content/uploads/forms/pdf/your-guide-to-uc-disability-benefits-fact-sheet.pdf
• https://mgaleg.maryland.gov/mgawebsite/Committees/Details?cmte=b%26t
• https://wapp.capitol.tn.gov/apps/LegislatorInfo/SponsorList?district=S010&ga=114
• https://www.ada.gov/law-and-regs/regulations/title-iii-regulations/
• https://consumer.ftc.gov/features/donating-safely-avoiding-scams
• https://www.jdsupra.com/legalnews/shadow-banking-and-private-credit-what-7018536/
• https://carnegieendowment.org/research/2024/01/countering-disinformation-effectively-an-evidence-based-policy-guide
• https://www.bcred.com/
• https://www.fbi.gov/news/stories/investigating-insurance-fraud
• https://www.jpmorganchase.com/newsroom/press-releases/2025/jpmc-security-resiliency-initiative
• https://www.reddit.com/r/AskEconomics/comments/1b4vfmy/what_are_shadow_banks/
• https://www.ecb.europa.eu/press/financial-stability-publications/fsr/html/ecb.fsr202511~263b5810d4.en.html
• https://www.calpers.ca.gov/documents/faqs-service-retirement/download
• https://www.forbes.com/
• https://www.dol.gov/agencies/ebsa/about-ebsa/our-activities/resource-center/fact-sheets/cash-balance-pension-plans
• https://finance.yahoo.com/economy/policy/articles/trump-budget-pits-spending-cuts-115027330.html
• https://ir.blackrock.com/news-and-events/press-releases/press-releases-details/2024/BlackRock-to-Acquire-HPS-Investment-Partners-to-Deliver-Integrated-Solutions-Across-Public-and-Private-Markets/default.aspx
• https://www.factcheck.org/2020/07/trumps-false-military-equipment-claim/
• https://lofgren.house.gov/sites/evo-subsites/lofgren.house.gov/files/evo-media-document/Stop%20Project%202025%20Task%20Force's%20Project%202025%20Subject-by-Subject%20Breakdown_7.26.2024.docx-compressed.pdf
• https://www.theguardian.com/business/2025/oct/18/what-is-private-credit-us-first-brands-tricolor-banks
• https://www.facebook.com/tacomanewstribune/posts/shadow-bank-blue-owl-caps-private-credit-redemptions-after-investors-try-to-pull/1548558603938836/
• https://www.msn.com/en-sg/news/other/troubled-shadow-bank-blue-owl-caps-withdrawals-after-investors-rush-to-pull-5bn/ar-AA203P8M?ocid=finance-verthp-feeds
• https://www.fincen.gov/resources/advisoriesbulletinsfact-sheets
• https://www.ecb.europa.eu/press/financial-stability-publications/fsr/special/html/ecb.fsrart202405_03~bc23a48dbc.en.html
• https://www.moodys.com/web/en/us/insights/data-stories/breakdown-of-banks-annual-reporting-on-private-credit.html
• https://www.calpers.ca.gov/members/retirement-benefits/service-disability-retirement
• https://www.eeoc.gov/laws/guidance/enforcement-guidance-retaliation-and-related-issues
• https://www.aon.com/en/capabilities/human-capital-analytics/radford-mclagan-compensation-database
• https://www.congress.gov/crs-product/R48512
• https://www.kff.org/health-costs/health-policy-101-health-care-costs-and-affordability/
• https://home.treasury.gov/news/press-releases/jy1830
• https://news.va.gov/138326/va-secretary-doug-collins-veterans-benefits/
• https://www.kff.org/topic/medicaid/
• https://www.cutoday.info/THE-tude/Shadow-Banking-Risks-Vs.-Credit-Unions-A-False-Equivalence-Shadow-Banking-s-Systemic-Risks-Are-Not-Driven-By-Credit-Unions
• https://www.askamanager.org/2016/07/my-best-employee-quit-on-the-spot-because-i-wouldnt-let-her-go-to-her-college-graduation.html
• https://www.neisd.net/announcements/
• https://budget.house.gov/press-release/fact-check-alert-debunking-crfbs-analysis-of-trump-and-biden-impacts-on-the-national-debt
• https://www.nuveen.com/en-us/exchange-traded-funds/nhym-nuveen-high-yield-municipal-income-etf
• https://home.treasury.gov/news/featured-stories/the-inflation-reduction-acts-benefits-and-costs
• https://www.commonwealthfund.org/publications/surveys/2023/oct/paying-for-it-costs-debt-americans-sicker-poorer-2023-affordability-survey
• https://www.tandfonline.com/doi/full/10.1080/14735970.2024.2351230
• https://budget.house.gov/press-release/fact-check-setting-the-record-straight-on-bidenomics
• https://www.sempra.com/newsroom/press-releases/sempra-announces-strategic-transactions-advancing-goal-building-leading-us
• https://www.jpmorganchase.com/ir/annual-report/2024/ar-ceo-letters
• https://www.facebook.com/financialtimes/videos/what-do-cockroaches-have-to-do-with-credit-markets-httpsfttribaluqlpfd9/1228638622589576/
• https://www.cnn.com/2026/01/13/politics/detroit-speech-trump-economic-club
• https://www.harbourvest.com/insights-news/insights/private-credit-risk-redemptions-and-a-reality-check/

▶ Claim 8 Sources (13:40-13:44)

Claim: The 2008 crisis forced simultaneous interventions by entities like Fannie Mae and Freddie Mac.

• No evidence sources were provided for this claim.

▶ Claim 9 Sources (00:16-00:23)

Claim: The money isn't coming from Wall Street or the banks; it's coming from your pension funds, 401Ks, and retirement accounts.

• https://www.wsj.com/tech/ai/financial-advice-ai-a6f40f0e?gaa_at=eafs&gaa_n=AWEtsqd-kr-xWuGUFUcWPsrA_LGQQhomdImtU0SFpPkMrGXtWXrF6ISEfNvk&gaa_ts=69cff7af&gaa_sig=PuUYzBYJaFJeq83PVlzTkwSsSfJZOMp5oggBrSaBiGg-xMXEuZW8NH4B3ON-_ygrmBv3RWxBlQQ8xPUVMascLA%3D%3D
• https://www.banking.senate.gov/newsroom/minority/warren-seeks-answers-from-empower-retirement-on-threats-to-americans-401ks-from-private-equity-and-private-credit
• https://www.facebook.com/groups/350375204981651/posts/26402196596039489/
• https://www.blackstone.com/news/press/blackstone-integrates-leading-credit-and-insurance-businesses-to-form-blackstone-credit-and-insurance-bxci-in-push-toward-next-1-trillion/
• https://www.reddit.com/r/investing/comments/1r5ey4v/could_wall_street_really_seize_our_retirement/
• https://www.pbs.org/wgbh/pages/frontline/retirement/interviews/bogle.html
• https://slate.com/podcasts/what-next-tbd/2026/04/is-private-credit-a-potential-bubble-to-burst
• https://consumer.ftc.gov/understanding-your-credit
• https://mn.gov/dhs/program-integrity/factcheck/
• https://www.economy.com/getfile?q=2107637A-C535-4AFF-83BC-6CBA1AD1FAB9&app=download
• https://www.usda.gov/about-usda/news/press-releases/2025/12/08/trump-administration-announces-12-billion-farmer-bridge-payments-american-farmers-impacted-unfair
• https://www.usda.gov/about-usda/working-usda/careers
• https://www.fuqua.duke.edu/duke-fuqua-insights/why-private-credit-concerns-may-be-overblown
• https://www.npr.org/2026/04/03/nx-s1-5772701/trump-budget-defense-spending
• https://www.cms.gov/data-research/statistics-trends-and-reports/national-health-expenditure-data/nhe-fact-sheet
• https://budget.house.gov/press-release/fact-check-the-truth-about-bidens-failed-presidency
• https://www.federalreserve.gov/econres/notes/feds-notes/private-credit-characteristics-and-risks-20240223.html
• https://www.usda.gov/about-usda/news/press-releases/2025/07/24/secretary-rollins-announces-usda-reorganization-restoring-departments-core-mission-supporting
• https://www.aft.org/hc/fall2024/bugbee
• https://www.budget.senate.gov/imo/media/doc/profits_over_patients_the_harmful_effects_of_private_equity_on_the_ushealthcaresystem1.pdf
• https://www.aol.com/brother-died-leaving-sole-beneficiary-144355388.html
• https://www.yelp.com/biz/principal-financial-group-des-moines-7
• https://unfccc.int/news/cop29-un-climate-conference-agrees-to-triple-finance-to-developing-countries-protecting-lives-and
• https://benefitslink.com/boards/topic/26238-close-out-a-403b-plan-and-convert-to-another-non-taxable-fund/
• https://www.ftc.gov/business-guidance/resources/health-products-compliance-guidance
• https://news.ycombinator.com/item?id=47604155
• https://www.drs.wa.gov/plan/leoff2/
• https://www.ecb.europa.eu/press/financial-stability-publications/fsr/html/ecb.fsr202505~0cde5244f6.en.html
• https://www.facebook.com/BradentonHeraldNews/posts/shadow-bank-blue-owl-caps-private-credit-redemptions-after-investors-try-to-pull/1555580976567445/
• https://www.justice.gov/usao-sdny/pr/ceo-cfo-coo-charged-connection-billion-dollar-collapse-tricolor-auto
• https://www.bis.org/publ/qtrpdf/r_qt2503b.htm
• https://www.axios.com/2026/04/03/insurance-risk-private-credit
• https://www.ineteconomics.org/perspectives/blog/private-equity-is-out-of-control-and-looting-america-this-prosecutor-says-we-can-fix-it
• https://bpi.com/bpinsights-december-6-2025/
• https://www.federalreserve.gov/econres/notes/feds-notes/bank-lending-to-private-credit-size-characteristics-and-financial-stability-implications-20250523.html
• https://www.unjspf.org/the-fund/how-we-invest/
• https://www.themarshallproject.org/2024/10/21/fact-check-12000-trump-statements-immigrants
• https://obamawhitehouse.archives.gov/the-press-office/2015/02/23/remarks-president-aarp
• https://www.consumerfinance.gov/consumer-tools/credit-reports-and-scores/consumer-reporting-companies/companies-list/
• https://www.fdic.gov/news/speeches/2023/spsept2023.html
• https://www.moodys.com/web/en/us/insights/data-stories/private-credit-transforms-life-insurance-industry.html
• https://www.pbs.org/newshour/show/why-private-credit-is-creating-major-concerns-among-economists
• https://www.nrmlaonline.org/2026/04/03/dol-proposed-rule-expands-alternative-assets-to-401ks
• https://www.elibrary.imf.org/display/book/9798400257704/CH002.xml
• https://www.ftc.gov/news-events/news/press-releases/2025/02/federal-trade-commission-launches-inquiry-tech-censorship
• https://www.kff.org/medicaid/what-does-the-federal-government-spend-on-health-care/
• https://www.brookings.edu/articles/what-is-private-credit-does-it-pose-financial-stability-risks/
• https://www.cbpp.org/research/would-private-accounts-provide-a-higher-rate-of-return-than-social-security
• https://thefulcrum.us/economy/trump-sotu-economic-claims-fact-check
• https://www.lordabbett.com/en-us/financial-advisor/investments-and-performance/mutual-funds/short-duration-income-fund.class-r6.html
• https://www.blackstone.com/insights/article/private-credit-beyond-the-noise/
• https://www.sciencedirect.com/science/article/pii/S0268401223000233
• https://www.consumerfinance.gov/consumer-tools/credit-reports-and-scores/consumer-reporting-companies/companies-list/mib-inc/
• https://www.reddit.com/r/TrueReddit/comments/1i4d1nl/private_equity_is_coming_for_your_401k_savings/
• https://www.facebook.com/clarkhoward/posts/for-decades-401ks-meant-stocks-and-bonds-but-thats-changing-wes-moss-explains-ho/1352914576193267/
• https://www.pa.gov/agencies/dli/resources/for-claimants-workers/benefits-information/benefit-guide/eligibility-information
• https://cybersecurityventures.com/hackerpocalypse-cybercrime-report-2016/
• https://www.osc.ny.gov/common-retirement-fund
• https://rpc.cfainstitute.org/blogs/enterprising-investor/2024/the-tyranny-of-irr-a-reality-check-on-private-market-returns
• https://www.international.gc.ca/world-monde/issues_development-enjeux_developpement/response_conflict-reponse_conflits/crisis-crises/ukraine-fact-fait.aspx?lang=eng
• https://ucnet.universityofcalifornia.edu/wp-content/uploads/forms/pdf/your-guide-to-uc-disability-benefits-fact-sheet.pdf
• https://mgaleg.maryland.gov/mgawebsite/Committees/Details?cmte=b%26t
• https://wapp.capitol.tn.gov/apps/LegislatorInfo/SponsorList?district=S010&ga=114
• https://consumer.ftc.gov/features/donating-safely-avoiding-scams
• https://www.jdsupra.com/legalnews/shadow-banking-and-private-credit-what-7018536/
• https://carnegieendowment.org/research/2024/01/countering-disinformation-effectively-an-evidence-based-policy-guide
• https://www.wsj.com/finance?gaa_at=eafs&gaa_n=AWEtsqc1aG1jol1eVbQbevJK2ePxJ9OC9OEgsYZQojkmpagWoeFfQWMuY3La&gaa_ts=69cff84a&gaa_sig=tMY5RtV95B6b5d_ZWaI25AKwV2hMTO_N2FqdXgsjTLTmiPACNFnrbIvucUXHB5aHqGTzPOHuJVJX6Di8k4LpEA%3D%3D
• https://www.bcred.com/
• https://www.fbi.gov/news/stories/investigating-insurance-fraud
• https://www.jpmorganchase.com/newsroom/press-releases/2025/jpmc-security-resiliency-initiative
• https://www.reddit.com/r/AskEconomics/comments/1b4vfmy/what_are_shadow_banks/
• https://www.facebook.com/bloombergbusiness/posts/the-american-retirement-system-is-on-the-verge-of-one-of-its-biggest-changes-in-/1324378339548256/
• https://www.businessinsider.com/wall-street-hot-investment-private-credit-retirement-savings-401k-2026-1
• https://www.politico.com/news/2026/03/20/perfect-storm-wall-street-turmoil-muddies-trumps-pitch-to-boost-401ks-00837051
• https://www.ecb.europa.eu/press/financial-stability-publications/fsr/html/ecb.fsr202511~263b5810d4.en.html
• https://www.calpers.ca.gov/documents/faqs-service-retirement/download
• https://www.forbes.com/
• https://ourfinancialsecurity.org/news/blog-wall-street-wants-your-retirement-savings/
• https://www.dol.gov/agencies/ebsa/about-ebsa/our-activities/resource-center/fact-sheets/cash-balance-pension-plans
• https://finance.yahoo.com/economy/policy/articles/trump-budget-pits-spending-cuts-115027330.html
• https://www.thisamericanlife.org/355/transcript
• https://ir.blackrock.com/news-and-events/press-releases/press-releases-details/2024/BlackRock-to-Acquire-HPS-Investment-Partners-to-Deliver-Integrated-Solutions-Across-Public-and-Private-Markets/default.aspx
• https://www.factcheck.org/2020/07/trumps-false-military-equipment-claim/
• https://www.theguardian.com/business/2025/oct/18/what-is-private-credit-us-first-brands-tricolor-banks
• https://www.facebook.com/tacomanewstribune/posts/shadow-bank-blue-owl-caps-private-credit-redemptions-after-investors-try-to-pull/1548558603938836/
• https://www.msn.com/en-sg/news/other/troubled-shadow-bank-blue-owl-caps-withdrawals-after-investors-rush-to-pull-5bn/ar-AA203P8M?ocid=finance-verthp-feeds
• https://www.fincen.gov/resources/advisoriesbulletinsfact-sheets
• https://www.ecb.europa.eu/press/financial-stability-publications/fsr/special/html/ecb.fsrart202405_03~bc23a48dbc.en.html
• https://www.moodys.com/web/en/us/insights/data-stories/breakdown-of-banks-annual-reporting-on-private-credit.html
• https://www.calpers.ca.gov/members/retirement-benefits/service-disability-retirement
• https://www.aon.com/en/capabilities/human-capital-analytics/radford-mclagan-compensation-database
• https://www.congress.gov/crs-product/R48512
• https://www.ssa.gov/history/gwbushstmts5b.html
• https://www.kff.org/health-costs/health-policy-101-health-care-costs-and-affordability/
• https://home.treasury.gov/news/press-releases/jy1830
• https://www.kff.org/topic/medicaid/
• https://www.cutoday.info/THE-tude/Shadow-Banking-Risks-Vs.-Credit-Unions-A-False-Equivalence-Shadow-Banking-s-Systemic-Risks-Are-Not-Driven-By-Credit-Unions
• https://smartasset.com/retirement/how-to-protect-your-401k-from-stock-market-crash
• https://www.finance.senate.gov/imo/media/doc/03-01-2016%20Submitted%20Letters%20for%20the%20record.pdf
• https://budget.house.gov/press-release/fact-check-alert-debunking-crfbs-analysis-of-trump-and-biden-impacts-on-the-national-debt
• https://www.nuveen.com/en-us/exchange-traded-funds/nhym-nuveen-high-yield-municipal-income-etf
• https://home.treasury.gov/news/featured-stories/the-inflation-reduction-acts-benefits-and-costs
• https://www.commonwealthfund.org/publications/surveys/2023/oct/paying-for-it-costs-debt-americans-sicker-poorer-2023-affordability-survey
• https://www.tandfonline.com/doi/full/10.1080/14735970.2024.2351230
• https://budget.house.gov/press-release/fact-check-setting-the-record-straight-on-bidenomics
• https://www.sempra.com/newsroom/press-releases/sempra-announces-strategic-transactions-advancing-goal-building-leading-us
• https://www.facebook.com/financialtimes/videos/what-do-cockroaches-have-to-do-with-credit-markets-httpsfttribaluqlpfd9/1228638622589576/
• https://www.cnn.com/2026/01/13/politics/detroit-speech-trump-economic-club
• https://www.harbourvest.com/insights-news/insights/private-credit-risk-redemptions-and-a-reality-check/

▶ Claim 10 Sources (00:52-00:59)

Claim: By the end of this video, you'll understand something the SEC completely missed and that one guy with a laptop exposed.

