Michael Milken on the expanding role of private credit

This country has been primarily financed since the 1970s by public and private markets.  Banks in America only hold 20% of the loans.  80% are owned by others.  So I think we're just going to see a decrease in the percentage of loans that are owned by the banking system and we will be stronger as they move into the hands of people like pension funds that have long-term liabilities.

~ Michael Milken, CNBC interview, 7:05 mark, May 2, 2023