How private equity conquered America | The Chris Hedges Report
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- Опубліковано 3 тра 2024
- Private equity firms are buying up the US economy and stripping it for parts. From healthcare to education, utilities, and more, massive firms like Blackstone and the Carlyle Group have acquired vast holdings across critical industries essential to the health and well-being of everyday people. Instead of seeking to make these ventures more profitable, private equity firms are more likely to orchestrate to bleed their assets for short-term gains-even if those assets are univerisites, hospitals, or nursing homes. Gretchen Morgenson, author of These Are the Plunderers: How Private Equity Runs-and Wrecks-America, returns to The Chris Hedges Report to discuss how private equity came to hold America hostage. This is the second part of an earlier interview, you can watch the first part here: therealnews.com/the-collapse-...
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Post-Production: Adam Coley
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This is absolutely critical for every American to understand.
Especially MAGA! They hate UNIONS. And UNIONS is what gets Americans out of poverty!
Mission impossible
And yet nobody knows.
Probably what? 1%? of the American people knows private equity is dismantling the country and our government
it would require tht americans get some education, which they dont and dont want.
Most Americans couldn’t care less.
Even to use "American" improperly as an adjective could be a racist or a derogative way to the egotistic presumption that only citizens from the United States deserve to be called as such, as the only inhabitants of the whole Continent.
Working to expose, dismantle and hold accountable people who run these firms will change America, not who you vote for as president.
The Sad part is that most people will never watch this and would rather watch Netflix, go to sleep just to go back to their lousy job the next morning.
Teddy Roosevelt fought against monopolies.
That's why Republicans did not support him for a 2nd term.
So T. R. ran under the Bull Moose banner and split the Republican ticket and Wilson was elected.
Wilson was a right winger though.
I agree, but if we share this content with others maybe we can speed up things a bit and serve as the new “catalyst” for better.
De-corperatising government agencies, health care facilities, defense and security industries is needed urgently to pull the world back from the Reagan/Thatcher mythology is needed urgently.
Kennedy 24 is the first real sign of hope in 50 years.
Sadly, no amount of YT viewership will change the behavior and influence of people who have coin, connections, crews, clout, computer code, control, communities, and opportunities. The wealthy hold all the cards, all the chips, all the money, and they own "The House". Everyone else is merely a pawn upon their boundless chessboards. 💪😎✌️ #StayInYourLane
I find it utterly amazing how muted the discussion on this has been for the last 40 years
From especially 1971 on!
It has not been unspoken. This has been talked about for the last 40 years. It was just in a different form that people wanted to hear.
You just can't talk about those people the last names listed by Chris here..
Very much the Davos billionaires - their private equity {$2 thousand trillion of gambled-up claims} - have usurped America, the EU, Japan, etc. Yet with a 1933-like Bankruptcy Reorganization + Glass-Steagall Act - their claims would be firewalled-out, their bailouts from the Fed would end and they would be reduced to 1 vote apiece! @@ysn12288
Good expose - Chris and Gretchen!@@ysn12288
Believe it or not, just yesterday, I watched Morris Pearl, and the founder of _Patriotic Millionaires_ in an investigative French programme and he said: "We Wall Street guys and bankers, we don't really provide that much value to society"
They provide NONE!!!!! In "capitalism" there is no such thing as "too big to fail"l.
Exactly. Like a tapeworm in the guts of a free society.
@@jamesparker1071exactly. A vampire squid that numbs its host and then sucks its life blood.
You won't see or hear that in the corporate media propaganda apparatus of A"merde"ica.
Understatement!
This is what happened to our local K-Mart, and Macy's. And then they blame the business for the "debt" and tell the public they are "rescuing" the failing business.
Same thing with joanns fabrics
and now, Nordstroms - not that it will be missed, except by a few. (I wonder if the family is involved in their own destruction.) @@jambimc7516
You now understand why the manufacturing sector has disappeared from America.
"Shylock was a money lender. He had become rich by lending money at a very high interest to the merchants. He was a hard-hearted man and disliked by all good men for his nature." Shakespeare had already spotted those greedy creatures back in 1600.
My dad was in manor care, a PE owned rehab facility after having a surgery, the incision got infected and he lost his leg. He couldn’t work and his quality of life declined dramatically. He died about 18 months after the initial surgery on his leg. I hope these firms go first in the revolution.
I dont understand why the company sells to the PE firms. Can someone explain this to me.
@@user-up6wj2gh7u short term gains that squeeze any liquidity out of company assets through leveraged debt buyouts. For example in manor care, they sold everything to PE firm, including the facilities themselves. The PE firm then rented back these buildings to manor care. They did this while cutting staff, limiting reorders of supplies like gloves and disinfectant, shoving patients two to a room (like they did to my dad) all while selling off any assets they don’t deem necessary. It’s vulture capitalism. It’s sick.
Which revolution ? The Calm you nest rev?
So sorry this happened, my your love for your dad forever
I'm so sorry. In a proper facility this never would have happened. PE is criminal! I wonder if you guys could try to sue for any kind of compensation? A lot of evil is going down right now. I think eventually it'll get stopped but we have to stay strong until then.
Shelter,food and healthcare should be protected by law from the greed lust by private equity crooks.
Unfortunately the private equity crooks write all the laws.
But it is the WEALTHY and POWERFUL who create, promote, and ratify the rules and laws! And to make things more ironic, THEY don't need to follow those regulations. Laws are meant to en$lav3 the poor; they don't apply to the wealthy. No exceptions.
