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Guest Post: America Meet Your New Slumlord: Wall Street
Via Michael Krieger of Liberty Blitzkrieg blog,
And I sincerely believe, with you, that banking establishments are more dangerous than standing armies; and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale.
- Letter from Thomas Jefferson to John Taylor, May 28, 1816
Well they aren’t really your “new” slumlord in the sense you have been debt slaves to the financials system for decades. What I really mean is that it is now becoming overt and literal. Literal because financiers are now the main players in the real estate market and are buying all the homes ordinary citizens were kicked out of over the past few years. Yep, we bailed out the financial system so that financiers with access to cheap credit can buy up all of America’s real estate so that they can then rent it back to you later.
Of course, my opinion is that this will ultimately backfire on all the private equity buyers once they find out multiple generations will start living together and a weak economy will not provide the rental income they envision going forward. Particularly once we have another severe slowdown…which always happens eventually. Incredibly, Blackstone has spent $1.5 billion to buy homes in the last 2-3 months alone!
From Bloomberg:
Blackstone has spent more than more than $2.5 billion on 16,000 homes to manage as rentals, deploying capital from the $13.3 billion fund it raised last year, said Jonathan Gray, global head of real estate for the world’s largest private equity firm. That’s up from $1 billion of homes owned in October, when Blackstone Chairman Stephen Schwarzman said the company was spending $100 million a week on houses.
“The market is moving much faster than anybody thought possible,” Gray said during an interview in Blackstone’s New York headquarters. “Housing is much stronger than people anticipated.”
Of course the market is improving. Not because citizens are buying, but because financiers with access to cheap credit are in a bidding war to become America’s slumlords.
The firm, along with Thomas Barrack’s Colony Capital LLC and Two Harbors Investment Corp., is seeking to transform a market dominated by small investors into a new institutional asset class that JPMorgan Chase & Co. estimates could be worth as much as $1.5 trillion.
No more small banks, only mega banks. No more small real estate investors, only mega real estate investors. Get the joke?
It’s bought so quickly it’s “warehousing” more than half of the homes it’s acquired as it completes the purchase and hires staff and contractors to renovate and rent the properties, Gray said. It takes about 30 days to fix each home and then as much as 30 days to lease the property, he said.
“While leverage is currently limited, potential financing options include secured credit lines, lending syndicates, high- yield debt, government sponsored enterprise-provided financing, and securitization,” Jade Rahmani, an analyst with Keefe, Bruyette & Woods Inc. in New York, wrote in a note yesterday.
In the case of the single-family business, Blackstone will rent and manage the homes through Invitation Homes, which it founded last year with Riverstone Residential Group, an apartment management company based in Dallas.
Oh and so next time you go to rent a home or apartment and the leasing company is called “Invitation Homes” don’t be fooled. It is actually Blackstone; your Wall Street slumlord.
Full article here.
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Idiots.
Confiscation by design. First by inflation, then by deflation. Seems to me someone has already written the handbook.....
Our President is an iranian woman and a former slumlord in Chicago. Hope & change.
this is a dumb@ss article. The banks who lent the money to buy houses and collected 30 yrs of vig were ALREADY the owners.
And most of the houses are not in SLUMS.
This article is sarcasm to anyone worth their salt, while at the same time red meat for the huffpo crowd. I see what you did there. Bravo sir.
Edit: If you take the time to look at the listings, it looks like they fixed them up too. Many probably sat rotting for a couple years with weeds up to your waist. Real slum lords, lol.
this is the system in federal reserve "system".
enslave a free nation to debt created from thin air, and capture all assetts through boom bust cycles the "system" creates.
it is the definition of evil.
You need a new president.
Meet the new boss,
Same as the old boss
http://www.hark.com/clips/ygyllfjbyy-we-were-selling-rich-women-their-ow...
One of the more predictable outcomes of this mega clusterfuck....Feudalism coming back in vogue.
They already named it, "Neo-medievalism". They are preparing us with medieval computer games and "romanticized historical narrative" aka romantic nationalism.
