#borrow equity

[homeequityloanorangecounty]

Understanding Home Equity Mortgages in Orange County: A Beginner’s Guide

Owning a home in Orange County is a financial asset. It can unlock opportunities through home equity mortgages. These loans can help homeowners access funds. These funds can be used for home improvements, debt consolidation, or education. If you’re new to this concept, this guide will walk you through everything you need to know about home equity mortgages in Orange County. 

What Is a Home Equity Mortgage?

A home equity mortgage allows you to borrow against the equity in your home—the difference between your home’s market value and the amount you still owe on your mortgage. There are two primary types:

This option provides a lump sum at a fixed interest rate, which you repay in regular installments over a set period.

A HELOC works like a credit card. It offers a revolving credit line that you can draw from as needed. It typically comes with variable interest rates.

Why Consider a Home Equity Mortgage in Orange County?

Orange County’s booming real estate market makes home equity mortgages particularly appealing. Rising property values mean that homeowners often have significant equity to tap into. Here’s why you might consider one:

Enhance your home’s value and livability.

Pay off high-interest debt with a lower-interest loan.

Fund tuition or other educational expenses.

Cover medical bills or other emergencies.

A Comparison between Home Equity Loans and HELOCs

When deciding between the best home equity loans and a HELOC, consider your financial needs and preferences:

Best for one-time expenses like a major renovation or purchasing a car. Monthly payments are predictable because of the set interest rate.

Ideal for ongoing expenses or projects with uncertain costs. The flexibility to draw funds as needed is a major advantage. However, variable interest rates could lead to fluctuating payments.

Finding the Best Home Equity Line of Credit in Orange County

To find the best home equity line of credit, follow these steps:

Look for competitive rates to minimize borrowing costs.

Understand the repayment terms, draw period, and any associated fees.

Choose a lender with a solid reputation for service and transparency.

Understanding the Best Home Equity Loans in California

When searching for the best home equity loans California, focus on these key factors:

Ensure the lender offers sufficient funding to meet your needs.

Decide which type of rate aligns with your financial goals.

Shorter terms often have higher monthly payments but save on interest overall.

A lender who provides clear guidance can make the process smoother.

How to Qualify for a Home Equity Mortgage?

Qualifying for a home equity mortgage orange county involves meeting specific criteria. Here’s what lenders typically consider:

The majority of lenders demand that you own at least 15–25% of your house.

You can get better terms and pricing if you have a high credit score.

Stable income and a low debt-to-income ratio improve your chances of approval.

Some lenders may require an updated appraisal to confirm your home’s value.

Benefits of Home Equity Mortgages

A home equity mortgage offers several advantages:

Borrowing against your home’s equity provides access to significant sums of money.

These loans typically have lower rates than personal loans or credit cards.

Interest paid on home equity loans or HELOCs is tax-deductible. This applies to home improvements.

Funds can be used for various purposes, from renovations to unexpected expenses.

Risks and Considerations

While home equity mortgages can be beneficial, they come with risks:

Your home serves as collateral, so defaulting could result in losing your property.

A drop in property values could reduce your equity.

Be aware of closing costs, origination fees, and other charges.

Tips for Finding the Right Lender

Look for lenders experienced in the Orange County market.

Don’t settle for the first offer; shop around to find the best rates and terms.

Ensure you fully understand the loan’s terms, fees, and repayment schedule.

To determine client happiness, look for reviews online.

Planning for the Future

Before committing to a home equity mortgage, it’s essential to think long-term. Borrow responsibly, keeping in mind your ability to repay the loan. Also, consider how using your home equity now might affect future financial needs or retirement plans.

[1-ufo]

Have had a wet basement pretty much since I moved into this house it’s been a problem. A problem that was… quite downplayed by the sellers.

The north wall of my basement is bulging inward which concerns me and I have someone who is coming to look at it today.

I’m scared of the Implications

[auto-title-loans]

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[reitmonero]

How to Avoid Common Pitfalls with Home Equity Lines of Credit

Home Equity Lines of Credit (HELOCs) can be a useful financial tool, offering flexibility and potentially lower interest rates compared to other types of credit. However, they come with their own set of challenges and pitfalls that you should be aware of. Here’s a straightforward guide to help you navigate these issues and use your HELOC wisely.

Understanding a HELOC

A Home Equity Line of Credit (HELOC) is a revolving credit line secured by your home’s equity. Unlike a traditional loan with fixed payments, a HELOC allows you to borrow up to a certain limit and pay interest only on the amount you borrow.

Pitfall #1: Over-Borrowing

What It Is: It’s tempting to max out your HELOC, especially if you’re facing a significant expense or investment opportunity. However, borrowing more than you need can lead to financial strain.

How to Avoid It: Assess your financial situation carefully before borrowing. Create a budget and determine exactly how much you need. Avoid the temptation to use the full credit limit just because it’s available.

Pitfall #2: Variable Interest Rates

What It Is: Most HELOCs come with variable interest rates, meaning your payments can increase if interest rates rise. This can catch you off guard if you haven’t planned for potential rate hikes.

How to Avoid It: Look for HELOCs with fixed-rate options or consider locking in a portion of your balance at a fixed rate. Regularly review your HELOC terms and stay informed about market interest rates.

Pitfall #3: Impact on Your Home

What It Is: Using your home as collateral means that if you fail to repay the HELOC, you risk foreclosure. This is a serious consequence and should be considered carefully.

How to Avoid It: Only use a HELOC for purposes that add value to your home or improve your financial situation in the long term. Make sure your repayment plan is realistic and fits within your budget.

Pitfall #4: Fees and Charges

What It Is: HELOCs can come with various fees, including annual fees, transaction fees, and early termination fees. These charges can add up and reduce the overall benefit of the line of credit.

How to Avoid It: Carefully review the terms and fees associated with your HELOC. Compare different lenders and choose one with reasonable fees. Keep track of all fees to avoid unexpected costs.

Pitfall #5: Not Having a Repayment Plan

What It Is: Some people use their HELOC without a clear repayment strategy, leading to debt accumulation and financial difficulties.

How to Avoid It: Develop a detailed repayment plan before you take out a HELOC. Factor in your income, expenses, and other debts to ensure you can manage the additional payments. Stick to your plan and adjust it as needed if your financial situation changes.

Pitfall #6: Using HELOC for Everyday Expenses

What It Is: HELOCs are best used for significant expenses or investments rather than everyday costs. Relying on a HELOC for routine expenses can lead to financial instability.

How to Avoid It: Use your HELOC for specific, planned expenses like home improvements or debt consolidation, not for daily living costs. Budget and manage your daily finances separately.

[car-collateral-loans]

Borrow on Your Vehicle: Car Collateral Loans in Kelowna

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[mostlysignssomeportents]

Leveraged buyouts are not like mortgages

I'm coming to DEFCON! On FRIDAY (Aug 9), I'm emceeing the EFF POKER TOURNAMENT (noon at the Horseshoe Poker Room), and appearing on the BRICKED AND ABANDONED panel (5PM, LVCC - L1 - HW1–11–01). On SATURDAY (Aug 10), I'm giving a keynote called "DISENSHITTIFY OR DIE! How hackers can seize the means of computation and build a new, good internet that is hardened against our asshole bosses' insatiable horniness for enshittification" (noon, LVCC - L1 - HW1–11–01).

Here's an open secret: the confusing jargon of finance is not the product of some inherent complexity that requires a whole new vocabulary. Rather, finance-talk is all obfuscation, because if we called finance tactics by their plain-language names, it would be obvious that the sector exists to defraud the public and loot the real economy.