@@Novastar.SaberCombat If course. They take helicopters and private planes so they don't need infrastructure.
They profit off the private equity profits with dividends and shares of stock.
Robber Barons 2.0
But but but that's socialist and woke.
"No we should leave it to the private sector to figure it out" - the thieves in suits
Thanks for exposing this, Gretchen and Chris. It's so important for people to see these dark dealings clearly in the light of day. ☀️
So you missed "Wall Street"? That was in 1987 and it lagged the reality.
That movie was mild compared to the long trend it depicted. We see the results now. Discover Bank is being sold out to "Capitol One" Soon I will not have a card to trust/use. Discover was over the moon with their customer service, soon there will be none.
@@averayugen7802 Thank FDR, fiat, socialism, and an unconstitutional criminal government.
This is as good a description of evil as you could ever imagine, power without responsibility or empathy for that which you have power over for gain.
I agree this is evil
Capitalism at his finest. We love capitalism so much that we are not seeing is destroying us as a society.
Add the military industrial complex .. as well
Rich gotta rich.
@@Novastar.SaberCombat Exactly
VAMPIRES is more of an appropriate term to describe these Private Equity firms.
“Asset stripping jackals” (Lionel Nation) is even more accurate.
Leaches.
jewish is more accurate
Thank God I live in San Francisco, I am 74 Years Old and have been in Hospital recently and Medi-Cal was God Sent Covered my debt AND Gave me In Home Health Care provider Installed Safe grips in Bathtub and Meals On Wheels twice a Week. I am from Arkansas where Poor People are left to die and Old Folk Homes are Designed to Kill Old Folks Turnover Boosts Capitol Dead Senile Citizens makes CASH FLOW ~~~I allege that USA Seniors are treated like Nazis Treated Jews. (I am Jewish and Know What I am Talking About)
Medacare is a public health insurance program that offers eligible individuals and families access to free or low-cost health care and dental coverage.
· Use Medi-CalMissouri isn't quite as psychopathic as Arkansas!!!!
Designed to kill seniors arkansas health care ranking
47th
In the other categories, Arkansas ranked 49th in crime & corrections, 43rd in education, 47th in health, 34th in natural environment, 35th in economy, 40th in infrastructure and 29th in opportunity. Compared to the 2021 rankings, Arkansas dropped in every category.Jan 8, 2024
Botflies
If I had found Chris in my early 20s, it would have totally changed the way i communicated about politics for the better. I was hysterical and hyperbolic, and he is so calm and precise.
His style leaves no room for the beast to wiggle. He is like a boa constrictor.
Interesting that you used the word "beast." Here's why: The "second beast" of Revelation 13. Who do you think it is? What is the most powerful nation on earth that has the power of sanctions? Sanctions...to control the buying and the selling because that's what the aim is.
Good one.
@@sanca5982 Mark of the beast. Interesting.
@@jf2176 If you don't read Daniel, you won't understand.
@@jf2176 Didn't say it was the "mark of the beast." I said it's a beast power. There's a difference, you know?
Mafia racketeering.
Yes and remember what ethnic mafia this is and it's not Italian.
The British led oligarchy is not limited to Italian racketeers! @@IanPunter
Mostly Zionists
🤚🏼🙋🏻♂️@@stevekaylor5606
But how can it mafia racketeering if China also has some of the world's largest equity firms?
Looting with financial sophistication.
Zionists…
Not mad, just wanna know how to get in on the action.
Professional thieves
Plunder rhymes with blunder. Because every dog has its day. Thank you Mr. Hedges.
Thank God I live in San Francisco, I am 74 Years Old and have been in Hospital recently and Medi-Cal was God Sent Covered my debt AND Gave me In Home Health Care provider Installed Safe grips in Bathtub and Meals On Wheels twice a Week. I am from Arkansas where Poor People are left to die and Old Folk Homes are Designed to Kill Old Folks Turnover Boosts Capitol Dead Senile Citizens makes CASH FLOW ~~~I allege that USA Seniors are treated like Nazis Treated Jews. (I am Jewish and Know What I am Talking About)
Medacare is a public health insurance program that offers eligible individuals and families access to free or low-cost health care and dental coverage.
· Use Medi-CalMissouri isn't quite as psychopathic as Arkansas!!!!
Designed to kill seniors arkansas health care ranking
47th
In the other categories, Arkansas ranked 49th in crime & corrections, 43rd in education, 47th in health, 34th in natural environment, 35th in economy, 40th in infrastructure and 29th in opportunity. Compared to the 2021 rankings, Arkansas dropped in every category.Jan 8, 2024
Im sick of capitalism, realtors complaining about being sued for jacking commissions, billionaires acting upset at "work shortages" , wealth hoarding, all of it. We need democracy in OUR economy, for the love of God
capitalism built the middle class not Big government that shrinks it
This is not capitalism. This is a result of cheating and stealing.
Legitimate "democracy" is long, looonnng dead. What remains is a surreptitious, corrupt, shrouded form of totalitarianism; an autocracy, or plutocracy. It's also becoming less and less "invisible", too. The uber-wealthy super-kings are becoming so blatant, they don't even TRY to hide the corruption anymore. After all... why should they?! 😂 There are no consequences for the filthy rich. Rockefeller quote says it all, and so did the big one from J. Goebbels.
Well-regulated capitalism is the ideal, we shouldn’t trash capitalism as the alternatives are not great
ADAM SMITH did not invent whatever is going now now it is a mass murder
My company got acquired by private equity, it's terrible! Constantly understaffed!
