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Private equity turned vulnerable elderly people into human ATMs

theguardian.com

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Re: Private equity turned vulnerable elderly people into human ATMs

#91

Post by s1artibartfast »

CPLX wrote: post #29
bradleyjg wrote: post #23

Earlier quoted context omitted.

I’m sure the new owners are scummy, but the fundamental problem isn’t scummy people. There’s lots of markets that are okay-ish notwithstanding scummy people. Even those with natural lock in effects. The fundamental problem is it is at the intersection of two out of the three areas of the economy that have had insane cost growth over the last 30 years—-housing and healthcare (the third is education.) For the first one…

That's not the fundamental problem. The fundamental problem is that we have ceased demanding that our government produce reasonable outcomes. The reasons for that are many, but it's a core sign of how far we've fallen that there's even a discussion or argument about this obvious fact. We are in charge. We can just ban private equity companies from doing this you know. There didn't used to be ambiguity about the point…

What was the standard of care that the government used to provide for elderly nursing in the good old days?

It seems like you are remembering a history that never existed

Re: Private equity turned vulnerable elderly people into human ATMs

#92

Post by rayiner »

CPLX wrote: post #29
bradleyjg wrote: post #23

Earlier quoted context omitted.

I’m sure the new owners are scummy, but the fundamental problem isn’t scummy people. There’s lots of markets that are okay-ish notwithstanding scummy people. Even those with natural lock in effects. The fundamental problem is it is at the intersection of two out of the three areas of the economy that have had insane cost growth over the last 30 years—-housing and healthcare (the third is education.) For the first one…

That's not the fundamental problem. The fundamental problem is that we have ceased demanding that our government produce reasonable outcomes. The reasons for that are many, but it's a core sign of how far we've fallen that there's even a discussion or argument about this obvious fact. We are in charge. We can just ban private equity companies from doing this you know. There didn't used to be ambiguity about the point…

> We can just ban private equity companies from doing this you know.

From doing what exactly? Do you think small businesses are any better about cutting corners for profit? They're often worse because they have worse economies of scale and face more cost pressure.

Re: Private equity turned vulnerable elderly people into human ATMs

#93

Post by watwut »

0x4e wrote: post #50

>Private equity relies on a basic technique known as the leveraged buyout, which works like this: you, a dealmaker, buy a company using just a small portion of your own money. You borrow the rest, and transfer all this debt on to the company you just bought. In effect, the company goes into debt in order to pay for itself. If it all goes well, you sell the company for a profit and you reap the rewards. If not, it is…

Leverage buyout is what private equities do and works exactly as described. It usually destroys the company.

Re: Private equity turned vulnerable elderly people into human ATMs

#94

Post by softjobs »

danny_codes wrote: post #88
e-dant wrote: post #15

The market is perfectly efficient, value is well attributed, lobbying is a social good, being rich means you’re smart and should have special privileges, optimizing for returns on investment is equivalent to optimizing for a better society Obviously I’m kidding, and something is rotten

We let capitalism run too far. Need to swing hard towards socialism or the whole thing will collapse

As pointed out by Rosa Luxemburg, the choices are socialism or barbarism. In the US, barbarism seems to be a far more likely outcome.

Re: Private equity turned vulnerable elderly people into human ATMs

#95

Post by slopinthebag »

lisper wrote: post #17

My parents ended up being forced by circumstances to move into a retirement home about five years ago. Fortunately, the place turned out to be run by people who mostly cared about their clients and so my parents' lives were basically OK, except that the food sucked (which AFAICT is par for the course at retirement homes). But a few months ago the place was acquired by a different company, which is trying to squeeze o…

I'm sorry about your parent's death, and sorry you guys were forced into this circumstance in the first place. Venture capital is one of the biggest stains on the concept of free market enterprise. I don't offer any solutions.

Re: Private equity turned vulnerable elderly people into human ATMs

#96

Post by slopinthebag »

softjobs wrote: post #94
danny_codes wrote: post #88

Earlier quoted context omitted.

We let capitalism run too far. Need to swing hard towards socialism or the whole thing will collapse

As pointed out by Rosa Luxemburg, the choices are socialism or barbarism. In the US, barbarism seems to be a far more likely outcome.

Insane binary choice fallacy. The choices are more akin to centralised control or free-ish markets. We see from experience how centralised control has completely butchered healthcare, both in the US and also my country of Canada. It's time to drop the insane authoritarian control and let people freely chose their own destiny, so to speak.

Re: Private equity turned vulnerable elderly people into human ATMs

#97

Post by ikekkdcjkfke »

danny_codes wrote: post #88
e-dant wrote: post #15

The market is perfectly efficient, value is well attributed, lobbying is a social good, being rich means you’re smart and should have special privileges, optimizing for returns on investment is equivalent to optimizing for a better society Obviously I’m kidding, and something is rotten

We let capitalism run too far. Need to swing hard towards socialism or the whole thing will collapse

Americans often confuse socialsim for handing out money freely and letting people commit crimes without going to jail, both the left and right, so its this wierd catch 22 going on or something

Re: Private equity turned vulnerable elderly people into human ATMs

#98

Post by TiredOfLife »

ikekkdcjkfke wrote: post #97
danny_codes wrote: post #88

Earlier quoted context omitted.

We let capitalism run too far. Need to swing hard towards socialism or the whole thing will collapse

Americans often confuse socialsim for handing out money freely and letting people commit crimes without going to jail, both the left and right, so its this wierd catch 22 going on or something

> and letting people commit crimes without going to jail

So US is the most socialist country by far. Both rich and poor commit crimes without going to jail

Re: Private equity turned vulnerable elderly people into human ATMs

#99

Post by Ms-J »

charcircuit wrote: post #41

Every company turns people into ATMs, taking their money for a good or service. It is naive to think that companies do not want people unloading their money and consuming whatever it is the company is offering.

It's every for profit company. No exception. Charities and certain non profits may not count, but most are bad too.

How is it even possible that you got down voted for this?

Re: Private equity turned vulnerable elderly people into human ATMs

#100

Post by nslsm »

ikekkdcjkfke wrote: post #97
danny_codes wrote: post #88

Earlier quoted context omitted.

We let capitalism run too far. Need to swing hard towards socialism or the whole thing will collapse

Americans often confuse socialsim for handing out money freely and letting people commit crimes without going to jail, both the left and right, so its this wierd catch 22 going on or something

I live in Spain and that’s what socialism means basically. At least here.
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