Take "leveraged buyout," a polite name for stealing a whole goddamned company:

Identify a company that owns valuable assets that are required for its continued operation, such as the real-estate occupied by its outlets, or even its lines of credit with suppliers;

Approach lenders (usually banks) and ask for money to buy the company, offering the company itself (which you don't own!) as collateral on the loan;

Offer some of those loaned funds to shareholders of the company and convince a key block of those shareholders (for example, executives with large stock grants, or speculators who've acquired large positions in the company, or people who've inherited shares from early investors but are disengaged from the operation of the firm) to demand that the company be sold to the looters;

Call a vote on selling the company at the promised price, counting on the fact that many investors will not participate in that vote (for example, the big index funds like Vanguard almost never vote on motions like this), which means that a minority of shareholders can force the sale;

Once you own the company, start to strip-mine its assets: sell its real-estate, start stiffing suppliers, fire masses of workers, all in the name of "repaying the debts" that you took on to buy the company.

This process has its own euphemistic jargon, for example, "rightsizing" for layoffs, or "introducing efficiencies" for stiffing suppliers or selling key assets and leasing them back. The looters – usually organized as private equity funds or hedge funds – will extract all the liquid capital – and give it to themselves as a "special dividend." Increasingly, there's also a "divi recap," which is a euphemism for borrowing even more money backed by the company's assets and then handing it to the private equity fund:

https://pluralistic.net/2020/09/17/divi-recaps/#graebers-ghost

If you're a Sopranos fan, this will all sound familiar, because when the (comparatively honest) mafia does this to a business, it's called a "bust-out":

https://en.wikipedia.org/wiki/Bust_Out

The mafia destroys businesses on a onesy-twosey, retail scale; but private equity and hedge funds do their plunder wholesale.

It's how they killed Red Lobster:

https://pluralistic.net/2024/05/23/spineless/#invertebrates

And it's what they did to hospitals:

https://pluralistic.net/2024/02/28/5000-bats/#charnel-house

It's what happened to nursing homes, Armark, private prisons, funeral homes, pet groomers, nursing homes, Toys R Us, The Olive Garden and Pet Smart:

https://pluralistic.net/2023/06/02/plunderers/#farben

It's what happened to the housing co-ops of Cooper Village, Texas energy giant TXU, Old Country Buffet, Harrah's and Caesar's:

https://pluralistic.net/2021/05/14/billionaire-class-solidarity/#club-deals

And it's what's slated to happen to 2.9m Boomer-owned US businesses employing 32m people, whose owners are nearing retirement:

https://pluralistic.net/2022/12/16/schumpeterian-terrorism/#deliberately-broken

Now, you can't demolish that much of the US productive economy without attracting some negative attention, so the looter spin-machine has perfected some talking points to hand-wave away the criticism that borrowing money using something you don't own as collateral in order to buy it and wreck it is obviously a dishonest (and potentially criminal) destructive practice.

The most common one is that borrowing money against an asset you don't own is just like getting a mortgage. This is such a badly flawed analogy that it is really a testament to the efficacy of the baffle-em-with-bullshit gambit to convince us all that we're too stupid to understand how finance works.

Sure: if I put an offer on your house, I will go to my credit union and ask the for a mortgage that uses your house as collateral. But the difference here is that you own your house, and the only way I can buy it – the only way I can actually get that mortgage – is if you agree to sell it to me.

Owner-occupied homes typically have uncomplicated ownership structures. Typically, they're owned by an individual or a couple. Sometimes they're the property of an estate that's divided up among multiple heirs, whose relationship is mediated by a will and a probate court. Title can be contested through a divorce, where disputes are settled by a divorce court. At the outer edge of complexity, you get things like polycules or lifelong roommates who've formed an LLC s they can own a house among several parties, but the LLC will have bylaws, and typically all those co-owners will be fully engaged in any sale process.

Leveraged buyouts don't target companies with simple ownership structures. They depend on firms whose equity is split among many parties, some of whom will be utterly disengaged from the firm's daily operations – say, the kids of an early employee who got a big stock grant but left before the company grew up. The looter needs to convince a few of these "owners" to force a vote on the acquisition, and then rely on the idea that many of the other shareholders will simply abstain from a vote. Asset managers are ubiquitous absentee owners who own large stakes in literally every major firm in the economy. The big funds – Vanguard, Blackrock, State Street – "buy the whole market" (a big share in every top-capitalized firm on a given stock exchange) and then seek to deliver returns equal to the overall performance of the market. If the market goes up by 5%, the index funds need to grow by 5%. If the market goes down by 5%, then so do those funds. The managers of those funds are trying to match the performance of the market, not improve on it (by voting on corporate governance decisions, say), or to beat it (by only buying stocks of companies they judge to be good bets):

https://pluralistic.net/2022/03/17/shareholder-socialism/#asset-manager-capitalism

Your family home is nothing like one of these companies. It doesn't have a bunch of minority shareholders who can force a vote, or a large block of disengaged "owners" who won't show up when that vote is called. There isn't a class of senior managers – Chief Kitchen Officer! – who have been granted large blocks of options that let them have a say in whether you will become homeless.

Now, there are homes that fit this description, and they're a fucking disaster. These are the "heirs property" homes, generally owned by the Black descendants of enslaved people who were given the proverbial 40 acres and a mule. Many prosperous majority Black settlements in the American South are composed of these kinds of lots.

Given the historical context – illiterate ex-slaves getting property as reparations or as reward for fighting with the Union Army – the titles for these lands are often muddy, with informal transfers from parents to kids sorted out with handshakes and not memorialized by hiring lawyers to update the deeds. This has created an irresistible opportunity for a certain kind of scammer, who will pull the deeds, hire genealogists to map the family trees of the original owners, and locate distant descendants with homeopathically small claims on the property. These descendants don't even know they own these claims, don't even know about these ancestors, and when they're offered a few thousand bucks for their claim, they naturally take it.

Now, armed with a claim on the property, the heirs property scammers force an auction of it, keeping the process under wraps until the last instant. If they're really lucky, they're the only bidder and they can buy the entire property for pennies on the dollar and then evict the family that has lived on it since Reconstruction. Sometimes, the family will get wind of the scam and show up to bid against the scammer, but the scammer has deep capital reserves and can easily win the auction, with the same result:

https://www.propublica.org/series/dispossessed

A similar outrage has been playing out for years in Hawai'i, where indigenous familial claims on ancestral lands have been diffused through descendants who don't even know they're co-owner of a place where their distant cousins have lived since pre-colonial times. These descendants are offered small sums to part with their stakes, which allows the speculator to force a sale and kick the indigenous Hawai'ians off their family lands so they can be turned into condos or hotels. Mark Zuckerberg used this "quiet title and partition" scam to dispossess hundreds of Hawai'ian families:

https://archive.is/g1YZ4

Heirs property and quiet title and partition are a much better analogy to a leveraged buyout than a mortgage is, because they're ways of stealing something valuable from people who depend on it and maintain it, and smashing it and selling it off.

Strip away all the jargon, and private equity is just another scam, albeit one with pretensions to respectability. Its practitioners are ripoff artists. You know the notorious "carried interest loophole" that politicians periodically discover and decry? "Carried interest" has nothing to do with the interest on a loan. The "carried interest" rule dates back to 16th century sea-captains, and it refers to the "interest" they had in the cargo they "carried":

https://pluralistic.net/2021/04/29/writers-must-be-paid/#carried-interest

Private equity managers are like sea captains in exactly the same way that leveraged buyouts are like mortgages: not at all.