The sick thing is that the big boys are the only ones pushing the housing market, and when it collapses again or real soon they will dump this property in order to get their money back.
Mike fails to mention that the other big reason that rents are stable or rising in many areas is because of the GINORMOUS shadow inventory of foreclosed or delinquent properties that have been kept under wraps via the infusion of trillions in excess reserves into the banking sector, and since federal reserve notes are fungible, this has allowed many of the most highly concentrated holders of such properties to just sit on them and do nothing or next-to-nothing (whether they are vacant or occupied), especially since many of the big 6 banks that own so many of these properties (or are servicing their mortgage notes) are too-big-to-fail buddies of Geithner & The Bernank.
This doesn't even get into the millions of homes the GSEs (FREDDIE & FANNIE) are sitting on, as they're propped up by federal reserve notes, also (thanks, taxpayers).
This creates a massively, artificially constrained supply, which creates massive price distortion on rental rates and purchase rates.
When this situation is ultimately "corrected" by the actual market (and do not doubt that this will happen, because you are arguing against a 100% success rate: Mr. Market is batting 100% and central fractional fiat "banks" are batting 0.00% over their careers), it will be monumentally ugly.
Until then, lay back and enjoy the mind rape, Amerika.
True of the states I know best, and getting worse. Lots of old folks seem to be locked in, wanting and needing to sell, but way over the market price. Also, I see endless inventory of commercial stuff sitting and stinking.
Worse than idiots. Full Retard and WTF all rolled into one>>> Industry rumor has it that the houses that are being "renovated" are not being called in for inspections as required by local building code and are not being CO'd.
Godfather III; Immobliere; same fleas, different dog
They know it will collapse, they are in it for the 2% fee per yr.
Guess where that money comes from? Pensions from the broke asses that still have jobs. ha ha.
LOL....wonder if they looked at Japan's res real estate values...back to 1983 !
http://www.doctorhousingbubble.com/japan-real-estate-bubble-home-prices-back-30-years-zero-percent-mortgage-rates
it's different because... well... japanese are different.
You see?
I laughed at first too. Then I saw the part about their funding sources.
How can one lose when one has no actual exposure to loss?
As always, all losses will be collectivized in the giant liquidity sewer that is the Fed.
I'd rather private equity buy up these homes and rent them than let the federal government turn it into Section 8 'free' housing.
In Spain, all the locksmiths decided to no longer help the banks to open locks and replace locks on peoples homes who have to be evicted.
When the police noticed it... they said... we'll do that to! Fuck the banks!
And so the banks are in trouble confiscating houses in spain.
Now who are the hero's in this story?
Americans? Or Spanish people?
In America, cops don't have any trouble kicking the living dylights out of you ass because it's their job....
it's pretty hard to find a english article about it but here's one:
http://boingboing.net/2013/01/07/spanish-locksmiths-wont-help.html
now what do you know, it was on the WSJ also
http://online.wsj.com/article/SB1000142412788732433920457817340122891065...
maybe American cops should grow a pair of balls to?
That will never happen in America, the Spainish people take care of their own! In America, the majority of the cultures despise each other and is ultimately the ruination of this country! What is culture in America...fat people sitting at Starbucks playing on ipads?
In terms of social awareness in places like Portugal and Spain, taking advantage of "the system" if you can get away with it is almost expected of you - while for example, the Nordics have much more of a social concern (i.e. "how will my actions affect society") - hence the high rates of things like tax evasion.
However, this is compensated by the fact that they usually follow the rule of "you don't fuck-up people you know". There are also things like stronger ties with the extended family.
The American way (assuming it's similar to the English one, which is the one I know more intimatelly) is pretty much "everybody for themselves" and it's expected that you maximize personal outcomes no mater what (think how wealth is celebrated as success but not questions are asked about how that wealth was obtained). This, in my opinion, is the worst of all ways.
