[Music] Breaking news as thousands of Health Care Services providers and nurses are Laid off now someone would blame that on The plummeting birth rates others would Blame that on senior citizens not being Able to afford proper care but others Would also say that the reason for the Layoffs is because the medical system is Absolutely destroyed and a dumpster fire Whether that dumpster fire was created From the greed corruption fraud or the Federal Reserve could be anyone's guest But either way you guys I have Jack with Nobody special Finance here to try to Help us figure out what's going on and Whether or not that this can get worse And if you guys like what he has to say Come on over to his channel right here On YouTube nobody special Finance this Is my buddy right here and you guys we Are doing a video to accompany this Video on his Channel with steuart Healthcare so when you're done watching This definitely go over to his channel And check that out and before I begin And before we jump into these recent Layoffs Jack how are you sir I'm doing Excellent Travis thank you again for Having me on and thanks for uh telling Me about this story we found some cool Stuff while we were digging around in This Yesterday yes yes some interesting
Questions like uh birth rates uh senior Health care expenses I thought it was Greed corruption fraud I mean what the Heck is going on let's look at a few of These headlines announcing thousands of Layoffs struggling CarePoint Health Could lay off 2600 Employees which is obviously a ton of Employees when we go down because I'm More interested on why the layoffs but a Little bit of a backstory CarePoint Health could lay off more than 2600 Employees effective December 12th According to notices filed with New Jersey Regulators this week the proposed Cuts would impact workers across three Different hospitals so this is impacting Three hospitals 859 workers at the Bon Medical Center 843 workers from the Christ Hospital in Jersey City and 900 Workers from the Hoboken University Medical Center now a spokesperson for Care Point said in a statement that the Three local hospitals and this is what I'm interested in are not facing any Imminent threat of closure and no final Decision regarding layoffs has been made At this time now they go on to say Essentially that the reason for these Layoffs Jack is because of daunting Financial challenges in addition to that Headline this headline States Stuart Healthcare will lay off more than 1,200 Workers in Massachusetts the bankrupt
Health system will lay off workers at The end of the month as It prepares to Close two hospitals in the state so this One is noting Hospital closures one Bullet point right here news of the cuts Come just a day after a federal court Approved Stuart's plan to close the Facilities which Stuart said are losing Money and have low patient volumes Steuart attempted to to find a buyer for The hospitals during a monthlong Marketing process however the system Said it received no qualified bids for The properties before I go back to you Jack Texas Children's Hospital to lay Off a thousand workers that is a massive Again massive amount of people you guys 5% of Workforce couple of the bullet Points here despite being a nonprofit The renowned Houston based that's my Local city Houston based Hospital which Is affiliated with Baylor College of Medicine has found itself in financially Challenging situation full details about The financial impact have not been Disclosed here is what has been Announced the hospital which operates in 120 locations across Texas and globally With a primary presence in Houston Employs approximately 20,000 people now Houston Children's Hospital has Attributed the need for layoffs to a Combination of factors like low patient Volume again Financial challenges and
Number three delay in opening a new Austin campus Jack having read that what Do you believe some of these Financial Challenges and daunting Financial Obstacles that they're facing and do you Think any of these hospitals are at risk Of being completely shut Down um so let me address the last part Absolutely I think a lot of hospitals Are at risk of being shut down right now Um we're actually seeing a lot of Hospitals especially in Massachusetts Have been shut down just in this last Year because of Steward Healthcare one Of the names that you mentioned there Now uh it's interesting let let's talk About these three because you talked About CarePoint in New Jersey you talked About steart Healthcare and then you Talked about Texas Children's Hospitals Let's talk first about steart Healthcare We've covered this one on DNN quite a Lot uh you me and Melody over there We've talked about this one if we could Share my screen there um the daunting Finan challenges facing Steward Healthcare I think has less to do with Things going on in the medal commun Medical community and probably more to Do with this picture here this is CEO Ralph de Lor's $40 million yacht that he Bought shortly after steart Healthcare Signed a massive sale leaseback Agreement with a real estate investment