And it's not like private equity is good to its investors: scams like "continuation funds" allow PE looters to steal all the money they made from strip mining valuable companies, so they show no profits on paper when it comes time to pay their investors:

https://pluralistic.net/2023/07/20/continuation-fraud/#buyout-groups

Those investors are just as bamboozled as we are, which is why they keep giving more money to PE funds. Today, the "dry powder" (uninvested money) that PE holds has reached an all-time record high of $2.62 trillion – money from pension funds and rich people and sovereign wealth funds, stockpiled in anticipation of buying and destroying even more profitable, productive, useful businesses:

https://www.institutionalinvestor.com/article/2di1vzgjcmzovkcea8f0g/portfolio/private-equitys-dry-powder-mountain-reaches-record-height

The practices of PE are crooked as hell, and it's only the fact that they use euphemisms and deceptive analogies to home mortgages that keeps them from being shut down. The more we strip away the bullshit, the faster we'll be able to kill this cancer, and the more of the real economy we'll be able to preserve.

If you'd like an essay-formatted version of this post to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:

https://pluralistic.net/2024/08/05/rugged-individuals/#misleading-by-analogy

[racefortheironthrone]

Please tell me more about neighbourhood PMCs in renaissance Italy

It would be my pleasure! (My research into this owes a lot to the excellent Power and Imagination: City-States in Renaissance Italy by Lauro Martines.)

The first thing to note that, unlike the condottieri, these were not private military companies. Rather, the neighborhood military companies (in the sense of a military unit, rather than a profit-making entity) were self-defense organizations formed as part of a centuries-long political struggle for control over the urban commune between the signorile (the urban chivalry)/nobilita (the urban nobility) and the populo (the guilded middle class, who claimed to speak on behalf of "the people").

This conflict followed much the same logic that had given rise to the medieval commune in the first place. Legally, the communes had started as mutual defense pacts between the signorile and the cives (the free citizens of the city) against the rural feudal nobility, which had given these groups the military and political muscle to push out the marquises and viscounts and barons and claim exclusive authority over the tax system, the judicial system, and the military.

So it made sense that, once they had vanquished their enemies and established the commune as the sovereign, both sides would use the same tactic in their struggle over which of them would rule the commune that ruled the city. The signorile and nobilita formed themselves into consorteria or "tower societies," by which ancient families allied with one another (complete with dynastic marriage alliances!) to build and garrison the towers with the knights, squires, men-at-arms, and bravi of their households. These phallic castle substitutes were incredibly formidable within the context of urban warfare, as relatively small numbers of men with crossbows could rain down hell on besiegers from the upper windows and bridges between towers, even as the poor bastards on the ground tried to force the heavy doors down below.

To combat noble domination of communal government, achieve direct representation on the political councils, establish equity of taxation and regulate interest rates, and enforce legal equality between nobility and citizenry, the populo formed themselves into guilds to build alliances between merchants and artisans in the same industries. However, these amateur soldiers struggled to fight on even footing with fully-trained and well-equipped professional soldiers, and the guild militias were frequently defeated.

To solve their military dilemma, the populo engaged in political coalition-building with the oldest units of the urban commune: the neighborhoods. When the cities of medieval Italy were originally founded, they had been rather decentralized transplantations of the rural villages, where before people had any conception of a city-wide collective their primary allegiance was to their neighborhood. As can still be seen in the Palio di Siena to this day, these contrade built a strong identity based on local street gangs, the parish church, their traditional heraldry, and their traditional rivalries with the stronzi in the next contrade over. And whether they were maggiori, minori, or unguilded laborers, everyone in the city was a member of their contrade.

As Martines describes, the populo both recruited from (and borrowed the traditions of) the contrade to form their armed neighborhood companies into a force that would have the manpower, the discipline, and the morale to take on the consorteria:

"Every company had its distinctive banner and every house in the city was administratively under the sign of a company. A dragon, a whip, a serpent, a bull, a bounding horse, a lion, a ladder: these, in different colors and on contrasting fields, were some of the leitmotifs of the twenty different banners. They were emblazoned on individual shields and helmets. Rigorous regulations required guildsmen to keep their arms near at hand, above all in troubled times. The call to arms for the twenty companies was the ringing of a special bell, posted near the main public square. A standard-bearer, flanked by four lieutenants, was in command of each company."

To knit these companies organized by neighborhood into a single cohesive force, the lawyers' guilds within the populo created a state within a state, complete with written constitutions, guild charters, legal codes, legislative and executive councils. Under these constitutions, the populo's councils would elect a capitano del popolo, a professional soldier from outside the city who would serve as a politically-neutral commander, with a direct chain of command over the gonfaloniere and lieutenants of the neighborhood companies, to lead the populo against their noble would-be overlords.

And in commune after commune, the neighborhood companies made war against the consorteria, taking the towers one by one and turning them into fortresses of the populo. The victorious guilds turned their newly-won military might into political hegemony over the commune, stripping the nobilita of their power and privilege and forcing them either into submission or exile. Then they directed their veteran neighborhood companies outward to seize control of the rural hinterland from the feudal aristocracy, until the city had become city-state.

(Ironically, in the process, the populo gave birth to the condottieri, as the nobility who had lost their landed wealth and political power took their one remaining asset - their military training and equipment - and became professional mercenaries. But that's a story for another time...)

[linguisticdiscovery]

Ways English borrowed words from Latin

Latin has been influencing English since before English existed!

Here’s a non-exhaustive list of ways that English got vocabulary from Latin:

early Latin influence on the Germanic tribes: The Germanic tribes borrowed words from the Romans while still in continental Europe, before coming to England.

camp, wall, pit, street, mile, cheap, mint, wine, cheese, pillow, cup, linen, line, pepper, butter, onion, chalk, copper, dragon, peacock, pipe, bishop

Roman occupation of England: The Celts borrowed words from the Romans when the Romans invaded England, and the Anglo-Saxons later borrowed those Latin words from the Celts.

port, tower, -chester / -caster / -cester (place name suffix), mount

Christianization of the Anglo-Saxons: Roman missionaries to England converted the Anglo-Saxons to Christianity and brought Latin with them.

altar, angel, anthem, candle, disciple, litany, martyr, mass, noon, nun, offer, organ, palm, relic, rule, shrine, temple, tunic, cap, sock, purple, chest, mat, sack, school, master, fever, circle, talent

Norman Conquest: The Norman French invaded England in 1066 under William the Conqueror, making Norman French the language of the state. Many words were borrowed from French, which had evolved out of Latin.

noble, servant, messenger, feast, story, government, state, empire, royal, authority, tyrant, court, council, parliament, assembly, record, tax, subject, public, liberty, office, warden, peer, sir, madam, mistress, slave, religion, confession, prayer, lesson, novice, creator, saint, miracle, faith, temptation, charity, pity, obedience, justice, equity, judgment, plea, bill, panel, evidence, proof, sentence, award, fine, prison, punishment, plead, blame, arrest, judge, banish, property, arson, heir, defense, army, navy, peace, enemy, battle, combat, banner, havoc, fashion, robe, button, boots, luxury, blue, brown, jewel, crystal, taste, toast, cream, sugar, salad, lettuce, herb, mustard, cinnamon, nutmeg, roast, boil, stew, fry, curtain, couch, screen, lamp, blanket, dance, music, labor, fool, sculpture, beauty, color, image, tone, poet, romance, title, story, pen, chapter, medicine, pain, stomach, plague, poison

The Renaissance: The intense focus on writings from classical antiquity during the Renaissance led to the borrowing of numerous words directly from Latin.

atmosphere, disability, halo, agile, appropriate, expensive, external, habitual, impersonal, adapt, alienate, benefit, consolidate, disregard, erupt, exist, extinguish, harass, meditate

The Scientific Revolution: The need for new technical and scientific terms led to many neoclassical compounds formed from Classical Greek and Latin elements, or new uses of Latin prefixes.

automobile, transcontinental, transformer, prehistoric, preview, prequel, subtitle, deflate, component, data, experiment, formula, nucleus, ratio, structure

Not to mention most borrowings from other Romance languages, such as Spanish or Italian, which also evolved from Latin.

