#invest groups

[mostlysignssomeportents]

Red Lobster was killed by private equity, not Endless Shrimp

For the rest of May, my bestselling solarpunk utopian novel THE LOST CAUSE (2023) is available as a $2.99, DRM-free ebook!

A decade ago, a hedge fund had an improbable viral comedy hit: a 294-page slide deck explaining why Olive Garden was going out of business, blaming the failure on too many breadsticks and insufficiently salted pasta-water:

https://www.sec.gov/Archives/edgar/data/940944/000092189514002031/ex991dfan14a06297125_091114.pdf

Everyone loved this story. As David Dayen wrote for Salon, it let readers "mock that silly chain restaurant they remember from their childhoods in the suburbs" and laugh at "the silly hedge fund that took the time to write the world’s worst review":

https://www.salon.com/2014/09/17/the_real_olive_garden_scandal_why_greedy_hedge_funders_suddenly_care_so_much_about_breadsticks/

But – as Dayen wrote at the time, the hedge fund that produced that slide deck, Starboard Value, was not motivated by dissatisfaction with bread-sticks. They were "activist investors" (finspeak for "rapacious assholes") with a giant stake in Darden Restaurants, Olive Garden's parent company. They wanted Darden to liquidate all of Olive Garden's real-estate holdings and declare a one-off dividend that would net investors a billion dollars, while literally yanking the floor out from beneath Olive Garden, converting it from owner to tenant, subject to rent-shocks and other nasty surprises.

They wanted to asset-strip the company, in other words ("asset strip" is what they call it in hedge-fund land; the mafia calls it a "bust-out," famous to anyone who watched the twenty-third episode of The Sopranos):

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

Starboard didn't have enough money to force the sale, but they had recently engineered the CEO's ouster. The giant slide-deck making fun of Olive Garden's food was just a PR campaign to help it sell the bust-out by creating a narrative that they were being activists* to save this badly managed disaster of a restaurant chain.

*assholes

Starboard was bent on eviscerating Darden like a couple of entrail-maddened dogs in an elk carcass:

https://web.archive.org/web/20051220005944/http://alumni.media.mit.edu/~solan/dogsinelk/

They had forced Darden to sell off another of its holdings, Red Lobster, to a hedge-fund called Golden Gate Capital. Golden Gate flogged all of Red Lobster's real estate holdings for $2.1 billion the same day, then pissed it all away on dividends to its shareholders, including Starboard. The new landlords, a Real Estate Investment Trust, proceeded to charge so much for rent on those buildings Red Lobster just flogged that the company's net earnings immediately dropped by half.

Dayen ends his piece with these prophetic words:

Olive Garden and Red Lobster may not be destinations for hipster Internet journalists, and they have seen revenue declines amid stagnant middle-class wages and increased competition. But they are still profitable businesses. Thousands of Americans work there. Why should they be bled dry by predatory investors in the name of “shareholder value”? What of the value of worker productivity instead of the financial engineers?

Flash forward a decade. Today, Dayen is editor-in-chief of The American Prospect, one of the best sources of news about private equity looting in the world. Writing for the Prospect, Luke Goldstein picks up Dayen's story, ten years on:

https://prospect.org/economy/2024-05-22-raiding-red-lobster/

It's not pretty. Ten years of being bled out on rents and flipped from one hedge fund to another has killed Red Lobster. It just shuttered 50 restaurants and declared Chapter 11 bankruptcy. Ten years hasn't changed much; the same kind of snark that was deployed at the news of Olive Garden's imminent demise is now being hurled at Red Lobster.

Instead of dunking on free bread-sticks, Red Lobster's grave-dancers are jeering at "Endless Shrimp," a promotional deal that works exactly how it sounds like it would work. Endless Shrimp cost the chain $11m.

Which raises a question: why did Red Lobster make this money-losing offer? Are they just good-hearted slobs? Can't they do math?

Or, you know, was it another hedge-fund, bust-out scam?