Trust called medical properties trust or Mpw was their stock ticker now medical Properties trust now owns the buildings And Steward Healthcare rents the Buildings so they sold the buildings to Them for millions of dollars the Ownership of steart healthcare paid Themselves hundreds of millions in Dividends off of that sale which of Course tens of millions went to buy Ralph de Lor's yacht here and ever since Then all of these hospitals that steart Operates that are owned by medical Properties trust have been going Bankrupt because where the hospital used To own the building outright now they Have millions of dollars a year in Rental payments that they have to make To this Real Estate Investment Trust on Top of their standard operating budgets And so these hospitals have just slowly Bled to death after being strip mined And looted by Steward healthc Care's Management in a sale leaseback agreement This is a very common strip mining Looting predatory tactic that private Equity firms use this is the same thing That's bankrupted Red Lobster besides Red Lobster's disgusting food um but They passed a big sale leaseback Agreement with their franchises and one By one Red Lobster restaurants have gone Belly up so as far as Steward Healthcare You know it's there's no outsized
Medical thing happening they just looted The company and now they're going Bankrupt and uh by the way the steward Story they don't have any money to pay Their vendors they're not paying their Doctors but they do have millions of Dollars to hire private intelligence Firms and spies to conduct false flag uh Operations against the short sellers That are targeting medical properties Trust that's something we've also talked About on DNN and I have something coming Out on that topic shortly on my own Channel uh so that's Steward Healthcare All right now before we started Recording here I had actually never Heard of the CarePoint story it's funny You should mention that uh but while you Were talking I did some quick digging Into CarePoint and I found this article In nj.com CarePoint Hospital issues 2700 Layoff notices now this is from 2019 This story is a few years old but but Looks familiar right layoffs at CarePoint hospitals and it's funny you Should mention Steward Healthcare and CarePoint because as I read through this Article about all the financial troubles At CarePoint hospitals I came across This besides the stupid popup that I'm Going to close when CarePoint Health Purchased HC which I believe is Hoboken United Medical Center they also Purchased the Christ hospital and the
Bon Medical Center in 2011 the same Hospitals you just mentioned about the Layoffs it sold Hoboken and Bon Properties to Medical Property Trust of Alabama in a leaseback deal the same Exact corrupt sale leaseback thing that Steart Healthcare did with medical Properties trust that has bankrupted Their hospitals this CarePoint outfit in New Jersey did the same thing with Hoboken and Bon properties so now They're having to pay these big rental Payments on top of their operating Budgets and they're just slowly bleeding Out cash until there's nothing left and The executives at CarePoint I'm sure Paid themselves handsomely for that deal Meanwhile doctors nurses getting laid Off so that's CarePoint now the third One that you mentioned Texas Children's Hospital that one is a little different Because that one wasn't bought out by a Private Equity Firm there was no sale Leaseback agreement involved there but That doesn't mean there's nothing Suspicious going on there and I found This one in the loan Institute hospitals Behaving Badly UPMC and Texas Children's Spending draws scrutiny and the Interesting thing here because Texas Children's Hospital they're laying off a Thousand nurses right well when you Scroll down here in this article they Say Children's Hospital layoffs UPMC not
The only Hospital receiving attention For layoffs amid High CEO pay Texas Children's Hospital nonprofit announced Last month that they laying off 5% of Their Workforce estimated to be about a Thousand people they're saying they're Reducing their executive leadership team And plan to cut executive compensation This year of course that's a good course Correction but too little too late Because their CEO Mark Wallace he paid Himself $8.8 million in 2022 the most Recent data we have available this Nonprofit Children's Hospital the CEO is Making $8.8 million do a year and they're Laying off nurses about 4.7 of this 4.7 Million of that compensation was bonus And incentive pay I don't know what Bonuses and incentives they're Triggering that are resulting in Millions of dollars in payouts for the CEO but they can't be that hard to hit If they're laying off a thousand people While simultaneously meeting these bonus Milestones but the thing that really Jumped out at me Travis and I could not Believe this when I read it the hospital Has committed $65 million to be the Title sponsor of the Houston Open golf Tournament it's part of of an effort to Grow it's regional National and International brand according to the CEO All right now okay first of all $65