Certainly, what I see in Portugal (my homeland) is that as the crisis hits people are pulling together more, while in places like Holland (where I lived before) you see that they have a lot fewer problems related with high-level corruption and regulatory failures. On the other hand, the UK and the US are teeming with high-level corruption and all sort of problems caused by corporate abuse and corporate influence and seem to far more likelly to end up with large segments of the population falling down to misery and squalor.
The biggest lie ever told is that people think and behave differently based upon geographic region.
Totally dude. We're all the same and that's why diversity is our strength.
/sarc
If the government will pay more (very likely) than the "real" market rate which renters pay for out of their own pockets, I'm sure "private" equity will accept section 8 vouchers.
http://portal.hud.gov/hudportal/HUD?src=/groups/landlords
For all the screaming and bitching about Sec. 8 Housing, you'd be surprised at how few vouchers are actually issued. Do some homework for your given area and you'll see what I mean.
Vashta,
Who do you think will be renting these properties? Section 8 tenants.
Where did the money come from for these equity funds to buy the properties? The government.
they are going to shove that diversity right up your @ss.
The upside is that most of you will finally wake the fk up when it smacks you right in your face and robs your cellphone. My advice is to learn to burn selective houses down. Can't live where doesn't exist.
The demoncraps don't want the America of 1950...they want an america where they have an unassailable voting bloc of somalis, hatians, mexicans, etc. They drool over when the formerly typical American is a minority. Detroit = permanent political power.
Yea but that guy is living on borrowed time, and doesn't even know it.
Not so much drooling over them being a minority so much as an uneducated mob. The Neo-Cons are the same way.
>>>The demoncraps don't want the America of 1950...<<<
Why would anyone want THAT back???
>>>they are going to shove that diversity right up your @ss.<<<
Sounds like someone lost out on a job, contract etc...and is blaming it on "diversity" and now has lots of time to post to ZH?
People don't want anybody to know they have debt.
So they won't protest and pay untill they have nothing left.
Debt is the perfect master. It uses shame as a silencer.
At this point in time , it should be worn as a badge of honor.
I have a twin brother.
He bought a new house with his wife recently.
So as a twin brother, we went for a drink on a saturday and like we always talk about our wifes, sex and the chicks at the end of the bar, the conversation changed about his new house.
So I asked him: bro, how much did you pay? How much did you take a loan for?
remember. my twin brother. best friend all my life. we chaired girlfriends and all.
Well he said: man, I can't tell you that!
He didn't have a problem when he had the clap from a hooker showing me his dick while puss came out. BUT HIS LOAN? HELL NO!!!!
Loans is a big taboo. Nobody has them and everybody craps money, untill your wages are paid one day to late.
I chaired one of my brother's girlfiends too. Then he married her, which kinda sucks.
Do all of your arguments end something like this: "yeah, whatever, I fucked your wife"?
When we were young, my brother was complaining about a girlfriend with he was with for over 6 month about the fact that they didn't have sex for a single time.
So I told him he didn't do his moves right and that he could have sex with her in 20 minutes.
He said it was impossible so one thing led to another and we made a bet.
I went home with his girlfriend without him knowing that evening and had a affair with her for about 2 months.
I felt guilthy like hell but she was damn fine.
Than she got pregnant.... the stress.... you can't believe it...
They broke up and luckely she said she wasn't going to keep it and we went our own ways.
I paid my brother the bet and said that he won but It still haunts me.
Especially since I know that the girl married a few month later with another guy and that she had a kid a while back.
I didn't keep contact and I never knew the age of the kid she had, and that also haunts me.
It's a dangerous game, because once in a while... it can break your family into pieces.
So if your identical twins, how do you do a paternity test, or do you split the check?
bros before hoez
It was a bet!
simpleton
that generation, the one you're talking about-- gen. 'w' has died out... nothing left but their? foolish offspring, ofspring [box'd myself in here, got to get out] gen 'x' and hopelessly retarded gen 'y'...
Got two years of food and fuel here, bring on the de pression.
The depression has been going on since 2000. We were able to mask a period of it over with debt, but no longer. Now the country keeps sinking deeper, slowly being managed down to third world status. The next generation will be making iCrap for the Chinese earning a dollar a day.