• https://www.wsj.com/tech/ai/financial-advice-ai-a6f40f0e?gaa_at=eafs&gaa_n=AWEtsqd-kr-xWuGUFUcWPsrA_LGQQhomdImtU0SFpPkMrGXtWXrF6ISEfNvk&gaa_ts=69cff7af&gaa_sig=PuUYzBYJaFJeq83PVlzTkwSsSfJZOMp5oggBrSaBiGg-xMXEuZW8NH4B3ON-_ygrmBv3RWxBlQQ8xPUVMascLA%3D%3D
• https://www.banking.senate.gov/newsroom/minority/warren-seeks-answers-from-empower-retirement-on-threats-to-americans-401ks-from-private-equity-and-private-credit
• https://www.blackstone.com/news/press/blackstone-integrates-leading-credit-and-insurance-businesses-to-form-blackstone-credit-and-insurance-bxci-in-push-toward-next-1-trillion/
• https://www.reddit.com/r/WritingPrompts/comments/8aec6t/wp_its_3_am_an_official_phone_alert_wakes_you_up/
• https://www.drgeorgesimon.com/when-your-character-disordered-ex-defames-and-makes-trouble-for-you/
• https://slate.com/podcasts/what-next-tbd/2026/04/is-private-credit-a-potential-bubble-to-burst
• https://consumer.ftc.gov/understanding-your-credit
• https://mn.gov/dhs/program-integrity/factcheck/
• https://www.economy.com/getfile?q=2107637A-C535-4AFF-83BC-6CBA1AD1FAB9&app=download
• https://www.usda.gov/about-usda/news/press-releases/2025/12/08/trump-administration-announces-12-billion-farmer-bridge-payments-american-farmers-impacted-unfair
• https://www.usda.gov/about-usda/working-usda/careers
• https://www.fuqua.duke.edu/duke-fuqua-insights/why-private-credit-concerns-may-be-overblown
• https://www.npr.org/2026/04/03/nx-s1-5772701/trump-budget-defense-spending
• https://www.cms.gov/data-research/statistics-trends-and-reports/national-health-expenditure-data/nhe-fact-sheet
• https://budget.house.gov/press-release/fact-check-the-truth-about-bidens-failed-presidency
• https://www.federalreserve.gov/econres/notes/feds-notes/private-credit-characteristics-and-risks-20240223.html
• https://www.usda.gov/about-usda/news/press-releases/2025/07/24/secretary-rollins-announces-usda-reorganization-restoring-departments-core-mission-supporting
• https://www.aft.org/hc/fall2024/bugbee
• https://www.budget.senate.gov/imo/media/doc/profits_over_patients_the_harmful_effects_of_private_equity_on_the_ushealthcaresystem1.pdf
• https://www.reddit.com/r/Futurism/comments/1kridjr/chatgpt_lied_to_me_not_by_mistake_by_design_heres/
• https://unfccc.int/news/cop29-un-climate-conference-agrees-to-triple-finance-to-developing-countries-protecting-lives-and
• https://www.facebook.com/TheRealMikeRowe/posts/this-meme-is-making-the-rounds-like-hundreds-of-other-memes-out-there-featuring-/502210041263272/
• https://www.ftc.gov/business-guidance/resources/health-products-compliance-guidance
• https://www.drs.wa.gov/plan/leoff2/
• https://www.ecb.europa.eu/press/financial-stability-publications/fsr/html/ecb.fsr202505~0cde5244f6.en.html
• https://www.linkedin.com/posts/ruben-hassid_i-cant-believe-my-chatgpt-is-finally-brutal-activity-7391444200233529345-9VZT
• https://www.facebook.com/BradentonHeraldNews/posts/shadow-bank-blue-owl-caps-private-credit-redemptions-after-investors-try-to-pull/1555580976567445/
• https://www.justice.gov/usao-sdny/pr/ceo-cfo-coo-charged-connection-billion-dollar-collapse-tricolor-auto
• https://www.bis.org/publ/qtrpdf/r_qt2503b.htm
• https://www.axios.com/2026/04/03/insurance-risk-private-credit
• https://www.heysigmund.com/when-its-not-you-its-them-the-toxic-people-that-ruin-friendships-families-relationships/comment-page-2/
• https://bpi.com/bpinsights-december-6-2025/
• https://www.federalreserve.gov/econres/notes/feds-notes/bank-lending-to-private-credit-size-characteristics-and-financial-stability-implications-20250523.html
• https://www.unjspf.org/the-fund/how-we-invest/
• https://www.themarshallproject.org/2024/10/21/fact-check-12000-trump-statements-immigrants
• https://www.consumerfinance.gov/consumer-tools/credit-reports-and-scores/consumer-reporting-companies/companies-list/
• https://www.fdic.gov/news/speeches/2023/spsept2023.html
• https://www.moodys.com/web/en/us/insights/data-stories/private-credit-transforms-life-insurance-industry.html
• https://www.pbs.org/newshour/show/why-private-credit-is-creating-major-concerns-among-economists
• https://ofac.treasury.gov/faqs/all-faqs
• https://www.nrmlaonline.org/2026/04/03/dol-proposed-rule-expands-alternative-assets-to-401ks
• https://www.elibrary.imf.org/display/book/9798400257704/CH002.xml
• https://www.ftc.gov/news-events/news/press-releases/2025/02/federal-trade-commission-launches-inquiry-tech-censorship
• https://www.kff.org/medicaid/what-does-the-federal-government-spend-on-health-care/
• https://www.brookings.edu/articles/what-is-private-credit-does-it-pose-financial-stability-risks/
• https://thefulcrum.us/economy/trump-sotu-economic-claims-fact-check
• https://www.lordabbett.com/en-us/financial-advisor/investments-and-performance/mutual-funds/short-duration-income-fund.class-r6.html
• https://www.blackstone.com/insights/article/private-credit-beyond-the-noise/
• https://www.sciencedirect.com/science/article/pii/S0268401223000233
• https://www.consumerfinance.gov/consumer-tools/credit-reports-and-scores/consumer-reporting-companies/companies-list/mib-inc/
• https://www.pa.gov/agencies/dli/resources/for-claimants-workers/benefits-information/benefit-guide/eligibility-information
• https://www.instagram.com/fredagainagainagainagainagain/?hl=en
• https://cybersecurityventures.com/hackerpocalypse-cybercrime-report-2016/
• https://www.osc.ny.gov/common-retirement-fund
• https://rpc.cfainstitute.org/blogs/enterprising-investor/2024/the-tyranny-of-irr-a-reality-check-on-private-market-returns
• https://www.international.gc.ca/world-monde/issues_development-enjeux_developpement/response_conflict-reponse_conflits/crisis-crises/ukraine-fact-fait.aspx?lang=eng
• https://ucnet.universityofcalifornia.edu/wp-content/uploads/forms/pdf/your-guide-to-uc-disability-benefits-fact-sheet.pdf
• https://mgaleg.maryland.gov/mgawebsite/Committees/Details?cmte=b%26t
• https://wapp.capitol.tn.gov/apps/LegislatorInfo/SponsorList?district=S010&ga=114
• https://consumer.ftc.gov/features/donating-safely-avoiding-scams
• https://www.jdsupra.com/legalnews/shadow-banking-and-private-credit-what-7018536/
• https://carnegieendowment.org/research/2024/01/countering-disinformation-effectively-an-evidence-based-policy-guide
• https://www.bcred.com/
• https://www.fbi.gov/news/stories/investigating-insurance-fraud
• https://rewordify.com/index.php?u=6z3p54wgb9bgwc
• https://www.jpmorganchase.com/newsroom/press-releases/2025/jpmc-security-resiliency-initiative
• https://www.reddit.com/r/AskEconomics/comments/1b4vfmy/what_are_shadow_banks/
• https://www.ecb.europa.eu/press/financial-stability-publications/fsr/html/ecb.fsr202511~263b5810d4.en.html
• https://www.calpers.ca.gov/documents/faqs-service-retirement/download
• https://www.forbes.com/
• https://www.dol.gov/agencies/ebsa/about-ebsa/our-activities/resource-center/fact-sheets/cash-balance-pension-plans
• https://finance.yahoo.com/economy/policy/articles/trump-budget-pits-spending-cuts-115027330.html
• https://ir.blackrock.com/news-and-events/press-releases/press-releases-details/2024/BlackRock-to-Acquire-HPS-Investment-Partners-to-Deliver-Integrated-Solutions-Across-Public-and-Private-Markets/default.aspx
• https://www.factcheck.org/2020/07/trumps-false-military-equipment-claim/
• https://www.theguardian.com/business/2025/oct/18/what-is-private-credit-us-first-brands-tricolor-banks
• https://www.facebook.com/tacomanewstribune/posts/shadow-bank-blue-owl-caps-private-credit-redemptions-after-investors-try-to-pull/1548558603938836/
• https://www.msn.com/en-sg/news/other/troubled-shadow-bank-blue-owl-caps-withdrawals-after-investors-rush-to-pull-5bn/ar-AA203P8M?ocid=finance-verthp-feeds
• https://www.instagram.com/thematthewhussey/?hl=en
• https://www.fincen.gov/resources/advisoriesbulletinsfact-sheets
• https://www.ecb.europa.eu/press/financial-stability-publications/fsr/special/html/ecb.fsrart202405_03~bc23a48dbc.en.html
• https://www.moodys.com/web/en/us/insights/data-stories/breakdown-of-banks-annual-reporting-on-private-credit.html
• https://www.reddit.com/r/phishing/comments/1fdvwv0/dont_be_mad_at_me_ive_seen_this_scam_before_but/
• https://www.calpers.ca.gov/members/retirement-benefits/service-disability-retirement
• https://www.aon.com/en/capabilities/human-capital-analytics/radford-mclagan-compensation-database
• https://www.congress.gov/crs-product/R48512
• https://adfam.org.uk/forums/topic/my-husband-and-cocaine/
• https://www.kff.org/health-costs/health-policy-101-health-care-costs-and-affordability/
• https://home.treasury.gov/news/press-releases/jy1830
• https://www.adhdmarriage.com/content/absolutely-no-sympathy-husband-when-im-sick-fact-it-seems-be-my-fault
• https://www.kff.org/topic/medicaid/
• https://www.cutoday.info/THE-tude/Shadow-Banking-Risks-Vs.-Credit-Unions-A-False-Equivalence-Shadow-Banking-s-Systemic-Risks-Are-Not-Driven-By-Credit-Unions
• https://budget.house.gov/press-release/fact-check-alert-debunking-crfbs-analysis-of-trump-and-biden-impacts-on-the-national-debt
• https://www.nuveen.com/en-us/exchange-traded-funds/nhym-nuveen-high-yield-municipal-income-etf
• https://home.treasury.gov/news/featured-stories/the-inflation-reduction-acts-benefits-and-costs
• https://www.commonwealthfund.org/publications/surveys/2023/oct/paying-for-it-costs-debt-americans-sicker-poorer-2023-affordability-survey
• https://www.tandfonline.com/doi/full/10.1080/14735970.2024.2351230
• https://budget.house.gov/press-release/fact-check-setting-the-record-straight-on-bidenomics
• https://www.sempra.com/newsroom/press-releases/sempra-announces-strategic-transactions-advancing-goal-building-leading-us
• https://www.facebook.com/financialtimes/videos/what-do-cockroaches-have-to-do-with-credit-markets-httpsfttribaluqlpfd9/1228638622589576/
• https://www.cnn.com/2026/01/13/politics/detroit-speech-trump-economic-club
• https://www.harbourvest.com/insights-news/insights/private-credit-risk-redemptions-and-a-reality-check/

▶ Claim 11 Sources (02:20-02:44)

Claim: Private credit is part of a 'shadow banking system' because it's not in the light and is not really regulated.

• https://www.wsj.com/tech/ai/financial-advice-ai-a6f40f0e?gaa_at=eafs&gaa_n=AWEtsqd-kr-xWuGUFUcWPsrA_LGQQhomdImtU0SFpPkMrGXtWXrF6ISEfNvk&gaa_ts=69cff7af&gaa_sig=PuUYzBYJaFJeq83PVlzTkwSsSfJZOMp5oggBrSaBiGg-xMXEuZW8NH4B3ON-_ygrmBv3RWxBlQQ8xPUVMascLA%3D%3D
• https://www.banking.senate.gov/newsroom/minority/warren-seeks-answers-from-empower-retirement-on-threats-to-americans-401ks-from-private-equity-and-private-credit
• https://www.blackstone.com/news/press/blackstone-integrates-leading-credit-and-insurance-businesses-to-form-blackstone-credit-and-insurance-bxci-in-push-toward-next-1-trillion/
• https://slate.com/podcasts/what-next-tbd/2026/04/is-private-credit-a-potential-bubble-to-burst
• https://consumer.ftc.gov/understanding-your-credit
• https://www.newyorkfed.org/medialibrary/media/research/staff_reports/sr1119.pdf
• https://mn.gov/dhs/program-integrity/factcheck/
• https://www.economy.com/getfile?q=2107637A-C535-4AFF-83BC-6CBA1AD1FAB9&app=download
• https://www.whitehouse.gov/wp-content/uploads/2026/04/budget_fy2027.pdf
• https://www.usda.gov/about-usda/news/press-releases/2025/12/08/trump-administration-announces-12-billion-farmer-bridge-payments-american-farmers-impacted-unfair
• https://www.usda.gov/about-usda/working-usda/careers
• https://www.fuqua.duke.edu/duke-fuqua-insights/why-private-credit-concerns-may-be-overblown
• https://www.newyorkfed.org/medialibrary/media/research/staff_reports/sr638.pdf
• https://www.npr.org/2026/04/03/nx-s1-5772701/trump-budget-defense-spending
• https://www.cms.gov/data-research/statistics-trends-and-reports/national-health-expenditure-data/nhe-fact-sheet
• https://budget.house.gov/press-release/fact-check-the-truth-about-bidens-failed-presidency
• https://www.federalreserve.gov/econres/notes/feds-notes/private-credit-characteristics-and-risks-20240223.html
• https://www.usda.gov/about-usda/news/press-releases/2025/07/24/secretary-rollins-announces-usda-reorganization-restoring-departments-core-mission-supporting
• https://www.aft.org/hc/fall2024/bugbee
• https://www.budget.senate.gov/imo/media/doc/profits_over_patients_the_harmful_effects_of_private_equity_on_the_ushealthcaresystem1.pdf
• https://www.bankingsupervision.europa.eu/press/blog/2025/html/ssm.blog20250603~7af4ffc2d7.en.html
• https://unfccc.int/news/cop29-un-climate-conference-agrees-to-triple-finance-to-developing-countries-protecting-lives-and
• https://www.ftc.gov/business-guidance/resources/health-products-compliance-guidance
• https://www.drs.wa.gov/plan/leoff2/
• https://www.ecb.europa.eu/press/financial-stability-publications/fsr/html/ecb.fsr202505~0cde5244f6.en.html
• https://www.facebook.com/BradentonHeraldNews/posts/shadow-bank-blue-owl-caps-private-credit-redemptions-after-investors-try-to-pull/1555580976567445/
• https://www.justice.gov/usao-sdny/pr/ceo-cfo-coo-charged-connection-billion-dollar-collapse-tricolor-auto
• https://www.bis.org/publ/qtrpdf/r_qt2503b.htm
• https://www.axios.com/2026/04/03/insurance-risk-private-credit
• https://bpi.com/bpinsights-december-6-2025/
• https://www.accc.gov.au/system/files/ACCC+commissioned+report+-+The+impact+of+digital+platforms+on+news+and+journalistic+content,+Centre+for+Media+Transition+(2).pdf
• https://www.federalreserve.gov/econres/notes/feds-notes/bank-lending-to-private-credit-size-characteristics-and-financial-stability-implications-20250523.html
• https://www.unjspf.org/the-fund/how-we-invest/
• https://www.webex.com/
• https://www.themarshallproject.org/2024/10/21/fact-check-12000-trump-statements-immigrants
• https://www.consumerfinance.gov/consumer-tools/credit-reports-and-scores/consumer-reporting-companies/companies-list/
• https://www.fdic.gov/news/speeches/2023/spsept2023.html
• https://www.moodys.com/web/en/us/insights/data-stories/private-credit-transforms-life-insurance-industry.html
• https://www.pbs.org/newshour/show/why-private-credit-is-creating-major-concerns-among-economists
• https://www.nrmlaonline.org/2026/04/03/dol-proposed-rule-expands-alternative-assets-to-401ks
• https://www.elibrary.imf.org/display/book/9798400257704/CH002.xml
• https://www.ftc.gov/news-events/news/press-releases/2025/02/federal-trade-commission-launches-inquiry-tech-censorship
• https://www.americanprogress.org/article/strengthening-regulation-oversight-shadow-banks/
• https://www.kff.org/medicaid/what-does-the-federal-government-spend-on-health-care/
• https://www.newyorkfed.org/medialibrary/media/research/staff_reports/sr458.pdf
• https://www.brookings.edu/articles/what-is-private-credit-does-it-pose-financial-stability-risks/
• https://thefulcrum.us/economy/trump-sotu-economic-claims-fact-check
• https://www.lordabbett.com/en-us/financial-advisor/investments-and-performance/mutual-funds/short-duration-income-fund.class-r6.html
• https://committees.parliament.uk/committee/697/financial-services-regulation-committee/news/211242/financial-services-regulation-committee-p..._markets-report/
• https://www.blackstone.com/insights/article/private-credit-beyond-the-noise/
• https://www.fsb.org/2026/01/sense-and-sensibility-in-nonbank-regulation-a-thoughtful-approach-to-nonbank-financial-regulation/
• https://www.sciencedirect.com/science/article/pii/S0268401223000233
• https://www.consumerfinance.gov/consumer-tools/credit-reports-and-scores/consumer-reporting-companies/companies-list/mib-inc/
• https://www.pa.gov/agencies/dli/resources/for-claimants-workers/benefits-information/benefit-guide/eligibility-information
• https://cybersecurityventures.com/hackerpocalypse-cybercrime-report-2016/
• https://www.osc.ny.gov/common-retirement-fund
• https://rpc.cfainstitute.org/blogs/enterprising-investor/2024/the-tyranny-of-irr-a-reality-check-on-private-market-returns
• https://www.international.gc.ca/world-monde/issues_development-enjeux_developpement/response_conflict-reponse_conflits/crisis-crises/ukraine-fact-fait.aspx?lang=eng
• https://ucnet.universityofcalifornia.edu/wp-content/uploads/forms/pdf/your-guide-to-uc-disability-benefits-fact-sheet.pdf
• https://mgaleg.maryland.gov/mgawebsite/Committees/Details?cmte=b%26t
• https://wapp.capitol.tn.gov/apps/LegislatorInfo/SponsorList?district=S010&ga=114
• https://consumer.ftc.gov/features/donating-safely-avoiding-scams
• https://www.jdsupra.com/legalnews/shadow-banking-and-private-credit-what-7018536/
• https://carnegieendowment.org/research/2024/01/countering-disinformation-effectively-an-evidence-based-policy-guide
• https://scholarship.law.cornell.edu/cgi/viewcontent.cgi?article=2660&context=facpub
• https://www.bcred.com/
• https://www.bis.org/publ/bppdf/bispap79.pdf
• https://www.fbi.gov/news/stories/investigating-insurance-fraud
• https://home.treasury.gov/news/press-releases/sb0073
• https://www.jpmorganchase.com/newsroom/press-releases/2025/jpmc-security-resiliency-initiative
• https://www.reddit.com/r/AskEconomics/comments/1b4vfmy/what_are_shadow_banks/
• https://ratings.moodys.com/
• https://www.ecb.europa.eu/press/financial-stability-publications/fsr/html/ecb.fsr202511~263b5810d4.en.html
• https://www.calpers.ca.gov/documents/faqs-service-retirement/download
• https://www.forbes.com/
• https://www.dol.gov/agencies/ebsa/about-ebsa/our-activities/resource-center/fact-sheets/cash-balance-pension-plans
• https://finance.yahoo.com/economy/policy/articles/trump-budget-pits-spending-cuts-115027330.html
• https://ir.blackrock.com/news-and-events/press-releases/press-releases-details/2024/BlackRock-to-Acquire-HPS-Investment-Partners-to-Deliver-Integrated-Solutions-Across-Public-and-Private-Markets/default.aspx
• https://www.factcheck.org/2020/07/trumps-false-military-equipment-claim/
• https://www.theguardian.com/business/2025/oct/18/what-is-private-credit-us-first-brands-tricolor-banks
• https://www.facebook.com/tacomanewstribune/posts/shadow-bank-blue-owl-caps-private-credit-redemptions-after-investors-try-to-pull/1548558603938836/
• https://newrepublic.com/article/208579/trump-cfpb-warning-signals-economy-recession
• https://www.msn.com/en-sg/news/other/troubled-shadow-bank-blue-owl-caps-withdrawals-after-investors-rush-to-pull-5bn/ar-AA203P8M?ocid=finance-verthp-feeds
• https://www.fincen.gov/resources/advisoriesbulletinsfact-sheets
• https://www.ecb.europa.eu/press/financial-stability-publications/fsr/special/html/ecb.fsrart202405_03~bc23a48dbc.en.html
• https://www.moodys.com/web/en/us/insights/data-stories/breakdown-of-banks-annual-reporting-on-private-credit.html
• https://www.calpers.ca.gov/members/retirement-benefits/service-disability-retirement
• https://www.aon.com/en/capabilities/human-capital-analytics/radford-mclagan-compensation-database
• https://www.congress.gov/crs-product/R48512
• https://committees.parliament.uk/committee/697/financial-services-regulation-committee/news/211242/financial-services-regulation-committee-publishes-private-markets-report/
• https://www.fdic.gov/analysis/cfr/bank-research-conference/annual-17th/papers/15-piskorski.pdf
• https://www.kff.org/health-costs/health-policy-101-health-care-costs-and-affordability/
• https://www.313presents.com/venue/little-caesars-arena
• https://home.treasury.gov/news/press-releases/jy1830
• https://www.kff.org/topic/medicaid/
• https://www.cutoday.info/THE-tude/Shadow-Banking-Risks-Vs.-Credit-Unions-A-False-Equivalence-Shadow-Banking-s-Systemic-Risks-Are-Not-Driven-By-Credit-Unions
• https://bankingjournal.aba.com/2023/11/the-basel-iii-endgame-proposal-yet-another-gift-to-private-credit-funds/
• https://jcl.law.uiowa.edu/sites/jcl.law.uiowa.edu/files/2023-11/Corrigan_Final.pdf
• https://budget.house.gov/press-release/fact-check-alert-debunking-crfbs-analysis-of-trump-and-biden-impacts-on-the-national-debt
• https://www.nuveen.com/en-us/exchange-traded-funds/nhym-nuveen-high-yield-municipal-income-etf
• https://home.treasury.gov/news/featured-stories/the-inflation-reduction-acts-benefits-and-costs
• https://www.commonwealthfund.org/publications/surveys/2023/oct/paying-for-it-costs-debt-americans-sicker-poorer-2023-affordability-survey
• https://www.tandfonline.com/doi/full/10.1080/14735970.2024.2351230
• https://budget.house.gov/press-release/fact-check-setting-the-record-straight-on-bidenomics
• https://www.sempra.com/newsroom/press-releases/sempra-announces-strategic-transactions-advancing-goal-building-leading-us
• https://www.facebook.com/financialtimes/videos/what-do-cockroaches-have-to-do-with-credit-markets-httpsfttribaluqlpfd9/1228638622589576/
• https://www.cnn.com/2026/01/13/politics/detroit-speech-trump-economic-club
• https://www.harbourvest.com/insights-news/insights/private-credit-risk-redemptions-and-a-reality-check/

▶ Claim 12 Sources (03:09-03:40)

Claim: The growth of private credit markets has been exponential over the past two decades, particularly in North America.