Further Reading: A history of the English language (Baugh & Cable)

[meret118]

In 1976, when prolific writer, activist and self-described Black lesbian mother warrior poet Audre Lorde published her seminal poetry collection, Coal, the world wide web was still 17 years away from becoming a public-facing invention, and the platform of podcasting hadn’t even been dreamt up yet. The volume established her as a champion for women, Blackness, queerness and equity in the explosive 1970s Black Arts Movement—other works to come, like Sister Outsider, positioned Lorde as a justice-demanding mouthpiece for people who’d been shoved into the crosshairs of marginalization.

She was highly quotable and, in recent years as discussions about mental health and the prioritization of personal peace have become more frequent and fervent, one of her most notable lines of writing has become its own celebrity: “Caring for myself is not self-indulgence, it is self-preservation, and that is an act of political warfare.” From that sentence, knit into the reflective context of A Burst of Light, Lorde’s award-winning contemplation on the healthcare system and the cancer that had invaded her body, the concept of “self-care” was popularized and made real.

“We noticed that in the public discourse, particularly in media and social media, there are several Black feminist terms, ideas and practices floating around,” says Klingenberg, a curator of Black music and entertainment in the museum’s division of cultural and community life, in an interview after the series debuted earlier this year. “But they’re always disconnected from the Black feminist thinkers who created them, the context in which they were created, and in some instances, from the very meaning that the original creators were thinking of when they created them.”

Like many terms that originate in the canon of Black art and thought, self-care has been swallowed into a vortex of mainstream overuse and lack of attribution.

. . .

In 1977, the women of the Combahee River Collective released a groundbreaking statement “defining and clarifying” the politics of Black feminism. It was also arguably the first time that the phrase “identity politics” would appear, and Smith is credited with coining the term.“We were not saying that we were superior to any other groups of oppressed people,” says Smith in the podcast. “We were not being a vanguard. We did not think that we were the only people on Earth who were oppressed. We just wanted to assert that unlike the women’s movement and unlike the Black liberation movement at that time, that there was a particular set of situations, circumstances and experiences and oppressions that Black women experienced, and that we needed to deal with those. And that’s what we meant by identity politics.”

More at the link, including the podcasts.

[biblioflyer]

Genosha allegories: constructive reads and hot takes.

Anger is an appropriate response to Genosha, not hopelessness.

This is Part 2 in a 5 part essay on the implicit pessimism of X-Men as a setting.

Part 1 lays out the core assumptions of the setting.

I think X-Men ‘97 is the smartest Marvel offering since Captain America: Civil War brought us the debates over the Sokovia Accords. There are a lot of crappy discussions about the ethics of Magneto’s Blackout and the broader question of whether Xavier is as corrupt, infantile, and naive as he’s accused of both by other characters and the audience. 

However, people really do need to be mindful of the hard wired setting conceits that ensure that the X-Men’s world is one in which there is an unhappy median that wobbles back and forth from slightly better to a lot worse and this itself is not (I hope) the actual message of the setting.

There are some real life parallels that I see that may validate a pessimistic reading, but other metrics like the number and acceptability of interracial, interreligious, and same sex marriages in the United States have improved by staggering degrees. We have not achieved true equality or safety for people who have traditionally struggled for full acceptance, but if we don’t allow the perfect to be the enemy of the good, we can see that positive change is possible.

Whether positive change is truly lasting and able to be expanded upon is a more nebulous question, I’m not one to buy into “end of history” narratives so I would never say that we cannot go backwards, I often worry we’re on the cusp of doing just that, history is often, to borrow a Dan Carlinism, like a stock ticker, but we’ve had a pretty good run of adding more freedoms for more people. 

Although obviously different groups of people are at different places in their struggle to achieve safety, acceptance, and equity and thus their gains are less entrenched and more subject to backsliding. 

Sprinkled in amongst the narrative of progress are setbacks and atrocities: Genosha could stand in for the likes of Tulsa’s Black Wall Street, the Stonewall raid, the anti-Jewish pogroms of the 1880s in the Russian Empire, or the brutal suppression of Arab nationalists by European empires under the mandate system. 

Magneto surely would not want us to forget these things when he says the first priority of Mutants should be to look after their own and trust of Humans should come slowly, but probably never.

There again, I do think it is possible to hold multiple thoughts: that progress is often not uninterrupted or linear but it is possible and, at least in the United States context, significant progress has been made given how bleak conditions were for women, non-Europeans, queer people, and even the wrong kind of European at various points in history. 

Right or wrong, I think this is the history that Xavier is temperamentally oriented towards, but then it is easier for him as a child of privilege and someone who is not visibly a Mutant.

The next part will go into greater detail about the allegories behind X-Men and why the X-Men setting is hardwired for doom by intent.

[homeequityloanorangecounty]

Understanding Home Equity Cash-Out: What It Is and How It Works in Orange County

The act of refinancing an existing mortgage to access the equity accumulated during a home is referred to as a home equity cash-out. This permits homeowners to show a neighbourhood of the equity in their house in cash for major expenditures, debt consolidation, or home upgrades. It's essential to grasp this financial process because it has a big influence on one's long-term commitments and financial status. Reduced interest rates and possible tax deductions for interest payments are two advantages of a cash-out refinancing. Recognizing related hazards, like higher monthly mortgage payments and, therefore, the possibility of foreclosure if repayments aren't properly handled, is crucial. One should carefully consider one's long-term objectives and financial situation before deciding to hunt for a cash-out refinancing.

What is Home Equity?  

The difference between the present market price and, therefore, the remaining mortgage debt is understood as home equity, and it represents the share of a homeowner's property that they really own. It's going to rise over time as a result of mortgage repayment or a rise in the value of the property. Home upgrades, consistent mortgage payments, and market appreciation are a number of the factors that affect home equity. However, market downturns can reduce home equity, which highlights how crucial it is to grasp market circumstances while evaluating land investments. A key component of private finance is home equity, which offers financial leverage for major expenditures like house improvements or schooling.

Understanding Cash-Out Refinancing  

A financial tactic referred to as cash-out refinance enables homeowners to extend the equity in their house while simultaneously refinancing their current mortgage. This entails removing a mortgage that's bigger than the prevailing debt and paying out the difference in cash. Because this approach provides instant liquidity, homeowners will use their home equity for major costs like debt reduction or house upgrades.

The Process of Home Equity Cash-Out  

In order to qualify for a cash-out refinance, homeowners must evaluate their existing mortgage and ascertain their potential equity. They collect the specified paperwork, like proof of income, credit history, and property information. To determine eligibility and new mortgage conditions, lenders review these papers. Counting on the intricacy of the transaction and, therefore, the lender's procedures, the appliance-to-closing process often takes 30 to 45 days.

Financial Implications of Cash-Out Refinancing  

Although cash-out refinances provide homeowners access to cash and reduce monthly payments, they will also raise the mortgage debt and will end in higher payments. Due to heightened lender risk, interest rates could also be above for conventional refinances. Homeowners should also consider the long-term financial effects because extending the mortgage term will result in greater interest payments, which could have an adverse effect on their overall financial situation.

Uses of Home Equity Cash-Out  

A common financial tactic employed by homeowners to use the worth of their property to finance investment possibilities, debt reduction, home improvements, and academic costs is home equity cash-out Orange County. These advantages can lower monthly payments and lift property values, but they also carry hazards, such as an increase in debt or a decline in home equity. Before putting this system into practice, it's important to think about the benefits and drawbacks.

Market Trends in Orange County  

Economic considerations are causing substantial variations in Orange County's land market. Home equity cash-out possibilities are impacted by rising property values brought on by the high demand for homes. To assess the viability and appeal of cash-out refinances, homeowners should keep an eye fixed on regional factors like interest rates and property inventory levels. The state of the regional economy is additionally quite important.