Million to sponsor a golf tournament What 65 million these golf tournaments Are cleaning up but what do you think is More important to this nonprofit Hospital treating children having Doctors and nurses on staff or growing The regional and National International Brand via golf sponsorship that's what I Don't understand how could they possibly Argue that there's any kind of a return On investment in this $65 million in ad Spend on a freaking golf tournament and I I I I kid you not here's the website For the Houston open and there it is in The upper right the Texas Children's Houston open oh we got a countdown it's In 180 days and there's their logo again So you know maybe we just explain that To the the kids with cancer at Texas Children's Hospital you know sorry guys We don't have any nurses and you know It's going to take longer when you hit That Bell for a nurse to show up and see What's bugging you but you can rest easy In knowing that the golf tournament is Being sponsored and they're raising Brand Awareness okie dokie well I would say You answered the question um it sounds Like well yeah I would say I ramble no No no you no no I was really surprised About CarePoint that was actually a Shocker I didn't know that but I mean Essentially what you're saying saying is
Well first of all with Stuart Health you Know CEO spending the CEOs are spending Crazy they're spending money on yachts And spies uh CarePoint the CEOs are Investing poorly obviously hospitals are Being closed down Texas Children Hospital the CEOs are spending 65 Billion dollar on golf tournaments what About all the bonuses from the CEOs I Mean my gosh man yeah you answer the Question but you know what I want to do Now is I kind of went down a rabbit hole And I wanted to see you know what is not In the headlines per se so I access the Most recent list of warn notices and Going down that rabbit hole it led me to A couple interesting opinions on why Some of these layoffs may be happening Take a look Jack starting with the war Notices the most recent notices actually A couple of them are in health care Services the first one is 12 Oaks Foundation which is senior living the Other one is USC vertigo Hills hospital now what's Interesting Jack is they're actually Both in Los Angeles County which was Like oh my gosh this is spreading and I Want to note real quick as far as the USC they're announcing a permanent Closure and the 12 Oaks Foundation up Here is announcing permanent layoffs now When I searched the news media here's What I found starting with 12 Oaks this
Is very interesting so 12 Oaks to shut Down for construction so they're saying Construction the well-known Senior Living facility is a unique Oasis in the Community surrounded by trees and Pathways this is is an area with Individual rooms and throughout the Property small cabin type residential Buildings all of the buildings will be Knocked down in a new facility built From the ground up the city of Glendale Wants all utilities underground so Essentially this has been through a Roller coaster they're saying these Layoffs is because they're doing Construction again I'm wondering why Would they say the layoffs are permanent Either way it brought me to this next Article which is very interesting this Is on USC you could track these layoffs Laughs are literally spreading but this One's interesting Jack this is an Opinion why are so many California Hospitals closing their labor and Delivery units just one paragraph here Jack last week kek Medicine of USC Announced the closure of USC vertigo Hills Hospital Services they cited a 40 Listen to this this is insane they cited A 40% decline in deliveries over the Past decade now this is within their Community and the result Financial Effect on the hospitals as a reason for The decision while this justification
Appears reasonable at first glance it Conceals an unsettling Trend with Significant implications for maternal Health Jack after reading that after a Couple points that they brought up do You think that we could say at least a Portion of the layoffs are attributed to Any massive decline in birth rates or The fact that maybe senior citizens Can't afford to get proper healthare any Merit to either of those two Things um I on the the seniors not being Able to afford healthc care I'm a little Hesitant to jump into that the Demographics alone in the United States With the Aging population I think is Enough to support the construction and The expansion honestly I I think the Story about knocking down those small Cabins I think they're going to build a Giant multi-residential Monolith structure in there with smaller Rooms so that they can cram even more People in there and milk the property For more money that's just my uninformed Guess at what's going on there um I'm Having a hard time believing that it's For lack of demand uh lack of Affordability that there may be some Truth to that I think that's very real Uh now the issue about the declining Birth rate that is absolutely a thing The birth rate in the west really the Whole Global North right all of Asia