Here's a hint. The supplier who provided Red Lobster with all that shrimp is Thai Union. Thai Union also owns Red Lobster. They bought the chain from Golden Gate Capital, last seen in 2014, holding a flash-sale on all of Red Lobster's buildings, pocketing billions, and cutting Red Lobster's earnings in half.

Red Lobster rose to success – 700 restaurants nationwide at its peak – by combining no-frills dining with powerful buying power, which it used to force discounts from seafood suppliers. In response, the seafood industry consolidated through a wave of mergers, turning into a cozy cartel that could resist the buyer power of Red Lobster and other major customers.

This was facilitated by conservation efforts that limited the total volume of biomass that fishers were allowed to extract, and allocated quotas to existing companies and individual fishermen. The costs of complying with this "catch management" system were high, punishingly so for small independents, bearably so for large conglomerates.

Competition from overseas fisheries drove consolidation further, as countries in the global south were blocked from implementing their own conservation efforts. US fisheries merged further, seeking economies of scale that would let them compete, largely by shafting fishermen and other suppliers. Today's Alaskan crab fishery is dominated by a four-company cartel; in the Pacific Northwest, most fish goes through a single intermediary, Pacific Seafood.

These dominant actors entered into illegal collusive arrangements with one another to rig their markets and further immiserate their suppliers, who filed antitrust suits accusing the companies of operating a monopsony (a market with a powerful buyer, akin to a monopoly, which is a market with a powerful seller):

https://www.classaction.org/news/pacific-seafood-under-fire-for-allegedly-fixing-prices-paid-to-dungeness-crabbers-in-pacific-northwest

Golden Gate bought Red Lobster in the midst of these fish wars, promising to right its ship. As Goldstein points out, that's the same promise they made when they bought Payless shoes, just before they destroyed the company and flogged it off to Alden Capital, the hedge fund that bought and destroyed dozens of America's most beloved newspapers:

https://pluralistic.net/2021/10/16/sociopathic-monsters/#all-the-news-thats-fit-to-print

Under Golden Gate's management, Red Lobster saw its staffing levels slashed, so diners endured longer wait times to be seated and served. Then, in 2020, they sold the company to Thai Union, the company's largest supplier (a transaction Goldstein likens to a Walmart buyout of Procter and Gamble).

Thai Union continued to bleed Red Lobster, imposing more cuts and loading it up with more debts financed by yet another private equity giant, Fortress Investment Group. That brings us to today, with Thai Union having moved a gigantic amount of its own product through a failing, debt-loaded subsidiary, even as it lobbies for deregulation of American fisheries, which would let it and its lobbying partners drain American waters of the last of its depleted fish stocks.

Dayen's 2020 must-read book Monopolized describes the way that monopolies proliferate, using the US health care industry as a case-study:

https://pluralistic.net/2021/01/29/fractal-bullshit/#dayenu

After deregulation allowed the pharma sector to consolidate, it acquired pricing power of hospitals, who found themselves gouged to the edge of bankruptcy on drug prices. Hospitals then merged into regional monopolies, which allowed them to resist pharma pricing power – and gouge health insurance companies, who saw the price of routine care explode. So the insurance companies gobbled each other up, too, leaving most of us with two or fewer choices for health insurance – even as insurance prices skyrocketed, and our benefits shrank.

Today, Americans pay more for worse healthcare, which is delivered by health workers who get paid less and work under worse conditions. That's because, lacking a regulator to consolidate patients' interests, and strong unions to consolidate workers' interests, patients and workers are easy pickings for those consolidated links in the health supply-chain.

That's a pretty good model for understanding what's happened to Red Lobster: monopoly power and monopsony power begat more monopolies and monoposonies in the supply chain. Everything that hasn't consolidated is defenseless: diners, restaurant workers, fishermen, and the environment. We're all fucked.

Decent, no-frills family restaurant are good. Great, even. I'm not the world's greatest fan of chain restaurants, but I'm also comfortably middle-class and not struggling to afford to give my family a nice night out at a place with good food, friendly staff and reasonable prices. These places are easy pickings for looters because the people who patronize them have little power in our society – and because those of us with more power are easily tricked into sneering at these places' failures as a kind of comeuppance that's all that's due to tacky joints that serve the working class.