Risks and Considerations  

Although cash-out refinance has inherent dangers, it's going even to have advantages. For more flexible repayment terms, homeowners should evaluate their financial circumstances and take into consideration options like personal loans or home equity lines of credit (HELOCs). Before moving forward with cash-out refinance, a comprehensive assessment of monetary health and current market conditions is important.

Expert Insights and Advice  

Before considering cash-out refinancing, financial advisors suggest a radical assessment of one's financial situation, including evaluating current mortgage rates, consulting with multiple lenders, and understanding the implications of increased debt and potential changes to monthly payments. Key considerations include determining the aim of cash-out funds, maintaining a healthy credit score, and considering potential tax implications. Resources such as the Consumer Financial Protection Bureau (CFPB), financial websites, and native credit unions offer educational materials tailored to individual needs. Engaging with a licensed financial planner can provide personalized insights and help navigate the complexities of refinancing options.

Conclusion  

This conversation highlights how crucial it is to grasp the advantages and hazards of home equity cash-outs so as to form an informed choice. It advises getting expert counsel before moving forward with a cash-out refinance to make sure it fits with one's financial goals and situation because it's going to have long-term consequences for one's financial situation.

[jgroffdaily]

JONATHAN GROFF SETS 2025 BROADWAY RETURN WITH ‘JUST IN TIME’

by Philip Boroff

EXCLUSIVE: Newly minted Tony Award winner Jonathan Groff will play the 1950s and ’60s crooner Bobby Darin in a staged reading next month, ahead of a planned Broadway opening in spring 2025, people familiar with the musical said.

The reading of Just in Time will be directed by Alex Timbers (Moulin Rouge!). On Broadway, Tom Kirdahy and Robert Ahrens are set to produce the show, which tells the story of the short but eventful life of the popular performer, whose hits included “Mack the Knife,” “Dream Lover” and “Just in Time.”

Born Walden Robert Cassotto in East Harlem, Darin had rheumatic fever as a child that damaged his heart. He lived, he acknowledged, as if on borrowed time before his death at 37.

He led a new generation of swinging singers into the rock revolution of the 1960s. He also acted in movies, composed music, married the actress Sandra Dee and as an adult discovered that the woman he thought was his older sister was his mother.

“I went on YouTube,” Groff told reporter Elysa Gardner before a rehearsal of an early version of the show, presented as part of the 92nd Street Y ‘s “Lyrics and Lyricist” series in 2018. “I watched all these TV performances, from the beginning to the end of his career, and I was blown away by his versatility. The rock & roll and the standards, the dancing, the folk songs. The duets with George Burns and Judy Garland. His life was insane.”

Darin spawned many imitators, including Kevin Spacey, who played him in the biofilm Beyond the Sea. The ballad “Just in Time” was composed by Jule Styne with lyrics by Adolph Green and Betty Comden for the musical Bells are Ringing. It became a hit for Dean Martin, among others, who was in the 1960 movie adaptation directed by Vincente Minnelli.

Besides Groff, casting wasn’t available. The reading isn’t affected by the monthlong Actors’ Equity strike intended to pressure the Broadway League to improve its Development Agreement with the union. Actors will be working under a contract negotiated with the League of Resident Theatres (LORT), an association of nonprofit theater companies.

Although the reading will be in New York, it’s under the aegis of Signature Theatre in Arlington, Virginia, which is a LORT member.

In a charmed career, the 39-year-old Groff has performed in the Frozen films, the TV series Glee and three acclaimed Broadway blockbusters — Spring Awakening, Hamilton and most recently Merrily We Roll Along — each of which earned him a Tony nomination. (He won for Merrily.)

Groff was also the first Seymour in the hit off-Broadway revival of Little Shop of Horrors, produced by Ahrens, Kirdahy and Hunter Arnold. Andrew Barth Feldman is currently playing the role.

In his moving acceptance speech at the Tony awards in June, Groff spoke about his love of the Broadway community and how “musical theater is still saving my soul.” Just in Time will aim for multigenerational appeal, as the young Broadway star sings 65-year-old standards.

Since the pandemic, older audiences have been slow to return to Broadway. If Just in Time is well received, Groff may be just the man to help bring them back.

**

Source: Philip Boroff in Broadway Journal.

Jonathan led a reading of the show on 15 March 2024 after rehearsing for a couple of weeks with the cast. Details below:

[batboyblog]

The Biden-⁠Harris Administration Advances Equity and Opportunity for Black Americans

Growing Economic Opportunity for Black Families and Communities Through the President’s legislative victories, including the American Rescue Plan (ARP), the Bipartisan Infrastructure Law (BIL), the CHIPS and Science Act, and the Inflation Reduction Act (IRA)—as well as the President’s historic executive orders on racial equity—the Biden-Harris Administration is ensuring that federal investments through the President’s landmark Investing in America agenda are equitably flowing to communities to address longstanding economic inequities that impact people’s economic security, health, and safety. And this vision is already delivering results. The Biden-Harris Administration has:

Powered a historic economic recovery that created 2.6 million jobs for Black workers—and achieved both the lowest Black unemployment rate on record and the lowest gap between Black and White unemployment on record.

Helped Black working families build wealth. Black wealth is up by 60% relative to pre-pandemic—the largest increase on record.

Cut in half the number of Black children living in poverty in 2021 through ARP’s Child Tax Credit expansion. This expansion provided breathing room to the families of over 9 million Black children.

Began reversing decades of infrastructure disinvestment, including with $4 billion to reconnect communities that were previously cut off from economic opportunities by building needed transportation infrastructure in underserved communities, including Black communities.

Connected an estimated 5.5 million Black households to affordable high-speed internet through the Affordable Connectivity Program, closing the digital divide for millions of Black families.

Helping Black-Owned Businesses Grow and Thrive Since the President entered office, a record 16 million new business applications have been filed, and the share of Black households owning a business has more than doubled. Building on this momentum, the Biden-Harris Administration has:

Achieved the fastest creation rate of Black-owned businesses in more than 30 years—and more than doubled the share of Black business owners from 2019 to 2022.

Improved the Small Business Administration’s (SBA) flagship loan guarantee programs to expand the availability of capital to underserved communities. Since 2020, the number and dollar value of SBA-backed loans to Black-owned businesses have more than doubled.

Launched a whole-of-government effort to expand access to federal contracts for small businesses, awarding a record $69.9 billion to small disadvantaged businesses in 2022.

Through Treasury’s State Small Business Credit Initiative, invested $10 billion to expand access to capital and invest in early-stage businesses in all 50 states—including $2.5 billion in funding and incentive allocations dedicated to support the provision of capital to underserved businesses with $1 billion of these funds to be awarded to the jurisdictions that are most successful in reaching underserved businesses.

Helped more than 37,000 farmers and ranchers who were in financial distress, including Black farmers and ranchers, stay on their farms and keep farming, thanks to resources provided through IRA. The IRA allocated $3.1 billion for the Department of Agriculture (USDA) to provide relief for distressed borrowers with at-risk agricultural operations with outstanding direct or guaranteed Farm Service Agency loans. USDA has provided over $2 billion and counting in timely assistance.

Supported small and disadvantaged businesses through CHIPS Act funding by requiring funding applicants to develop a workforce plan to create equitable pathways for economically disadvantaged individuals in their region, as well as a plan to support procurement from small, minority-owned, veteran-owned, and women-owned businesses.

Created the $27 billion Greenhouse Gas Reduction Fund that will invest in clean energy projects in low-income and disadvantaged communities.

