Originally posted by Rudy Havenstein on his substack:
I see the light at the end of the tunnel now
Someone please tell me it’s not a train.
Cracker
“Journalism is popular, but it is popular mainly as fiction. Life is one world, and life seen in the newspapers another ; the public enjoys both, but it is more or less conscious of the difference.”
– G.K. Chesterton, All Things Considered
Transitory Staffing
Good, short discussion of private equity: “Private Equity Plays Pass the Parcel”
“What really worries me across society is the way we’ve normalized this financialization of every asset, the securitization of every asset, whether it’s publishing rights secured out for the next 50 years of a hit song, or a private-equity manager sitting in one of the tranches of debt owning our water companies, we have divorced a big chunk of the economy from its actual operation…
We need to allow the real managers to run these businesses, not the financial overlords who are extracting a huge rent on top of that, and making it much harder for these people to run these businesses, because they’re demanding unrealistic profit expectations, just to service all the debt they’ve piled on.”
I’m reminded of a paper that Brendan Ballou cited, which stated that private equity ownership of nursing homes resulted in “about 22,500 additional deaths…over the twelve-year sample period.”
