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President Donald Trump has been busy teeing up the next possible financial crisis. On Thursday, the White House issued an executive order allowing regular investors to gamble money in the “private markets.” As a result, an opaque and largely unregulated part of the financial system will soon get access to potentially trillions of dollars, and people like you and me may soon have to pay as larger, more sophisticated investors escape the consequences of their own bad decisions.

But to explain why that may be, some definitions are in order. When we talk about the private markets, we refer, in large part, to two things: private equity and private credit. (Things lik

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