• No evidence sources were provided for this claim.

▶ Claim 13 Sources (03:55-04:14)

Claim: Money for private credit comes from pension funds, insurance corporations, sovereign wealth funds, and retail investors.

• No evidence sources were provided for this claim.

▶ Claim 14 Sources (04:17-04:22)

Claim: These funds then lend to small and medium-sized firms, some highly leveraged, that banks won't lend to.

• https://www.wsj.com/tech/ai/financial-advice-ai-a6f40f0e?gaa_at=eafs&gaa_n=AWEtsqd-kr-xWuGUFUcWPsrA_LGQQhomdImtU0SFpPkMrGXtWXrF6ISEfNvk&gaa_ts=69cff7af&gaa_sig=PuUYzBYJaFJeq83PVlzTkwSsSfJZOMp5oggBrSaBiGg-xMXEuZW8NH4B3ON-_ygrmBv3RWxBlQQ8xPUVMascLA%3D%3D
• https://www.banking.senate.gov/newsroom/minority/warren-seeks-answers-from-empower-retirement-on-threats-to-americans-401ks-from-private-equity-and-private-credit
• https://home.treasury.gov/system/files/261/FSOC2022AnnualReport.pdf
• https://www.blackstone.com/news/press/blackstone-integrates-leading-credit-and-insurance-businesses-to-form-blackstone-credit-and-insurance-bxci-in-push-toward-next-1-trillion/
• https://slate.com/podcasts/what-next-tbd/2026/04/is-private-credit-a-potential-bubble-to-burst
• https://consumer.ftc.gov/understanding-your-credit
• https://www.bankofengland.co.uk/speech/2020/alex-brazier-keynote-dialogue-at-the-cfo-agenda
• https://mn.gov/dhs/program-integrity/factcheck/
• https://www.economy.com/getfile?q=2107637A-C535-4AFF-83BC-6CBA1AD1FAB9&app=download
• https://www.govinfo.gov/content/pkg/GPO-FCIC/pdf/GPO-FCIC.pdf
• https://www.usda.gov/about-usda/news/press-releases/2025/12/08/trump-administration-announces-12-billion-farmer-bridge-payments-american-farmers-impacted-unfair
• https://www.usda.gov/about-usda/working-usda/careers
• https://www.fuqua.duke.edu/duke-fuqua-insights/why-private-credit-concerns-may-be-overblown
• https://www.npr.org/2026/04/03/nx-s1-5772701/trump-budget-defense-spending
• https://www.cms.gov/data-research/statistics-trends-and-reports/national-health-expenditure-data/nhe-fact-sheet
• https://budget.house.gov/press-release/fact-check-the-truth-about-bidens-failed-presidency
• https://www.raymondjames.com/-/media/rj/common/investment-strategy-publications/investment-strategy-quarterly
• https://www.federalreserve.gov/econres/notes/feds-notes/private-credit-characteristics-and-risks-20240223.html
• https://www.usda.gov/about-usda/news/press-releases/2025/07/24/secretary-rollins-announces-usda-reorganization-restoring-departments-core-mission-supporting
• https://www.aft.org/hc/fall2024/bugbee
• https://www.budget.senate.gov/imo/media/doc/profits_over_patients_the_harmful_effects_of_private_equity_on_the_ushealthcaresystem1.pdf
• https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/annualreport-2024.pdf
• https://unfccc.int/news/cop29-un-climate-conference-agrees-to-triple-finance-to-developing-countries-protecting-lives-and
• https://www.ftc.gov/business-guidance/resources/health-products-compliance-guidance
• https://www.drs.wa.gov/plan/leoff2/
• https://www.ecb.europa.eu/press/financial-stability-publications/fsr/html/ecb.fsr202505~0cde5244f6.en.html
• https://www.facebook.com/BradentonHeraldNews/posts/shadow-bank-blue-owl-caps-private-credit-redemptions-after-investors-try-to-pull/1555580976567445/
• https://markets.jpmorgan.com/research-and-insights
• https://www.justice.gov/usao-sdny/pr/ceo-cfo-coo-charged-connection-billion-dollar-collapse-tricolor-auto
• https://www.bis.org/publ/qtrpdf/r_qt2503b.htm
• https://www.axios.com/2026/04/03/insurance-risk-private-credit
• https://www.federalregister.gov/documents/2023/11/09/2023-24234/trade-regulation-rule-on-unfair-or-deceptive-fees
• https://www.amp.com.au/
• https://bpi.com/bpinsights-december-6-2025/
• https://www.federalreserve.gov/econres/notes/feds-notes/bank-lending-to-private-credit-size-characteristics-and-financial-stability-implications-20250523.html
• https://www.unjspf.org/the-fund/how-we-invest/
• https://www.financialresearch.gov/annual-reports/files/OFR-AR-2023_web.pdf
• https://www.themarshallproject.org/2024/10/21/fact-check-12000-trump-statements-immigrants
• https://www.reddit.com/r/ValueInvesting/comments/1p2est8/stop_watching_the_banks_the_real_bomb_is_ticking/
• https://www.brookings.edu/wp-content/uploads/2020/06/WP64_Liang-English_FINAL.pdf
• https://www.consumerfinance.gov/consumer-tools/credit-reports-and-scores/consumer-reporting-companies/companies-list/
• https://www.fdic.gov/news/speeches/2023/spsept2023.html
• https://www.moodys.com/web/en/us/insights/data-stories/private-credit-transforms-life-insurance-industry.html
• https://www.pbs.org/newshour/show/why-private-credit-is-creating-major-concerns-among-economists
• https://www.nrmlaonline.org/2026/04/03/dol-proposed-rule-expands-alternative-assets-to-401ks
• https://www.elibrary.imf.org/display/book/9798400257704/CH002.xml
• https://www.ftc.gov/news-events/news/press-releases/2025/02/federal-trade-commission-launches-inquiry-tech-censorship
• https://www.kff.org/medicaid/what-does-the-federal-government-spend-on-health-care/
• https://www.capitalcu.com/blog
• https://www.sba.gov/business-guide/plan-your-business/fund-your-business
• https://www.brookings.edu/articles/what-is-private-credit-does-it-pose-financial-stability-risks/
• https://www.federalreserve.gov/newsevents/speech/stein20130207a.htm
• https://thefulcrum.us/economy/trump-sotu-economic-claims-fact-check
• https://www.lordabbett.com/en-us/financial-advisor/investments-and-performance/mutual-funds/short-duration-income-fund.class-r6.html
• https://www.blackstone.com/insights/article/private-credit-beyond-the-noise/
• https://www.sciencedirect.com/science/article/pii/S0268401223000233
• https://www.consumerfinance.gov/consumer-tools/credit-reports-and-scores/consumer-reporting-companies/companies-list/mib-inc/
• https://www.pa.gov/agencies/dli/resources/for-claimants-workers/benefits-information/benefit-guide/eligibility-information
• https://cybersecurityventures.com/hackerpocalypse-cybercrime-report-2016/
• https://www.osc.ny.gov/common-retirement-fund
• https://rpc.cfainstitute.org/blogs/enterprising-investor/2024/the-tyranny-of-irr-a-reality-check-on-private-market-returns
• https://www.international.gc.ca/world-monde/issues_development-enjeux_developpement/response_conflict-reponse_conflits/crisis-crises/ukraine-fact-fait.aspx?lang=eng
• https://ucnet.universityofcalifornia.edu/wp-content/uploads/forms/pdf/your-guide-to-uc-disability-benefits-fact-sheet.pdf
• https://mgaleg.maryland.gov/mgawebsite/Committees/Details?cmte=b%26t
• https://fcic-static.law.stanford.edu/cdn_media/fcic-reports/fcic_final_report_full.pdf
• https://wapp.capitol.tn.gov/apps/LegislatorInfo/SponsorList?district=S010&ga=114
• https://consumer.ftc.gov/features/donating-safely-avoiding-scams
• https://www.jdsupra.com/legalnews/shadow-banking-and-private-credit-what-7018536/
• https://carnegieendowment.org/research/2024/01/countering-disinformation-effectively-an-evidence-based-policy-guide
• https://www.bcred.com/
• https://www.fbi.gov/news/stories/investigating-insurance-fraud
• https://www.jpmorganchase.com/newsroom/press-releases/2025/jpmc-security-resiliency-initiative
• https://consumer.ftc.gov/articles/what-know-about-cryptocurrency-scams
• https://www.instagram.com/p/DWpo56OjhDZ/
• https://www.reddit.com/r/AskEconomics/comments/1b4vfmy/what_are_shadow_banks/
• https://www.ecb.europa.eu/press/financial-stability-publications/fsr/html/ecb.fsr202511~263b5810d4.en.html
• https://www.calpers.ca.gov/documents/faqs-service-retirement/download
• https://www.forbes.com/
• https://www.dol.gov/agencies/ebsa/about-ebsa/our-activities/resource-center/fact-sheets/cash-balance-pension-plans
• https://finance.yahoo.com/economy/policy/articles/trump-budget-pits-spending-cuts-115027330.html
• https://ir.blackrock.com/news-and-events/press-releases/press-releases-details/2024/BlackRock-to-Acquire-HPS-Investment-Partners-to-Deliver-Integrated-Solutions-Across-Public-and-Private-Markets/default.aspx
• https://www.factcheck.org/2020/07/trumps-false-military-equipment-claim/
• https://www.theguardian.com/business/2025/oct/18/what-is-private-credit-us-first-brands-tricolor-banks
• https://www.facebook.com/tacomanewstribune/posts/shadow-bank-blue-owl-caps-private-credit-redemptions-after-investors-try-to-pull/1548558603938836/
• https://www.msn.com/en-sg/news/other/troubled-shadow-bank-blue-owl-caps-withdrawals-after-investors-rush-to-pull-5bn/ar-AA203P8M?ocid=finance-verthp-feeds
• https://ustr.gov/about-us/policy-offices/press-office/fact-sheets/2015/january/fact-sheet-obama-administration%E2%80%99s
• https://www.fincen.gov/resources/advisoriesbulletinsfact-sheets
• https://www.ecb.europa.eu/press/financial-stability-publications/fsr/special/html/ecb.fsrart202405_03~bc23a48dbc.en.html
• https://www.moodys.com/web/en/us/insights/data-stories/breakdown-of-banks-annual-reporting-on-private-credit.html
• https://www.calpers.ca.gov/members/retirement-benefits/service-disability-retirement
• https://www.aon.com/en/capabilities/human-capital-analytics/radford-mclagan-compensation-database
• https://www.congress.gov/crs-product/R48512
• https://www.kff.org/health-costs/health-policy-101-health-care-costs-and-affordability/
• https://www.oaktreecapital.com/insights/insight-commentary/education/direct-lending
• https://home.treasury.gov/news/press-releases/jy1830
• https://www.kff.org/topic/medicaid/
• https://www.cutoday.info/THE-tude/Shadow-Banking-Risks-Vs.-Credit-Unions-A-False-Equivalence-Shadow-Banking-s-Systemic-Risks-Are-Not-Driven-By-Credit-Unions
• https://budget.house.gov/press-release/fact-check-alert-debunking-crfbs-analysis-of-trump-and-biden-impacts-on-the-national-debt
• https://www.nuveen.com/en-us/exchange-traded-funds/nhym-nuveen-high-yield-municipal-income-etf
• https://home.treasury.gov/news/featured-stories/the-inflation-reduction-acts-benefits-and-costs
• https://www.commonwealthfund.org/publications/surveys/2023/oct/paying-for-it-costs-debt-americans-sicker-poorer-2023-affordability-survey
• https://www.tandfonline.com/doi/full/10.1080/14735970.2024.2351230
• https://budget.house.gov/press-release/fact-check-setting-the-record-straight-on-bidenomics
• https://www.sempra.com/newsroom/press-releases/sempra-announces-strategic-transactions-advancing-goal-building-leading-us
• https://www.facebook.com/financialtimes/videos/what-do-cockroaches-have-to-do-with-credit-markets-httpsfttribaluqlpfd9/1228638622589576/
• https://www.cnn.com/2026/01/13/politics/detroit-speech-trump-economic-club
• https://www.harbourvest.com/insights-news/insights/private-credit-risk-redemptions-and-a-reality-check/

▶ Claim 15 Sources (05:48-06:03)

Claim: Managers in private credit have strong incentives to 'cherry pick prices' that let them reap higher fees at the expense of their clients.

• https://www.yelp.com/search?find_desc=Educational+Consulting&find_loc=Glendora%2C+CA
• https://www.wsj.com/tech/ai/financial-advice-ai-a6f40f0e?gaa_at=eafs&gaa_n=AWEtsqd-kr-xWuGUFUcWPsrA_LGQQhomdImtU0SFpPkMrGXtWXrF6ISEfNvk&gaa_ts=69cff7af&gaa_sig=PuUYzBYJaFJeq83PVlzTkwSsSfJZOMp5oggBrSaBiGg-xMXEuZW8NH4B3ON-_ygrmBv3RWxBlQQ8xPUVMascLA%3D%3D
• https://www.courthousenews.com/wp-content/uploads/2026/04/baldoni-lively-ruling.pdf
• https://www.bloomberg.com/news/articles/2025-11-25/private-credit-s-sketchy-marks-get-warning-shot-from-wall-street-s-top-cop
• https://www.banking.senate.gov/newsroom/minority/warren-seeks-answers-from-empower-retirement-on-threats-to-americans-401ks-from-private-equity-and-private-credit
• https://www.blackstone.com/news/press/blackstone-integrates-leading-credit-and-insurance-businesses-to-form-blackstone-credit-and-insurance-bxci-in-push-toward-next-1-trillion/
• https://slate.com/podcasts/what-next-tbd/2026/04/is-private-credit-a-potential-bubble-to-burst
• https://consumer.ftc.gov/understanding-your-credit
• https://mn.gov/dhs/program-integrity/factcheck/
• https://www.economy.com/getfile?q=2107637A-C535-4AFF-83BC-6CBA1AD1FAB9&app=download
• https://www.usda.gov/about-usda/news/press-releases/2025/12/08/trump-administration-announces-12-billion-farmer-bridge-payments-american-farmers-impacted-unfair
• https://www.usda.gov/about-usda/working-usda/careers
• https://www.fuqua.duke.edu/duke-fuqua-insights/why-private-credit-concerns-may-be-overblown
• https://www.healthaffairs.org/doi/10.1377/hlthaff.2010.0402
• https://www.npr.org/2026/04/03/nx-s1-5772701/trump-budget-defense-spending
• https://www.cms.gov/data-research/statistics-trends-and-reports/national-health-expenditure-data/nhe-fact-sheet
• https://budget.house.gov/press-release/fact-check-the-truth-about-bidens-failed-presidency
• https://www.federalreserve.gov/econres/notes/feds-notes/private-credit-characteristics-and-risks-20240223.html
• https://www.usda.gov/about-usda/news/press-releases/2025/07/24/secretary-rollins-announces-usda-reorganization-restoring-departments-core-mission-supporting
• https://www.aft.org/hc/fall2024/bugbee
• https://www.nj.gov/dca/codes/publications/pdf_lti/t_i_r.pdf
• https://www.budget.senate.gov/imo/media/doc/profits_over_patients_the_harmful_effects_of_private_equity_on_the_ushealthcaresystem1.pdf
• https://www.finance.senate.gov/download/the-hospital-insurance-trust-fund-and-the-future-of-medicare-financing
• https://unfccc.int/news/cop29-un-climate-conference-agrees-to-triple-finance-to-developing-countries-protecting-lives-and
• https://www.facebook.com/groups/bchealthcarematters/posts/1128661552773550/
• https://www.ftc.gov/business-guidance/resources/health-products-compliance-guidance
• https://www.drs.wa.gov/plan/leoff2/
• https://www.ecb.europa.eu/press/financial-stability-publications/fsr/html/ecb.fsr202505~0cde5244f6.en.html
• https://www.facebook.com/BradentonHeraldNews/posts/shadow-bank-blue-owl-caps-private-credit-redemptions-after-investors-try-to-pull/1555580976567445/
• https://www.justice.gov/usao-sdny/pr/ceo-cfo-coo-charged-connection-billion-dollar-collapse-tricolor-auto
• https://www.bis.org/publ/qtrpdf/r_qt2503b.htm
• https://www.axios.com/2026/04/03/insurance-risk-private-credit
• https://waysandmeans.house.gov/wp-content/uploads/2023/09/WEBSITE-May-16-2023-Transcript.pdf
• https://bpi.com/bpinsights-december-6-2025/
• https://www.federalreserve.gov/econres/notes/feds-notes/bank-lending-to-private-credit-size-characteristics-and-financial-stability-implications-20250523.html
• https://www.unjspf.org/the-fund/how-we-invest/
• https://www.themarshallproject.org/2024/10/21/fact-check-12000-trump-statements-immigrants
• https://www.consumerfinance.gov/consumer-tools/credit-reports-and-scores/consumer-reporting-companies/companies-list/
• https://www.fdic.gov/news/speeches/2023/spsept2023.html
• https://aspe.hhs.gov/reports/refugee-economic-self-sufficiency-exploratory-study-approaches-used-office-refugee-resettlement-0
• https://www.moodys.com/web/en/us/insights/data-stories/private-credit-transforms-life-insurance-industry.html
• https://cran.r-project.org/web/packages/available_packages_by_date.html
• https://www.cbh.com/insights/reports/private-equity-report-2024-trends-and-2025-outlook/
• https://www.pbs.org/newshour/show/why-private-credit-is-creating-major-concerns-among-economists
• https://www.nrmlaonline.org/2026/04/03/dol-proposed-rule-expands-alternative-assets-to-401ks
• https://www.elibrary.imf.org/display/book/9798400257704/CH002.xml
• https://www.ftc.gov/news-events/news/press-releases/2025/02/federal-trade-commission-launches-inquiry-tech-censorship
• https://www.congress.gov/event/118th-congress/senate-event/LC72897/text
• https://www.kff.org/medicaid/what-does-the-federal-government-spend-on-health-care/
• https://www.brookings.edu/articles/what-is-private-credit-does-it-pose-financial-stability-risks/
• https://thefulcrum.us/economy/trump-sotu-economic-claims-fact-check
• https://www.lordabbett.com/en-us/financial-advisor/investments-and-performance/mutual-funds/short-duration-income-fund.class-r6.html
• https://www.blackstone.com/insights/article/private-credit-beyond-the-noise/
• https://atbio.me/c/160917/5487/links
• https://www.sciencedirect.com/science/article/pii/S0268401223000233
• https://www.consumerfinance.gov/consumer-tools/credit-reports-and-scores/consumer-reporting-companies/companies-list/mib-inc/
• https://www.ncleg.gov/enactedlegislation/statutes/html/bychapter/chapter_122c.html
• https://www.pa.gov/agencies/dli/resources/for-claimants-workers/benefits-information/benefit-guide/eligibility-information
• https://cybersecurityventures.com/hackerpocalypse-cybercrime-report-2016/
• https://www.osc.ny.gov/common-retirement-fund
• https://rpc.cfainstitute.org/blogs/enterprising-investor/2024/the-tyranny-of-irr-a-reality-check-on-private-market-returns
• https://www.international.gc.ca/world-monde/issues_development-enjeux_developpement/response_conflict-reponse_conflits/crisis-crises/ukraine-fact-fait.aspx?lang=eng
• https://ucnet.universityofcalifornia.edu/wp-content/uploads/forms/pdf/your-guide-to-uc-disability-benefits-fact-sheet.pdf
• https://stratechery.com/
• https://mgaleg.maryland.gov/mgawebsite/Committees/Details?cmte=b%26t
• https://wapp.capitol.tn.gov/apps/LegislatorInfo/SponsorList?district=S010&ga=114
• https://consumer.ftc.gov/features/donating-safely-avoiding-scams
• https://www.jdsupra.com/legalnews/shadow-banking-and-private-credit-what-7018536/
• https://carnegieendowment.org/research/2024/01/countering-disinformation-effectively-an-evidence-based-policy-guide
• https://www.bcred.com/
• https://www.fbi.gov/news/stories/investigating-insurance-fraud
• https://www.federalreserve.gov/events/publicmeeting/20040114/20040114.htm
• https://www.jpmorganchase.com/newsroom/press-releases/2025/jpmc-security-resiliency-initiative
• https://www.reddit.com/r/AskEconomics/comments/1b4vfmy/what_are_shadow_banks/
• https://www.medpac.gov/wp-content/uploads/import_data/scrape_files/docs/default-source/reports/Mar05_EntireReport.pdf
• https://www.ecb.europa.eu/press/financial-stability-publications/fsr/html/ecb.fsr202511~263b5810d4.en.html
• https://www.calpers.ca.gov/documents/faqs-service-retirement/download
• https://www.forbes.com/
• https://www.dol.gov/agencies/ebsa/about-ebsa/our-activities/resource-center/fact-sheets/cash-balance-pension-plans
• https://finance.yahoo.com/economy/policy/articles/trump-budget-pits-spending-cuts-115027330.html
• https://ir.blackrock.com/news-and-events/press-releases/press-releases-details/2024/BlackRock-to-Acquire-HPS-Investment-Partners-to-Deliver-Integrated-Solutions-Across-Public-and-Private-Markets/default.aspx
• https://www.factcheck.org/2020/07/trumps-false-military-equipment-claim/
• https://www.theguardian.com/business/2025/oct/18/what-is-private-credit-us-first-brands-tricolor-banks
• https://www.facebook.com/tacomanewstribune/posts/shadow-bank-blue-owl-caps-private-credit-redemptions-after-investors-try-to-pull/1548558603938836/
• https://www.msn.com/en-sg/news/other/troubled-shadow-bank-blue-owl-caps-withdrawals-after-investors-rush-to-pull-5bn/ar-AA203P8M?ocid=finance-verthp-feeds
• https://www.fincen.gov/resources/advisoriesbulletinsfact-sheets
• https://www.ecb.europa.eu/press/financial-stability-publications/fsr/special/html/ecb.fsrart202405_03~bc23a48dbc.en.html
• https://www.moodys.com/web/en/us/insights/data-stories/breakdown-of-banks-annual-reporting-on-private-credit.html
• https://www.calpers.ca.gov/members/retirement-benefits/service-disability-retirement
• https://www.aon.com/en/capabilities/human-capital-analytics/radford-mclagan-compensation-database
• https://www.congress.gov/crs-product/R48512
• https://bdcreporter.com/2025/11/opinion-does-private-credit-and-the-bdc-sector-have-a-valuation-problem/
• https://www.cato.org/policy-analysis/options-federal-privatization-reform-lessons-abroad
• https://thinktheology.co.uk/blog/article/anywheres_and_somewheres
• https://www.kff.org/health-costs/health-policy-101-health-care-costs-and-affordability/
• https://home.treasury.gov/news/press-releases/jy1830
• https://www.kff.org/topic/medicaid/
• https://www.cutoday.info/THE-tude/Shadow-Banking-Risks-Vs.-Credit-Unions-A-False-Equivalence-Shadow-Banking-s-Systemic-Risks-Are-Not-Driven-By-Credit-Unions
• https://budget.house.gov/press-release/fact-check-alert-debunking-crfbs-analysis-of-trump-and-biden-impacts-on-the-national-debt
• https://www.nuveen.com/en-us/exchange-traded-funds/nhym-nuveen-high-yield-municipal-income-etf
• https://home.treasury.gov/news/featured-stories/the-inflation-reduction-acts-benefits-and-costs
• https://www.commonwealthfund.org/publications/surveys/2023/oct/paying-for-it-costs-debt-americans-sicker-poorer-2023-affordability-survey
• https://www.tandfonline.com/doi/full/10.1080/14735970.2024.2351230
• https://budget.house.gov/press-release/fact-check-setting-the-record-straight-on-bidenomics
• https://www.sempra.com/newsroom/press-releases/sempra-announces-strategic-transactions-advancing-goal-building-leading-us
• https://www.facebook.com/financialtimes/videos/what-do-cockroaches-have-to-do-with-credit-markets-httpsfttribaluqlpfd9/1228638622589576/
• https://www.cnn.com/2026/01/13/politics/detroit-speech-trump-economic-club
• https://www.harbourvest.com/insights-news/insights/private-credit-risk-redemptions-and-a-reality-check/