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/2024/05/23/spineless/#invertebrates

[infiniteglitterfall]

I guess this might be why the UK seemed to go so antisemitic so quickly

I'm researching the 1947 pogroms in the UK. (Actually, I'm researching all the pogroms and massacres of Jews in the past 200 years. Which today led me to discover that there were pogroms in the UK in 1947.)

From an article on "The Postwar Revival of British Fascism," all emphasis mine:

Given the rising antisemitism and widespread ignorance about Zionism [in the UK in 1947], fascists were easily able to conflate Zionist paramilitary attacks with Judaism in their speeches, meaning British Jews came to be seen as complicit in violence in Palestine.

Bertrand Duke Pile, a key member of Hamm’s League, informed a cheering crowd that “the Jews have no right to Palestine and the Jews have no right to the power which they hold in this country of ours.” Denouncing Zionism as a way to introduce a wider domestic antisemitic stance was common to many speakers at fascist events and rallies. Fascists hid their ideology and ideological antisemitism behind the rhetorical facade of preaching against paramilitary violence in Palestine.

One of the league’s speakers called for retribution against “the Jews” for the death of British soldiers in Palestine. This was, he told his audience, hardly an antisemitic expression. “Is it antisemitism to denounce the murderers of your own flesh and blood in Palestine?” he asked his audience. Many audience members, fascist or not, may well have felt the speaker had a point. ...[The photo of two British sergeants hanged by the Irgun in retaliation for the Brits hanging three of their members] promptly made numerous appearances at fascist meetings, often attached to the speaker’s platform. In at least one meeting, several British soldiers on leave from serving in Palestine attended Hamm’s speech, giving further legitimacy to his remarks. And with soldiers and policemen in Palestine showing increasing signs of overt antisemitism as a result of their experiences, the director of public prosecutions warned that the fascists might receive a steady stream of new recruits.

MI5, the U.K. domestic security service, noted with some alarm that “as a general rule, the crowd is now sympathetic and even spontaneously enthusiastic.” Opposition, it was noted in the same Home Office Bulletin of 1947, “is only met when there is an organized group of Jews or Communists in the audience.”

The major opposition came from the 43 Group, formed by the British-Jewish ex-paratrooper Gerry Flamberg and his friends in September 1946 to fight the fascists using the only language they felt fascists understood — violence. The group disrupted fascist meetings for two purposes: to get them shut down by the police for disorder, and to discourage attendance in the future by doling out beatings with fists and blunt instruments. By the summer of 1947, the group had around 500 active members who took part in such activities. Among these was a young hairdresser by the name of Vidal Sassoon, who would often turn up armed with his hairdressing scissors.

The 43 Group had considerable success with these actions, but public anger was spreading faster than they could counter the hate that accompanied it. The deaths of Martin and Paice had touched a nerve with the populace. On Aug. 1, 1947, the beginning of the bank holiday weekend and two days after the deaths of the sergeants, anti-Jewish rioting began in Liverpool. The violence lasted for five days. Across the country, the scene was repeated: London, Manchester, Hull, Brighton and Glasgow all saw widespread violence. Isolated instances were also recorded in Plymouth, Birmingham, Cardiff, Swansea, Newcastle and Davenport. Elsewhere, antisemitic graffiti and threatening phone calls to Jewish places of worship stood in for physical violence. Jewish-owned shops had their windows smashed, Jewish homes were targeted, an attempt was made to burn down Liverpool Crown Street Synagogue while a wooden synagogue in Glasgow was set alight. In a handful of cases, individuals were personally intimidated or assaulted. A Jewish man was threatened with a pistol in Northampton and an empty mine was placed in a Jewish-owned tailor shop in Davenport.

And an important addendum:

I've read a whole bunch of articles about the pogroms in Liverpool, Manchester, Salford, Eccles, Glasgow, etc.

