Nine charts on private credit and whether it will cause the next GFC
by Luke Kinsella · Australian Financial ReviewLuke KinsellaReporter
Sep 16, 2026 – 9.37am
It was March 12, 2008, when Bear Stearns chief executive Alan Schwartz appeared on CNBC to address mounting speculation that his investment bank would be swept up in the crisis developing in the subprime mortgage market.
Speaking to host David Faber, Schwartz offered firm reassurances. “None of those speculations are true … our liquidity position has not changed at all. Our balance sheet has not weakened at all.”
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Luke KinsellaReporterLuke Kinsella covers the business of sport in The Australian Financial Review’s Sydney office. He was previously a policy analyst at Treasury. Send tips to lukekinsella.40 on encrypted messaging platform Signal or email lukekinsella1@proton.me using ProtonMail. Email Luke at luke.kinsella@nine.com.au
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