Perhaps your has, but Timmy said by the time we knew we were in a recession, it was over. I think it was end of 08, and everyone took him for his word to this day, execptin maybe you.
Willllllllburrrrrrrrrrr !
Oh the government will get their dirty little hands into it somehow......its a socialist dream is to own the housing stock...that was a big bennie in USSR days....you had to be someone...a member of the party..or a sports star to get an apartment.....a voter for life
POTTERVILLE !!!!
Right. This goes for "comfortablility", as well.
I call it "Greg Smith's Dilemma". Be a good little schill until you get yours, and then be the righteous knight that whistleblows on industry after you are done.
I do it too. I'm out of debt by April, and I work for a company that uses cheap labor in China (despite my rants about hating neoliberalism and exploitation of workers via globalization). I don't like it, but I gotta do what I gotta do to pay the bills (until I find a new job...which thansk to this shitty economy, won't happen soon).
But if my debt isn't paid; the invisible man is going to keep hounding me, and the interest will accrue, and it will add more stress to my life. I basically have to be a good wage slave until I pay off my debts; it's part of the game, and unlike Wall St Banks, I actually hold myself accountable for my debt (even if some of it is fraudulent via the interest rate bullshit).
Debt is a more dangerous chain that actual chains, because you can subdue slaves through debt and they'll think they are surrounded by rose petals.
The fucked part is, if you default on debt, or simply don't pay it off......you get a bad mark on your credit report, which hinders you from getting work. In the hyprocritcal clusterfuck that is our employment system, wouldn't bankers want people to work MORE so they can hijack your taxes so they get their money back?
Some people are ignorant of the fact that they are rats. How does it feel knowing that you are?
The knots in my stomach have knots on them.
Fuck debt and fuck credit reports! Stop subscribing to something that is fake.
you are (nearly) Spartacus!
Boiled rope neckties will become fashionable for Wall Street.
the full quote:
fail.
http://www.dailypaul.com/80247/can-we-please-stop-propagating-the-fake-j...
http://www.snopes.com/quotes/jefferson/banks.asp
http://www.monticello.org/site/jefferson/private-banks-quotation
well my prediction yesterday of Alcoa beating the lowered expectations and that the market will rise 50 Dow points and 5 SP points today was pretty dead on. DOW + 60 and SP +4 today. I dont even work in finance and i can trade in this market. Cmon people make money. Retire early. Sip on fruity drinks and soak up the sun. Party on.
Wake up one morning and find your account inaccesible, for all time.
(Rehypothetically speaking)
Or did I somehow miss the part where Corzine went to jail?
This trend is just a logical extension of the non-competitive program that propped up the price of housing when it should have been allowed to crash hard. It sure is great that various credit-worthy entitites can borrow for a pittance and then turn around and buy up available housing for rental income (and to keep the prices of housing high in general).
I have thought it would be fun to start my own bank, borrow a trillion dollars, and then buy as much food (and warehouses to store it) as possible. This would surely drive up prices such that I would make a tidy profit. The downside would be if there were starving kids outside my warehouses full of rotting food...
Sounds more like a government, than a bank.
There's a difference now?
Uh, thats call Goldman Sachs. ZIRP+Commody market bid-ups=Staving kids. Also, they do the same thing with gas, all via the ICE.
Vacancy rates are dropping. Which only causing rising rents.
bullish for the slumlords and rentiers.
I can't wait until [Bankster Street] starts a "fractional/timeshare/lease ownership program". People can just move every other month, and we can call it [musical houses]. Wall Street can run weekly "crack house" specials.
Wouldn't it be wonderful if the average American was savvy enough to boycott any of these rental properties now owned by the financial parasites?
Sadly, I won't be holding my breath waiting for that outcome but maybe Krieger will be right and the weak real economy will backfire on them.
Wall Street=Jews, pushing for the Jew World Order. Blame "corporations" and "illuminati" all you want, but it's the Jews, you stupid goy.
Pay your rent to the corporation. LOL!