Increasing Access to Housing and Rooting Out Discrimination in the Housing Market for Black Communities To increase access to housing and root out discrimination in the housing market, including for Black families and communities, the Biden-Harris Administration has:

Set up the first-ever national infrastructure to stop evictions, scaling up the ARP-funded Emergency Rental Assistance program in over 400 communities across the country, helping 8 million renters and their families stay in their homes. Over 40% of all renters helped are Black—and this support prevented millions of evictions, with the largest effects seen in majority-Black neighborhoods.

Published a proposed “Affirmatively Furthering Fair Housing” rule through the Department of Housing and Urban Development (HUD), which will help overcome patterns of segregation and hold states, localities, and public housing agencies that receive federal funds accountable for ensuring that underserved communities have equitable access to affordable housing opportunities.

Created the Interagency Task Force on Property Appraisal and Valuation Equity, or PAVE, a first-of-its-kind interagency effort to root out bias in the home appraisal process, which is taking sweeping action to advance equity and remove racial and ethnic bias in home valuations, including cracking down on algorithmic bias and empowering consumers to take action against misvaluation.

Taken additional steps through HUD to support wealth-generation activities for prospective and current homeowners by expanding access to credit by incorporating a borrower’s positive rental payment history into the mortgage underwriting process. HUD estimates this policy change will enable an additional 5,000 borrowers per year to qualify for an FHA-insured loan.

Ensuring Equitable Educational Opportunity for Black Students To expand educational opportunity for the Black community in early childhood and beyond, the Biden-Harris Administration has:

Approved more than $136 billion in student loan debt cancellation for 3.7 million Americans through various actions and launched a new student loan repayment plan—the Saving on a Valuable Education (SAVE) plan—to help many students and families cut in half their total lifetime payments per dollar borrowed.

Championed the largest increase to Pell Grants in the last decade—a combined increase of $900 to the maximum award over the past two years, affecting the over 60% of Black undergraduates who rely on Pell grants.

Fixed the Public Service Loan Forgiveness (PSLF) program, so all qualified borrowers get the debt relief to which they are entitled. More than 790,000 public servants have received more than $56 billion in loan forgiveness since October 2021. Prior to these fixes, only 7,000 people had ever received forgiveness through PSLF.

Delivered a historic investment of over $7 billion to support HBCUs.

Reestablished the White House Initiative on Advancing Educational Equity, Excellence, and Economic Opportunity for Historically Black Colleges and Universities and the White House Initiative on Advancing Educational Equity, Excellence, and Economic Opportunity for Black Americans.

Through ARP, secured $130 billion—the largest investment in public education in history—to help students get back to school, recover academically in the wake of the COVID-19 pandemic, and address student mental health.

Secured a 30% increase in child care assistance funding last year. Black families comprise 38% of families benefiting from federal child care assistance. Additionally, the President secured an additional $1 billion for Head Start, a program where more than 28% of children and pregnant women who benefit identify as Black.

Improving Health Outcomes for Black Families and Communities To improve health outcomes for the Black community, the Biden-Harris Administration has:

Increased Black enrollment in health care coverage through the Affordable Care Act by 49%—or by around 400,000—from 2020 to 2022, helping more Black families gain health insurance than ever before.

Through IRA, locked in lower monthly premiums for health insurance, capped the cost of insulin at $35 per covered insulin product for Medicare beneficiaries, and helped further close the gap in access to medication by improving prescription drug coverage and lowering drug costs in Medicare. 

Through ARP, expanded postpartum coverage from 60 days to 12 months in 43 states and Washington, D.C., covering 700,000 more women in the year after childbirth. Medicaid covers approximately 65% of births for Black mothers, and this investment is a critical step to address maternal health disparities.

Financed projects that will replace hundreds of thousands of lead pipes, helping protect against lead poisoning that disproportionately affects Black communities.

Provided 264 grants with $1 billion in Bipartisan Safer Communities Act funds to more than 40 states to increase the supply of school-based mental health professionals in communities with high rates of poverty.

Launched An Unprecedented Whole-Of-Government Equity Agenda to Ensure the Promise of America for All Communities, including Black Communities President Biden believes that advancing equity, civil rights, racial justice, and equal opportunity is the responsibility of the whole of our government, which will require sustained leadership and partnership with all communities. To make the promise of America real for every American, including for the Black Community, the President has:

Signed two Executive Orders directing the Federal Government to advance an ambitious whole-of-government equity agenda that matches the scale of the challenges we face as a country and the opportunities we have to build a more perfect union.

Nominated the first Black woman to serve on the Supreme Court and more Black women to federal circuit courts than every President combined.

Countered hateful attempts to rewrite history including: the signing of the Emmett Till Antilynching Act; establishing Juneteenth as a national holiday; and designating the Emmett Till and Mamie Till-Mobley National Monument in Mississippi and Illinois. The Department of the Interior has invested more than $295 million in infrastructure funding and historic preservation grants to protect and restore places significant to Black history.

Created the Justice40 Initiative, which is delivering 40% of the overall benefits of certain Federal investments in clean energy, affordable and sustainable housing, clean water, and other programs to disadvantaged communities that are marginalized by underinvestment and overburdened by pollution as part of the most ambitious climate, conservation, and environmental justice agenda in history.

Protecting the Sacred Right to Vote for Black Families and Communities Since their first days in office, President Biden and Vice President Harris have prioritized strengthening our democracy and protecting the sacred right to vote in free, fair, and secure elections. To do so, the President has:

Signed an Executive Order to leverage the resources of the Federal Government to provide nonpartisan information about the election process and increase access to voter registration. Agencies across the Federal Government are taking action to respond to the President’s call for an all-of-government effort to enhance the ability of all eligible Americans to participate in our democracy.

Repeatedly and forcefully called on Congress to pass essential legislation, including the John R. Lewis Voting Rights Advancement Act and the Freedom to Vote Act, including calling for an exception to the filibuster to pass voting rights legislation.

Increased funding for the Department of Justice’s Civil Rights Division, which has more than doubled the number of voting rights enforcement attorneys. The Justice Department also created the Election Threats Task Force to assess allegations and reports of threats against election workers, and investigate and prosecute these matters where appropriate.

Signed into law the bipartisan Electoral Reform Count Act, which establishes clear guidelines for our system of certifying and counting electoral votes for President and Vice President, to preserve the will of the people and to protect against the type of attempts to overturn our elections that led to the January 6 insurrection.

Addressing the Crisis of Gun Violence in Black Communities Gun violence has become the leading cause of death for all youth and Black men in America, as well as the second leading cause of death for Black women. To address this national crisis, the President has:

Launched the first-ever White House Office of Gun Violence Prevention, and taken more executive action on gun violence than any President in history, including investments in violence reduction strategies that address the root causes of gun violence and address emerging threats like ghost guns. In 2022, the Administration’s investments in evidence-based, lifesaving programs combined with aggressive action to stop the flow of illegal guns and hold shooters accountable yielded a 12.4% reduction in homicides across the United States.

Signed into the law the Bipartisan Safer Communities Act, the most significant gun violence reduction legislation enacted in nearly 30 years, including investments in violence reduction strategies and historic policy changes to enhance background checks for individuals under age 21, narrow the dating partner loophole in the gun background check system, and provide law enforcement with tools to crack down on gun trafficking.

Secured the first-ever dedicated federal funding stream for community violence intervention programs, which have been shown to reduce violence by as much as 60%. These programs are effective because they leverage trusted messengers who work directly with individuals most likely to commit gun violence, intervene in conflicts, and connect people to social, health and wellness, and economic services to reduce the likelihood of violence as an answer to conflict.