▶ Claim 16 Sources (06:13-06:17)

Claim: Funds pick things with the highest fees to make their fund look good, effectively 'rating their own book'.

• https://www.wsj.com/tech/ai/financial-advice-ai-a6f40f0e?gaa_at=eafs&gaa_n=AWEtsqd-kr-xWuGUFUcWPsrA_LGQQhomdImtU0SFpPkMrGXtWXrF6ISEfNvk&gaa_ts=69cff7af&gaa_sig=PuUYzBYJaFJeq83PVlzTkwSsSfJZOMp5oggBrSaBiGg-xMXEuZW8NH4B3ON-_ygrmBv3RWxBlQQ8xPUVMascLA%3D%3D
• https://www.banking.senate.gov/newsroom/minority/warren-seeks-answers-from-empower-retirement-on-threats-to-americans-401ks-from-private-equity-and-private-credit
• https://www.blackstone.com/news/press/blackstone-integrates-leading-credit-and-insurance-businesses-to-form-blackstone-credit-and-insurance-bxci-in-push-toward-next-1-trillion/
• https://slate.com/podcasts/what-next-tbd/2026/04/is-private-credit-a-potential-bubble-to-burst
• https://consumer.ftc.gov/understanding-your-credit
• https://mn.gov/dhs/program-integrity/factcheck/
• https://www.economy.com/getfile?q=2107637A-C535-4AFF-83BC-6CBA1AD1FAB9&app=download
• https://www.usda.gov/about-usda/news/press-releases/2025/12/08/trump-administration-announces-12-billion-farmer-bridge-payments-american-farmers-impacted-unfair
• https://www.usda.gov/about-usda/working-usda/careers
• https://www.fuqua.duke.edu/duke-fuqua-insights/why-private-credit-concerns-may-be-overblown
• https://www.npr.org/2026/04/03/nx-s1-5772701/trump-budget-defense-spending
• https://www.cms.gov/data-research/statistics-trends-and-reports/national-health-expenditure-data/nhe-fact-sheet
• https://budget.house.gov/press-release/fact-check-the-truth-about-bidens-failed-presidency
• https://www.federalreserve.gov/econres/notes/feds-notes/private-credit-characteristics-and-risks-20240223.html
• https://www.usda.gov/about-usda/news/press-releases/2025/07/24/secretary-rollins-announces-usda-reorganization-restoring-departments-core-mission-supporting
• https://www.aft.org/hc/fall2024/bugbee
• https://money.com/best-job-search-sites/
• https://www.budget.senate.gov/imo/media/doc/profits_over_patients_the_harmful_effects_of_private_equity_on_the_ushealthcaresystem1.pdf
• https://www.mnsaves.org/
• https://unfccc.int/news/cop29-un-climate-conference-agrees-to-triple-finance-to-developing-countries-protecting-lives-and
• https://www.charitywatch.org/top-rated-charities
• https://www.givewell.org/charities/top-charities
• https://www.ftc.gov/business-guidance/resources/health-products-compliance-guidance
• https://www.drs.wa.gov/plan/leoff2/
• https://www.ecb.europa.eu/press/financial-stability-publications/fsr/html/ecb.fsr202505~0cde5244f6.en.html
• https://www.facebook.com/BradentonHeraldNews/posts/shadow-bank-blue-owl-caps-private-credit-redemptions-after-investors-try-to-pull/1555580976567445/
• https://www.justice.gov/usao-sdny/pr/ceo-cfo-coo-charged-connection-billion-dollar-collapse-tricolor-auto
• https://www.bis.org/publ/qtrpdf/r_qt2503b.htm
• https://www.bankrate.com/loans/auto-loans/should-you-pay-your-car-loan-off-early/
• https://www.axios.com/2026/04/03/insurance-risk-private-credit
• https://bpi.com/bpinsights-december-6-2025/
• https://www.federalreserve.gov/econres/notes/feds-notes/bank-lending-to-private-credit-size-characteristics-and-financial-stability-implications-20250523.html
• https://www.unjspf.org/the-fund/how-we-invest/
• https://www.dol.gov/agencies/whd/fact-sheets/13-flsa-employment-relationship
• https://www.charitywatch.org/
• https://www.themarshallproject.org/2024/10/21/fact-check-12000-trump-statements-immigrants
• https://misinforeview.hks.harvard.edu/article/fact-checking-fact-checkers-a-data-driven-approach/
• https://www.thelifeyoucansave.org/
• https://www.givewell.org/
• https://www.consumerfinance.gov/consumer-tools/credit-reports-and-scores/consumer-reporting-companies/companies-list/
• https://www.fdic.gov/news/speeches/2023/spsept2023.html
• https://www.moodys.com/web/en/us/insights/data-stories/private-credit-transforms-life-insurance-industry.html
• https://www.pbs.org/newshour/show/why-private-credit-is-creating-major-concerns-among-economists
• https://www.nrmlaonline.org/2026/04/03/dol-proposed-rule-expands-alternative-assets-to-401ks
• https://www.gasb.org/page/PageContent?pageId=/standards-and-guidance/pronouncements/summary-statement-no-34.html
• https://www.elibrary.imf.org/display/book/9798400257704/CH002.xml
• https://www.ftc.gov/news-events/news/press-releases/2025/02/federal-trade-commission-launches-inquiry-tech-censorship
• https://www.fns.usda.gov/snap/facts
• https://www.kff.org/medicaid/what-does-the-federal-government-spend-on-health-care/
• https://www.brookings.edu/articles/what-is-private-credit-does-it-pose-financial-stability-risks/
• https://thefulcrum.us/economy/trump-sotu-economic-claims-fact-check
• https://www.lordabbett.com/en-us/financial-advisor/investments-and-performance/mutual-funds/short-duration-income-fund.class-r6.html
• https://www.blackstone.com/insights/article/private-credit-beyond-the-noise/
• https://www.sciencedirect.com/science/article/pii/S0268401223000233
• https://www.consumerfinance.gov/consumer-tools/credit-reports-and-scores/consumer-reporting-companies/companies-list/mib-inc/
• https://www.pa.gov/agencies/dli/resources/for-claimants-workers/benefits-information/benefit-guide/eligibility-information
• https://cybersecurityventures.com/hackerpocalypse-cybercrime-report-2016/
• https://www.alancantorconsulting.com/2024/03/the-charity-of-elon-musk/
• https://www.osc.ny.gov/common-retirement-fund
• https://rpc.cfainstitute.org/blogs/enterprising-investor/2024/the-tyranny-of-irr-a-reality-check-on-private-market-returns
• https://www.international.gc.ca/world-monde/issues_development-enjeux_developpement/response_conflict-reponse_conflits/crisis-crises/ukraine-fact-fait.aspx?lang=eng
• https://ucnet.universityofcalifornia.edu/wp-content/uploads/forms/pdf/your-guide-to-uc-disability-benefits-fact-sheet.pdf
• https://mgaleg.maryland.gov/mgawebsite/Committees/Details?cmte=b%26t
• https://wapp.capitol.tn.gov/apps/LegislatorInfo/SponsorList?district=S010&ga=114
• https://consumer.ftc.gov/features/donating-safely-avoiding-scams
• https://www.jdsupra.com/legalnews/shadow-banking-and-private-credit-what-7018536/
• https://carnegieendowment.org/research/2024/01/countering-disinformation-effectively-an-evidence-based-policy-guide
• https://www.bcred.com/
• https://www.fbi.gov/news/stories/investigating-insurance-fraud
• https://legacy.trincoll.edu/retirement
• https://www.jpmorganchase.com/newsroom/press-releases/2025/jpmc-security-resiliency-initiative
• https://taxjustice.net/2014/10/08/money-taxation-isnt-theft/
• https://www.reddit.com/r/AskEconomics/comments/1b4vfmy/what_are_shadow_banks/
• https://www.ecb.europa.eu/press/financial-stability-publications/fsr/html/ecb.fsr202511~263b5810d4.en.html
• https://www.calpers.ca.gov/documents/faqs-service-retirement/download
• https://www.forbes.com/
• https://www.dol.gov/agencies/ebsa/about-ebsa/our-activities/resource-center/fact-sheets/cash-balance-pension-plans
• https://finance.yahoo.com/economy/policy/articles/trump-budget-pits-spending-cuts-115027330.html
• https://ir.blackrock.com/news-and-events/press-releases/press-releases-details/2024/BlackRock-to-Acquire-HPS-Investment-Partners-to-Deliver-Integrated-Solutions-Across-Public-and-Private-Markets/default.aspx
• https://www.factcheck.org/2020/07/trumps-false-military-equipment-claim/
• https://www.theguardian.com/business/2025/oct/18/what-is-private-credit-us-first-brands-tricolor-banks
• https://www.facebook.com/tacomanewstribune/posts/shadow-bank-blue-owl-caps-private-credit-redemptions-after-investors-try-to-pull/1548558603938836/
• https://www.dir.ca.gov/dwc/wcfaqiw.html
• https://www.msn.com/en-sg/news/other/troubled-shadow-bank-blue-owl-caps-withdrawals-after-investors-rush-to-pull-5bn/ar-AA203P8M?ocid=finance-verthp-feeds
• https://www.fincen.gov/resources/advisoriesbulletinsfact-sheets
• https://www.ecb.europa.eu/press/financial-stability-publications/fsr/special/html/ecb.fsrart202405_03~bc23a48dbc.en.html
• https://www.moodys.com/web/en/us/insights/data-stories/breakdown-of-banks-annual-reporting-on-private-credit.html
• https://www.calpers.ca.gov/members/retirement-benefits/service-disability-retirement
• https://www.aon.com/en/capabilities/human-capital-analytics/radford-mclagan-compensation-database
• https://www.congress.gov/crs-product/R48512
• https://www.occ.gov/topics/consumers-and-communities/consumer-protection/depository-services/checking-accounts.html
• https://www.bhf.org.uk/informationsupport/heart-matters-magazine/medical/drug-cabinet/statins
• https://www.benefits.va.gov/homeloans/documents/docs/VA_Buyers_Guide.pdf
• https://www.kff.org/health-costs/health-policy-101-health-care-costs-and-affordability/
• https://home.treasury.gov/news/press-releases/jy1830
• https://www.kff.org/topic/medicaid/
• https://www.cutoday.info/THE-tude/Shadow-Banking-Risks-Vs.-Credit-Unions-A-False-Equivalence-Shadow-Banking-s-Systemic-Risks-Are-Not-Driven-By-Credit-Unions
• https://budget.house.gov/press-release/fact-check-alert-debunking-crfbs-analysis-of-trump-and-biden-impacts-on-the-national-debt
• https://www.nuveen.com/en-us/exchange-traded-funds/nhym-nuveen-high-yield-municipal-income-etf
• https://home.treasury.gov/news/featured-stories/the-inflation-reduction-acts-benefits-and-costs
• https://www.commonwealthfund.org/publications/surveys/2023/oct/paying-for-it-costs-debt-americans-sicker-poorer-2023-affordability-survey
• https://www.tandfonline.com/doi/full/10.1080/14735970.2024.2351230
• https://budget.house.gov/press-release/fact-check-setting-the-record-straight-on-bidenomics
• https://www.sempra.com/newsroom/press-releases/sempra-announces-strategic-transactions-advancing-goal-building-leading-us
• https://home.wvlegislature.gov/house-committees/public-comments/2026/RS/all/
• https://www.facebook.com/financialtimes/videos/what-do-cockroaches-have-to-do-with-credit-markets-httpsfttribaluqlpfd9/1228638622589576/
• https://www.cnn.com/2026/01/13/politics/detroit-speech-trump-economic-club
• https://www.harbourvest.com/insights-news/insights/private-credit-risk-redemptions-and-a-reality-check/
• https://www.janushenderson.com/en-us/investor/product/jbbb-b-bbb-clo-etf/

▶ Claim 17 Sources (11:36-11:41)

Claim: Investors are waiting to pull out $5 billion from private credit funds.

• No evidence sources were provided for this claim.

▶ Claim 18 Sources (00:23-00:27)

Claim: This money belongs to teachers, nurses, firefighters, and maybe even you.

