MMN Editor

Isa Casahuga
The University of Texas at San Antonio student who created a national firestorm by celebrating the assassination of civil-rights leader Charlie Kirk is apologizing for her comments she now admits were “beyond inappropriate and hurtful,” but is getting little sympathy online.
Isa Casahuga, who called herself “Pamper Baby” at a Turning Point USA “Pick up the Mic” event in September, had read a poem that included, “as we solemnly remembered a shot to the neck” and an invitation to a “Squirt for Kirk” event. She also told Texas Youth Summit founder Christian Collins he was “brave” for appearing on campus without neck protection.
In her apology in which she appears to be reading from a script, Casahuga states: “My name is Isa Casahuga, and after much prayer and reflection, I’d like to come out and sincerely apologize for the comments I made on Sept. 23, 2026, at the University of Texas at San Antonio.
“First, I’d like to directly apologize to Miss Erika Kirk, her children, and the entire Kirk family. My words were deeply insensitive, to say the least, particularly considering the unfathomable loss your family has experienced.
“I’d also like to apologize directly to Mr. Christian Collins. Mr. Collins, what I said at your Pick Up The Mic rally was beyond inappropriate and hurtful, and for that, I am so sorry.
“Lastly, I would also like to apologize to everyone that I may have hurt with my comments that day. There is nothing acceptable or funny about political violence and even less the loss of a person’s life. Regardless of our political beliefs or opinions, we should all strive to treat one another with the utmost respect, compassion, and above all, dignity.
WATCH:

Isa Casahuga APOLOGY VIDEO.
She now claims to be a Christian? https://t.co/mM7M7fBK1c
— Brian Atlas (@BrianAtlas) November 1, 2026

She continued: “I understand why my words caused so much pain and I take full responsibility for them. My faith teaches me the importance of humility, compassion, and above all, forgiveness, and I recognize that my words did not reflect those values on Sept. 23.
“I want to be better going forward, not only as a Christian and as a person, but as an American. I know that an apology cannot undo what I said and I don’t expect everyone to forgive me after this, but I sincerely hope that through my actions I can learn from this experience and ultimately earn a second chance in life. Thank you.”
Reaction online has not been forgiving.
“She now claims to be a Christian?” asked Brian Atlas of the Whatever podcast.
In a follow-up post, Atlas added: “Citing John 8:7-11 ‘let him who is without sin cast the first stone’ in an apology is super insincere. Instead of taking ownership, she uses scripture to deflect accountability by pointing out everyone else’s flaws, silence critics, and demand immediate forgiveness. A genuine apology focuses on the harm done, not shielding the person who did it.”
Seth Dillon, CEO of the Babylon Bee, does not believe Casahuga’s sincerity, saying: “She’s deeply sorry that the things she said publicly – and with great pride – resulted in people correctly calling her a hate-filled, violence-loving monster.”
Spencer Pratt, former candidate for Los Angeles mayor and reality TV star, said: “I’d like to sincerely apologize by lifelessly reading a scripted statement that my lawyer cooked up.”
Journalist Eric Daugherty or RightLine News opined: “Remember to shame these people any time they publicly out themselves. This does not belong in civil society.”
WATCH ISA CASHUGA’S ORIGINAL POEM:

At @UTSA for Pick Up the Mic, a student read a poem celebrating the assassination of Charlie Kirk with such glee, then told me I was brave to be out here without my neck covered.
I told her I’d pray for her.
This is the climate. We pick up the mic anyway. https://t.co/ZfipQsosaF
— Christian Collins (@CollinsforTX) October 27, 2026

As WorldNetDaily reported, Casahuga’s public shaming was already taking place last week as someone purchased an internet domain name with her name, isacasahuga.com, to let everyone know who she is and what she stands for.
The site created the less-than-flatttering email address of: wipe.that.smug.look.off.your.bitch.face@isacasahuga.com
Erika Kirk has yet to publicly respond to the apology, but chose on Friday to post previously recorded video of herself and Charlie Kirk urging people to vote.
“Elections have consequences,” she wrote. “There are a lot of people right now trying to convince you that America isn’t worth preserving. Some want you to believe this country was rotten from the beginning, others want you to believe it is too far gone to save, and some are simply just sitting this one out. But as my husband often said, ‘no black pilling!’
“Take that to heart. If you sit out an election because you are disappointed with Republicans, you don’t get an empty government for two years. Somebody still wins and then they get to govern and they will use the power you handed them to turn this great country into one that is unrecognizable. You inherited the freedom to vote. Don’t squander it.”
WATCH:

Elections have consequences.
There are a lot of people right now trying to convince you that America isn’t worth preserving. Some want you to believe this country was rotten from the beginning, others want you to believe it is too far gone to save, and some are simply just sitting this one out.
But as my husband often said, “no black pilling!”
Take that to heart. If you sit out an election because you are disappointed with Republicans, you don’t get an empty government for two years. Somebody still wins and then they get to govern and they will use the power you handed them to turn this great country into one that is unrecognizable.
You inherited the freedom to vote. Don’t squander it.
Make a plan to vote and find your nearest polling location here: https://t.co/EIUdmFqpab
— Erika Kirk (@MrsErikaKirk) October 30, 2026

The Gateway Pundit reported: “Casahuga’s parents’ professional pages had been scrubbed from the internet after the video went viral.”

Is the news we hear every day actually broadcasting messages from God? The answer is an absolute yes! Find out how!
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‘The Left wants us dead’: Anti-Kirk student reads vile poem on campus, now may have trouble getting hired

What began as largely peaceful protests became violent across Germany, a turn police blamed on extremist factions infiltrating the demonstrations.

The Trump State Department denounced the recent eastern Mediterranean maritime agreement between NATO member Turkey and the fractured Libyan state.The Turkey-Libya deal has also caused frustration and anger among many nations because they say it rewrote the established sea borders of the sensitive Mediterranean Sea region, where large deposits of gas might be located.The Eastern Libyan parliament approved the maritime accord in mid-October. The region is ruled by military leader Khalifa Haftar, who has formed an alliance with Turkey — the maritime deal ignores Libya’s internationally recognized government in Tripoli in the northwestern part of the oil-rich country. A U.S. State Department spokesperson told Fox News Digital: “The announcement of the ratification of the Turkish-Libyan delimitation memorandum of understanding has raised tensions in the region and is unhelpful and provocative — and our position on this matter has not changed.”BILLION-DOLLAR POWER LINK CONNECTING ISRAEL TO EUROPE HITS ROADBLOCK IN BITTER REGIONAL FEUDThe spokesperson added: “We encourage all countries, including partners in the Eastern Mediterranean, to resolve maritime disputes through good-faith negotiations and avoid any provocative behavior. Greece and Türkiye are both NATO allies. We encourage them to engage bilaterally to address any areas of disagreement.”According to the spokesperson, “Peaceful resolution of such disputes opens the way for commercial investment and exploration that will benefit the entire region.”According to the Turkish news agency Anadolu Turkish Foreign Minister Hakan Fidan on Wednesday said that the maritime agreement between Turkey and Libya was “entirely legitimate” and not in violation of international law.He added: “This is an entirely legitimate agreement, both from a legal and a political perspective. There is no need to debate it.”Reuters reported Fidan also shot back at critics of the deal. “There are countries reacting to this. We know why they are reacting. Some are doing so because they need to, some really do have strategic problems with this issue. ​ However, this is an entirely legitimate deal, both from a legal and a statutory perspective. ​There is no need to argue this.”NETANYAHU WARNS TURKEY SHOULD NOT GET F-35S, CITING ERDOĞAN’S HOSTILITY TOWARD NATO ALLIESFox News Digital sought comment from both Turkey and Libya but did not get a response by time of publication.Greek Minister of Foreign Affairs George Gerapetritis angrily wrote on his ministry’s website that, “The memorandum will not be implemented. And it will not be implemented for the simple reason that it produces no legal effects whatsoever, as it is entirely contrary to international law.” He added that “Türkiye had established a system of influence in Libya, essentially seeking to advance its own interests” and the Turkish media has ramped up its anti-Greece rhetoric. “There is a constant stream of reports pushing the Turkish government to become even more aggressive.”Endy Zemenides, the Executive Director of the Hellenic American Leadership Council, told Fox News Digital that the Turkey-Libya agreement “absolutely” endangers the security of the U.S. and its allies.He said: “This memorandum specifically infringes on U.S. companies and U.S. energy policy. It effectively denies maritime rights and zones of Crete. Crete is NATO’s southernmost base. And the U.S. has been increasingly relied upon because of wars in the Mideast.” He noted that the American companies Exxon and Chevron are present in Crete.US-BACKED ISRAEL-MOROCCO DEAL DEEPENS ABRAHAM ACCORDS AMID GROWING REGIONAL THREATSZemenides said the Turkey-Libya deal is a way of pushing the U.S. out of the region. The U.S. has not been able to rely on Turkey for a decade, said Zemenides. He continued that “in allowing Turkey to challenge the pro-Western order” it is not good for American interests.The European Union invoked unusually strong language targeting the deal, declaring the deal to be in violation of maritime law.”The EU position regarding the MoU is firm and clear. As outlined in the European Council Conclusions of December 2019 and reiterated in June 2025, the Türkiye-Libya Memorandum of Understanding infringes upon the sovereign rights of third States and does not comply with the Law of the Sea. It is null and void and cannot produce any legal consequences for third States.”Israel also blasted Turkey and Libya. The Jewish state has developed a troika alliance with both Greece and Cyprus. Israel’s foreign ministry said on X it “strongly condemns the decision of the Libyan House of Representatives to ratify the Maritime Jurisdiction Memorandum between Turkey and Libya.”Israel’s foreign ministry added on X that “This agreement infringes upon the sovereign rights of our close allies in the region. Regretfully, once again we see Turkey working to destabilize the east Mediterranean region.”Reuters contributed to this report.