But that's just conspiracy talk
Blackstone probably qualifies credit worthiness based on how many 1/2 time jobs the prospective buyer holds. ;-)
The NAR said 'The Aliens' were grabing all the houses....sounds fishy.
Thomas Jefferson , is that you ?
Its time for collaterized rent securities which can be rated aaa and peddled to pension funds and the fed before it blows up.
HA HA! Let those idiots buy up all they want. What they don't realize is people are NOT going to be paying these clowns any rent. Eventually, more folks will learn they can just hole up somewhere, and it's THEIR PLACE!
You know the old saying - "POSSESSION IS 9/10ths OF THE LAW!" - and that doesn't mean some fucking piece of paper.
So... they default on the loans, and hand them over to Bernanke, losing NOTHING in the process.
When you're buying with free Bennie Bux, it's all gravy. Better yet, they'll pay themselves massive bonuses with the flow. After all, it's merely an abstract entity that will suffer bankruptcy, not any actual humans.
AFAIK, this will be how the Fed sops up "excess liquidity" in the future.
I hope Blackstone buys up $20-30 billion worth of homes so that when the market really reverts to where it should be (about 15-20% lower nationally - your actual mileage may vary) they will lose their asses.
My sister and her husband own about 20 properties and if it wasn't that the husband was a master carpenter and all-around workhorse, they've never be able to maintain those properties and make a buck.
These investment types are so full of themselves they forgot that real estate is a HANDS-ON investment, not like stocks, bonds, repos or any of the other paper crap. They're going to get burned big time and that really makes my day.
How TRUE ! Rental property is very hands on.
I built 3 fairly nice homes for rentals, (trying to stay OUT of the slumlord business) and finally sold them, the aggrivation was so much in maintenance after shit head renters moved out. I averaged 2 months loss of rent per home between renters...then another 3 months to taxes and insurance.
I can't imagine how some remote corporation thinks they are going to buy up homes and have ANYTHING left after 10-15 years of renting them. Renters, and I mean even the ones without money problems, simply don't give a flying fuck about your property. They think nothing of letting a leak go under a sink to the point the cabinet and floor rot out....or damaging walls with holes/tape, or having pets crap all over the place....pets they aren't supposed to even have.....
No...good luck Wall St boys.....you're gonna get a hell of an education.
There is absolutely no way for them to make a buck on this trade. They will get the shit charged out of them for repairs when the trades figure out who is cutting the checks.
By law, in my city, you are not allowed to install a toilet if you aren't the primary resident, along with a water heater. Shiiiite, I'd go broke following those bs rules.
I've got a house in a neighborhood that isn't bad by any means, but if you leave it vacant while kids are on summer break you might not have windows left in it. They'll learn the hard way, houses aren't like multi family developments, they are much harder to care for and much more costly to maintain.
Problem is, it's your sister and brother-in-law who will suffer, not "Blackstone."
They will be competing with nearly unlimited, "free" funding where profits and losses lose all meaning. In the meantime, your sister's family will have to spend real wealth in order to compete. Finite vs. infinite is not a strong market position to be in.
Blackstone is merely an abstraction, being a vehicle for some individuals to participate in legalized fraud. The individuals within it? They will get paid, regardless. If it blows up, well, it was all a scam anyway, so time to move on to the next one.
Rent Seeking 101.
"I hope Blackstone buys up $20-30 billion worth of homes so that when the market really reverts to where it should be (about 15-20% lower nationally - your actual mileage may vary) they will lose their asses."
From your lips to G-D's ears
All you debt-slaves just haven't learned. Boycott. Stop buying stuff produced by the corporate welfare whores. Go live in a tent or on your mother's couch until you buy land to build your own...then grow your own food and live on as little as possible. Make as little as possible so you pay no taxes; suck out of the system as much as possible so the math gets more ridiculous every day.
Let it all crash and burn. The sociopaths won't be stopped any other way.