Not one of them has mentioned that the Irgun, though clearly a terrorist group, was formed in response to 18 years of openly antisemitic terrorism, including multiple incredibly violent massacres. Or that it consistently acted in response to the murders of Jewish civilians, not on the offensive. Or that at this point, militant Arab Nationalist groups with volunteers and arms from the Arab League countries had been attacking Jewish and mixed Arab-Jewish neighborhoods for months.

I just think the "Jewish militants had been attacking the British occupiers" angle is incredibly Anglocentric.

Yeah, they were attacking the British occupiers. But also, that's barely the tip of the iceberg.

Everyone involved hated the Brits at this point. If only al-Husseini and his ilk had hated the Brits more than they hated the Jews, Britain could at least have united them by giving them a common enemy.

[critter-of-habit]

So I met Jessica Madsen (Bridgerton's Cressida Cowper) on the weekend and she is now one of my favourite people 🥹

Got her autograph, sat in on her panel, and thanks to encouragement from a new friend I also went along to a special lil event and got to chat with Jess over dinner for 2 hours 🫠 It was her, Sam Phillips (who plays Lord Debling and is also a joy of a human) me and 7 other lovely folk.

They were both really relaxed and chatted openly about the show - both love the change to Michaela and that there will be more queer rep. They asked which order of Bridgerton siblings we thought the show would be going with and seemed really amused at our guesses (I dont know if they even know what the order is themselves, they were playing very coy about it 😅).

A highlight of the night tho was early on I mentioned that I had to drive 2 hours to get home afterwards, and didn't think she even heard me. But then when she was leaving she touched my shoulder and told me "drive safe!" And I just 🫠 - so sweet she remembered 😭

Anyway, I am now forever a Cressida defender, my girl can do no wrong and deserves the world

[starcurtain]

I would pay such good money for confirmation of whether Ratio and Aventurine have worked together before Penacony. How did it happen??? The talks that went on before Final Victor... The initial spark of inspiration to stick Those Two Guys together...

Like, I just have to know if someone in the IPC deliberately tossed Aventurine and Ratio on to a team together (with or without good intentions). Are any of the higher ups in the IPC or the Intelligentsia Guild out there counting on this partnership working out for the best?

To be a fly on the wall when Ratio found out who he'd been hired to "consult" with...

And Aventurine, getting the IPC mission orders across his desk like "Ah, yes, finally. He's here. My Government Assigned Boyfriend™."

[boywhoswaiting]

I’ve been unable to listen to this song without thinking about Two and Jamie (and Zoe)

Song: Atlantis - Seafret

Episode: The War Games

[moeblob]

You literally spent three hours having an ENTIRE SCHOOL (teachers included) slut-shaming a guy just for him to be a (spoiler).

[burstfoot]

As a follow-up, a Rhodes Island movie lovers club relationship chart!

[slavicafire]

the company that laid us all off last year is now forced to bring back our positions and hire new people - for much more money - because the solutions we warned them against didn't work. can't wait for the cunts to reach out to me to rehire me and I will be able to very corporately and politely refuse - by agreeing, just for 250% of my previous pay

[lost-in-frog-land]

thinking about the misfits and their blood pact.... the promise that they're all gonna get out of there together.... Lenore turning to her friends after her (extremely similar) promise to Annabel started falling apart.... all of them repeatedly breaking the rules to keep eachother safe even before this pact... "no one says goodbye".... I'm so unwell about them

[shalom-iamcominghome]

I updated my blog intro, but in case it isn't clear - this blog stands with Muslims for a future free of antisemitism and islamophobia. In order to make sure this future is possible, we must stand together, and indeed, I want to stand with others as a co-conspirator.

[xteacupx]

I had a really nice moment today... a sweet old lady (we think she must've been in her 90's) called my work mistaking us for a printing place (it was the same number but her phonebook was at least a decade out of date) and when I explained we were an escape room, she got a bit embarrassed and explained that she couldn't use a computer or a smartphone and that she really just needed help photocopying some postcards.

