Is Private Equity the New Subprime?

Why the Next Financial Crisis Could Be Slower—and Deeper

In 2006, the Wall Street Journal asked me to assess the risk brewing in alternative investments. I wrote that it was "a financial accident ready to happen.” Months later, the floor gave way. Today, I see a similar pattern—different instruments, new channels—but the same core weaknesses. This time, the danger skews toward private equity and its periphery…