Enhancing Public Trust and Strengthening Public Safety for Black Communities Our criminal justice system must protect the public and ensure fair and impartial justice for all. These are mutually reinforcing goals. To enhance equal justice and public safety for all communities, including the Black community, the President has:

Signed a historic Executive Order to put federal policing on the path to becoming the gold standard of effectiveness and accountability by requiring federal law enforcement agencies to ban chokeholds; restrict no-knock warrants; mandate the use of body-worn cameras; implement stronger use-of-force policies; provide de-escalation training; submit use-of-force data; submit officer misconduct records into a new national accountability database; and restrict the sale or transfer of military equipment to local law enforcement agencies, among other things. 

Taken steps to right the wrongs stemming from our Nation’s failed approach to marijuana by directing the Departments of Health and Human Services and Justice to expeditiously review how marijuana is scheduled under federal law and in October 2022 issued categorical pardons of prior federal and D.C. offenses of simple possession of marijuana and in December 2023 pardoned additional offenses of simple possession and use of marijuana under federal and D.C. law. While white, Black, and brown people use marijuana at similar rates, Black and brown people have been arrested, prosecuted, and convicted at disproportionately higher rates.

Announced over 100 concrete policy actions as part of a White House evidence-informed, multi-year Alternatives, Rehabilitation, and Reentry Strategic Plan to safely reduce unnecessary criminal justice system interactions so police officers can focus on fighting crime; supporting rehabilitation during incarceration; and facilitating successful reentry.

FACT SHEET

[mariacallous]

Using machine learning, Stefania Albanesi of the University of Miami and Domonkos F. Vamossy of the University of Pittsburgh develop a measure of consumer credit worthiness that performs better than conventional credit scores in predicting defaults, particularly for young, low-income, and minority borrowers. The model places more weight on credit amount and less weight on the length of credit history, credit mix, and incidence of new credit relative to conventional credit scores. They find that traditional credit scores incorrectly classify 41% of consumers, assigning them to a risk category that does not reflect their true likelihood of defaulting. This result is more pronounced for borrowers with low scores. Some 47% of borrowers deemed subprime by conventional credit scores are misclassified. Approximately 33% would have higher credit ratings according to the authors’ model, and only 15% would be considered deep subprime. The authors conclude that improved credit scoring practices can improve access to credit for low earners, minorities, and young people.

[mostlysignssomeportents]

When private equity destroys your hospital

I'm on tour with my new novel The Bezzle! Catch me TOMORROW in PHOENIX (Changing Hands, Feb 29) then Tucson (Mar 9-10), San Francisco (Mar 13), and more!

As someone who writes a lot of fiction about corporate crime, I naturally end up spending a lot of time being angry about corporate crime. It's pretty goddamned enraging. But the fiction writer in me is especially upset at how cartoonishly evil the perps are – routinely doing things that I couldn't ever get away with putting in a novel.

Beyond a doubt, the most cartoonishly evil characters are the private equity looters. And the most cartoonishly evil private equity looters are the ones who get involved in health care.

(Buckle up.)

Writing for The American Prospect, Maureen Tcacik details a national scandal: the collapse of PE-backed hospital chain Steward Health, a company that bought and looted hospitals up and down the country, starving them of everything from heart valves to prescription paper, ripping off suppliers, doctors and nurses, and callously exposing patients to deadly risk:

https://prospect.org/health/2024-02-27-scenes-from-bat-cave-steward-health-florida/

Steward occupies a very special place in the private equity looting cycle. Private equity companies arrange themselves on a continuum of indiscriminate depravity. At the start of the continuum are PE funds that buy productive and useful firms (everything from hospitals to car-washes) using "leveraged buyouts." That means that they borrow money to buy the company and use the company itself as collateral: it's like you getting a bank-loan to buy your neighbor's mortgage out from under them, and using your neighbor's house as collateral for that loan.

Once the buyout is done, the PE fund pays itself a "special dividend" (stealing money the business needs to survive) and then starts charging the business a "management fee" for the PE fund's expertise. To pay for all this, the PE bosses start to hack away at the company. Quality declines. So do wages. Prices go up. The company changes suppliers, opting for cheaper alternatives, often stiffing the old company. There are mass layoffs. The remaining employees end up doing three peoples' jobs, for lower wages, with fewer materials of lower quality.

Eventually, that top-feeding PE company finds a more desperate, more ham-fisted PE company to unload the business onto. That middle-feeding company also does a leveraged buyout, pays itself another special dividend, cuts wages, staffing and quality even further. They switch to even worse suppliers and stiff the last batch. Prices go up even higher.

Then – you guessed it – the middle-feeding PE company finds an even more awful PE bottom-feeder to unload the company onto. That bottom feeder does it all again, without even pretending to leave the business in condition to do its job. The company is a shambling zombie at this point, often producing literal garbage in place of the products that made its reputation. Employees' paychecks bounce, or don't show up at all. The company stops bothering to pay the lawyers that have been fending off its creditors. Those lawyers sue the company, too.

That's the kind of PE company Steward Health was, and, as the name suggests, Steward Health is in the business of stripping away the very last residue of value from community hospitals. As you might imagine, this gets pretty fucking ugly.

Steward owns 32 hospitals up and down the country, though its holdings are dwindling as the company walks away from its debt-burdened holdings, after years of neglect that have rendered them unfit for use as health facilities – or for any other purpose. Tcacik's piece offers a snapshot of one such hospital: Florida's Rockledge Regional Medical Center, just eight miles from Cape Canaveral.

Rockledge is a disaster. The fifth floor was, at one point, home to 5,000 bats.

Five.

Thousand.

Bats.

(Rockledge stiffed the exterminators.)

The bats were just the beginning. One of the internal sewage pipes ruptured. Whole sections of the hospital were literally full of shit, oozing out of the walls and ceiling, slopping over medical equipment.

That's an urgent situation for any hospital, but for Rockledge, it's catastrophic, because Rockledge is a hospital without any hospital supplies. Steward has stiffed the companies that supply "heart valves, urology lasers, Impella catheters, cardiac catheterization balloons, slings for lifting heavier patients, blood and urine test reagents, and most recently, prescription paper." Key medical equipment has been repossessed. So have the Pepsi machines. The hospital cafeteria had its supply of cold cuts repossessed:

https://www.reddit.com/r/massachusetts/comments/1agc1j4/comment/kolicqo/

It's not just Steward's nonpayments that reek of impending doom. Its payments also bear the hallmarks of a scam artist on the brink of blowing off the con. The company recently paid off a vendor with five separate checks for $1m, each drawn on "a random hospital in Utah" (Steward recently walked away from its Utah hospitals; its partners there are suing it for stealing $18m on their way out the door).

This company – which owns 32 hospitals! – has resorted to gambits like sending photos of fake checks to doctors it hasn't paid in months as "proof" that the money was coming (the checks arrived 22 days later).

Steward owes so much money to its employees – $1.66m to just one doctors' group. But the medical staff keep doing their jobs, and are reluctant to speak on the record, thanks to Steward's reputation for vicious retaliation. Those health workers keep showing up to take care of patients, even as the hospital crumbles around them. One clinician told Tcacik: "I watched a bed collapse underneath a [patient] who had just undergone hip surgery."

Rockledge has nine elevators, but only five of them work – the other four have been broken for a year. The hospital's fourth floor has been converted to "a graveyard of broken beds." The sinks are clogged, or filled with foul gunk. There's black mold. Nurses have noted on the maintenance tags that the repair service refuses to attend the hospital until their overdue bills are paid. The fifteen-person on-site maintenance team was cut to just two workers.

Steward is just the latest looting owner of Rockledge. After the Great Financial Crisis, private equity consultants helped sell it to Health Management Associates. The hospital's CEO took home a $10m bonus for that sale and exited; Health Management Associates then quickly became embroiled in a Medicare fraud and kickback scandal. Soon after, Rockledge was passed on to Community Health Systems, who then sold it on to Rockledge.