We had customers in, but I was like "I can help!" and googled an address for her and read her out the number on the phone. She then spent the next five minutes complimenting and chatting to me and then the next fifteen minutes talking to my manager about how good an employee I was. I am reportedly "A light in a dark world" all because I'd googled a company for her. Brb crying forever THANK YOU OLD LADY WE LOVE YOU

We're gonna call her back tomorrow and follow up to see if she was able to get her postcards photocopied but in the meantime the work group chat is discussing what title to give her (for most of us our job title is riddlemaster officially, our managers have been unofficially dubbed riddlelord and riddlebaron). Currently we're thinking riddledame or riddleduchess.

[mostlysignssomeportents]

How finfluencers destroyed the housing and lives of thousands of people

For the rest of May, my bestselling solarpunk utopian novel THE LOST CAUSE (2023) is available as a $2.99, DRM-free ebook!

The crash of 2008 imparted many lessons to those of us who were only dimly aware of finance, especially the problems of complexity as a way of disguising fraud and recklessness. That was really the first lesson of 2008: "financial engineering" is mostly a way of obscuring crime behind a screen of technical jargon.

This is a vital principle to keep in mind, because obscenely well-resourced "financial engineers" are on a tireless, perennial search for opportunities to disguise fraud as innovation. As Riley Quinn says, "Any time you hear 'fintech,' substitute 'unlicensed bank'":

https://pluralistic.net/2023/05/01/usury/#tech-exceptionalism

But there's another important lesson to learn from the 2008 disaster, a lesson that's as old as the South Seas Bubble: "leverage" (that is, debt) is a force multiplier for fraud. Easy credit for financial speculation turns local scams into regional crime waves; it turns regional crime into national crises; it turns national crises into destabilizing global meltdowns.

When financial speculators have easy access to credit, they "lever up" their wagers. A speculator buys your house and uses it for collateral for a loan to buy another house, then they make a bet using that house as collateral and buy a third house, and so on. This is an obviously terrible practice and lenders who extend credit on this basis end up riddling the real economy with rot – a single default in the chain can ripple up and down it and take down a whole neighborhood, town or city. Any time you see this behavior in debt markets, you should batten your hatches for the coming collapse. Unsurprisingly, this is very common in crypto speculation, where it's obscured behind the bland, unpronounceable euphemism of "re-hypothecation":

https://www.coindesk.com/consensus-magazine/2023/05/10/rehypothecation-may-be-common-in-traditional-finance-but-it-will-never-work-with-bitcoin/

Loose credit markets often originate with central banks. The dogma that holds that the only role the government has to play in tuning the economy is in setting interest rates at the Fed means the answer to a cooling economy is cranking down the prime rate, meaning that everyone earns less money on their savings and are therefore incentivized to go and risk their retirement playing at Wall Street's casino.

The "zero interest rate policy" shows what happens when this tactic is carried out for long enough. When the economy is built upon mountains of low-interest debt, when every business, every stick of physical plant, every car and every home is leveraged to the brim and cross-collateralized with one another, central bankers have to keep interest rates low. Raising them, even a little, could trigger waves of defaults and blow up the whole economy.

Holding interest rates at zero – or even flipping them to negative, so that your savings lose value every day you refuse to flush them into the finance casino – results in still more reckless betting, and that results in even more risk, which makes it even harder to put interest rates back up again.

This is a morally and economically complicated phenomenon. On the one hand, when the government provides risk-free bonds to investors (that is, when the Fed rate is over 0%), they're providing "universal basic income for people with money." If you have money, you can park it in T-Bills (Treasury bonds) and the US government will give you more money:

https://realprogressives.org/mmp-blog-34-responses/

On the other hand, while T-Bills exist and are foundational to the borrowing picture for speculators, ZIRP creates free debt for people with money – it allows for ever-greater, ever-deadlier forms of leverage, with ever-worsening consequences for turning off the tap. As 2008 forcibly reminded us, the vast mountains of complex derivatives and other forms of exotic debt only seems like an abstraction. In reality, these exotic financial instruments are directly tethered to real things in the real economy, and when the faery gold disappears, it takes down your home, your job, your community center, your schools, and your whole country's access to cancer medication:

https://www.theguardian.com/world/2012/jun/08/greek-drug-shortage-worsens

Being a billionaire automatically lowers your IQ by 30 points, as you are insulated from the consequences of your follies, lapses, prejudices and superstitions. As @pixelpusher220@dmv.community says, Elon Musk is what Howard Hughes would have turned into if he hadn't been a recluse:

https://mamot.fr/@pixelpusher220@dmv.community/112457199729198644

The same goes for financiers during periods of loose credit. Loose Fed money created an "everything bubble" that saw the prices of every asset explode, from housing to stocks, from wine to baseball cards. When every bet pays off, you win the game by betting on everything:

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

That meant that the ZIRPocene was an era in which ever-stupider people were given ever-larger sums of money to gamble with. This was the golden age of the "finfluencer" – a Tiktok dolt with a surefire way for you to get rich by making reckless bets that endanger the livelihoods, homes and wellbeing of your neighbors.

Finfluencers are dolts, but they're also dangerous. Writing for The American Prospect, the always-amazing Maureen Tkacik describes how a small clutch of passive-income-brainworm gurus created a financial weapon of mass destruction, buying swathes of apartment buildings and then destroying them, ruining the lives of their tenants, and their investors:

https://prospect.org/infrastructure/housing/2024-05-22-hell-underwater-landlord/

Tcacik's main characters are Matt Picheny, Brent Ritchie and Koteswar “Jay” Gajavelli, who ran a scheme to flip apartment buildings, primarily in Houston, America's fastest growing metro, which also boasts some of America's weakest protections for tenants. These finance bros worked through Gajavelli's company Applesway Investment Group, which levered up his investors' money with massive loans from Arbor Realty Trust, who also originated loans to many other speculators and flippers.

For investors, the scheme was a classic heads-I-win/tails-you-lose: Gajavelli paid himself a percentage of the price of every building he bought, a percentage of monthly rental income, and a percentage of the resale price. This is typical of the "syndicating" sector, which raised $111 billion on this basis:

https://www.wsj.com/articles/a-housing-bust-comes-for-thousands-of-small-time-investors-3934beb3

Gajavelli and co bought up whole swathes of Houston and other cities, apartment blocks both modest and luxurious, including buildings that had already been looted by previous speculators. As interest rates crept up and the payments for the adjustable-rate loans supporting these investments exploded, Gajavell's Applesway and its subsidiary LLCs started to stiff their suppliers. Garbage collection dwindled, then ceased. Water outages became common – first weekly, then daily. Community rooms and pools shuttered. Lawns grew to waist-high gardens of weeds, fouled with mounds of fossil dogshit. Crime ran rampant, including murders. Buildings filled with rats and bedbugs. Ceilings caved in. Toilets backed up. Hallways filled with raw sewage:

https://pluralistic.net/timberridge

Meanwhile, the value of these buildings was plummeting, and not just because of their terrible condition – the whole market was cooling off, in part thanks to those same interest-rate hikes. Because the loans were daisy-chained, problems with a single building threatened every building in the portfolio – and there were problems with a lot more than one building.

This ruination wasn't limited to Gajavelli's holdings. Arbor lent to multiple finfluencer grifters, providing the leverage for every Tiktok dolt to ruin a neighborhood of their choosing. Arbor's founder, the "flamboyant" Ivan Kaufman, is associated with a long list of bizarre pop-culture and financial freak incidents. These have somehow eclipsed his scandals, involving – you guessed it – buying up apartment buildings and turning them into dangerous slums. Two of his buildings in Hyattsville, MD accumulated 2,162 violations in less than three years.