At my combined system sewage treatment plant, private finance took over the plant. Staffing was soon reduced from 10/shift to 2/shift. After 4" of rain overnight, the entire plant and everyone's basements were flooded, and waste flowed into the river for over 5 months!
Thanks Chris and Gretchen for keeping eyes on these corrupts. Much appreciation for keeping us informed.
Fix the monetary system. Fiat debt based fractional reserve was a scam from the beginning
The must be a 1933-like Bankruptcy Reorganization - international this time!@@weslee511
A friend and i stepped on the toes of one of the Carlyle Group's companies, Synagro, a company that processed sewage waste to be used as fertilizer sprayed on farm fields. The harassment from the company was diabolical.
You're lucky to still be breathing. Usually, when one confronts the ultra-wealthy and uber-powerful... we all know what the punishment is: invisibility and "unalive-ing", lol.
The book Supermobsters, they went for stealing to owning.
The large banks and corporate cartels have run up $2 thousand trillion of gambled-up claims - and this is set to become a reverse leveraged blowout!@@leonardkellum6984
It's interesting to know how to step on the firm's toes.
@@Novastar.SaberCombat yeah just look at the Boeing whistle-blower!
Happening in Canada too. Some real estate investment company bought a 3 story medical building and immediately sky rocketed the rent thinking they were going to make bank. Our family doctor along with a bunch of other doctors in the building picked up and left to another location. They're now in a strip mall.
It's important to note: that most of these firms make money by shrinking the economy, instead of growing it. It's a different type of capitalism. It's not industrial capitalism....It's financial capitalism, a raunche, rent seeking economy.....
The late Larushe ( I think I spell it wrong) said this back in the 80s already
which is NOT capitalism, but a pre-existing condition.
Fix the monetary system. Fiat debt based fractional reserve was a scam from the beginning
Bring back the Glass-Steagall Act of 1933-99!@@weslee511
Yes! Affiliate marketing has seen subscription models as the most profitable.
I love listening and reading how Chris presents his information. His words are succulent and appreciated.
succinct
Indeed
@@susanmercurio1060 or he could be a "word sucker"?
His words are bussin no cap
His words are true.
This is what class warfare looks like. We need ranked-choice voting, ballot access, and more parties.
Thank You TRNN! Keep on exposing AMERICAN GREED & CORRUPTION!
Yeah, it's a safe bet without the "details" It's just clickbait.
As if the details will allow us to feel better - what's your point?
@@jgalt308
9381
0 seconds ago
You didn't listen or did not understand the
"details" of the aluminum company in Missouri... @jgalt308
@@bellakrinkle9381 Whereas you heard what you wanted to hear and clearly
I did not. So if you would like to pursue the matter, please share what you heard
and what it convinced you of, and I will share what I didn't hear and why its
omission is important.
Thank God I live in San Francisco, I am 74 Years Old and have been in Hospital recently and Medi-Cal was God Sent Covered my debt AND Gave me In Home Health Care provider Installed Safe grips in Bathtub and Meals On Wheels twice a Week. I am from Arkansas where Poor People are left to die and Old Folk Homes are Designed to Kill Old Folks Turnover Boosts Capitol Dead Senile Citizens makes CASH FLOW ~~~I allege that USA Seniors are treated like Nazis Treated Jews. (I am Jewish and Know What I am Talking About)
Medacare is a public health insurance program that offers eligible individuals and families access to free or low-cost health care and dental coverage.
· Use Medi-CalMissouri isn't quite as psychopathic as Arkansas!!!!
Designed to kill seniors arkansas health care ranking
47th
In the other categories, Arkansas ranked 49th in crime & corrections, 43rd in education, 47th in health, 34th in natural environment, 35th in economy, 40th in infrastructure and 29th in opportunity. Compared to the 2021 rankings, Arkansas dropped in every category.Jan 8, 2024
Despite differences about social issues, this is our common enemy. Everyone of every skin color and identity is affected by these dealings. Set aside differences and conquer this issue!
Amen, the capitalist, unelected may I add, elite want us divided, ...when we're blaming immigrants, students, minority people, welfare recipients, unhoused, etc...we're not looking at them, THE REAL ISSUE
Workers ought to own companies, bam, they'd not agree to this crap
Don't count on that ever happening. Divide and conquer works and works well in America. It always has. It won't happen.
Great interview as usual, Chris. Gretchen's work actually sheds light on why things are the way are the way almost nothing else does.
Modern Monetary Theory (MMT) is an empirical description of how the US monetary system works. It also explains why things are the way they are, but it has been successfully demonized by establishment economists and by people who have heard "something about it" and think they know what they are talking about.
So why are things the way they are? With all that "light" being shed, the answer should be easy.
Oligarchy; the Principles of 1776 are anti-oligarchic! @@jgalt308
Thank you for your investigative journalism! For speaking truth to corporate and government terrorism. Keep it up. Stop voting the duopoly and build a workers movement for our era. ✌🏻❤
Build concordance with foreign nations!
