Hartnett: "Wall Street Is Ominously Trading The 2008 Analog"

Last Wednesday, shortly after we published that "Private Credit's Margin Call Moment Arrives As Morgan Stanley, Cliffwater Gate Investors" we were so stunned by the symmetrical confluence of events now - when we have a both an oil price shock (brent on its way to $150) and a financial crisis (private credit) - relative to the summer of 2008, when just like now, oil was headed to $150 while the simmering subprime crisis was just weeks away from claiming Lehman brothers, that we rhetorically asked on X, "If only there was another moment when oil was about to hit $150 and a major financial crisis had already quietly emerged."

If only there was another moment when oil was about to hit $150 and a major financial crisis had already quietly emerged

— zerohedge (@zerohedge) March 12, 2026