• https://www.wsj.com/tech/ai/financial-advice-ai-a6f40f0e?gaa_at=eafs&gaa_n=AWEtsqd-kr-xWuGUFUcWPsrA_LGQQhomdImtU0SFpPkMrGXtWXrF6ISEfNvk&gaa_ts=69cff7af&gaa_sig=PuUYzBYJaFJeq83PVlzTkwSsSfJZOMp5oggBrSaBiGg-xMXEuZW8NH4B3ON-_ygrmBv3RWxBlQQ8xPUVMascLA%3D%3D
• https://www.scotthyoung.com/blog/2008/09/17/why-good-deeds-and-money-dont-mix/
• https://www.banking.senate.gov/newsroom/minority/warren-seeks-answers-from-empower-retirement-on-threats-to-americans-401ks-from-private-equity-and-private-credit
• https://www.blackstone.com/news/press/blackstone-integrates-leading-credit-and-insurance-businesses-to-form-blackstone-credit-and-insurance-bxci-in-push-toward-next-1-trillion/
• https://slate.com/podcasts/what-next-tbd/2026/04/is-private-credit-a-potential-bubble-to-burst
• https://consumer.ftc.gov/understanding-your-credit
• https://mn.gov/dhs/program-integrity/factcheck/
• https://www.economy.com/getfile?q=2107637A-C535-4AFF-83BC-6CBA1AD1FAB9&app=download
• https://www.usda.gov/about-usda/news/press-releases/2025/12/08/trump-administration-announces-12-billion-farmer-bridge-payments-american-farmers-impacted-unfair
• https://www.usda.gov/about-usda/working-usda/careers
• https://www.fuqua.duke.edu/duke-fuqua-insights/why-private-credit-concerns-may-be-overblown
• https://collegian.com/articles/opinion/2012/10/why-we-shouldnt-just-have-military-discounts/
• https://www.npr.org/2026/04/03/nx-s1-5772701/trump-budget-defense-spending
• https://www.cms.gov/data-research/statistics-trends-and-reports/national-health-expenditure-data/nhe-fact-sheet
• https://budget.house.gov/press-release/fact-check-the-truth-about-bidens-failed-presidency
• https://www.groupon.com/coupons/nordvpn
• https://www.federalreserve.gov/econres/notes/feds-notes/private-credit-characteristics-and-risks-20240223.html
• https://www.usda.gov/about-usda/news/press-releases/2025/07/24/secretary-rollins-announces-usda-reorganization-restoring-departments-core-mission-supporting
• https://www.aft.org/hc/fall2024/bugbee
• https://www.budget.senate.gov/imo/media/doc/profits_over_patients_the_harmful_effects_of_private_equity_on_the_ushealthcaresystem1.pdf
• https://www.inquirer.com/archives
• https://unfccc.int/news/cop29-un-climate-conference-agrees-to-triple-finance-to-developing-countries-protecting-lives-and
• https://yoginiors.co.uk/becoming-a-pro-yoga-teacher-isnt-sexy/
• https://www.ftc.gov/business-guidance/resources/health-products-compliance-guidance
• https://www.drs.wa.gov/plan/leoff2/
• https://www.ecb.europa.eu/press/financial-stability-publications/fsr/html/ecb.fsr202505~0cde5244f6.en.html
• https://www.facebook.com/BradentonHeraldNews/posts/shadow-bank-blue-owl-caps-private-credit-redemptions-after-investors-try-to-pull/1555580976567445/
• https://www.justice.gov/usao-sdny/pr/ceo-cfo-coo-charged-connection-billion-dollar-collapse-tricolor-auto
• https://www.bis.org/publ/qtrpdf/r_qt2503b.htm
• https://www.axios.com/2026/04/03/insurance-risk-private-credit
• https://bpi.com/bpinsights-december-6-2025/
• https://www.federalreserve.gov/econres/notes/feds-notes/bank-lending-to-private-credit-size-characteristics-and-financial-stability-implications-20250523.html
• https://www.unjspf.org/the-fund/how-we-invest/
• https://www.themarshallproject.org/2024/10/21/fact-check-12000-trump-statements-immigrants
• https://www.consumerfinance.gov/consumer-tools/credit-reports-and-scores/consumer-reporting-companies/companies-list/
• https://www.fdic.gov/news/speeches/2023/spsept2023.html
• https://www.moodys.com/web/en/us/insights/data-stories/private-credit-transforms-life-insurance-industry.html
• https://www.reddit.com/r/Firefighting/comments/1an18qh/if_you_had_to_do_any_other_job_besides_being_a/
• https://www.pbs.org/newshour/show/why-private-credit-is-creating-major-concerns-among-economists
• https://www.nrmlaonline.org/2026/04/03/dol-proposed-rule-expands-alternative-assets-to-401ks
• https://www.elibrary.imf.org/display/book/9798400257704/CH002.xml
• https://www.ftc.gov/news-events/news/press-releases/2025/02/federal-trade-commission-launches-inquiry-tech-censorship
• https://www.irs.gov/publications/p525
• https://www.reddit.com/r/AskReddit/comments/1sb4105/if_jobs_were_paid_on_usefulness_instead_of/
• https://www.kff.org/medicaid/what-does-the-federal-government-spend-on-health-care/
• https://www.brookings.edu/articles/what-is-private-credit-does-it-pose-financial-stability-risks/
• https://thefulcrum.us/economy/trump-sotu-economic-claims-fact-check
• https://www.linkedin.com/posts/sal-naseem_werisebyliftingeachother-activity-7324692153069101056-Cwtn
• https://www.lordabbett.com/en-us/financial-advisor/investments-and-performance/mutual-funds/short-duration-income-fund.class-r6.html
• https://www.blackstone.com/insights/article/private-credit-beyond-the-noise/
• https://www.sciencedirect.com/science/article/pii/S0268401223000233
• https://www.consumerfinance.gov/consumer-tools/credit-reports-and-scores/consumer-reporting-companies/companies-list/mib-inc/
• https://949whom.com/two-portland-teachers-are-the-latest-example-that-new-englanders-are-selfless/
• https://www.pa.gov/agencies/dli/resources/for-claimants-workers/benefits-information/benefit-guide/eligibility-information
• https://www.facebook.com/TexasGovernor/posts/thanks-to-indianas-school-choice-scholarship-reyna-rodriguezone-of-6-children-of/1187516053028476/
• https://cybersecurityventures.com/hackerpocalypse-cybercrime-report-2016/
• https://www.facebook.com/cityofmadisonfire/posts/if-dan-verhagen-hadnt-become-a-firefighter-he-may-have-become-a-history-teacher-/1191200776368802/
• https://www.osc.ny.gov/common-retirement-fund
• https://rpc.cfainstitute.org/blogs/enterprising-investor/2024/the-tyranny-of-irr-a-reality-check-on-private-market-returns
• https://www.international.gc.ca/world-monde/issues_development-enjeux_developpement/response_conflict-reponse_conflits/crisis-crises/ukraine-fact-fait.aspx?lang=eng
• https://ucnet.universityofcalifornia.edu/wp-content/uploads/forms/pdf/your-guide-to-uc-disability-benefits-fact-sheet.pdf
• https://mgaleg.maryland.gov/mgawebsite/Committees/Details?cmte=b%26t
• https://wapp.capitol.tn.gov/apps/LegislatorInfo/SponsorList?district=S010&ga=114
• https://consumer.ftc.gov/features/donating-safely-avoiding-scams
• https://www.jdsupra.com/legalnews/shadow-banking-and-private-credit-what-7018536/
• https://carnegieendowment.org/research/2024/01/countering-disinformation-effectively-an-evidence-based-policy-guide
• https://www.bcred.com/
• https://www.fbi.gov/news/stories/investigating-insurance-fraud
• https://www.reddit.com/r/SeriousConversation/comments/1i4d2d2/why_do_the_people_who_do_the_most_to_help_society/
• https://www.jpmorganchase.com/newsroom/press-releases/2025/jpmc-security-resiliency-initiative
• https://www.reddit.com/r/AskEconomics/comments/1b4vfmy/what_are_shadow_banks/
• https://www.ecb.europa.eu/press/financial-stability-publications/fsr/html/ecb.fsr202511~263b5810d4.en.html
• https://www.reddit.com/r/Fire/comments/1sbcojt/my_mom_retired_at_55_on_a_teachers_salary_and_i/
• https://www.calpers.ca.gov/documents/faqs-service-retirement/download
• https://www.forbes.com/
• https://www.dol.gov/agencies/ebsa/about-ebsa/our-activities/resource-center/fact-sheets/cash-balance-pension-plans
• https://finance.yahoo.com/economy/policy/articles/trump-budget-pits-spending-cuts-115027330.html
• https://ir.blackrock.com/news-and-events/press-releases/press-releases-details/2024/BlackRock-to-Acquire-HPS-Investment-Partners-to-Deliver-Integrated-Solutions-Across-Public-and-Private-Markets/default.aspx
• https://www.factcheck.org/2020/07/trumps-false-military-equipment-claim/
• https://www.theguardian.com/business/2025/oct/18/what-is-private-credit-us-first-brands-tricolor-banks
• https://www.facebook.com/tacomanewstribune/posts/shadow-bank-blue-owl-caps-private-credit-redemptions-after-investors-try-to-pull/1548558603938836/
• https://malegislature.gov/Reports/9948/Email%20Testimonies%20Part%2010.pdf
• https://www.dir.ca.gov/dwc/wcfaqiw.html
• https://www.msn.com/en-sg/news/other/troubled-shadow-bank-blue-owl-caps-withdrawals-after-investors-rush-to-pull-5bn/ar-AA203P8M?ocid=finance-verthp-feeds
• https://www.fincen.gov/resources/advisoriesbulletinsfact-sheets
• https://www.ecb.europa.eu/press/financial-stability-publications/fsr/special/html/ecb.fsrart202405_03~bc23a48dbc.en.html
• https://www.moodys.com/web/en/us/insights/data-stories/breakdown-of-banks-annual-reporting-on-private-credit.html
• https://www.calpers.ca.gov/members/retirement-benefits/service-disability-retirement
• https://www.eeoc.gov/laws/guidance/enforcement-guidance-retaliation-and-related-issues
• https://www.aon.com/en/capabilities/human-capital-analytics/radford-mclagan-compensation-database
• https://www.congress.gov/crs-product/R48512
• https://www.facebook.com/kenneth.parker.harger.sogood/posts/i-met-joe-a-few-years-ago-at-the-meridian-speedway-i-had-walked-into-the-pits-af/835488678405168/
• https://www.kff.org/health-costs/health-policy-101-health-care-costs-and-affordability/
• https://home.treasury.gov/news/press-releases/jy1830
• https://news.va.gov/138326/va-secretary-doug-collins-veterans-benefits/
• https://www.nj.gov/treasury/pensions/documents/factsheets/fact86.pdf
• https://www.kff.org/topic/medicaid/
• https://www.cutoday.info/THE-tude/Shadow-Banking-Risks-Vs.-Credit-Unions-A-False-Equivalence-Shadow-Banking-s-Systemic-Risks-Are-Not-Driven-By-Credit-Unions
• https://www.neisd.net/announcements/
• https://budget.house.gov/press-release/fact-check-alert-debunking-crfbs-analysis-of-trump-and-biden-impacts-on-the-national-debt
• https://www.nuveen.com/en-us/exchange-traded-funds/nhym-nuveen-high-yield-municipal-income-etf
• https://home.treasury.gov/news/featured-stories/the-inflation-reduction-acts-benefits-and-costs
• https://www.commonwealthfund.org/publications/surveys/2023/oct/paying-for-it-costs-debt-americans-sicker-poorer-2023-affordability-survey
• https://www.tandfonline.com/doi/full/10.1080/14735970.2024.2351230
• https://budget.house.gov/press-release/fact-check-setting-the-record-straight-on-bidenomics
• https://www.sempra.com/newsroom/press-releases/sempra-announces-strategic-transactions-advancing-goal-building-leading-us
• https://www.facebook.com/financialtimes/videos/what-do-cockroaches-have-to-do-with-credit-markets-httpsfttribaluqlpfd9/1228638622589576/
• https://www.cnn.com/2026/01/13/politics/detroit-speech-trump-economic-club
• https://www.harbourvest.com/insights-news/insights/private-credit-risk-redemptions-and-a-reality-check/

▶ Claim 19 Sources (00:29-00:33)

Claim: When this unwinds, fund managers who've already gotten paid won't take the loss; you will.

• https://www.wsj.com/tech/ai/financial-advice-ai-a6f40f0e?gaa_at=eafs&gaa_n=AWEtsqd-kr-xWuGUFUcWPsrA_LGQQhomdImtU0SFpPkMrGXtWXrF6ISEfNvk&gaa_ts=69cff7af&gaa_sig=PuUYzBYJaFJeq83PVlzTkwSsSfJZOMp5oggBrSaBiGg-xMXEuZW8NH4B3ON-_ygrmBv3RWxBlQQ8xPUVMascLA%3D%3D
• https://hsph.harvard.edu/news/how-medicaid-cuts-could-lead-to-loss-of-coverage-for-millions/
• https://www.banking.senate.gov/newsroom/minority/warren-seeks-answers-from-empower-retirement-on-threats-to-americans-401ks-from-private-equity-and-private-credit
• https://www.blackstone.com/news/press/blackstone-integrates-leading-credit-and-insurance-businesses-to-form-blackstone-credit-and-insurance-bxci-in-push-toward-next-1-trillion/
• https://slate.com/podcasts/what-next-tbd/2026/04/is-private-credit-a-potential-bubble-to-burst
• https://consumer.ftc.gov/understanding-your-credit
• https://mn.gov/dhs/program-integrity/factcheck/
• https://www.economy.com/getfile?q=2107637A-C535-4AFF-83BC-6CBA1AD1FAB9&app=download
• https://www.usda.gov/about-usda/news/press-releases/2025/12/08/trump-administration-announces-12-billion-farmer-bridge-payments-american-farmers-impacted-unfair
• https://www.usda.gov/about-usda/working-usda/careers
• https://www.fuqua.duke.edu/duke-fuqua-insights/why-private-credit-concerns-may-be-overblown
• https://ccf.georgetown.edu/2025/10/02/factchecking-on-medicaid-coverage-for-immigrants-government-shutdown-edition/
• https://www.npr.org/2026/04/03/nx-s1-5772701/trump-budget-defense-spending
• https://www.cms.gov/data-research/statistics-trends-and-reports/national-health-expenditure-data/nhe-fact-sheet
• https://budget.house.gov/press-release/fact-check-the-truth-about-bidens-failed-presidency
• https://www.federalreserve.gov/econres/notes/feds-notes/private-credit-characteristics-and-risks-20240223.html
• https://www.usda.gov/about-usda/news/press-releases/2025/07/24/secretary-rollins-announces-usda-reorganization-restoring-departments-core-mission-supporting
• https://www.aft.org/hc/fall2024/bugbee
• https://www.budget.senate.gov/imo/media/doc/profits_over_patients_the_harmful_effects_of_private_equity_on_the_ushealthcaresystem1.pdf
• https://www.netinterest.co/p/secret-diary-of-a-hedge-fund-allocator
• https://www.yelp.com/biz/xtreme-action-park-fort-lauderdale
• https://unfccc.int/news/cop29-un-climate-conference-agrees-to-triple-finance-to-developing-countries-protecting-lives-and
• https://www.ftc.gov/business-guidance/resources/health-products-compliance-guidance
• https://www.drs.wa.gov/plan/leoff2/
• https://www.ecb.europa.eu/press/financial-stability-publications/fsr/html/ecb.fsr202505~0cde5244f6.en.html
• https://www.facebook.com/BradentonHeraldNews/posts/shadow-bank-blue-owl-caps-private-credit-redemptions-after-investors-try-to-pull/1555580976567445/
• https://markets.jpmorgan.com/research-and-insights
• https://www.justice.gov/usao-sdny/pr/ceo-cfo-coo-charged-connection-billion-dollar-collapse-tricolor-auto
• https://www.bis.org/publ/qtrpdf/r_qt2503b.htm
• https://www.axios.com/2026/04/03/insurance-risk-private-credit
• https://bpi.com/bpinsights-december-6-2025/
• https://www.texasattorneygeneral.gov/consumer-protection/automotive-scams/buying-new-or-used-car
• https://www.federalreserve.gov/econres/notes/feds-notes/bank-lending-to-private-credit-size-characteristics-and-financial-stability-implications-20250523.html
• https://www.unjspf.org/the-fund/how-we-invest/
• https://www.themarshallproject.org/2024/10/21/fact-check-12000-trump-statements-immigrants
• https://www.consumerfinance.gov/consumer-tools/credit-reports-and-scores/consumer-reporting-companies/companies-list/
• https://www.fdic.gov/news/speeches/2023/spsept2023.html
• https://www.moodys.com/web/en/us/insights/data-stories/private-credit-transforms-life-insurance-industry.html
• https://www.pbs.org/newshour/show/why-private-credit-is-creating-major-concerns-among-economists
• https://www.nrmlaonline.org/2026/04/03/dol-proposed-rule-expands-alternative-assets-to-401ks
• https://www.elibrary.imf.org/display/book/9798400257704/CH002.xml
• https://www.ftc.gov/news-events/news/press-releases/2025/02/federal-trade-commission-launches-inquiry-tech-censorship
• https://www.goodreads.com/book/show/34567499-heartless
• https://www.kff.org/medicaid/what-does-the-federal-government-spend-on-health-care/
• https://www.brookings.edu/articles/what-is-private-credit-does-it-pose-financial-stability-risks/
• https://thefulcrum.us/economy/trump-sotu-economic-claims-fact-check
• https://www.lordabbett.com/en-us/financial-advisor/investments-and-performance/mutual-funds/short-duration-income-fund.class-r6.html
• https://www.blackstone.com/insights/article/private-credit-beyond-the-noise/
• https://www.sciencedirect.com/science/article/pii/S0268401223000233
• https://www.consumerfinance.gov/consumer-tools/credit-reports-and-scores/consumer-reporting-companies/companies-list/mib-inc/
• https://www.pa.gov/agencies/dli/resources/for-claimants-workers/benefits-information/benefit-guide/eligibility-information
• https://cybersecurityventures.com/hackerpocalypse-cybercrime-report-2016/
• https://www.osc.ny.gov/common-retirement-fund
• https://rpc.cfainstitute.org/blogs/enterprising-investor/2024/the-tyranny-of-irr-a-reality-check-on-private-market-returns
• https://www.international.gc.ca/world-monde/issues_development-enjeux_developpement/response_conflict-reponse_conflits/crisis-crises/ukraine-fact-fait.aspx?lang=eng
• https://apps.apple.com/us/app/backgammon-lord-of-the-board/id1128669274?see-all=reviews&platform=undefined
• https://ucnet.universityofcalifornia.edu/wp-content/uploads/forms/pdf/your-guide-to-uc-disability-benefits-fact-sheet.pdf
• https://mgaleg.maryland.gov/mgawebsite/Committees/Details?cmte=b%26t
• https://wapp.capitol.tn.gov/apps/LegislatorInfo/SponsorList?district=S010&ga=114
• https://ccf.georgetown.edu/2025/06/10/factchecking-the-white-house-mythbuster-on-medicaid-cuts-and-immigrants/
• https://consumer.ftc.gov/features/donating-safely-avoiding-scams
• https://www.cbpp.org/research/health/congressional-republicans-cant-cut-medicaid-by-hundreds-of-billions-without-hurting
• https://carnegieendowment.org/research/2024/01/countering-disinformation-effectively-an-evidence-based-policy-guide
• https://www.jdsupra.com/legalnews/shadow-banking-and-private-credit-what-7018536/
• https://www.bcred.com/
• https://www.fbi.gov/news/stories/investigating-insurance-fraud
• https://www.facebook.com/mrmartinlewis/posts/car-finance-complaint-not-been-acknowledged-a-few-people-telling-me-theyve-got-n/10160170592216540/
• https://www.facebook.com/michelleobama/posts/back-in-college-i-was-one-of-the-few-black-students-on-my-campus-and-i-was-proud/798451651645241/
• https://www.jpmorganchase.com/newsroom/press-releases/2025/jpmc-security-resiliency-initiative
• https://www.reddit.com/r/AskEconomics/comments/1b4vfmy/what_are_shadow_banks/
• https://www.whitecoatinvestor.com/how-to-dump-your-whole-life-policy/
• https://www.ecb.europa.eu/press/financial-stability-publications/fsr/html/ecb.fsr202511~263b5810d4.en.html
• https://www.calpers.ca.gov/documents/faqs-service-retirement/download
• https://www.forbes.com/
• https://www.dol.gov/agencies/ebsa/about-ebsa/our-activities/resource-center/fact-sheets/cash-balance-pension-plans
• https://finance.yahoo.com/economy/policy/articles/trump-budget-pits-spending-cuts-115027330.html
• https://ir.blackrock.com/news-and-events/press-releases/press-releases-details/2024/BlackRock-to-Acquire-HPS-Investment-Partners-to-Deliver-Integrated-Solutions-Across-Public-and-Private-Markets/default.aspx
• https://www.reddit.com/r/agi/comments/1l3c4r0/is_ai_really_going_to_take_over_jobs_or_is_this/
• https://www.yelp.com/biz/gaslamplighter-san-diego-3
• https://www.factcheck.org/2020/07/trumps-false-military-equipment-claim/
• https://www.theguardian.com/business/2025/oct/18/what-is-private-credit-us-first-brands-tricolor-banks
• https://www.facebook.com/tacomanewstribune/posts/shadow-bank-blue-owl-caps-private-credit-redemptions-after-investors-try-to-pull/1548558603938836/
• https://www.msn.com/en-sg/news/other/troubled-shadow-bank-blue-owl-caps-withdrawals-after-investors-rush-to-pull-5bn/ar-AA203P8M?ocid=finance-verthp-feeds
• https://www.fincen.gov/resources/advisoriesbulletinsfact-sheets
• https://www.ecb.europa.eu/press/financial-stability-publications/fsr/special/html/ecb.fsrart202405_03~bc23a48dbc.en.html
• https://www.moodys.com/web/en/us/insights/data-stories/breakdown-of-banks-annual-reporting-on-private-credit.html
• https://www.calpers.ca.gov/members/retirement-benefits/service-disability-retirement
• https://www.aon.com/en/capabilities/human-capital-analytics/radford-mclagan-compensation-database
• https://www.tn.gov/content/dam/tn/tenncare/documents/RenewalFAQs.pdf
• https://blogs.lse.ac.uk/internationaldevelopment/2026/04/02/meet-our-2026-student-ambassadors/
• https://www.congress.gov/crs-product/R48512
• https://www.oaktreecapital.com/docs/default-source/memos/2006-12-07-pigweed.pdf
• https://www.reddit.com/r/simpleliving/comments/1baldax/looking_for_support_from_others_whove_stepped/
• https://www.kff.org/health-costs/health-policy-101-health-care-costs-and-affordability/
• https://home.treasury.gov/news/press-releases/jy1830
• https://www.kff.org/topic/medicaid/
• https://www.cutoday.info/THE-tude/Shadow-Banking-Risks-Vs.-Credit-Unions-A-False-Equivalence-Shadow-Banking-s-Systemic-Risks-Are-Not-Driven-By-Credit-Unions
• https://budget.house.gov/press-release/fact-check-alert-debunking-crfbs-analysis-of-trump-and-biden-impacts-on-the-national-debt
• https://www.nuveen.com/en-us/exchange-traded-funds/nhym-nuveen-high-yield-municipal-income-etf
• https://hfs.illinois.gov/medicalclients/faqsendofcontinuouscoverage.html
• https://home.treasury.gov/news/featured-stories/the-inflation-reduction-acts-benefits-and-costs
• https://www.commonwealthfund.org/publications/surveys/2023/oct/paying-for-it-costs-debt-americans-sicker-poorer-2023-affordability-survey
• https://www.tandfonline.com/doi/full/10.1080/14735970.2024.2351230
• https://budget.house.gov/press-release/fact-check-setting-the-record-straight-on-bidenomics
• https://www.sempra.com/newsroom/press-releases/sempra-announces-strategic-transactions-advancing-goal-building-leading-us
• https://www.facebook.com/financialtimes/videos/what-do-cockroaches-have-to-do-with-credit-markets-httpsfttribaluqlpfd9/1228638622589576/
• https://www.cnn.com/2026/01/13/politics/detroit-speech-trump-economic-club
• https://www.harbourvest.com/insights-news/insights/private-credit-risk-redemptions-and-a-reality-check/

▶ Claim 20 Sources (02:44-02:49)

Claim: A lot of your retirement money is going into private credit, and no one's paying attention.