The Tempi train crash that killed 57 students in Greece in 2023, was due, in part, by finance capitalism. A cargo train was allowed to proceed and travel the wrong way at the same time while a passenger train carrying 300 people was allowed to proceed travelling in the opposite direction. The trains collided killing 57 students. This disaster happened Feb 28 2023 and is known as the Tempi train disaster. Later on it was discovered that the train company had essentially been bought out by a private equity firm. The controller had just been hired on that week, and the company was firing people that had been there for years because of the high debt burden. Several months later there were actually protests in France and Greece that were about the privatization of local companies including greek train lines, and victims families were protesting as well. The news media had smeared them, called them racist, called them far right, and imprisoned a few.... There are all kinds of stories like this, but one has to do the research for themselves, because the media isn't going to do it. Anyway, 57 young people dead because of the privatization of Greek train lines.
Chris and Gretchen,this was a lovely and refreshing interview.Gretchen is a stately woman,and you Chris are a courtly gentleman.
You feel refreshed? In what sense?
@@jgalt308 In the sense that truth get a good airing our,like a breath of fresh air.
@@fredsimmons2793 I doubt this interview represents the TRUTH...or capitalism,
but it does suit Hedges' agenda...
@@jgalt308 Does capitalism represent the truth,or is capitalism synonymous with truth.WHATS your definition of truth,mine is what Jesus said,I am the way,the truth,and the light.The truth will set you free.Would Jesus create or use a system to deny health care to children?
@@fredsimmons2793 No he didn't say all that nor did he die for YOUR sins.
1. Apollo - Leon Black
2. Blackstone - Stephen A. Schwarzman
3. Carlyle Group - Harvey M. Schwartz, David Mark Rubenstein,
4. KKR Kohlberg, Kravis, Roberts (KKR) - George Rosenberg Roberts ,Jerome Kohlberg, Henry Kravis
5. Blackrock - Larry Fink
We'll know when we are about to have a SHTF scenario when all these corporate crooks and our corrupt politicians find safe harbor in their offshore private bunkers.
@@snorttroll4379besides their connection to Epstein....
@@snorttroll4379let's not do this dude...
You nailed it. But such a candid observation summons the REAL haters, who will emote freely with nary a cogent attempt at analysis.
Are they all members of Maralago?
One of the most important topics yet with an excellent commentary by both Gretchen and Chris. What is described here is unregulated financial activity inimical to the economy as a whole. In a word, this is criminal behaviour and dereliction of duty by governments the world over.
When we understand that this level of destruction and corruption is well established in our country, the covid corruption is more believable. I found the discussion regarding emergency department spin offs incredibly interesting. The general population has no idea how 'disempowered and dependent' many physicians have become over the past 30 years.
Oh my heart is breaking because average Americans love their houses even career!!! Doctors pharmacist students!!!! Mommy's and families!!!
Absolutely first class discussion from Chris and Gretchen....thanks!
Of course they do. This is how capitalism works. The U.S. government is a committee that manages the affairs of society on behalf of the bankers, CEOs, and large landlords.
And it all happened because of reduced regulations, reduced taxes, and endless loopholes.
Next time you hear a politician scream for these things, DO NOT VOTE FOR HIM. All it does is accumulate excessive wealth in few hands. History has proven that.
Such a succinct yet insightful analogy
Yes, America is a corporation.... the language of our CON- TUITION favors the PEOPLE who wrote it US INC.. Politicians are puppets/or archons(from the Greek political system, it's been going on for thousands of years..
This isn’t capitalism- this is fascism where people break the laws but grease the palms of the government agencies who should be shutting them down or at least preventing them from breaking the law going forward
Rubberstamps the affairs of bankers over society!
This is the mind sickness the native Americans saw in the Europeans who invaded their land. Wetiko. The Hungry Ghost. The greed that can never be satisfied because no amount is ever enough for a hollow person.
the government crooks the greedy , you ever own a business more than 50% goes to government
sociopats never feel full of wealth or inflicting cruelty on others their sadism and greed is something that is impossible to satisfy it is demonic world we live in
That’s profound.
Yet they were building their own empires here
Indians became better hunters, after horses were brought in from 1509 on. They continued to battle over hunting grounds! @@misuchimiss1161
Israel's state economy is 90% Private Equity....
No surprise there !
Snap!! thanks for this info.
I’m trying to understand what you mean , are you saying that the private equity is flowing from the US to Israel or are you saying that Israel has allowed firms with private equity to make positive strides for the greater good of the people?
@@nickvoutsas5144Or the slaughter of Palestinians?
That's state equity. By definition, private equity is private.
This is where the explosion of fees, fees, fees comes from…
Companies, Health Care and even veterinarians run up fees - to stay solvent in a globalist system where $5 trillion changes hands every day!
Warren Buffett is not the nice guy he appears to be!
Warren Buffett said, "There is a class war and we are winning."
He abandoned Solar Electric for Nevada, stripping the industry.
Of course not. Anyone who has billions is a crook. Nobody can ever earn that amount of money in a hundred lifetimes.
@@RocketPipeTVnot everyone. Just those in finance. Steve Jobs was an Asshole but he risked everything he had for Pixar. Almost went bankrupt but stuck in it. Then became a billionaire when Toy Story came out. Elon musk on the other hand has been working with the deep state since almost the beginning
He laughs about paying whatever fractional percentage in taxes vs his secretary. It's like 1 to 2%. Disgusting
The roots of the American Demise
There's an entire population that have never seen Oliver Stone's "Wall Street". They haven't seen Gordon Gekko claiming that greed is good or have seen how they buy up a company and run it into the ground on purpose (in order to take all the assists and resell them}, or have they seen the inside trading nature of these equity forms. We have reverted to a naive state of acceptance of these new age robber barons. Greed once again is "good", and we just keep handing the knife to these serial killers and are left clueless when they slash our throats.
