<p>In the wake of the 2008 financial crisis, private credit or “shadow banking” grew as an alternative to the regulations and shared risk that institutional banks operate within. What happens if a crisis hits the trillions of dollars that are outside of those guardrails? We may be about to find out.&nbsp;</p><br><p>Guest: <a href="https://www.bloombergmedia.com/talent/people/tracy-alloway/" rel="noopener noreferrer" target="_blank">Tracy Alloway</a>, co-host of Bloomberg's Odd Lots podcast.</p><br><p>Want more What Next TBD? Subscribe to Slate Plus to access ad-free listening to the whole What Next family and all your favorite Slate podcasts. Subscribe today on Apple Podcasts by clicking “Try Free” at the top of our show page. Sign up now at<a href="http://slate.com/whatnextplus" rel="noopener noreferrer" target="_blank"> slate.com/whatnextplus</a> to get access wherever you listen.</p><br><p>Podcast production by Evan Campbell, and Patrick Fort.</p><hr><p style='color:grey; font-size:0.75em;'> Hosted on Acast. See <a style='color:grey;' target='_blank' rel='noopener noreferrer' href='https://acast.com/privacy'>acast.com/privacy</a> for more information.</p>