Agreed. I refuse to buy anything unless it is with cash and I'm currently living on a tiny sailboat. If I get tired of how all this is going down then I'll just pick up all my marbles and go home. Oh yeah, I work just enough to make sure that my tax bill is zero. I 100% refuse to play this silly game anymore.
so are you!
you are SPARTACUS!
I've been thinking about this style of living for a while, and something has occurred to me. While I agree that living simply is a great way to live, and I intend to do it too once I find a decent parcel of land, doesn't this sort of idea seem as though it's just what TPTB want people to do? Sacrifice luxuries and reduce themselves to what is typically classed as "poverty" so that once poverty is the standard, people won't care?
I'm just spitballing here, but yeah - to me it doesn't seem too far fetched.
Hope these big boys are buying in communist controlled inner cities where they will get burned by city councils and all their rental housing regulations. good luck guys.
Jeez, it would be really terrible if someone started setting fire to those valuable bank assets! 1s and 0s aren't nearly so vulnerable to physical attack. :(
That'd be Bernanke's wet dream. As I mentioned elsewhere, that's merely "sopping up excess liquidity."
http://www.bloomberg.com/news/2013-01-02/nyc-top-quality-office-availabi...
Same plan as perpetrated in the 1st great depression when the money barrons destroyed the market so they could buy it all up on the cheap.
Plain and simple as the last five years as witnessed the greatest transfer of wealth from the masses to the few this country has ever witnessed. I remember seeing an article recently that noted the total household wealth had returned to pre Great Recession levels (at least on a nominal level). Of course this was a bunch of BS as what it really meant is that the wealth accumulated by the masses up to 2007 was effectively transferred to the wealthly, first by wiping out savings with the market tanking and second by wiping out real estate wealth. A perfectly planned assault on Main Street as they have successfully raped, pillaged, and plundered the American people into being able to only afford a rental and directing any savings they may have left into the worst investment of all - US Debt (which is marketed and sold as the safest asset in the world).
We have just witnessed the greatest robbery in history by Wall Street as when you think about it, this country's wealth has not increased at all during the past five years but rather just re-distributed. At least the tech barrons of the 70's and 80's innovated and produced something of value such as Gates with Microsoft (although the original icon idea was actually invented by others) and Jobs with Apple. Today, we have useless ponzi schemes such as Groupon selling coupons nobody needs, pointless social media companies such as FB and Twitter that market the need to stay connected when all they really do is mine private data to resell, entertainment sites that do nothing but waste peoples time (Zynga comes to mind), and governments that are sold on bailing out failed business models (GM and AIG come to mind).
Today is a perfect example of how corrupt and manipulated the system has become. On Marketwatch, there was an article on how money is still moving into bond funds. And on ZH, this article on how money is moving into real estate and hard assets. The final theft (or act to this play) is in process by dumping garbage debt to the masses with the funds being used to by real assets as it doesn't matter as if interest rates increase (thus pounding the value of medium and long-term debt) or inflation accelerates (which it already is in numerous classes of goods and services), the masses are going to be wiped out one last time.
Section 8 will be expanded a hundred fold for sure now.
Whites need not apply. My ENTIRE neighborhood went black after the RE crash in 2008 and what's not black is illegal alien. Good times.
Wall Street/ Brazil-China-Russia ect.. can buy up all the Inventory they want. They got burnt playing with paper a few short years ago. Now those same ass clowns want to become "Land Lords"? LMFAO!
The general & shadow banking complex is holding insane amounts of [dark inventory] that will never be sold. W.S. will use management Co.s to run their scheme.( property Mgmt. maintainance, payment processing ect...)
They will fail again, and there won't be any bailouts this time. Those clowns will be drawn and quartered on CNBS! Mark my words<>
"...there won't be any bailouts this time."
um...
Sorry bhe bailouts are now infinite and constant. They are called ZIRP and quantitative easing and paying no tax. They will be bailed out by taxpayers...forever.
Record low interest rates that can only go up. Declining rents. Severe overcapacity that still is nowhere near liquidating itself. My oh my, what could possibly go wrong?