Relax ! Nobody slashing your throat! You never worked in your life how hard this people work and paying taxes because people like you paying nothing.
Love Chris.
Of course they control politicians. They can be brought in a market economy
Thank FDR, fiat, socialism, and an unconstitutional, criminal government.
Politicians are super cheap.
@@CowToes Excellent ROI although with the government as a protection racket
one can't get too uppity.
Money is speech, corporations are people, we are at war constantly, and our corporate government tracks our lives through a little box. The only part of Orwell's 1984 we're missing are the ubiquitous disappearings for thought crime.
Step by step - arrange the prosecution!@@jgalt308
Thank you, Chris. Thank you, Gretchen. I learned a lot here.
Power of naked capitalism.
Except it’s not. This is cronyism and it is antithetical to capitalism- despite what all the people wrapped in American Flags and wearing Statue of Liberty hats while carrying upside down bibles tell you.
Racketeering!
Not Capitalism, this is called Crony Capitalism .
In 1933, the Pecora Commission grilled parasitic bankers in court - and some went to prison!@@clos397
Unrestrained corporate capitalism that Reagan & his handlers unleashed in the 1980s.
these books should be part of the reference books of students in business and economics.
I saw this in the 80's an can interview me anytime because employees of Del Monte know about this practice that led to death before 62 has destroyed health of the worker.
blessings~
Medicare coverage is now disappearing for ordinary oldsters. Chris' guest explains why.
The problem is actually pretty simple to understand and even more simpler to solve. they rely on out complicity.
On the Silence of the Lambs....
The success of a country depends on working together for the interests of all: health, food, border and social security, a harmonious place where supported people have the opportunity to thrive. America's obcession with competition is in the way. Like the old kings, shahs, emperors conned the people in order to gain and maintain their position, the new elites are doing the same.
At least kings, shah, and emperors had an incentive to help others for religious or at least dignity's sake. There is a whole thing about aristocratic virtue and religion that is discussed in philosophy circles showing that they at least aspired to differing values than our modern elite. In modern society, your problems are yours alone since the only reason you have bad things happen to you is because you're lazy, stupid, or morally corrupt. Remarkably different context
@@andybunn5780 Thanks for your comment. Re: "In modern society, your problems are yours alone since the only reason you have bad things happen to you is because you're lazy, stupid, or morally corrupt." yes that appears to be the modern culture but the point is that we are (also here) lacking "collective intelligence". The forces in society supporting this notion, are rooted in an incomplete evaluation of all observations and all possible perspectives. Unfortunately, this typifisch our species. We just jump to simple convenient conclusions all the time. Our "rationality" is driven by our emotions, habits, culture, education, upbringing, values etc.. We can only start deliberate intelligent thinking, once we realize human thinking is flawed because of being constrained by our past. While we see flawed thinking as only occurring in others, we will continue our arrogant human behaviour. Arrogance is rooted in the way we humans think. Racism is rooted in the way we humans think. Scientific limits are rooted in the way we humans think. The way we humans think creates limitations on social harmony, including causing our wars. The notion that humans have been created in an image of a God, appears an insult to that God.
And why are all the biggest private equity firms owned by a single ethnic group?
Vanguard, Blackrock
Former governor of Illinois bruce rauner gave a talk at my high school. He was incredibly successful in private equity before becoming governor and was one of the most anti-union governors in the country at the time. He basically just railed on how “greedy” teachers unions in Chicago were and even at such a young age I couldn’t stand the sick irony of someone who made millions off the backs of others to be criticizing some of the most vital and undervalued people in society
If you still didn’t understand how greedy teachers unions are and what they did during Covid, while all private schools were open you would never be employed in any PE, you need brain just see through what actually going on.
The world is cha cha changing!
Thanks for standing up!
Thanks for speaking out!
❤
Not just private companies, many so called “non profits” especially in healthcare are being run like for profit businesses while reaping the benefits of federal subsidies and tax breaks.
U are a prophet mr. Hedges. Thank u for being a light in the midst of growing darkness.
The nursing profession is RUINED! I personally worked on neonatal ICU under Tenet and Psychiatric under UHS. Horrible Horrible Horrible!!!
In Canada, psychiatry has introduced the MAID Act - whereby those with a DSM label are being given lethal injections!
Fantastic show Mr. Hedges! This is why your show so great, you take the time to find the books worth reading that will point the general public where to look. It would be wonderful to see your recommended reading list. Can't wait to read this one.
Thank you.
There 2 kinds of people in the world. Those who create value and those who take without giving. Unfortunately the latter is who wins in capitalism.
This is not really accurate. Capitalism requires rewarding those who provide value. Perhaps what we have is the product of capitalism, but its not a capitalist system. Its really closer to feudalism.
@@TheBillythepoet... there's nothing about capitalism that involves "rewarding those who provide value". The opposite, in fact. It's completely about "rewarding" those who own.
@@thomaswikstrand8397 If a company does not add enough value for a customer to buy their products or services they won't stay in business long. "Owning" an unproductive asset is, well, unproductive. Better to sell it so someone who can better utilize it to create value which it can then sell. If the asset being bought at a free-market price by a private equity firm is a tell that the company is way under performing in its market.
Note: much of the hospital consolidation was in fact incentivized by Obamacare paying higher reimbursements to "hospitals" and less to physicians *the exact same service...*, increasing costs, driving private physicians out of business and by effect making hospitals ripe for "plunder" in the nomenclature of the presenter. What really happened is Obama increased the value of hospitals which made their capital structure inadequate for their cash flow which made them better investments.