Five locations in the U.S. have been chosen by National Geographic as some of the best to travel to in the year ahead.National Geographic’s annual Best of the World travel list, just released, features 25 travel-worthy destinations all over the globe. The five standout U.S. destinations harbor stunning views, great food and unique cultural spaces. AMERICANS CHOOSING TO VISIT SMALLER TOWNS OVER BIG CITIES AS TRAVEL COSTS RISECheck out the details. This capital city was listed as the first U.S.-based destination to visit, highlighted for its lakefront adventure opportunities and local cuisine.Nestled between Lakes Mendota and Monona, Madison, Wisconsin, offers beautiful trails and green spaces. It’s also city-central for several colleges, including the University of Wisconsin-Madison.This mix between college town, nature oasis and state capital gives Madison a unique flare, pairing beloved nightlife spaces with a growing trail network.National Geographic calls the city of about 290,000 residents “compact enough to explore on foot or by bike,” as it’s certified by the League of American Bicyclists.NY AND LA DIDN’T WIN AMERICA’S BEST MEGA AIRPORT TITLE, BUT ONE MIDWEST HUB DIDMadison reportedly is home to more than 200 miles of hiking trails and bikeways.These connect neighborhoods, beaches and about 300 parks, which, according to National Geographic, is among the most per capita of any U.S. city.Bikers can take the 13-mile bike loop around Lake Monona, which passes from the Olbrich Botanical Gardens to Madison’s downtown waterfront.The Dane County Farmers Market takes place on Saturdays in the summer on Capitol Square, with up to 20,000 visitors. It is reportedly the nation’s largest producer-only market, providing flowers, baked goods and fresh vegetables.4 US HOTSPOTS JUST MADE NATIONAL GEOGRAPHIC’S TOP TRAVEL LISTNational Geographic also shouted out some local restaurants, such as Fairchild for its use of local vegetables in homemade ravioli and Ahan for its classic Laotian dishes.After mudslides in Big Sur caused a three-year closure, some of the most scenic sections of the Pacific Coast Highway have been reopened, giving travelers the opportunity to take in the inspirational sights of California’s coastline.”Lesser known artsy communities” lie just outside the roadway, says National Geographic.On the southern end, artist colony Laguna Beach celebrates its centennial in 2027.Downtown Laguna Beach not only offers beach access, but fronts a new pedestrian promenade with boutiques, galleries, outdoor performance spaces and “al fresco” dining.The central-coast city of Lompoc features a trail of more than 30 murals depicting the town’s agricultural roots, as well as a wine region known as the Wine Ghetto.North of Lompoc is the one-block dairy farmer town of Harmony, which boasts a population of 18. The town features small-batch ice cream at Harmony Valley Creamery, and other locally owned businesses like Harmony Glassworks and Harmony Pottery Studio and Gallery.TEST YOURSELF WITH OUR LATEST LIFESTYLE QUIZThe northern end of the highway is home to more artistic regions, like Mendocino County and Fort Bragg, offering exhibitions and galleries like Pacific Textile Arts.In the heart of the United States, spanning between Missouri and Arkansas, the southern Ozarks show off “spectacular” bluffs, valleys and ridgelines.The region is a “haven” for outdoor activities, National Geographic said, as well as immerse cultural activities in neighboring towns like Bentonville, Arkansas — home to the Crystal Bridges Museum of American Art.Close to Bentonville, Bella Vista, Arkansas, is the self-proclaimed mountain biking capital of the world, fronting the new OZ Trails Bike Park. It’s the state’s first chairlift-served mountain bike park for access to 20 miles of trails for all levels.CLICK HERE FOR MORE LIFESTYLE STORIESAbout 60 miles across the Missouri border is Dogwood Canyon Nature Park, where the Ozarks unfold across 10,000 acres, featuring limestone cliffs and valleys, National Geographic detailed.Herds of elk, bison and longhorn cattle can be spotted here. Visitors can hike and bike the park’s network of trails.Baltimore is packed with U.S. history as the birthplace of the American railroad.The port city on the shores of the Chesapeake Bay chartered the country’s first commercial railroad in 1827. The National Museum of Railroad History & Innovation will reportedly mark the 200-year anniversary with a $38 million upgrade.The museum’s makeover will feature “archival treasures” like letters from Abraham Lincoln and railroad tech exhibits, according to NatGeo.CLICK HERE TO SIGN UP FOR OUR LIFESTYLE NEWSLETTERNational Geographic also highlighted Baltimore’s historic Lexington Market, established in 1782. The public market features merchants like family-owned seafood, produce and baked goods vendors.Baltimore’s Inner Harbor has attractions like the National Aquarium and 1854 U.S.S. Constellation warship, as well as parks and retail stores. The waterfront features a whiskey distillery, green spaces and restaurants offering local delicacy options, like steamed crabs and crab cakes.The Baltimore Blueway has launched kayaking trails, National Geographic reported. A trip to Fort McHenry also came as a recommendation, as it’s the location that inspired Francis Scott Key to write “The Star-Spangled Banner.”National Geographic called attention to a second California location, Catalina Island — a remote destination only accessible by boat.An hour on the ferry from Long Beach, California, brings visitors to the island’s sweeping landscape, including ridgelines and roving bison.Catalina Island is also home to indigenous plant and animal species, like small foxes that can be spotted along the 38.5 mile Trans-Catalina Trail, and coastal sage shrub.The Garden to Sky Trail offers an ocean overlook from the Wrigley Memorial and Botanic Garden, which showcases “rare island flora,” National Geographic said.