Europe and North America the birth rate Has been well below the replacement rate For several years including here in the US the hospital I was born in and where My oldest daughter was born um shortly After my oldest daughter was born they Shut down their Maternity Ward and you Know my youngest had to be born in a Different hospital because of that we're Just not having enough babies and so Yeah hospitals that provide that service Would be going out of business as There's just not enough babies being Born to keep that staff there now all That being said the phrase is When the Tide goes out you find out who's been Swimming naked right so you could argue The rising unaffordability in health Care and the decline in the birth rate That could be the tide going out but That is not solely responsible for all Of these layoffs and all of these Hospitals being shut down the problem is Management has been swimming naked in The form of these sale leaseback Agreements and the tens of Millions for Golf tournaments and those last few that Like USC I I haven't studied those in Particular but I'm sure if you dug into The books you're going to find gross Excesses among the leadership teams You're going to find cash burn that made No sense if not someone outright looting The facilties so you know I think you
Probably have the tide going out and You've got some people swimming naked There yeah do you think the 40% decline In births do you think that's just an Outlier or do you think that's I mean Because that seems high am I wrong over The last decade 40% Decline I I that over the last decade That might be a bit excessive um but Over the last several decades I think That's probably accurate I mean we're Only having something like 1.7 1.8 Children per couple in the United States Right now the replacement rate is 2.1 2.13 something like that so I mean we've Been well below the replacement rate for Years here and it is declining that Number may be a little aggressive but I I think it's at least in the right Direction all right let me uh take the Viewers now Jack to the most recent Nationwide Mass layup offs and Healthcare nurses you know service Providers right now by accessing this Article this is from Fierce Healthcare.com this is very interesting This is a Tracker Jack so I will have The links to all of this if you guys Want to track this is updated as of a Couple days ago September 23d now again They're doing a tally of layoffs across The industry so this is one of the only Ones I've seen that is actually tracking This Jack uh but it's going to start by
Talking about lifespan has confirmed Strategic restruct uring that has Trimmed 20% of its executive positions Get it Jack and that's going to save Them $6 million it goes on to talk about Opum in Basin Ridge New Jersey laying Off 160 workers that's in addition to About 524 workers in California so That's just a part of what's going on There also here is care Point Health we Talked a little bit about that I mean Massive layoffs with care Point 2600 we Have here Samaritan Health Services Confirmed it reduced its Workforce by 80 Positions in light of a variety of Pressures including inflation cyber Incidences which is interesting weather A declin in volume in some uh clinical Areas and unfavorable payer Reimbursements and that's only 1% of the Five hospitals in Oregon that they Operate this goes on to Southwestern Health Resources has laid off 129 Kaiser Permanente actually will be closing an Entire uh facility a nursing home Massive nursing home with 249 layoffs This is saying a steady decline of Patience but you know underlining thing Here is a shift to homebased care so That would suggest in my opinion Jack That that is an affordability thing but Again interesting that an entire Facility that is in senior care is being Shut down now here's another surgical
Hospital being shut down they're laying Off about 160 employees another place in California Modesto California very Interesting Blue Cross Blue Shield of Michigan laid off 64 workers as well Citing industrywide cost pressures from Drug claims and Medical Care fraud I'm Just kidding Jack it does not say fraud It says Medical Care Utilization I added fraud because that's What's going on behind the scenes here's Texas Children's Hospital mentioning Again the 5% of the workforce being laid Off totaling about a thousand jobs uh Here we go as well with heal lands on 171 worker layoffs in North and South Carolina have New York's Garnet Health With 26 employee layoffs uh Ohio University Hospital plans on 300 job Cuts goes on to Oregon Health and Science University with 500 employees Over the next few months that's a lot of People guys siga layoffs in Arizona Totaling about 261 employees obviously Jack all of those layoffs are going to Drastically impact localized community In multiple different ways but my Question to you sir is what do you think Is happening you know do you think it's 100% the result of the CEO that greed Manipulation and fraud do you think Maybe it's a Federal Reserve what's Happening and do you think specifically In health care services nurses providers