• https://www.wsj.com/tech/ai/financial-advice-ai-a6f40f0e?gaa_at=eafs&gaa_n=AWEtsqd-kr-xWuGUFUcWPsrA_LGQQhomdImtU0SFpPkMrGXtWXrF6ISEfNvk&gaa_ts=69cff7af&gaa_sig=PuUYzBYJaFJeq83PVlzTkwSsSfJZOMp5oggBrSaBiGg-xMXEuZW8NH4B3ON-_ygrmBv3RWxBlQQ8xPUVMascLA%3D%3D
• https://www.banking.senate.gov/newsroom/minority/warren-seeks-answers-from-empower-retirement-on-threats-to-americans-401ks-from-private-equity-and-private-credit
• https://www.blackstone.com/news/press/blackstone-integrates-leading-credit-and-insurance-businesses-to-form-blackstone-credit-and-insurance-bxci-in-push-toward-next-1-trillion/
• https://slate.com/podcasts/what-next-tbd/2026/04/is-private-credit-a-potential-bubble-to-burst
• https://consumer.ftc.gov/understanding-your-credit
• https://www.501c3.org/who-really-owns-a-nonprofit/
• https://mn.gov/dhs/program-integrity/factcheck/
• https://www.economy.com/getfile?q=2107637A-C535-4AFF-83BC-6CBA1AD1FAB9&app=download
• https://www.usda.gov/about-usda/news/press-releases/2025/12/08/trump-administration-announces-12-billion-farmer-bridge-payments-american-farmers-impacted-unfair
• https://www.usda.gov/about-usda/working-usda/careers
• https://www.fuqua.duke.edu/duke-fuqua-insights/why-private-credit-concerns-may-be-overblown
• https://www.nytimes.com/2023/04/29/business/friends-wills-inheritance-beneficiary.html
• https://www.npr.org/2026/04/03/nx-s1-5772701/trump-budget-defense-spending
• https://www.cms.gov/data-research/statistics-trends-and-reports/national-health-expenditure-data/nhe-fact-sheet
• https://budget.house.gov/press-release/fact-check-the-truth-about-bidens-failed-presidency
• https://www.federalreserve.gov/econres/notes/feds-notes/private-credit-characteristics-and-risks-20240223.html
• https://www.usda.gov/about-usda/news/press-releases/2025/07/24/secretary-rollins-announces-usda-reorganization-restoring-departments-core-mission-supporting
• https://www.aft.org/hc/fall2024/bugbee
• https://news.va.gov/61012/message-va-secretary-robert-wilkie-fact-check-inaccuracies-recent-news-article/
• https://www.budget.senate.gov/imo/media/doc/profits_over_patients_the_harmful_effects_of_private_equity_on_the_ushealthcaresystem1.pdf
• https://unfccc.int/news/cop29-un-climate-conference-agrees-to-triple-finance-to-developing-countries-protecting-lives-and
• https://mycreditunion.gov/brochure-publications/brochure/money-basics-guide-savings-and-checking-accounts
• https://www.ftc.gov/business-guidance/resources/health-products-compliance-guidance
• https://www.drs.wa.gov/plan/leoff2/
• https://www.ecb.europa.eu/press/financial-stability-publications/fsr/html/ecb.fsr202505~0cde5244f6.en.html
• https://www.facebook.com/BradentonHeraldNews/posts/shadow-bank-blue-owl-caps-private-credit-redemptions-after-investors-try-to-pull/1555580976567445/
• https://www.ssga.com/us/en/intermediary/insights/what-is-private-credit-and-why-investors-are-paying-attention
• https://www.justice.gov/usao-sdny/pr/ceo-cfo-coo-charged-connection-billion-dollar-collapse-tricolor-auto
• https://www.bis.org/publ/qtrpdf/r_qt2503b.htm
• https://www.axios.com/2026/04/03/insurance-risk-private-credit
• https://bpi.com/bpinsights-december-6-2025/
• https://www.federalreserve.gov/econres/notes/feds-notes/bank-lending-to-private-credit-size-characteristics-and-financial-stability-implications-20250523.html
• https://www.unjspf.org/the-fund/how-we-invest/
• https://www.themarshallproject.org/2024/10/21/fact-check-12000-trump-statements-immigrants
• https://www.consumerfinance.gov/consumer-tools/credit-reports-and-scores/consumer-reporting-companies/companies-list/
• https://www.fdic.gov/news/speeches/2023/spsept2023.html
• https://www.moodys.com/web/en/us/insights/data-stories/private-credit-transforms-life-insurance-industry.html
• https://www.pbs.org/newshour/show/why-private-credit-is-creating-major-concerns-among-economists
• https://www.nrmlaonline.org/2026/04/03/dol-proposed-rule-expands-alternative-assets-to-401ks
• https://www.elibrary.imf.org/display/book/9798400257704/CH002.xml
• https://www.ftc.gov/news-events/news/press-releases/2025/02/federal-trade-commission-launches-inquiry-tech-censorship
• https://www.kff.org/medicaid/what-does-the-federal-government-spend-on-health-care/
• https://www.brookings.edu/articles/what-is-private-credit-does-it-pose-financial-stability-risks/
• https://thefulcrum.us/economy/trump-sotu-economic-claims-fact-check
• https://www.lordabbett.com/en-us/financial-advisor/investments-and-performance/mutual-funds/short-duration-income-fund.class-r6.html
• https://www.blackstone.com/insights/article/private-credit-beyond-the-noise/
• https://www.citi.com/banking/personal-banking-guide/retirement/average-retirement-savings-by-age
• https://www.regmedctr.org/
• https://www.sciencedirect.com/science/article/pii/S0268401223000233
• https://www.consumerfinance.gov/consumer-tools/credit-reports-and-scores/consumer-reporting-companies/companies-list/mib-inc/
• https://www.pa.gov/agencies/dli/resources/for-claimants-workers/benefits-information/benefit-guide/eligibility-information
• https://consumer.ftc.gov/node/78348
• https://cybersecurityventures.com/hackerpocalypse-cybercrime-report-2016/
• https://www.osc.ny.gov/common-retirement-fund
• https://rpc.cfainstitute.org/blogs/enterprising-investor/2024/the-tyranny-of-irr-a-reality-check-on-private-market-returns
• https://www.international.gc.ca/world-monde/issues_development-enjeux_developpement/response_conflict-reponse_conflits/crisis-crises/ukraine-fact-fait.aspx?lang=eng
• https://ucnet.universityofcalifornia.edu/wp-content/uploads/forms/pdf/your-guide-to-uc-disability-benefits-fact-sheet.pdf
• https://mgaleg.maryland.gov/mgawebsite/Committees/Details?cmte=b%26t
• https://wapp.capitol.tn.gov/apps/LegislatorInfo/SponsorList?district=S010&ga=114
• https://consumer.ftc.gov/features/donating-safely-avoiding-scams
• https://www.jdsupra.com/legalnews/shadow-banking-and-private-credit-what-7018536/
• https://carnegieendowment.org/research/2024/01/countering-disinformation-effectively-an-evidence-based-policy-guide
• https://www.opm.gov/healthcare-insurance/healthcare/plan-information/plans/pdf/2026/brochures/73-877.pdf
• https://www.bcred.com/
• https://www.fbi.gov/news/stories/investigating-insurance-fraud
• https://home.treasury.gov/news/press-releases/sb0073
• https://nycourts.gov/Courthelp/goingtocourt/glossary.shtml
• https://www.jpmorganchase.com/newsroom/press-releases/2025/jpmc-security-resiliency-initiative
• https://www.mycenturybank.com/security-resources
• https://www.reddit.com/r/AskEconomics/comments/1b4vfmy/what_are_shadow_banks/
• https://www.ecb.europa.eu/press/financial-stability-publications/fsr/html/ecb.fsr202511~263b5810d4.en.html
• https://www.drs.wa.gov/episode-77-school-champion-podcast/
• https://www.calpers.ca.gov/documents/faqs-service-retirement/download
• https://www.forbes.com/
• https://www.dol.gov/agencies/ebsa/about-ebsa/our-activities/resource-center/fact-sheets/cash-balance-pension-plans
• https://www.dol.gov/agencies/ebsa/about-ebsa/our-activities/resource-center/publications/taking-the-mystery-out-of-retirement-planning
• https://finance.yahoo.com/economy/policy/articles/trump-budget-pits-spending-cuts-115027330.html
• https://www.bairdwealth.com/insights/wealth-management-perspectives/2022/08/5-strategies-for-paying-off-credit-card-debt/
• https://ir.blackrock.com/news-and-events/press-releases/press-releases-details/2024/BlackRock-to-Acquire-HPS-Investment-Partners-to-Deliver-Integrated-Solutions-Across-Public-and-Private-Markets/default.aspx
• https://www.factcheck.org/2020/07/trumps-false-military-equipment-claim/
• https://www.theguardian.com/business/2025/oct/18/what-is-private-credit-us-first-brands-tricolor-banks
• https://www.midfirst.com/
• https://www.suzeorman.com/blog/podcast-episode-what-should-i-do-with-my-401k-when-i-retire/
• https://www.facebook.com/tacomanewstribune/posts/shadow-bank-blue-owl-caps-private-credit-redemptions-after-investors-try-to-pull/1548558603938836/
• https://www.dir.ca.gov/dwc/wcfaqiw.html
• https://www.msn.com/en-sg/news/other/troubled-shadow-bank-blue-owl-caps-withdrawals-after-investors-rush-to-pull-5bn/ar-AA203P8M?ocid=finance-verthp-feeds
• https://www.fincen.gov/resources/advisoriesbulletinsfact-sheets
• https://www.ecb.europa.eu/press/financial-stability-publications/fsr/special/html/ecb.fsrart202405_03~bc23a48dbc.en.html
• https://www.moodys.com/web/en/us/insights/data-stories/breakdown-of-banks-annual-reporting-on-private-credit.html
• https://www.calpers.ca.gov/members/retirement-benefits/service-disability-retirement
• https://www.reddit.com/r/personalfinance/comments/cgyf7l/paying_attention_to_my_401k_saved_my_companys/
• https://www.aon.com/en/capabilities/human-capital-analytics/radford-mclagan-compensation-database
• https://www.congress.gov/crs-product/R48512
• https://www.reddit.com/r/MiddleClassFinance/comments/1dnegde/in_your_opinion_why_is_financial_literacy_not/
• https://www.instagram.com/reel/DWqYvFgGZwC/
• https://www.kff.org/health-costs/health-policy-101-health-care-costs-and-affordability/
• https://home.treasury.gov/news/press-releases/jy1830
• https://www.kff.org/topic/medicaid/
• https://www.cutoday.info/THE-tude/Shadow-Banking-Risks-Vs.-Credit-Unions-A-False-Equivalence-Shadow-Banking-s-Systemic-Risks-Are-Not-Driven-By-Credit-Unions
• https://budget.house.gov/press-release/fact-check-alert-debunking-crfbs-analysis-of-trump-and-biden-impacts-on-the-national-debt
• https://www.nuveen.com/en-us/exchange-traded-funds/nhym-nuveen-high-yield-municipal-income-etf
• https://home.treasury.gov/news/featured-stories/the-inflation-reduction-acts-benefits-and-costs
• https://www.commonwealthfund.org/publications/surveys/2023/oct/paying-for-it-costs-debt-americans-sicker-poorer-2023-affordability-survey
• https://www.tandfonline.com/doi/full/10.1080/14735970.2024.2351230
• https://budget.house.gov/press-release/fact-check-setting-the-record-straight-on-bidenomics
• https://www.sempra.com/newsroom/press-releases/sempra-announces-strategic-transactions-advancing-goal-building-leading-us
• https://www.facebook.com/financialtimes/videos/what-do-cockroaches-have-to-do-with-credit-markets-httpsfttribaluqlpfd9/1228638622589576/
• https://www.cnn.com/2026/01/13/politics/detroit-speech-trump-economic-club
• https://www.harbourvest.com/insights-news/insights/private-credit-risk-redemptions-and-a-reality-check/

▶ Claim 21 Sources (02:50-02:59)

Claim: Blackstone, Apollo, and Blue Owl are big participants in the private credit market.

• No evidence sources were provided for this claim.

▶ Claim 22 Sources (04:40-04:45)

Claim: There is a massive conflict of interest in private credit markets.

• https://www.facebook.com/RepMikeThompson/posts/im-fact-checking-myself-today-i-said-president-trump-was-giving-argentina-20-bil/1385905349561191/
• https://www.wsj.com/tech/ai/financial-advice-ai-a6f40f0e?gaa_at=eafs&gaa_n=AWEtsqd-kr-xWuGUFUcWPsrA_LGQQhomdImtU0SFpPkMrGXtWXrF6ISEfNvk&gaa_ts=69cff7af&gaa_sig=PuUYzBYJaFJeq83PVlzTkwSsSfJZOMp5oggBrSaBiGg-xMXEuZW8NH4B3ON-_ygrmBv3RWxBlQQ8xPUVMascLA%3D%3D
• https://www.banking.senate.gov/newsroom/minority/warren-seeks-answers-from-empower-retirement-on-threats-to-americans-401ks-from-private-equity-and-private-credit
• https://www.blackstone.com/news/press/blackstone-integrates-leading-credit-and-insurance-businesses-to-form-blackstone-credit-and-insurance-bxci-in-push-toward-next-1-trillion/
• https://slate.com/podcasts/what-next-tbd/2026/04/is-private-credit-a-potential-bubble-to-burst
• https://consumer.ftc.gov/understanding-your-credit
• https://mn.gov/dhs/program-integrity/factcheck/
• https://www.economy.com/getfile?q=2107637A-C535-4AFF-83BC-6CBA1AD1FAB9&app=download
• https://www.usda.gov/about-usda/news/press-releases/2025/12/08/trump-administration-announces-12-billion-farmer-bridge-payments-american-farmers-impacted-unfair
• https://www.usda.gov/about-usda/working-usda/careers
• https://www.fuqua.duke.edu/duke-fuqua-insights/why-private-credit-concerns-may-be-overblown
• https://www.npr.org/2026/04/03/nx-s1-5772701/trump-budget-defense-spending
• https://www.cms.gov/data-research/statistics-trends-and-reports/national-health-expenditure-data/nhe-fact-sheet
• https://budget.house.gov/press-release/fact-check-the-truth-about-bidens-failed-presidency
• https://www.federalreserve.gov/econres/notes/feds-notes/private-credit-characteristics-and-risks-20240223.html
• https://www.usda.gov/about-usda/news/press-releases/2025/07/24/secretary-rollins-announces-usda-reorganization-restoring-departments-core-mission-supporting
• https://www.aft.org/hc/fall2024/bugbee
• https://www.budget.senate.gov/imo/media/doc/profits_over_patients_the_harmful_effects_of_private_equity_on_the_ushealthcaresystem1.pdf
• https://yalelawjournal.org/article/the-credit-markets-go-dark
• https://www.bis.org/publ/qtrpdf/r_qt2603a.htm
• https://unfccc.int/news/cop29-un-climate-conference-agrees-to-triple-finance-to-developing-countries-protecting-lives-and
• https://www.ftc.gov/business-guidance/resources/health-products-compliance-guidance
• https://www.drs.wa.gov/plan/leoff2/
• https://www.ecb.europa.eu/press/financial-stability-publications/fsr/html/ecb.fsr202505~0cde5244f6.en.html
• https://www.facebook.com/BradentonHeraldNews/posts/shadow-bank-blue-owl-caps-private-credit-redemptions-after-investors-try-to-pull/1555580976567445/
• https://www.harbourvest.com/insights-news/insights/credit-secondaries-timely-opportunity-for-private-credit-investors/
• https://www.justice.gov/usao-sdny/pr/ceo-cfo-coo-charged-connection-billion-dollar-collapse-tricolor-auto
• https://www.bis.org/publ/qtrpdf/r_qt2503b.htm
• https://www.axios.com/2026/04/03/insurance-risk-private-credit
• https://bpi.com/bpinsights-december-6-2025/
• https://www.federalreserve.gov/econres/notes/feds-notes/bank-lending-to-private-credit-size-characteristics-and-financial-stability-implications-20250523.html
• https://www.unjspf.org/the-fund/how-we-invest/
• https://www.imf.org/-/media/files/publications/gfsr/2024/april/english/ch2.pdf
• https://www.themarshallproject.org/2024/10/21/fact-check-12000-trump-statements-immigrants
• https://rupakghose.substack.com/p/is-blackrocks-success-now-dependent
• https://www.consumerfinance.gov/consumer-tools/credit-reports-and-scores/consumer-reporting-companies/companies-list/
• https://www.fdic.gov/news/speeches/2023/spsept2023.html
• https://www.moodys.com/web/en/us/insights/data-stories/private-credit-transforms-life-insurance-industry.html
• https://www.pbs.org/newshour/show/why-private-credit-is-creating-major-concerns-among-economists
• https://www.nrmlaonline.org/2026/04/03/dol-proposed-rule-expands-alternative-assets-to-401ks
• https://www.elibrary.imf.org/display/book/9798400257704/CH002.xml
• https://privatebank.jpmorgan.com/nam/en/insights/markets-and-investing/why-private-credit-remains-a-strong-opportunity
• https://www.ftc.gov/news-events/news/press-releases/2025/02/federal-trade-commission-launches-inquiry-tech-censorship
• https://www.kff.org/medicaid/what-does-the-federal-government-spend-on-health-care/
• https://www.brookings.edu/articles/what-is-private-credit-does-it-pose-financial-stability-risks/
• https://thefulcrum.us/economy/trump-sotu-economic-claims-fact-check
• https://www.iosco.org/library/pubdocs/pdf/IOSCOPD745.pdf
• https://www.jpmorgan.com/insights/markets-and-economy/top-market-takeaways/tmt-private-credit-promising-or-problematic
• https://www.lordabbett.com/en-us/financial-advisor/investments-and-performance/mutual-funds/short-duration-income-fund.class-r6.html
• https://www.blackstone.com/insights/article/private-credit-beyond-the-noise/
• https://www.bis.org/publ/arpdf/ar2019e3.htm
• https://www.sciencedirect.com/science/article/pii/S0268401223000233
• https://www.consumerfinance.gov/consumer-tools/credit-reports-and-scores/consumer-reporting-companies/companies-list/mib-inc/
• https://www.cato.org/testimony/hearing-interest-reserves-payments
• https://www.pa.gov/agencies/dli/resources/for-claimants-workers/benefits-information/benefit-guide/eligibility-information
• https://cybersecurityventures.com/hackerpocalypse-cybercrime-report-2016/
• https://www.osc.ny.gov/common-retirement-fund
• https://rpc.cfainstitute.org/blogs/enterprising-investor/2024/the-tyranny-of-irr-a-reality-check-on-private-market-returns
• https://www.international.gc.ca/world-monde/issues_development-enjeux_developpement/response_conflict-reponse_conflits/crisis-crises/ukraine-fact-fait.aspx?lang=eng
• https://ucnet.universityofcalifornia.edu/wp-content/uploads/forms/pdf/your-guide-to-uc-disability-benefits-fact-sheet.pdf
• https://mgaleg.maryland.gov/mgawebsite/Committees/Details?cmte=b%26t
• https://www.moodys.com/
• https://wapp.capitol.tn.gov/apps/LegislatorInfo/SponsorList?district=S010&ga=114
• https://consumer.ftc.gov/features/donating-safely-avoiding-scams
• https://www.jdsupra.com/legalnews/shadow-banking-and-private-credit-what-7018536/
• https://carnegieendowment.org/research/2024/01/countering-disinformation-effectively-an-evidence-based-policy-guide
• https://www.bcred.com/
• https://www.fbi.gov/news/stories/investigating-insurance-fraud
• https://www.jpmorganchase.com/newsroom/press-releases/2025/jpmc-security-resiliency-initiative
• https://www.pimco.com/us/en/insights
• https://www.reddit.com/r/AskEconomics/comments/1b4vfmy/what_are_shadow_banks/
• https://www.bis.org/publ/qtrpdf/r_qt2003v.htm
• https://www.ecb.europa.eu/press/financial-stability-publications/fsr/html/ecb.fsr202511~263b5810d4.en.html
• https://www.calpers.ca.gov/documents/faqs-service-retirement/download
• https://www.forbes.com/
• https://www.dol.gov/agencies/ebsa/about-ebsa/our-activities/resource-center/fact-sheets/cash-balance-pension-plans
• https://finance.yahoo.com/economy/policy/articles/trump-budget-pits-spending-cuts-115027330.html
• https://www.occ.treas.gov/publications-and-resources/publications/comptrollers-handbook/index-comptrollers-handbook.html
• https://ir.blackrock.com/news-and-events/press-releases/press-releases-details/2024/BlackRock-to-Acquire-HPS-Investment-Partners-to-Deliver-Integrated-Solutions-Across-Public-and-Private-Markets/default.aspx
• https://www.factcheck.org/2020/07/trumps-false-military-equipment-claim/
• https://www.yalelawjournal.org/article/the-credit-markets-go-dark?utm_source=insolvencyinsider.ca&utm_medium=referral&utm_campaign=walking-debt-or-walking-dead-canada-s-struggle-with-zombie-firms
• https://www.theguardian.com/business/2025/oct/18/what-is-private-credit-us-first-brands-tricolor-banks
• https://www.facebook.com/tacomanewstribune/posts/shadow-bank-blue-owl-caps-private-credit-redemptions-after-investors-try-to-pull/1548558603938836/
• https://www.msn.com/en-sg/news/other/troubled-shadow-bank-blue-owl-caps-withdrawals-after-investors-rush-to-pull-5bn/ar-AA203P8M?ocid=finance-verthp-feeds
• https://www.withintelligence.com/insights/private-credit-outlook-2026/
• https://www.fincen.gov/resources/advisoriesbulletinsfact-sheets
• https://www.ecb.europa.eu/press/financial-stability-publications/fsr/special/html/ecb.fsrart202405_03~bc23a48dbc.en.html
• https://www.moodys.com/web/en/us/insights/data-stories/breakdown-of-banks-annual-reporting-on-private-credit.html
• https://www.calpers.ca.gov/members/retirement-benefits/service-disability-retirement
• https://www.aon.com/en/capabilities/human-capital-analytics/radford-mclagan-compensation-database
• https://www.congress.gov/crs-product/R48512
• https://www.instagram.com/reel/DWqYvFgGZwC/
• https://www.kff.org/health-costs/health-policy-101-health-care-costs-and-affordability/
• https://home.treasury.gov/news/press-releases/jy1830
• https://www.kff.org/topic/medicaid/
• https://www.cutoday.info/THE-tude/Shadow-Banking-Risks-Vs.-Credit-Unions-A-False-Equivalence-Shadow-Banking-s-Systemic-Risks-Are-Not-Driven-By-Credit-Unions
• https://clearingcustody.fidelity.com/insights/topics/market-commentary/7-things-investors-should-know-about-the-evolving-conflict-with-iran
• https://budget.house.gov/press-release/fact-check-alert-debunking-crfbs-analysis-of-trump-and-biden-impacts-on-the-national-debt
• https://www.nuveen.com/en-us/exchange-traded-funds/nhym-nuveen-high-yield-municipal-income-etf
• https://home.treasury.gov/news/featured-stories/the-inflation-reduction-acts-benefits-and-costs
• https://www.commonwealthfund.org/publications/surveys/2023/oct/paying-for-it-costs-debt-americans-sicker-poorer-2023-affordability-survey
• https://www.tandfonline.com/doi/full/10.1080/14735970.2024.2351230
• https://budget.house.gov/press-release/fact-check-setting-the-record-straight-on-bidenomics
• https://www.sempra.com/newsroom/press-releases/sempra-announces-strategic-transactions-advancing-goal-building-leading-us
• https://www.fca.org.uk/news/speeches/shining-light-private-markets
• https://www.facebook.com/financialtimes/videos/what-do-cockroaches-have-to-do-with-credit-markets-httpsfttribaluqlpfd9/1228638622589576/
• https://www.cnn.com/2026/01/13/politics/detroit-speech-trump-economic-club
• https://www.harbourvest.com/insights-news/insights/private-credit-risk-redemptions-and-a-reality-check/