Oklahoma State and Iowa State combined for 100 points in their Week 8 showdown on Halloween night, which inevitably means it was a contest filled with fireworks, but it was also one that ended in an incredibly frustrating fashion for the visiting Cowboys and their fanbase.Trailing 48-42 with just under three minutes left in regulation, the Cowboys put together an impressive 12-play drive that ended with wide receiver Wyatt Young scoring his second touchdown of the evening to tie things up at 48 apiece. Oklahoma State then tacked on the extra point to grab a one-point lead with 53 seconds left on the clock, but it was what took place between the score and the PAT that became the story of the night.After Young scampered into the end zone, he immediately ran over to a section of Iowa State fans sitting in the first few rows and began shouting at them.BIG 12 CONFERENCE ADDRESSES OFFENSIVE CHANTS FROM UCF FANS DIRECTED AT BYU DURING UPSET WINWith Young going out of his way to shout at some fans, the first two being young children, the officials flagged him for unsportsmanlike conduct, which was imposed on the ensuing kickoff.With the kickoff being pushed back 15 yards, the Cyclones were able to begin their drive at the 37-yard line after a return. The first play of the drive then went for 33 yards, putting Iowa State immediately in field goal position.The Cyclones were able to push the football inside the red zone before calling a timeout and setting up what was the game-winning field goal with two seconds remaining.THE CRAIG CARTON SHOW–UNFILTERED, UNAPOLOGETIC AND UNMISSABLE. DOWNLOAD HIS DAILY PODCAST NOW!While it would be unfair to pin the loss on Young’s unsportsmanlike penalty, especially given the explosive play the Cowboys’ defense gave up on the first play of the final drive, it certainly didn’t make life easy on the visiting team trying to hold on for the win.Young issued an apology to Cowboys fans on social media in the early hours of Sunday morning following the team’s 51-49 loss.”I apologize to all cowboy football supporters, my teammates, and coaches for the lack of discipline and selfishness I displayed today,” Young wrote on X.”Football is a team sport and one play, like the one I made, can change the outcome of the whole game and I’m sorry for that. The lack of maturity I showed is inexcusable and should have never been displayed on the field. I deeply regret representing the loyal and true motto Oklahoma State stands by the way I did. I take full accountability for what happened, our coaches do not teach us or allow us to act the way I did.”Oklahoma State head coach Eric Morris did not sugarcoat the situation when asked about it during his postgame press conference, calling it “the most selfish penalty ever.”With the loss, Oklahoma State fell to 5-3 on the season, which, barring a true miracle, means that its College Football Playoff dreams are dead.