Steward, meanwhile, was at that time owned by an even bigger private equity giant, Cerberus, which then sold Steward off. That deal was performatively complex and hid all kinds of mischief. Prior to Cerberus's sell-off of Steward, they sold off Steward's real-estate. The buyer was Medical Properties Trust, who gave Cerberus $1.25b for the real-estate: three hospitals in Florida and three more in Ohio. Steward then contracted to operate these hospitals on MPT's behalf, and pay MPT rent for the real-estate.

This complex arrangement was key to siphoning value out of the hospital and to keeping angry creditors at bay – if you can't figure out who owes you money, it's a lot harder to collect on the debt. The scheme was masterminded by Steward founder/CEO Ralph de la Torre. De la Torre is notorious for taking a massive dividend out of the company while it owed $1.4b to its creditors. He bought a $40m yacht with the money.

De la Torre was once feted as a business genius who would "disrupt" healthcare. But as Steward's private jet hops around "Corfu, Santorini, St. Maarten and Antigua" as its hospitals literally crumble, he's becoming less popular. In Massachusetts, politicians have railed against Steward and de la Torre (Governor Healey wants the company to leave the state "as soon as possible").

Florida, by contrast, is much more friendly to Steward. The state Health and Human Services Committee chair Randy Fine is an ardent admirer of hospital privatization and is currently campaigning to sell off the last community hospital in Brevard County. The state inspectors are likewise remarkably tolerant of Steward's little peccadillos. The quasi-governmental agency that inspects hospitals has awarded this shit-and-bat-filled, elevator-free, understaffed rotting hulk "A" grades for quality.

These inspectors jointly represent a mismatched assortment of private and public agencies, dominated by a nonprofit called Leapfrog, the brainchild of Harvard public-health prof Lucian Leape, who founded it in 2000. Leapfrog likes to tout its "transparent" assessment criteria, and Steward are experts at hitting those criteria, spending the exact minimum to tick every box that Leapfrog inspectors use as proxies for overall quality and safety.

This is a pretty great example of Goodhart's Law: "every measurement eventually becomes a target, whereupon it ceases to be a good measurement":

https://xkcd.com/2899/

But despite Steward's increasingly furious creditors and its decaying facilities, the company remains bullish on its ability to continue operations. Medical Properties Trust – the real estate investment trust that is nominally a separate company from Steward – recently hosted a conference call to reassure Wall Street investors that it would be a going concern. When a Bank of America analyst asked MPT's CFO how this could possibly be, given the facility's dire condition and Steward's degraded state, the CFO blithely assured him that the company would get bailouts: "We own hospitals no one wants to see closed."

That's the thing about PE and health-care. The looters who buy out every health-care facility in a region understand that this makes them too big to fail: no matter how dangerous the companies they drain become, local governments will continue to prop them up. Look at dialysis, a market that's been cornered by private equity rollups. Today, if you need this lifesaving therapy, there's a good chance that every accessible facility is owned by a private equity fund that has fired all its qualified staff and ceased sterilizing its needles. Otherwise healthy people who visit these clinics sometimes die due to operator error. But they chug along, because no dialysis clinics is worse that "dialysis clinics where unqualified sadists sometimes kill you with dirty needles":

https://www.thebignewsletter.com/p/the-dirty-business-of-clean-blood

The bad news is that private equity has thoroughly colonized the entire medical system. They took hospitals, fired the doctors, then took over the doctors' groups that provided outsource staff to the hospital:

https://pluralistic.net/2020/04/04/a-mind-forever-voyaging/#prop-bets

It's illegal for private equity companies to own doctors' practices (doctors have to own these), but they obfuscated the crime with a paper-thin pretext that they got away with despite its obvious bullshittery:

https://pluralistic.net/2020/05/21/profitable-butchers/#looted

The financier who decides whether you live or die depends on an algorithm that literally sets a tolerable level of preventable deaths for the patients trapped in the practice:

https://pluralistic.net/2023/08/05/any-metric-becomes-a-target/#hca

Private equity also took over emergency rooms and boobytrapped them with "surprise billing" – junk fees that ran to thousands of dollars that you had to pay even if the hospital was in network with your insurer. They made billions from this, and spent a many millions from that booty keeping the scam alive with scare ads:

https://pluralistic.net/2020/04/21/all-in-it-together/#doctor-patient-unity

The whole health stack is colonized by private equity-backed monopolies. Even your hospital bed!

https://pluralistic.net/2022/01/05/hillrom/#baxter-international

Then there's residential care. Private equity cornered many regional markets on nursing homes and turned them into slaughterhouses, places where you go to die, not live:

https://pluralistic.net/2021/02/23/acceptable-losses/#disposable-olds

The palliative care sector is also captured by private equity. PE bosses hire vast teams of fast-talking salespeople who con vulnerable older people into entering an end-of-life system before they are ready to die. Thanks to loose regulation, the nation is filled with fake hospices that can rake in millions from Medicare while denying all care to their patients (hospice patients don't get life-extending medication or procedures, by definition):

https://pluralistic.net/2023/04/26/death-panels/#what-the-heck-is-going-on-with-CMS

If you survive this long enough, Medicare eventually tells the hospice that you're clearly not dying and you get kicked off their rolls. Now you have to go through the lengthy bureaucratic nightmare of convincing the system – which was previously informed that you were at death's door – that you are actually viable and need to start getting care again (good luck with that).

If that kills you, guess what? Private equity has rolled up funeral homes up and down the country, and they will scam your survivors just as hard as the medical system that killed you did:

https://pluralistic.net/2022/09/09/high-cost-of-dying/#memento-mori

The PE sector spent more than a trillion dollars over the past decade buying up healthcare companies, and it has trillions more in "dry powder" allocated for further medical acquisitions. Why not? As the CFO of Medical Properties Trust told that Bank of America analyst last week, when you "own hospitals no one wants to see closed." you literally can't fail, no matter how many people you murder.

The PE sector is a reminder that the crimes people commit for money far outstrip the crimes they commit for ideology. Even the most ideological killers are horrified by the murders their profit-motivated colleagues commit.

Last year, Tkacic wrote about the history of IG Farben, the German company that built Monowitz, a private slave-labor camp up the road from Auschwitz to make the materiel it was gouging Hitler's Wehrmacht on:

https://pluralistic.net/2023/06/02/plunderers/#farben

Farben bought the cheapest possible slaves from Auschwitz, preferentially sourcing women and children. These slaves were worked to death at a rate that put Auschwitz's wholesale murder in the shade. Farben's slaves died an average of just three months after starting work at Monowitz. The situation was so abominable, so unconscionable, that the SS officers who provided outsource guard-labor to Monowitz actually wrote to Berlin to complain about the cruelty.

The Nuremberg trials are famous for the Nazi officers who insisted that they were "just following order" but were nonetheless executed for their crimes. 24 Farben executives were also tried at Nuremberg, where they offered a very different defense: "We had a fiduciary duty to our shareholders to maximize our profits." 19 of the 24 were acquitted on that basis.

PE is committed to an ideology that is far worse than any form of racial animus or other bias. As a sector, it is committed to profit above all other values. As a result, its brutality knows no bounds, no decency, no compassion. Even the worst crimes we commit for hate are nothing compared to the crimes we commit for greed.

If you'd like an essay-formatted version of this post to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:

https://pluralistic.net/2024/02/28/5000-bats/retaliation#charnel-house

[milfstalin]

if you want to call yourself a communist you should read this very basic faq by engels, the guy who was life partners with marx, about the basic premises of communism.

hint: communism has nothing to do with notions of fairness or equity in the abstract (that is to say, detached from concrete reality) nor does it mean "everyone shares one toothbrush and one bed" nor does it have anything to do with music subcultures which only emerged in the late 20th century