▶ Claim 23 Sources (05:07-05:15)

Claim: Cliffwater Corporate Lending Fund (CCLF) was assigned an 'A' issuer credit rating.

• No evidence sources were provided for this claim.

▶ Claim 24 Sources (07:25-07:30)

Claim: In CCLF, 189 loans had borrowers who couldn't pay cash interest, so it was rolled into principal.

• No evidence sources were provided for this claim.

▶ Claim 25 Sources (08:06-08:12)

Claim: Over 50 loans in CCLF had borrowers not generating enough cash to service their debt.

• No evidence sources were provided for this claim.

▶ Claim 26 Sources (08:40-08:48)

Claim: Cliffwater officially reports zero non-accruals, despite the actual numbers.

• https://www.wsj.com/tech/ai/financial-advice-ai-a6f40f0e?gaa_at=eafs&gaa_n=AWEtsqd-kr-xWuGUFUcWPsrA_LGQQhomdImtU0SFpPkMrGXtWXrF6ISEfNvk&gaa_ts=69cff7af&gaa_sig=PuUYzBYJaFJeq83PVlzTkwSsSfJZOMp5oggBrSaBiGg-xMXEuZW8NH4B3ON-_ygrmBv3RWxBlQQ8xPUVMascLA%3D%3D
• https://www.banking.senate.gov/newsroom/minority/warren-seeks-answers-from-empower-retirement-on-threats-to-americans-401ks-from-private-equity-and-private-credit
• https://www.blackstone.com/news/press/blackstone-integrates-leading-credit-and-insurance-businesses-to-form-blackstone-credit-and-insurance-bxci-in-push-toward-next-1-trillion/
• https://slate.com/podcasts/what-next-tbd/2026/04/is-private-credit-a-potential-bubble-to-burst
• https://ohioauditor.gov/auditsearch/Reports/2022/State_Teachers_Retirement_System_of_Ohio_Special_Audit_Report_FINAL.pdf
• https://consumer.ftc.gov/understanding-your-credit
• https://mn.gov/dhs/program-integrity/factcheck/
• https://www.economy.com/getfile?q=2107637A-C535-4AFF-83BC-6CBA1AD1FAB9&app=download
• https://www.usda.gov/about-usda/news/press-releases/2025/12/08/trump-administration-announces-12-billion-farmer-bridge-payments-american-farmers-impacted-unfair
• https://www.usda.gov/about-usda/working-usda/careers
• https://www.fuqua.duke.edu/duke-fuqua-insights/why-private-credit-concerns-may-be-overblown
• https://www.cliffwater.com/Research/DownloadFile?path=docs%2FCliffwater2021Q3_Report_US_DirectLending.pdf&title=Cliffwater%202021%20Q3%20Report%20on%20U.S.%20Direct%20Lending&title=Cliffwater+2021+Q3+Report+on+U.S.+Direct+Lending&page=Private%20Debt_Preview
• https://www.blackrock.com/institutions/en-global/institutional-insights/thought-leadership/putting-private-credit-concerns-in-perspective
• https://www.npr.org/2026/04/03/nx-s1-5772701/trump-budget-defense-spending
• https://www.cms.gov/data-research/statistics-trends-and-reports/national-health-expenditure-data/nhe-fact-sheet
• https://budget.house.gov/press-release/fact-check-the-truth-about-bidens-failed-presidency
• https://www.federalreserve.gov/econres/notes/feds-notes/private-credit-characteristics-and-risks-20240223.html
• https://www.usda.gov/about-usda/news/press-releases/2025/07/24/secretary-rollins-announces-usda-reorganization-restoring-departments-core-mission-supporting
• https://www.aft.org/hc/fall2024/bugbee
• https://dasams.substack.com/p/sos-from-sofr-when-the-tide-goes
• https://www.budget.senate.gov/imo/media/doc/profits_over_patients_the_harmful_effects_of_private_equity_on_the_ushealthcaresystem1.pdf
• https://x.com/PaulD0791
• https://unfccc.int/news/cop29-un-climate-conference-agrees-to-triple-finance-to-developing-countries-protecting-lives-and
• https://www.ftc.gov/business-guidance/resources/health-products-compliance-guidance
• https://www.drs.wa.gov/plan/leoff2/
• https://www.ecb.europa.eu/press/financial-stability-publications/fsr/html/ecb.fsr202505~0cde5244f6.en.html
• https://cliffwater.com/Research/DownloadFile?path=docs%2FCliffwater2021_Q4ReportUS_DirectLending.pdf&title=Q4%20Report%20on%20U.S.%20Direct%20Lending&title=Q4+Report+on+U.S.+Direct+Lending&page=Private%20Debt_Preview
• https://www.cliffwater.com/Insights
• https://www.areswms.com/solutions/asif
• https://www.facebook.com/BradentonHeraldNews/posts/shadow-bank-blue-owl-caps-private-credit-redemptions-after-investors-try-to-pull/1555580976567445/
• https://privatebank.jpmorgan.com/eur/en/insights/markets-and-investing/private-credit-under-the-microscope-separating-headlines-from-fundamentals
• https://x.com/DavideOneglia/status/2034991572148765103
• https://www.sec.gov/Archives/edgar/data/1771146/000177114626000674/tstrivedigitalcreditetf485.htm
• https://www.justice.gov/usao-sdny/pr/ceo-cfo-coo-charged-connection-billion-dollar-collapse-tricolor-auto
• https://www.bis.org/publ/qtrpdf/r_qt2503b.htm
• https://www.axios.com/2026/04/03/insurance-risk-private-credit
• https://bpi.com/bpinsights-december-6-2025/
• https://www.facebook.com/scrippsnews/posts/wall-street-bonuses-soared-to-a-record-246900-in-2025-up-6-from-last-year-as-pro/1362665449229169/
• https://www.federalreserve.gov/econres/notes/feds-notes/bank-lending-to-private-credit-size-characteristics-and-financial-stability-implications-20250523.html
• https://www.unjspf.org/the-fund/how-we-invest/
• https://www.themarshallproject.org/2024/10/21/fact-check-12000-trump-statements-immigrants
• https://www.consumerfinance.gov/consumer-tools/credit-reports-and-scores/consumer-reporting-companies/companies-list/
• https://www.fdic.gov/news/speeches/2023/spsept2023.html
• https://www.moodys.com/web/en/us/insights/data-stories/private-credit-transforms-life-insurance-industry.html
• https://www.pbs.org/newshour/show/why-private-credit-is-creating-major-concerns-among-economists
• https://www.nrmlaonline.org/2026/04/03/dol-proposed-rule-expands-alternative-assets-to-401ks
• https://www.elibrary.imf.org/display/book/9798400257704/CH002.xml
• https://www.ftc.gov/news-events/news/press-releases/2025/02/federal-trade-commission-launches-inquiry-tech-censorship
• https://www.kff.org/medicaid/what-does-the-federal-government-spend-on-health-care/
• https://www.streetinsider.com/SEC+Filings/Form+485BPOS+Northern+Lights+Fund/26223654.html
• https://www.brookings.edu/articles/what-is-private-credit-does-it-pose-financial-stability-risks/
• https://thefulcrum.us/economy/trump-sotu-economic-claims-fact-check
• https://www.lordabbett.com/en-us/financial-advisor/investments-and-performance/mutual-funds/short-duration-income-fund.class-r6.html
• https://www.blackstone.com/insights/article/private-credit-beyond-the-noise/
• https://www.sciencedirect.com/science/article/pii/S0268401223000233
• https://www.consumerfinance.gov/consumer-tools/credit-reports-and-scores/consumer-reporting-companies/companies-list/mib-inc/
• https://www.pa.gov/agencies/dli/resources/for-claimants-workers/benefits-information/benefit-guide/eligibility-information
• https://cybersecurityventures.com/hackerpocalypse-cybercrime-report-2016/
• https://www.osc.ny.gov/common-retirement-fund
• https://rpc.cfainstitute.org/blogs/enterprising-investor/2024/the-tyranny-of-irr-a-reality-check-on-private-market-returns
• https://www.international.gc.ca/world-monde/issues_development-enjeux_developpement/response_conflict-reponse_conflits/crisis-crises/ukraine-fact-fait.aspx?lang=eng
• https://ucnet.universityofcalifornia.edu/wp-content/uploads/forms/pdf/your-guide-to-uc-disability-benefits-fact-sheet.pdf
• https://mgaleg.maryland.gov/mgawebsite/Committees/Details?cmte=b%26t
• https://wapp.capitol.tn.gov/apps/LegislatorInfo/SponsorList?district=S010&ga=114
• https://consumer.ftc.gov/features/donating-safely-avoiding-scams
• https://www.jdsupra.com/legalnews/shadow-banking-and-private-credit-what-7018536/
• https://carnegieendowment.org/research/2024/01/countering-disinformation-effectively-an-evidence-based-policy-guide
• https://www.harrisoncountytexas.gov/upload/page/11883/2024/Harrison%20County%20Annual%20Financial%20Report%202024.pdf
• https://www.bcred.com/
• https://www.fbi.gov/news/stories/investigating-insurance-fraud
• https://www.jpmorganchase.com/newsroom/press-releases/2025/jpmc-security-resiliency-initiative
• https://www.reddit.com/r/AskEconomics/comments/1b4vfmy/what_are_shadow_banks/
• https://www.sec.gov/files/rules/final/2023/ia-6383.pdf
• https://www.ecb.europa.eu/press/financial-stability-publications/fsr/html/ecb.fsr202511~263b5810d4.en.html
• https://www.calpers.ca.gov/documents/faqs-service-retirement/download
• https://www.forbes.com/
• https://www.vctx.org/page/open/2253/0/2021%20REPORT_Final%207-15-22.pdf
• https://www.dol.gov/agencies/ebsa/about-ebsa/our-activities/resource-center/fact-sheets/cash-balance-pension-plans
• https://finance.yahoo.com/economy/policy/articles/trump-budget-pits-spending-cuts-115027330.html
• https://ir.blackrock.com/news-and-events/press-releases/press-releases-details/2024/BlackRock-to-Acquire-HPS-Investment-Partners-to-Deliver-Integrated-Solutions-Across-Public-and-Private-Markets/default.aspx
• https://www.factcheck.org/2020/07/trumps-false-military-equipment-claim/
• https://www.theguardian.com/business/2025/oct/18/what-is-private-credit-us-first-brands-tricolor-banks
• https://www.facebook.com/tacomanewstribune/posts/shadow-bank-blue-owl-caps-private-credit-redemptions-after-investors-try-to-pull/1548558603938836/
• https://www.msn.com/en-sg/news/other/troubled-shadow-bank-blue-owl-caps-withdrawals-after-investors-rush-to-pull-5bn/ar-AA203P8M?ocid=finance-verthp-feeds
• https://www.fincen.gov/resources/advisoriesbulletinsfact-sheets
• https://www.ecb.europa.eu/press/financial-stability-publications/fsr/special/html/ecb.fsrart202405_03~bc23a48dbc.en.html
• https://www.moodys.com/web/en/us/insights/data-stories/breakdown-of-banks-annual-reporting-on-private-credit.html
• https://www.calpers.ca.gov/members/retirement-benefits/service-disability-retirement
• https://www.aon.com/en/capabilities/human-capital-analytics/radford-mclagan-compensation-database
• https://legacy.co.kerr.tx.us/auditor/docs/Kerr_County_2023_Annual_Financial_Report.pdf
• https://www.congress.gov/crs-product/R48512
• https://www.kff.org/health-costs/health-policy-101-health-care-costs-and-affordability/
• https://home.treasury.gov/news/press-releases/jy1830
• https://home.treasury.gov/system/files/261/FSOC2024AnnualReport.pdf
• https://www.kff.org/topic/medicaid/
• https://www.cutoday.info/THE-tude/Shadow-Banking-Risks-Vs.-Credit-Unions-A-False-Equivalence-Shadow-Banking-s-Systemic-Risks-Are-Not-Driven-By-Credit-Unions
• https://budget.house.gov/press-release/fact-check-alert-debunking-crfbs-analysis-of-trump-and-biden-impacts-on-the-national-debt
• https://www.nuveen.com/en-us/exchange-traded-funds/nhym-nuveen-high-yield-municipal-income-etf
• https://home.treasury.gov/news/featured-stories/the-inflation-reduction-acts-benefits-and-costs
• https://www.cliffwaterfunds.com/cclfx
• https://www.commonwealthfund.org/publications/surveys/2023/oct/paying-for-it-costs-debt-americans-sicker-poorer-2023-affordability-survey
• https://www.tandfonline.com/doi/full/10.1080/14735970.2024.2351230
• https://budget.house.gov/press-release/fact-check-setting-the-record-straight-on-bidenomics
• https://www.sempra.com/newsroom/press-releases/sempra-announces-strategic-transactions-advancing-goal-building-leading-us
• https://www.facebook.com/financialtimes/videos/what-do-cockroaches-have-to-do-with-credit-markets-httpsfttribaluqlpfd9/1228638622589576/
• https://www.cnn.com/2026/01/13/politics/detroit-speech-trump-economic-club
• https://www.harbourvest.com/insights-news/insights/private-credit-risk-redemptions-and-a-reality-check/

▶ Claim 27 Sources (11:28-11:33)

Claim: Blackstone and Blue Owl have recently stopped redemptions.

• No evidence sources were provided for this claim.

▶ Claim 28 Sources (12:24-12:29)

Claim: Blue Owl is seeing massive losses and freezing redemptions.

• No evidence sources were provided for this claim.

▶ Claim 29 Sources (12:30-12:35)

Claim: Jamie Dimon said, 'When you see one cockroach, there's probably many more.'

• No evidence sources were provided for this claim.

▶ Claim 30 Sources (01:51-01:54)

Claim: Private credit is credit that banks won't approve.