Michigan Republican U.S. Senate nominee Mike Rogers speaks at a rally by President Trump in Warren, Michigan, November 1, 2024, photo by Kristinn Taylor.
Democrat Michigan US Rep. Haley Stevens was seen this morning campaigning with Republican Senate candidate Mike Rogers amid a rift between Stevens and Rogers’ opponent, Democrat Abul El-Sayed.
Stevens joined El-Sayed at a predominantly black church in Detroit this morning as El-Sayed struggles with black voters.
Via Abby Ronson on X:

HAPPENING NOW: Congresswoman Haley Stevens joins Mike Rogers at church in Detroit this morning.
We have a state to save, Michigan. https://t.co/ZE2HJ1XfHP
— Abby Ronson (@abbyronson) November 1, 2026

Meanwhile, El-Sayed and Rep. Jim Clyburn (D-SC) are holding a competing event at another church.
More from Fox:

This comes after El-Sayed disinvited Haley Stevens from his campaign event today after her criticism of his stance on Israel.
Per the Hill:
El-Sayed was set to appear alongside Stevens and Rep. Jim Clyburn (D-S.C.) at a church in Detroit, a show of unity despite some harsh words exchanged between the two candidates throughout the week.
Stevens released a statement saying she had accepted Clyburn’s invitation to appear alongside El-Sayed, but still criticized the Senate nominee for not condemning an ad that appeared to blame Israel for high grocery prices.
“The ad did not invent its argument; it dramatized one Dr. El-Sayed has made in his own words throughout this campaign: that Israel is the reason Michigan cannot afford schools, healthcare, and child care,” Stevens said in her statement. “I therefore expect him to apologize for those statements as well.”
The ad was run digitally and was bought by an outside progressive group, not El-Sayed’s campaign.
El-Sayed shot back in a statement on Friday, saying Stevens is focused on rehashing their August primary, which he narrowly won.
This is a breaking story. Check back for updates.

The post BREAKING: Democrat Haley Stevens Joins Mike Rogers at Church After Being Snubbed by Abdul El-Sayed appeared first on The Gateway Pundit.

California Republican gubernatorial candidate Steve Hilton dressed as his Democratic opponent, Xavier Becerra, for Halloween, wearing a gray-haired mask and holding a sign advertising a mock mileage tax bill to highlight what he called another hit on drivers already facing the nation’s highest gas prices and vehicle registration fees.
Hilton wore the costume to a Trunk or Treat event in Highland Park, Los Angeles.
WATCH:

Trunk-or-Treat in Highland Park, LA!
Becerra’s policies should FRIGHTEN you: $8 gas, sky-high vehicle registration fees… and now a $1,000 mileage tax!
Just 3 days left to vote against this INSANITY. Tell everyone you know to do the same! https://t.co/FSbCaemRtN
— Steve Hilton (@SteveHiltonx) October 31, 2026

Xavier Becerra’s mileage tax idea is so terrible, even a child knows it’s a bad idea! https://t.co/zUGcrn593f
— Steve Hilton (@SteveHiltonx) October 31, 2026

Hilton busted out the mask again during an appearance on Fox News’ The Big Weekend Show.
During the Fox appearance, Hilton wore the Becerra mask, impersonated the Democrat, and declared that Californians love taxes.
Hilton told Tomi Lahren, “I’m sorry Steve Hilton couldn’t be with us today, so I’m here as Xavier Becerra and my mileage tax is going to go up and up and up every mile you drive, and you’re going to love it, because Californians love taxes.”
WATCH:

Halloween fell just three days before the election.
Becerra recently said that “everything should be on the table” when asked about a vehicle-miles-traveled tax to help pay for roads as more drivers switch to electric vehicles that do not pay the gas tax.
Becerra noted that California’s roads are not maintained by magic and that electric-vehicle owners should contribute, while defending the existing 63.4-cent-per-gallon state gas tax.
Hilton has repeatedly called the idea a regressive tax that would add roughly $1,000 a year for the average California driver on top of already elevated costs, and he has said he would veto any such measure.
WATCH: California Gubernatorial Candidate Steve Hilton Films ‘Becerra’s Missing Migrant Children’ Living in Tents on LA’s Skid Row

The Republican candidate’s campaign has promoted lower gas prices, a $73 vehicle-registration cap, and no mileage tax.
California has not elected a Republican governor since Arnold Schwarzenegger.