Historically if you were a contributor to society, you had names like, Baker, Taylor, Butcher, Thatcher, Carpenter, Plumber, Cooper, Farmer, etc.
Conversely, if you were the type to only take from society, you had names like: Diamond, Silver, Ruby, Gold, Pearl etc.
@@TheBillythepoetworkers provide value but workers are exploited under capitalism
When they did this on The Sopranos they called it "The Bust Out". Tony and the boys would get some business owner to become indebted to them via gambling, drugs, women etc. and that would get them into the company. Then they would raid whatever savings the company and owner had. Then they would use the companies credit line to borrow money to buy as much equipment as possible and then sell that equipment. They would continue the selling and borrowing and selling other assets until the credit was gone then in the end they would torch the business for the insurance money. This is pretty the same thing as private equity.
Was just thinking this before I read your post
And they have a friend at the insurance co.
Excellent episode 👏
America is experiencing "peak capitalism"
Except it's not capitalism.
@@jgalt308lol. It's EXACTLY capitalism. Don't worry, you are not a capitalist. You are a slave to the capitalists.
@@jgalt308Right, we really live in a socialist utopia where workers own the means of production. This is very much capitalism as always intended.
@@jackbeagle8458 Capitalism, like life, never promised a utopia...and just because you add
a modifier to it does not make it capitalism..the key concept
being that of "production". Nothing is being "produced" here...
except "money" that is NOT "money".
It takes an exceptional degree of mental gymnastics and historical revisionism
to reduce the ills of the world to a single word...while ignoring the obvious fact that
governments having a monopoly on force bear the ultimate responsibility for
whatever conditions exist within their control...and in the U.S. ignorance of history
is second only to the ignorance of the law...a truth which would shock any normal person
but will never be covered by the likes of Hedges or Alt media.
Here's a question for you: Why did the 16th Amendment remove the census and enumeration provision
regarding direct taxes?
@jgalt308 this is literal late stage capitalism at work. Usury with extra steps.
Whichever political party is in power, the fundamentals of the system are the same.
Whether we have the present electoral system, proportional representation, or whether many people vote or don’t vote, capitalism is the driving force for state policy. ANY vote is a vote for capitalism.
As working-class people, we are exploited whether we can take part in so-called ‘free’ elections or whether we live under a blatantly authoritarian regime. National and international capital continue to control the wealth that we create, and protect it through the police, legal system, and military.
People who don't vote are told that, “If you don’t vote you have no right to complain”, but voting under these circumstances is just pretending that the system we have is credible, that voting gives us power. If that was true, the working class, the class that forms the vast majority of the population, would by now be living in comfortable material conditions, and have the functionaries of the state very clearly acting on our instructions to the benefit of all. This is obviously not the case though - we have next to no say in the decisions that get taken by the people we elect.
The system we have is called ‘representative democracy’, yet when have the interests of the working class ever been truly represented? Our standard of living has been consistently eroded for many decades whoever is in power This is because the role of government is NOT to represent the interests of the people, but to represent the interests of capital. Whatever way you vote, you are voting for capitalism, you are voting to be exploited, and you are voting to be ruled over, bossed around and bullied by various institutions that can control you with violence or the threat of violence. When we vote we sell out our birthright to be free individuals that fully benefit from our own labour and our collaboration with other workers. This makes no sense and more and more people are beginning to realise it.
OK, so what can we do instead of this impotent act of submission? Well, if we don’t want others to have power over us, then we shouldn’t willingly put our power in someone else’s hands! History tells us that those we give power to will betray us and abuse that power. Organising horizontally, using some form of direct democracy, where everyone affected by a decision gets a say in that decision, while not perfect, is infinitely more fair and practical than handing over decision making to individuals and institutions who’s class interests are absolutely opposed to our own. So… DON’T VOTE, ORGANISE!
We should organise with our neighbours, workmates, other people we have shared interests with, and other working-class people who are subject to particular modes of oppression because of their identity, such as racism, homophobia, transphobia etc. We are the experts on what we need, and on the best way to run things for the common good. We can use direct action to achieve this…
Direct action is where we individually or collectively (usually collectively) solve a problem without looking to someone else to solve it for us. By this we mean, not just protesting and asking for change, but things like occupying, sabotaging, working to rule, refusing to pay their prices or their rent, and striking when WE decide if it’s time to strike, not when union bureaucrats and the state give us permission to. Plus of course, creating our own, horizontally organised groups, affinity groups, mutual aid groups and unofficial unions.
For example, when workers aren’t paid the wages owed them, rather than asking the government to give us better legal protection, we take action to force employers to pay. Such things have been achieved with only a few dozen people. Renters unions have had many successes such as getting repairs done and refusing to pay rent increases, sometimes with only a handful of people.
Imagine the power we could wield in our workplaces and our communities if thousands of us decided to refuse to be abused, oppressed and exploited any longer, and began to say NO!
Of course, in reality, people are understandably afraid of taking the state on. But direct action doesn’t have to mean an all-out fight to defeat capitalism in one go, but by confronting the system directly at any point we can start to take control. In fact, all the good things we think of as having been created by the state - free healthcare, free education, health & safety laws to protect us at work, housing regulations, sick pay, unemployment benefits, pensions - came about historically to put an end to organised campaigns of collective direct action that threatened their power.
Mostly we do this collectively - where we would fail as individuals, together we can win. That doesn’t mean that individuals can never act on their own - sometimes an individual can take an action that can inspire thousands!