Just don't pay. It takes months to evict a renter in some states. I learned the hard way when I owned a rental....Nightmare.
Serf City, here we come.
Hey we are becoming England with their lease hold...where the Crown owns most of the country and leases it for 99 years. Does anyone remember how we broke Englands grip on us?
Blackstone is buying homes, while Goldman Sachs is sitting on homes that the federal government gave them, and the federal government pays the taxes and upkeep on the empty homes that Goldman Sachs was given for free.
I saw Sam Zell on a business show a while back and the host asked him if he was investing in single family homes. He basically said "how do you manage that?" An apartment complex with one manager can take care of business but how do you maintain a portfolio of houses scattered about. My thought: At least in an apartment building you will know when they are ripping the copper wire out of the walls.
It isn't just the banks, look at United Health care but wait a minute they own a bank too:) Seriouously though they are doing the same with low income housing and trying another pitch iin the next 60 days to get more Medicare busienss as they make more money on that side than they do selling policies. They have a jillion subsidiearies doing all kinds of stuff, tons of analytics and have been in that business for a long time and now they put out these chumpy reports that are garbage to substantiate what they want to get. They are now telling Medicare how to "aggressively" manage senior care. In there is a link to the investments in low income housing. They sued the DOD to get part of the Tri-Care military contract worth billions that Blue Cross had already won and then the turned around and took it away from Blue Cross and gave it to United. So watch these folks as how knows, are they going to sue Medicare next? They hired Steve Larson from HHS who wrote the Obama care bill for the most part as a big VP now. They also hired the Asst Attorney General from Minnesota last year as general counsel, so what gives.
http://ducknetweb.blogspot.com/2013/01/united-healthcare-issues-another-...
They just want to put us in those little houses, connect us up to every monitor they can so they enough data to sell and tell us what care we "can" have.
The company has lawsuits up the ying yang with short paying doctors and hospitals for 15 years and only one has settled. The created the software algorithms years back and short paid and then every other carrier licensed it so they made money both ways on their bad model and code until Cuomo caught them about 3 years ago. Aetna was just in the news the other day about settling for their 15 year rip using the United/aka Ingenix software. Now my take on their crappy reports telling us the over weight and sedentary people are at the root of the US economy...sure people need to change things and eat better but they put these reports out so we identify those people as "evil twins". They have been doing this for a while so anytime you see one of their studies or reports, it's created to line their pockets and they could care less. Here's one of their useless press releases.
http://ducknetweb.blogspot.ru/2012/12/media-and-press-releases-in-health...
Like I said they are just the banks because they own one with a billion on deposit that is money collected from health savings acounts they mess around with.
http://ducknetweb.blogspot.com/2010/07/unitedhealth-group-owns-bank-with...
So they are the scum right in there too except a bit worse at times as they are powerful enough to deny you healthcare services too. One more thing with complexities, the American Academy of Family Practice caught them with contracts that are difficult to figure out what the doctors get as net pay. Turns out the algorithms and complexities end up paying doctors in many areas, rates less than Medicare and they recently put out a couple more reports on how they are going to target doctor reimbursments for saving...WT. This company is right up there with buying and investing in property they can rent out.
http://ducknetweb.blogspot.com/2012/12/the-aafp-confronts-united-healthc...
Joke about how HP's coding for printer ink cartridges showing empty before they're actually empty mistakenly slips into SNAP cards..
this reminds me of France during its revolution c. 1850 and on anarchist homme who thought that "Property is theft"..kind of makes the whole thing go full circle..check this out
Proudhon published his own perspective for reform which was completed in 1849, Solution du problème social, in which he laid out a program of mutual financial cooperation among workers. He believed this would transfer control of economic relations from capitalists and financiers to workers. The central part of his plan was the establishment of a bank to provide credit at a very low rate of interest and the issuing exchange notes that would circulate instead of money based on gold.
another wiki ref i'm afraid..(going to have to put some money in their tin)
http://en.wikipedia.org/wiki/Pierre-Joseph_Proudhon
Slumlord billionares. They are your overlords.