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This One Thing Is Making Your Life More Expensive | Robert Reich - YouTube
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shady investors are rigging the economy
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to get rich by making your life more
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expensive it's called private equity
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private equity firms are privately owned
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financial organizations here's how they
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make money they buy struggling companies
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with borrowed money often using the
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company's assets as collateral for the
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loans
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they then make the purchased company
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profitable by cutting wages outsourcing
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jobs and stripping assets then they
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resell what's left of the company often
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laden with debt and pocket the returns
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private equity managers have their
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tentacles in so many industries that
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they touch almost every part of your
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life without you even knowing
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these are just a few
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first housing
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private equity has a hand in today's
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skyrocketing housing costs private
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equity backed real estate corporations
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are buying up both single-family homes
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and apartment buildings at record rates
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in 2021 private equity investors bought
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nearly one in seven homes in the
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country's top metro areas and private
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equity backed corporations now own at
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least 260 000 homes across the country
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it's a lucrative business blackstone one
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of the largest private equity firms in
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the world made a cool seven billion
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dollars when it sold off its shares of
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the rental company it created invitation
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homes more than double what it initially
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invested
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so what happens when your landlord
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becomes a private equity firm higher
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rent faster evictions punitive fees
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shoddier repairs and services if anyone
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even shows up at all
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even if your building isn't owned by a
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private equity firm their impact on the
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market is probably driving your rent up
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when corporate landlords gobble up
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already scarce homes they shut out
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millions of people from being able to
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buy their own homes preventing them from
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building financial stability and
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generational wealth in essence it's a
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direct transfer of wealth from the
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middle and working class into the
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pockets of private equity managers
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next healthcare over the past two
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decades private equity in health care
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has exploded from five billion dollars
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to over a hundred billion dollars a year
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from buying hospitals to staffing
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emergency rooms to taking over nursing
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homes
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team health a staffing agency owned by
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blackstone charges about six times what
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medicare charges in emergency rooms team
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health and envision another private
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equity owned physician staffing firm are
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notorious for their surprise medical
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bills don't you just love surprise bills
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team health and envision doctors aren't
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covered by insurance so when a patient
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goes to an in-network hospital but is
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seen by a private equity doctor the
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patient gets stuck with a surprise
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out-of-network bill
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beyond eye-popping costs patients can
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also expect lower quality care a
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sweeping study examined private equity
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owned nursing homes and found dire
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effects staff hours were slashed jobs
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disappeared and the use of
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anti-psychotic medications which have a
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host of dangerous side effects
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skyrocketed all this contributed to a 10
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increase in patient mortality that's
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more than 1 000 lives lost every year on
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average
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now if private equity is doing so much
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damage how come it isn't the front page
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story on every paper in the country
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well for starters hedge funds and
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private equity firms own half the
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nation's daily papers and about a
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quarter of u.s newspapers over 2 000
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publications have shut down over the
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past decade and a half the result
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reporters staff and readers lose while
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private equity managers get even richer
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a 2022 study found that after private
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equity buyouts the number of reporters
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and editors declined by nearly 10
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percent the east bay times in oakland
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california owned by alden global capital
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laid off 20 employees just one week
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after the paper won a pulitzer prize
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declines in local news coverage are
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associated with lower voter turnout less
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competitive local elections and more
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government corruption
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even as jobs and hours are cut
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subscription prices are jacked up
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sticking readers with a lower quality
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product for a much higher cost
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so what can be done
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first and foremost close the industry's
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favorite tax loophole that enables
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private equity managers to keep their
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taxes low
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the carried interest loophole treats
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their personal income as capital gains
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taxed at a top rate of just 20 percent
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instead of the personal income it
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actually is with a top tax rate of 37
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percent it's yet another way private
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equity is looting america
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the pattern is clear when private equity
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gets involved costs get higher and
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quality gets lower while the rich get
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richer
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it's past time for congress to reign in
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this predatory industry
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