It’s time for us to stand up as individuals and as communities, and take our destinies into our own hands. It’s time to reject absolutely the legitimacy of the state and any top-down institutions that say they will represent our interests, such as political parties both large and small.
We, as a class, already produce everything required for our material needs. We, as a class, know very well how to operate and take advantage of the technology we already have, and how to innovate to create even greater technologies. The ruling class, and their illogical, dysfunctional capitalist system just obstruct optimal production of goods and services and prevent a fair, functional and practical distribution of the wealth that we create.
This is now in plain sight and it’s time for us to act! It’s inevitable this will sometimes lead to confrontation on the streets and elsewhere. This can be scary but ultimately, we have to stand up for ourselves and our class by whatever means are necessary, otherwise we will continue to be ground into the dirt with increasing austerity, inequality, increasing destruction of our communities by local government and their policies of social cleansing for example, and through increasing authoritarianism and state violence. We can lay down and let it happen, or we can come together, realise our power, and FIGHT BACK!
RIGHT ✅️ Ralph Nader, Happy birthday !!! He just turned 90 years old, and he never lied to the American people .
But you keep electing the same criminals. Why is that?
And you heard her say who Trumps right hand man was!
Love you text....maybe in the near future we will all stand together!
Blessings
@@jgalt308 listen up…our politicians DON’T work for us..period… got it? We are in a slave system and we all need to fix it… everybody needs to WAKE UP… or we’re all gonna end up in FEMA CAMPS with only the elites at the top of the food chain😬
Oh my goodness , we went through extreme sadness with my aunt :(
Thank you
This is very valuable. Jeremy Hunt health secretary UK is carving up the NHS for these PE. PE already asset stripped the water utilities and now dumping raw sewage into our rivers. The environmental agency is defunded to undermine monitoring and enforcement. The PE love captive customer utilities with big assets and pensions. Thames water wiped out in first few years with dividends £700m reserve turned to debt.
I just feel so sad how things have gone.
I have lived in the US for 40 years. I wish I could detail the changes I have witnessed to this country that I loved so much.
Don’t be sad. There are a lot of bad actors, and we live in a declining system that incentivizes greed, it’s true.
But pick any problem under the sun, from preventable disease, to climate change, to over-incarceration. There are MILLIONS fighting each and every day to make things better for people.
You can be on the frontlines too.
@@gr8macaw1how did you vote
True, but it starts at the top! Our own current administration has sold out our country, stripping away our rights to give to non Americans. Ppl follow these ideologies.
Lol😂@@charliekowittmusic
Thank you ma'am for your work on our behalf.
Too bad this won't be shown on mainstream media.
Thank you Chris for having such important and highly intelligent journalist! And thank you Gretchen for your work! And your bravery to expose such corruption in our own Country and Investment groups! .. thank you both again!🙏👏👍
Shared widely already.
Blessings to you and the team behind these programmes from the U.K.
Thank you for this interview. Ms. Morgenson is a legend in the reality-based community.
11:24 medicare will pay over $5000 a month for my father-in-law to be in a nursing home. Yet, they will not provide a nurse to come to the house a few days a week.
How this connect to PE. Ask the president you voted for close the boarder and take care Americans. Otherwise please stop complaining
Boarder? Surf or skate? Your dad is also your uncle, huh.
So much truth being shared here it's overwhelming. The love of money... the root of all evil.
"What is the root of all money?"
Interesting naked capitalism is correct we need to pass laws to control his type of lawlessness and fix this problem leave out the Trump Biden thing they both could be corrupted by money
Please let us know !! Who works anywhere for nothing or for love of money??
@@lanagrossman489 sometimes ppl realize that they've been lied to. Sometimes they never do.
Thank you so much for this interview. Brilliant. I have shared it around and will never stop spreading the word about TRUE injustice! To anyone reading this, keep your hope alive. Good wins, always. Love will win. We WILL beat these evil, greedy people in power!
I wish it was the case. There have been stories for over 40 years of how WallStreet and big fianacers have been hedge hogging the system. Not many changes occurred after 2008 crash. US government gave a trillion dollars to Wall Street and banks. Now, it is part of our 34.5 trillion dollar debt. People with such greed continue to find new ways to take from the little guy and not pay share of taxes. Congress has been bought and paid for lobbyists for the last 40 years, caring little about the overall health of our society. I hope you fight for good. I'm too overwhelmed, too old. Unfortunately, I believe it's going to take the collapse of the whole system before a real change takes place.
Good may win in the end. Fighting evil takes much courage and evil does not care what or who it destroys. I'm glad you have hope and are spreading it.
My privately owned water company send me a monthly charge for $20, literally just called “customer charge” on the bill
This is simple. Ask why the owners sell out. It's not just for profit the institutions already have money. I would say it's the greed of the heirs along with their inability to successfully run these institutions. Also, I personally know of employees holding a company hostage (workmans comp) and the owners will see the subtle decline in equity and then sell out and make it someone else's problem.
Watched a film the other nite, Nomad, about an older lady who started living in a van after the company she and her husband worked for closed. the town became a ghost town, her husband died and she went off in her little van... A film that illustrates this... Thankyou from Greg-with-the-Fazer in Zummerset sw uk
Thank you for sharing this important story. I hope things will change soon. This is inhumane
You have to talk about this or share it or NOTHING will happen. Hopefully??
It's evil.
We all hope for a miracle, but reality is different.