The post WATCH: California Gubernatorial Candidate Steve Hilton Dresses as Opponent Xavier Becerra for Halloween appeared first on The Gateway Pundit.

Oh, By The Way, Private Credit Defaults Just Hit A Record…

Submitted by QTR’s Fringe FinanceWhile Wall Street remains preoccupied with unfolding shitshow in tech and AI right now, there’s another little problem quietly developing beneath the surface from a sector I’ve been warning about nonstop for 2 years: private credit defaults just hit a record high.According to Forbes, citing Fitch Ratings’ latest third-quarter private credit report, the U.S. private credit default rate climbed to 6.3% over the trailing 12 months, up from 6.0% in the previous quarter. It’s the highest reading in Fitch’s series, which has now deteriorated for five consecutive quarters.Fitch recorded 27 default events in the third quarter alone, compared with 20 in the second quarter, bringing the trailing annual total to 91 unique borrowers.But check this out…roughly 88% of those defaults involved some form of restructuring rather than an outright bankruptcy. Lenders are allowing struggling borrowers to defer interest, capitalize unpaid interest into additional debt, or extend loan maturities rather than force an immediate reckoning.In other words, the financial industry’s favorite pastime of extend and pretend is alive and well. About half of the defaults involved interest deferrals or payment-in-kind arrangements, while another 38% involved distressed maturity extensions. These arrangements can keep companies technically operating while doing very little to fix the underlying problem: too much debt and not enough cash flow.And the trouble isn’t evenly distributed. Fitch found default rates of 9.7% in both industrial and manufacturing businesses and consumer products and services. Healthcare providers accounted for 16 individual defaults over the past year.Moody’s has identified similar problems. Its analysis of middle-market borrowers found that a reported 4% default rate increased to 5.8% when distressed debt exchanges were included.The bigger concern is what happens next. A substantial wave of private loans originated during the cheap-money years of 2020 through 2022 will need refinancing in 2027 and 2028. Many of these companies borrowed under financial conditions that no longer exist, and some have already exhausted their easiest options for postponing repayment.Moody’s found that borrowers with deeply speculative credit profiles account for more than half of the debt coming due in those two years within its middle-market CLO sample. That means the next couple of years could force lenders to confront losses they’ve spent years trying to postpone.To be clear, this doesn’t mean the entire private credit market is about to implode. Senior creditors have structural protections, and some borrowers will undoubtedly refinance or recover. But it does suggest that the industry’s apparent stability deserves considerably more skepticism than it’s been receiving.I’ve been arguing that the financial system is increasingly dependent on perpetual refinancing, accommodating creditors, and the assumption that somebody will always be willing to provide another round of capital.Private credit is now offering a particularly revealing test of that assumption.The defaults are already at records, the maturity wall is approaching, and much of the distress is being managed by pushing obligations further into the future. This cannot last forever…Extend And Pretend Eventually Comes To An EndIt’s worth remembering that financial crises don’t usually begin when everyone suddenly realizes there’s a problem. They begin when the mechanisms used to conceal or postpone the problem stop working.85% OFF FOREVER IF YOU SUBSCRIBE TODAY: I am again offering an 85% discount to anyone that wants to become a Fringe Finance annual subscriber today. It’s a discount you can keep and stays applied for as long as you wish to remain a subscriber: Get 85% off foreverAnd right now, private credit looks like an industry that’s doing an awful lot of postponing while the broader market burns in the background. Lenders are restructuring loans, extending maturities, and finding increasingly creative ways to avoid recognizing losses. But none of that changes the underlying economics. It merely buys time, and time becomes a very expensive commodity when liquidity is disappearing, credit conditions are tightening, and investors are becoming increasingly unwilling to take risks.My concern is that the panic, restrictiveness, and desperate scramble for liquidity we’re beginning to see elsewhere in the financial system will eventually spread to every corner of the credit markets.When that happens, the luxury of kicking the can down the road disappears. Lenders will want their money back, borrowers will find refinancing increasingly difficult, and the entire industry’s favorite strategy of “extend and pretend” could very quickly become “pay us right fucking now.”And that, dear reader, is when we find out just how much trouble has been hiding beneath the surface.QTR’s Disclaimer: Please read my full legal disclaimer on my About page here.
Tyler Durden
Sun, 11/01/2026 – 11:45