Arbor graduated from owning slums to creating them, lending out money to grifters via a "crowdfunding" platform that rooked retail investors into the scam, taking advantage of Obama-era deregulation of "qualified investor" restrictions to sucker unsophisticated savers into handing over money that was funneled to dolts like Gajavelli. Arbor ran the loosest book in town, originating mortgages that wouldn't pass the (relatively lax) criteria of Fannie Mae and Freddie Mac. This created an ever-enlarging pool of apartments run by dolts, without the benefit of federal insurance. As one short-seller's report on Arbor put it, they were the origin of an epidemic of "Slumlord Millionaires":

https://viceroyresearch.org/wp-content/uploads/2023/11/Arbor-Slumlord-Millionaires-Jan-8-2023.pdf

The private equity grift is hard to understand from the outside, because it appears that a bunch of sober-sided, responsible institutions lose out big when PE firms default on their loans. But the story of the Slumlord Millionaires shows how such a scam could be durable over such long timescales: remember that the "syndicating" sector pays itself giant amounts of money whether it wins or loses. The consider that they finance this with investor capital from "crowdfunding" platforms that rope in naive investors. The owners of these crowdfunding platforms are conduits for the money to make the loans to make the bets – but it's not their money. Quite the contrary: they get a fee on every loan they originate, and a share of the interest payments, but they're not on the hook for loans that default. Heads they win, tails we lose.

In other words, these crooks are intermediaries – they're platforms. When you're on the customer side of the platform, it's easy to think that your misery benefits the sellers on the platform's other side. For example, it's easy to believe that as your Facebook feed becomes enshittified with ads, that advertisers are the beneficiaries of this enshittification.

But the reason you're seeing so many ads in your feed is that Facebook is also ripping off advertisers: charging them more, spending less to police ad-fraud, being sloppier with ad-targeting. If you're not paying for the product, you're the product. But if you are paying for the product? You're still the product:

https://pluralistic.net/2021/01/04/how-to-truth/#adfraud

In the same way: the private equity slumlord who raises your rent, loads up on junk fees, and lets your building disintegrate into a crime-riddled, sewage-tainted, rat-infested literal pile of garbage is absolutely fucking you over. But they're also fucking over their investors. They didn't buy the building with their own money, so they're not on the hook when it's condemned or when there's a forced sale. They got a share of the initial sale price, they get a percentage of your rental payments, so any upside they miss out on from a successful sale is just a little extra they're not getting. If they squeeze you hard enough, they can probably make up the difference.

The fact that this criminal playbook has wormed its way into every corner of the housing market makes it especially urgent and visible. Housing – shelter – is a human right, and no person can thrive without a stable home. The conversion of housing, from human right to speculative asset, has been a catastrophe:

https://pluralistic.net/2021/06/06/the-rents-too-damned-high/

Of course, that's not the only "asset class" that has been enshittified by private equity looters. They love any kind of business that you must patronize. Capitalists hate capitalism, so they love a captive audience, which is why PE took over your local nursing home and murdered your gran:

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

Homes are the last asset of the middle class, and the grifter class know it, so they're coming for your house. Willie Sutton robbed banks because "that's where the money is" and We Buy Ugly Houses defrauds your parents out of their family home because that's where their money is:

https://pluralistic.net/2023/05/11/ugly-houses-ugly-truth/#homevestor

The plague of housing speculation isn't a US-only phenomenon. We have allies in Spain who are fighting our Wall Street landlords:

https://pluralistic.net/2021/11/24/no-puedo-pagar-no-pagara/#fuckin-aardvarks

Also in Berlin:

https://pluralistic.net/2021/08/16/die-miete-ist-zu-hoch/#assets-v-human-rights

The fight for decent housing is the fight for a decent world. That's why unions have joined the fight for better, de-financialized housing. When a union member spends two hours commuting every day from a black-mold-filled apartment that costs 50% of their paycheck, they suffer just as surely as if their boss cut their wage:

https://pluralistic.net/2023/12/13/i-want-a-roof-over-my-head/#and-bread-on-the-table

The solutions to our housing crises aren't all that complicated – they just run counter to the interests of speculators and the ruling class. Rent control, which neoliberal economists have long dismissed as an impossible, inevitable disaster, actually works very well:

https://pluralistic.net/2023/05/16/mortgages-are-rent-control/#housing-is-a-human-right-not-an-asset

As does public housing:

https://jacobin.com/2023/10/red-vienna-public-affordable-housing-homelessness-matthew-yglesias

There are ways to have a decent home and a decent life without being burdened with debt, and without being a pawn in someone else's highly leveraged casino bet.