Thanks for this great interview. We've all watched various services and industries decay, with higher prices and less value, because Private Equity "rolled up" the industry. Happening right now at veterinary hospitals in my area. Very sad to watch.
I'm trying to understand how the PE apparatus works so we can undermine it. The Aluminum Foundry case study is good because of its simplicity. It raises some questions:
1.) Why would an investor buy its assets? e.g.: smelter, crucible, extrusion machinery, etc. The only thing I can imagine is that if I could lease these "assets" back to the company at an agreed immense price. But, what kind of company finance officer would agree to a poison pill like that? One who knows they'll be going bankrupt (BK) soon and leave me holding a dung sandwich, that's who!
2.) Why would an investor buy the land? For instance, if I saw it was for sale, my first question would be: what is the current lease multiple? When the seller says we're the owners and have never lease before. Then I'd ask: why are you selling it? If they say we need cash to buy new equipment or something, right then and there I'd know the greedy banks have already denied them bc they're leveraged to the max and they're crooked and most probably PE Bot-flys who will BK the company soon and I'll be left holding a bag of dung. If a simp like me can see this then a real investor would never buy it unless the fix is in. But how?
3.) Are the buyers of these "assets" shelf corps bankrolled by the PE Corps in order to inflate balance sheets and dupe the greedy banks into more loans?
4.) Are the banks, private lenders, mortgage institutions that lend to the PE Botflies FDIC insured for these loans? If so, no wonder. Or, could it be that they themselves are also owned by the PE Botflies? (It appears that sans lending institutions, this op would never work in the first place.)
5.) How do the PE's end up in the black after the BK? A company or corporation is still people and someone is responsible at the end of the money trail. Do they just write it all off as a loss and not have to pay anything? What kind of judge in BK court just allows this? I'm not a BK expert so maybe this is naive or ignorant.
6.) PE inc bought and own XYZ company and they ran it into BK purposely. There's a recognizable playbook here, right? Is there any laws that hold the board of directors and corporate officers personally liable? If a private PE company then go after the owners. Make penalties excessive like with the RECO act. Time to break these guys. Theres AI and Data Monitoring technology that can flag these botflies. Then sic a Federal task force on them lead by a Hoover like guy who wants to make a name for himself, with a regiment men like Elliot Ness.
That is why small bossinesses are vanishing
Debt means borrowing but borrowing is not borrowing as we know it.
Private commercial banks are allowed to created deposits out of nothing.
The Bank of England Q1 2014 Bulletin explains how “Money Creation in the Modern Economy” operates in the Western (US) banking system
In the UK at least 97% of the money supply is created this way, with cash 3% and reducing.
We all need public money systems, not private.
These are issues that we all need to be concerned with, it's not the stuff of fringe politics or minority views.
In the ‘70’s I read a book for Uni. The title is Paper Profits and written by Adam Smith. It describes how the economy will work when investors are just passing pieces of paper around in circles not creating any products. It’s a tragedy.
Private equity: the invisible hand on the throat, great work Gretchen.
Good man and a great journalist
24:39 My question with a follow up to Fed Chairman Powell: How is private equity-destroying human lives for profit-not addressed as a problem to be solved, if not a practice to be abolished, like slavery?
We ❤️ Private equity firms! I’m buying even more shares on Monday! 🤑🤑🤑
Let's not forget that the PE firms are leveraging the resources of the biggest banks, accounting and law firms who all get a piece of the pie and recurring business through fees, equity sharing and insider information. Banks get paid for making loans, loan officers get bonuses and promotions to approve more loans, sometimes questionable ones. PE boards include power players with connections into federal and local governments, domestic and overseas. Then, they bring in their own people to run the boards of the companies they acquire, for a nice fee or small equity %. Basically, shuffling paper around can be very profitable, its all legal but adds no real net value to the economy. For example, healthcare consolidations result in lower costs due to bigger scale, but the savings is accrued to PE profits, not to lowering the healthcare costs to the consumer.
This is so evil. Thank you for discussing it.
Evil is not from this world and beyond our ability to effect ... This is in our world, while not our most reachable, and not very good or defensible, it is worldly and can be effected.
Blessings to all, let's find our way, together or apart, may everyone find wellness... Plenty of space and it's all accessible in some way or another
What is described is Mitt Romney's approach.
He was in a private equity group
What many are not aware of is that the fed gov isn’t financially constrained in any way. They could absolutely afford to pay for any public program they want. Which is why anything that is a public good or utility should nationalized.
Thank you.
For me this is about revenge. Not inequality.
Thanks so much-we do need so much awareness. The Bright Light
What an enlightening podcast full of vital an indispensible information. Thank you.
A private equity firm bought a construction company in houston. The company has been opened since 1971. Within 1 year the firm was bankrupt. It had to abandon multiple project they had in progress. My theory is that the private equity firm saddled the company with lots of debt.
Add private equity firm Cerberus Capital Management to your list, and look into what happened with Steward healthcare.
HOW IS THIS.....
WHY CAN'T WE STOP THEM....
You're not a Communist
You wouldn't understand
How disgraceful that these people are allowed to destroy benevolent companies that serve the public.
When can I expect to see Gretchen on all of the Sunday morning commentary major networks what a well spoken and brilliant woman great job by Chris hedges for finding such a gem I must buy the book and recommend it to my friends❤
They are buying out apartment complexes ,mobile home parks ,&condos. Homes etc
What is your problem with this, someone needs to buy some real estate?? Are you working?