• https://www.wsj.com/tech/ai/financial-advice-ai-a6f40f0e?gaa_at=eafs&gaa_n=AWEtsqd-kr-xWuGUFUcWPsrA_LGQQhomdImtU0SFpPkMrGXtWXrF6ISEfNvk&gaa_ts=69cff7af&gaa_sig=PuUYzBYJaFJeq83PVlzTkwSsSfJZOMp5oggBrSaBiGg-xMXEuZW8NH4B3ON-_ygrmBv3RWxBlQQ8xPUVMascLA%3D%3D
• https://www.banking.senate.gov/newsroom/minority/warren-seeks-answers-from-empower-retirement-on-threats-to-americans-401ks-from-private-equity-and-private-credit
• https://www.bankrate.com/loans/personal-loans/debt-consolidation-loans/
• https://www.blackstone.com/news/press/blackstone-integrates-leading-credit-and-insurance-businesses-to-form-blackstone-credit-and-insurance-bxci-in-push-toward-next-1-trillion/
• https://slate.com/podcasts/what-next-tbd/2026/04/is-private-credit-a-potential-bubble-to-burst
• https://consumer.ftc.gov/understanding-your-credit
• https://mn.gov/dhs/program-integrity/factcheck/
• https://www.economy.com/getfile?q=2107637A-C535-4AFF-83BC-6CBA1AD1FAB9&app=download
• https://www.usda.gov/about-usda/news/press-releases/2025/12/08/trump-administration-announces-12-billion-farmer-bridge-payments-american-farmers-impacted-unfair
• https://www.usda.gov/about-usda/working-usda/careers
• https://www.fuqua.duke.edu/duke-fuqua-insights/why-private-credit-concerns-may-be-overblown
• https://www.dfs.ny.gov/consumers/fraud_cyber_protection
• https://www.npr.org/2026/04/03/nx-s1-5772701/trump-budget-defense-spending
• https://www.cms.gov/data-research/statistics-trends-and-reports/national-health-expenditure-data/nhe-fact-sheet
• https://budget.house.gov/press-release/fact-check-the-truth-about-bidens-failed-presidency
• https://www.federalreserve.gov/econres/notes/feds-notes/private-credit-characteristics-and-risks-20240223.html
• https://www.usda.gov/about-usda/news/press-releases/2025/07/24/secretary-rollins-announces-usda-reorganization-restoring-departments-core-mission-supporting
• https://www.aft.org/hc/fall2024/bugbee
• https://www.pnc.com/en/personal-banking/banking/credit-cards.html
• https://www.budget.senate.gov/imo/media/doc/profits_over_patients_the_harmful_effects_of_private_equity_on_the_ushealthcaresystem1.pdf
• https://ramp.com/blog/business-credit-cards-that-dont-report-to-personal-credit-bureaus
• https://unfccc.int/news/cop29-un-climate-conference-agrees-to-triple-finance-to-developing-countries-protecting-lives-and
• https://www.accessunited.com/mortgage/mortgage-services
• https://www.ftc.gov/business-guidance/resources/health-products-compliance-guidance
• https://www.drs.wa.gov/plan/leoff2/
• https://www.ecb.europa.eu/press/financial-stability-publications/fsr/html/ecb.fsr202505~0cde5244f6.en.html
• https://www.facebook.com/BradentonHeraldNews/posts/shadow-bank-blue-owl-caps-private-credit-redemptions-after-investors-try-to-pull/1555580976567445/
• https://www.ssga.com/us/en/intermediary/insights/what-is-private-credit-and-why-investors-are-paying-attention
• https://www.justice.gov/usao-sdny/pr/ceo-cfo-coo-charged-connection-billion-dollar-collapse-tricolor-auto
• https://www.bis.org/publ/qtrpdf/r_qt2503b.htm
• https://www.axios.com/2026/04/03/insurance-risk-private-credit
• https://bpi.com/bpinsights-december-6-2025/
• https://www.federalreserve.gov/econres/notes/feds-notes/bank-lending-to-private-credit-size-characteristics-and-financial-stability-implications-20250523.html
• https://www.unjspf.org/the-fund/how-we-invest/
• https://www.westcommunitycu.org/
• https://www.themarshallproject.org/2024/10/21/fact-check-12000-trump-statements-immigrants
• https://www.consumerfinance.gov/consumer-tools/credit-reports-and-scores/consumer-reporting-companies/companies-list/
• https://www.fdic.gov/news/speeches/2023/spsept2023.html
• https://www.moodys.com/web/en/us/insights/data-stories/private-credit-transforms-life-insurance-industry.html
• https://www.pbs.org/newshour/show/why-private-credit-is-creating-major-concerns-among-economists
• https://www.nrmlaonline.org/2026/04/03/dol-proposed-rule-expands-alternative-assets-to-401ks
• https://www.elibrary.imf.org/display/book/9798400257704/CH002.xml
• https://www.ftc.gov/news-events/news/press-releases/2025/02/federal-trade-commission-launches-inquiry-tech-censorship
• https://cadencebank.com/insights-and-articles/personal/7-common-credit-card-myths-and-facts
• https://apps.apple.com/us/app/experian/id1087101090
• https://www.kff.org/medicaid/what-does-the-federal-government-spend-on-health-care/
• https://www.brookings.edu/articles/what-is-private-credit-does-it-pose-financial-stability-risks/
• https://thefulcrum.us/economy/trump-sotu-economic-claims-fact-check
• https://www.jpmorgan.com/insights/markets-and-economy/top-market-takeaways/tmt-private-credit-promising-or-problematic
• https://www.lordabbett.com/en-us/financial-advisor/investments-and-performance/mutual-funds/short-duration-income-fund.class-r6.html
• https://www.blackstone.com/insights/article/private-credit-beyond-the-noise/
• https://www.sciencedirect.com/science/article/pii/S0268401223000233
• https://www.consumerfinance.gov/consumer-tools/credit-reports-and-scores/consumer-reporting-companies/companies-list/mib-inc/
• https://oag.ca.gov/idtheft/facts/freeze-your-credit
• https://www.pa.gov/agencies/dli/resources/for-claimants-workers/benefits-information/benefit-guide/eligibility-information
• https://cybersecurityventures.com/hackerpocalypse-cybercrime-report-2016/
• https://www.osc.ny.gov/common-retirement-fund
• https://rpc.cfainstitute.org/blogs/enterprising-investor/2024/the-tyranny-of-irr-a-reality-check-on-private-market-returns
• https://www.international.gc.ca/world-monde/issues_development-enjeux_developpement/response_conflict-reponse_conflits/crisis-crises/ukraine-fact-fait.aspx?lang=eng
• https://ucnet.universityofcalifornia.edu/wp-content/uploads/forms/pdf/your-guide-to-uc-disability-benefits-fact-sheet.pdf
• https://mgaleg.maryland.gov/mgawebsite/Committees/Details?cmte=b%26t
• https://consumer.ftc.gov/articles/how-get-out-debt
• https://www.reddit.com/r/personalfinance/comments/14dt70n/declined_for_literally_every_credit_card/
• https://wapp.capitol.tn.gov/apps/LegislatorInfo/SponsorList?district=S010&ga=114
• https://consumer.ftc.gov/features/donating-safely-avoiding-scams
• https://www.jdsupra.com/legalnews/shadow-banking-and-private-credit-what-7018536/
• https://carnegieendowment.org/research/2024/01/countering-disinformation-effectively-an-evidence-based-policy-guide
• https://www.bcred.com/
• https://www.fbi.gov/news/stories/investigating-insurance-fraud
• https://www.bankofamerica.com/credit-cards/
• https://www.jpmorganchase.com/newsroom/press-releases/2025/jpmc-security-resiliency-initiative
• https://www.instagram.com/p/DWpo56OjhDZ/
• https://www.mycenturybank.com/security-resources
• https://www.reddit.com/r/AskEconomics/comments/1b4vfmy/what_are_shadow_banks/
• https://www.chase.com/personal/credit-cards/education/basics/will-credit-limit-increase-hurt-score
• https://www.ecb.europa.eu/press/financial-stability-publications/fsr/html/ecb.fsr202511~263b5810d4.en.html
• https://www.calpers.ca.gov/documents/faqs-service-retirement/download
• https://www.forbes.com/
• https://www.dol.gov/agencies/ebsa/about-ebsa/our-activities/resource-center/fact-sheets/cash-balance-pension-plans
• https://finance.yahoo.com/economy/policy/articles/trump-budget-pits-spending-cuts-115027330.html
• https://ir.blackrock.com/news-and-events/press-releases/press-releases-details/2024/BlackRock-to-Acquire-HPS-Investment-Partners-to-Deliver-Integrated-Solutions-Across-Public-and-Private-Markets/default.aspx
• https://files.consumerfinance.gov/f/documents/cfpb_consumer-reporting-companies-list.pdf
• https://www.factcheck.org/2020/07/trumps-false-military-equipment-claim/
• https://www.theguardian.com/business/2025/oct/18/what-is-private-credit-us-first-brands-tricolor-banks
• https://www.facebook.com/tacomanewstribune/posts/shadow-bank-blue-owl-caps-private-credit-redemptions-after-investors-try-to-pull/1548558603938836/
• https://www.reddit.com/r/smallbusiness/comments/11l6k0g/business_credit_cards_that_report_to_db_etc_not/
• https://www.msn.com/en-sg/news/other/troubled-shadow-bank-blue-owl-caps-withdrawals-after-investors-rush-to-pull-5bn/ar-AA203P8M?ocid=finance-verthp-feeds
• https://www.fincen.gov/resources/advisoriesbulletinsfact-sheets
• https://www.ecb.europa.eu/press/financial-stability-publications/fsr/special/html/ecb.fsrart202405_03~bc23a48dbc.en.html
• https://www.moodys.com/web/en/us/insights/data-stories/breakdown-of-banks-annual-reporting-on-private-credit.html
• https://www.calpers.ca.gov/members/retirement-benefits/service-disability-retirement
• https://www.aon.com/en/capabilities/human-capital-analytics/radford-mclagan-compensation-database
• https://www.congress.gov/crs-product/R48512
• https://www.occ.gov/topics/consumers-and-communities/consumer-protection/depository-services/checking-accounts.html
• https://www.kff.org/health-costs/health-policy-101-health-care-costs-and-affordability/
• https://home.treasury.gov/news/press-releases/jy1830
• https://www.kff.org/topic/medicaid/
• https://www.cutoday.info/THE-tude/Shadow-Banking-Risks-Vs.-Credit-Unions-A-False-Equivalence-Shadow-Banking-s-Systemic-Risks-Are-Not-Driven-By-Credit-Unions
• https://budget.house.gov/press-release/fact-check-alert-debunking-crfbs-analysis-of-trump-and-biden-impacts-on-the-national-debt
• https://www.nuveen.com/en-us/exchange-traded-funds/nhym-nuveen-high-yield-municipal-income-etf
• https://home.treasury.gov/news/featured-stories/the-inflation-reduction-acts-benefits-and-costs
• https://www.commonwealthfund.org/publications/surveys/2023/oct/paying-for-it-costs-debt-americans-sicker-poorer-2023-affordability-survey
• https://www.tandfonline.com/doi/full/10.1080/14735970.2024.2351230
• https://budget.house.gov/press-release/fact-check-setting-the-record-straight-on-bidenomics
• https://www.sempra.com/newsroom/press-releases/sempra-announces-strategic-transactions-advancing-goal-building-leading-us
• https://www.facebook.com/financialtimes/videos/what-do-cockroaches-have-to-do-with-credit-markets-httpsfttribaluqlpfd9/1228638622589576/
• https://www.cnn.com/2026/01/13/politics/detroit-speech-trump-economic-club
• https://news.va.gov/31825/ten-things-veterans-dont-know-va-home-loans/
• https://www.harbourvest.com/insights-news/insights/private-credit-risk-redemptions-and-a-reality-check/

▶ Claim 31 Sources (09:48-09:51)

Claim: It's evidence that the marks are fiction.

• https://www.wsj.com/tech/ai/financial-advice-ai-a6f40f0e?gaa_at=eafs&gaa_n=AWEtsqd-kr-xWuGUFUcWPsrA_LGQQhomdImtU0SFpPkMrGXtWXrF6ISEfNvk&gaa_ts=69cff7af&gaa_sig=PuUYzBYJaFJeq83PVlzTkwSsSfJZOMp5oggBrSaBiGg-xMXEuZW8NH4B3ON-_ygrmBv3RWxBlQQ8xPUVMascLA%3D%3D
• https://www.banking.senate.gov/newsroom/minority/warren-seeks-answers-from-empower-retirement-on-threats-to-americans-401ks-from-private-equity-and-private-credit
• https://www.blackstone.com/news/press/blackstone-integrates-leading-credit-and-insurance-businesses-to-form-blackstone-credit-and-insurance-bxci-in-push-toward-next-1-trillion/
• https://slate.com/podcasts/what-next-tbd/2026/04/is-private-credit-a-potential-bubble-to-burst
• https://www.nyisri.org/wp-content/uploads/formidable/2/billionaire-brain-wave-reviews-real-results-or-scam-hype-q3rs4t.pdf
• https://consumer.ftc.gov/understanding-your-credit
• https://africacheck.org/
• https://mn.gov/dhs/program-integrity/factcheck/
• https://www.economy.com/getfile?q=2107637A-C535-4AFF-83BC-6CBA1AD1FAB9&app=download
• https://www.usda.gov/about-usda/news/press-releases/2025/12/08/trump-administration-announces-12-billion-farmer-bridge-payments-american-farmers-impacted-unfair
• https://www.usda.gov/about-usda/working-usda/careers
• https://www.fuqua.duke.edu/duke-fuqua-insights/why-private-credit-concerns-may-be-overblown
• https://www.npr.org/2026/04/03/nx-s1-5772701/trump-budget-defense-spending
• https://www.cms.gov/data-research/statistics-trends-and-reports/national-health-expenditure-data/nhe-fact-sheet
• https://budget.house.gov/press-release/fact-check-the-truth-about-bidens-failed-presidency
• https://www.reddit.com/r/Christianity/comments/1drowgn/is_there_any_evidence_that_the_bible_isnt_fiction/
• https://www.federalreserve.gov/econres/notes/feds-notes/private-credit-characteristics-and-risks-20240223.html
• https://www.usda.gov/about-usda/news/press-releases/2025/07/24/secretary-rollins-announces-usda-reorganization-restoring-departments-core-mission-supporting
• https://www.aft.org/hc/fall2024/bugbee
• https://www.factcheck.org/2022/10/scicheck-its-not-news-nor-scandalous-that-pfizer-trial-didnt-test-transmission/
• https://www.facebook.com/groups/122673731818386/posts/1533424034076675/
• https://www.budget.senate.gov/imo/media/doc/profits_over_patients_the_harmful_effects_of_private_equity_on_the_ushealthcaresystem1.pdf
• https://insights.som.yale.edu/insights/what-happened-when-five-ai-models-fact-checked-trump
• https://unfccc.int/news/cop29-un-climate-conference-agrees-to-triple-finance-to-developing-countries-protecting-lives-and
• https://www.ftc.gov/business-guidance/resources/health-products-compliance-guidance
• https://www.drs.wa.gov/plan/leoff2/
• https://www.unitedhospitalservices.com/wp-content/uploads/formidable/3/Neuro-Energizer-Reviews-2026-Scam-or-Legit-User-Stories-G1hI.pdf
• https://www.ecb.europa.eu/press/financial-stability-publications/fsr/html/ecb.fsr202505~0cde5244f6.en.html
• https://www.facebook.com/BradentonHeraldNews/posts/shadow-bank-blue-owl-caps-private-credit-redemptions-after-investors-try-to-pull/1555580976567445/
• https://www.justice.gov/usao-sdny/pr/ceo-cfo-coo-charged-connection-billion-dollar-collapse-tricolor-auto
• https://www.bis.org/publ/qtrpdf/r_qt2503b.htm
• https://www.axios.com/2026/04/03/insurance-risk-private-credit
• https://bpi.com/bpinsights-december-6-2025/
• https://www.federalreserve.gov/econres/notes/feds-notes/bank-lending-to-private-credit-size-characteristics-and-financial-stability-implications-20250523.html
• https://www.unjspf.org/the-fund/how-we-invest/
• https://www.themarshallproject.org/2024/10/21/fact-check-12000-trump-statements-immigrants
• https://www.consumerfinance.gov/consumer-tools/credit-reports-and-scores/consumer-reporting-companies/companies-list/
• https://www.fdic.gov/news/speeches/2023/spsept2023.html
• https://www.moodys.com/web/en/us/insights/data-stories/private-credit-transforms-life-insurance-industry.html
• https://coldcasechristianity.com/writings/is-the-raising-of-lazarus-fictional/
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• https://www.sciencedirect.com/science/article/pii/S0268401223000233
• https://www.consumerfinance.gov/consumer-tools/credit-reports-and-scores/consumer-reporting-companies/companies-list/mib-inc/
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• https://www.bcred.com/
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▶ Claim 32 Sources (00:01-00:04)

Claim: There is a $13 trillion lie sitting inside your retirement account right now.

• No evidence sources were provided for this claim.

▶ Claim 33 Sources (00:10-00:12)

Claim: The people running the retirement accounts have a fraud score higher than Bernie Madoff.

• No evidence sources were provided for this claim.

8. Counter-Intelligence Analysis

No counter-intelligence analysis data was available for this report.

8.5 AI & Authenticity Assessment

No AI indicators were detected for this video.

9. CRAAP Analysis

Criterion	Score	Explanation
Currency	High	The video addresses a contemporary financial topic, private credit, which is a rapidly growing and evolving market. Given today's date of April 03, 2026, and the allowance for 2025 sources as current, the information presented is highly timely and relevant to current financial discussions.
Relevance	High	The video's title directly targets 'Your Retirement Account' and discusses the impact of private credit on personal finances and investment risks. This makes the content highly pertinent to a broad audience concerned with their financial well-being and understanding market dynamics.
Authority	Low	The video's authority is questionable as no creator or organizational affiliation is provided, and one claim even references 'one guy with a laptop' as the exposer. While some claims are supported by external authoritative sources, the video itself lacks clear credentials, making its overall authority low.
Accuracy	Medium	While many claims are assessed as 'LIKELY_TRUE' or 'HIGHLY_LIKELY_TRUE' based on verification, a significant number are rated 'LEANING_FALSE' or 'FALSE.' This indicates that the video contains a mix of accurate information alongside inaccuracies, oversimplifications, or unsubstantiated assertions.
Purpose	High	The video's title, 'The $13 Trillion Lie Hiding in Your Retirement Account,' clearly indicates a persuasive and potentially alarmist purpose. It aims to inform viewers about perceived hidden risks and conflicts of interest in private credit, likely to provoke concern or advocate for a particular viewpoint.

10. Recommendations

1. Here are 5-7 specific, actionable recommendations for viewers based on the provided video title and verified claims:
2. • Investigate your retirement account holdings for private credit exposure. Review your 401(k), pension, or other retirement statements and prospectuses, or contact your plan administrator/advisor, to identify any allocations to private credit funds or alternative investments, as "Money for private credit comes from pension funds, insurance corporations, sovereign wealth funds, and retail investors" (LIKELY_TRUE).
3. • Educate yourself on the unique risks of private credit. Understand that private credit is considered part of a "shadow banking system" because it is "not really regulated" (HIGHLY_LIKELY_TRUE) and often involves lending to "small and medium-sized firms, some highly leveraged, that banks won't lend to" (HIGHLY_LIKELY_TRUE), implying higher risk and less transparency than traditional investments.
4. • Be critically aware of potential conflicts of interest and valuation practices. Recognize that "There is a massive conflict of interest in private credit markets" (HIGHLY_LIKELY_TRUE) and "Managers in private credit have strong incentives to 'cherry pick prices' that let them reap higher fees at the expense of their clients" (HIGHLY_LIKELY_TRUE). Approach reported returns and valuations with skepticism.
5. • Ensure your overall retirement portfolio maintains broad diversification. Given the historical context of "unregulated private-label mortgage securities market exploded" (LIKELY_TRUE) and the "2008 subprime mortgage crisis involved losses on mortgage-backed securities rapidly spreading" (LIKELY_TRUE), diversify your investments across various asset classes to mitigate concentration risk in less transparent or illiquid sectors.
6. • Seek advice from a qualified, fiduciary financial advisor. Due to the complexity and lack of regulation in private credit markets (HIGHLY_LIKELY_TRUE), consult with a financial professional who is legally obligated to act in your best interest to assess your portfolio's exposure and suitability for such investments.
7. • Advocate for greater transparency and regulatory oversight in private credit. Support efforts and organizations that call for increased regulatory scrutiny, standardized reporting, and enhanced transparency in private credit markets, given their "unregulated" nature (HIGHLY_LIKELY_TRUE) and the potential for systemic risk.