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/2024/05/22/koteswar-jay-gajavelli/#if-you-ever-go-to-houston

Image: Boy G/Google Maps (modified) https://pluralistic.net/timberridge

[icewindandboringhorror]

Just curious what the average level of personal investment in these sorts of things is. Like, how much do people usually get into silly stuff like this their friends ask of them? etc. etc. Which I know, only surveying a small sample on a very specific website means I'm not getting an exact average idea lol, but.. curious nonetheless .. Maybe reblog for bigger sample size but also this is not very serious at all/not worth a call to action gbhjbhjb

[lemonyplain]

Im a lot more into parkore civilization then I thought I'd be

[jambiscuits27]

Kiryu kazuma core

[mocksyoucondescendingly]

I don't understand this marchil thing what's the appeal

I JUST wrote about this haha

and knowing that you may not get to see the rest of someone's life doesn't mean you shouldn't enjoy the moments you will get with them.

overall, I like their dynamic and chemistry...

at the start, it feels as though marcille is not very knowledgeable of the world outside of academics. she isn't comfortable in most of society because she's always seen as an outsider. she does her best to put up this image, and she cares a lot about it. but it's all based on this Fear that she's not enough or too much, and nobody will ever understand her. that she will always be alone.

I think Falin helped crack that in Marcille (og farcille truther); she showed her that it's okay to just slow down and notice the moment. to breathe it in and not even worry about the passing of time.... but Marcille was young and caught in her fears still... hard to shake them. so she took it more like a challenge, like, "how can I let everything I love slow down so much that I don't have to notice that it's left me???" so desperate to capture the things she loves.

...

And Chilchuck is just like. this guy ??? and he could die so young ????? he had a life and a family and a moment to enjoy, and he's out here risking his precious short life ???? she's shocked she's concerned she's invested.

but we know Chilchuck has experienced loss. he's most likely experienced it so much that he doesn't even consider it *should* phase him. his parents are likely dead, his wife doesn't want him, his children are adults out living THEIR lives. halflings don't live that long, so what ?? it's his life and He is living it 🙄 he is an Adult and he can do what he wants !? who knows when it will end anyway !...?

and you know,, it's that. where they connect. like. you can't get too close to someone; they could die! they could leave you ???

Marcille wears her heart on her sleeve, yells,and fights and kicks for them. she can't say it but you Can See It. she can't leave a friend behind she can't stop herself from wanting the best for others.

Chilchuck cages himself in iron. he runs, and he hides. he can't stand to be responsible for others wellbeing, it only hurts. he can't let them know he cares because then he would have to acknowledge it himself.

but we SEE the group becoming more comfortable with the idea that they Do care about one another. and we see all of them get closer and worry for the others. opening up and saying as much.,

chilchuck sees the way marcille cares Whole-Heartedly, and he can't look away. he can't believe someone would be so foolish and has lived that long. has she not been hurt enough? how could she lay her heart out so willingly? it makes him curious, and it makes him concerned. it gets him too close in a way he doesnt usually let himself get. scary...

marcille sees chil closing himself out from others and can't help but want to know what's on his mind. can't believe someone could have NO time at ALL with their loved ones ?? and not want the most of it...? he loved! how could he not want to keep that??? he's running from something she would love to have. but she doesn't know the complexities of it all,

they have to learn how to change, how to grow as people. they gain a wider understanding of the world through each other (and the rest of the entire group and through the events of the manga OBVIOUSLY) ! !! ! and through their differences they find the same root fear and that same root love.

is this coherent I do not know. love and light ✨️🥰✌️