Do you think the layoffs are going to Get worse why or why Not so 100% responsible due to greed Corruption fraud no I don't think it's 100% responsible now you you touched on A lot of different things that right the Healthcare industry is huge you got Emergency Care you've got long-term care You've got insurance you've got medical Devices all right so we're talking a Pretty big field of different Technologies and different different Jobs there the uh Blue Cross Blue Shield Layoffs talking about higher utilization We have seen trends of that in the stock Market the insurers have been under Pressure because a lot of people put off A lot of elective procedures during the Vid they didn't want to go to the Hospital and get sick so they put off That hip replacement they put a lot of Things that maybe they would have had Done if there wasn't this pandemic going On and then now that the pandemic is Over everybody is going and getting this Done at the same time and that has Resulted in a very sharp year-over-year Increase in the demand for health Insurance services and so Blue Cross Blue Shield is responding to that with Layoffs that's not terribly surprising Uh the nursing home thing and the Transition to home care I think you Probably got a little bit of again vid
Hangover going on there nobody wants to Put mom or dad in a nursing home not After seeing what happened in 2020 I I Mean nursing homes were were Ground Zero They actually sent patients with the Disease to the nursing homes where they Were surrounded by the most vulnerable Segment of the population in close Quarters so would you want to leave Mom Or Dad in a place like that now having Seen what happened in the earlier part Of this decade I'm not surprised they're Seeing a transition to more people Opting for home care I plan to do the Same thing when it comes to my parents Uh so you know you have things like that Are happening W within the sector but at The same time you know one of the one of The ones that you you said there was was Announcing a lot of layoffs was optim Healthcare right optim is owned by United Health take a look at United Health stock over the last year over the Last five years over the last 25 years And if you're trying to tell me this is A company that is seeing dire Financial Situations and that they're having Trouble now oh Financial things beyond Our control how do you explain that and The stock performance you can't United Health has been growing like Gang Busters they are making money hand over Fist in every angle of their business um The problem is where is the money going
The money is clearly not going to the Doctors the money is clearly not going To the nurses and the money is going to The executives it's going to the Shareholders it's going to the Venture Capital firms the private Equity firms That are looting these hospitals right The executives who right now are crying Poverty are doing so from their Magnificent mansions and magnificent Yachts these guys have strip mind these Facilities they're making money hand Over fist the quality of care has Declined anybody who has had any Interaction with the health care system In the last few years will tell you you You got to take a machete and hack your Way through 15 different bureaucrats and Administrative no nothings before you Can even get to a care provider even a Nurse and if you're lucky you probably W To be able to see a doctor maybe you see A nurse practitioner uh but the quality Of care is falling the cost of the Care Is rising astronomically and the people That are making the money are not the Care providers it is the executives who Are standing between the patients and The providers and I think that is Probably really the root of what's going On here and now instead of you know some Kind of hard look at the way we're Managing our Health Care system and and The role that these leadership teams are
Playing and maybe adjusting our policy Accordingly no we're laying off nurses We're laying off doctors instead of them That's that's disappointing Of course it's disappointing I mean do You see it getting substantially worse Or you see maybe a steady decline in Layoffs or do you see it collapsing Straight up I it's currently in a state Of collapse and the steward healthc care Story is by far the the most grotesque Example of that several hospitals have Already been shut down several more are About to be shut down there's this legal Battle is going on right now is the Government going to step in and bail out These hospitals well if they do then They're just incen essentially Incentivizing further fraud and further Strip mining of hospitals if they don't The communities are going to lose these Hospitals the government can't just come In and seize them it's not it's private Property they can't do that so until we See how the steart health care collapse And the bankruptcy is going to play out And God willing Ralph deor in handcuffs As I think he belongs um until we Actually see that then this collapse Will continue because right now there's Only incentives there is no deterrent to This Behavior in other words what we well yes Then it will continue to collapse and
Then also what we really need to do is Overhaul the entire medical system and Stop CEO spending I mean we need a T-shirt that says stop CEO spending Seriously that would be that would be a Pretty appropriate t-shirt one question Jack yes or no now you made a comment Earlier you stated let me see right here You said that Red Lobster has disgusting Food I just wanted to ask you are you Talking about the Red Lobster biscuits As well or or would you exclude the Biscuits because someone would take Offense including me with that statement Okay maybe the biscuits are good so you Know while while while you're at a Collapsing Steward healthc Care Facility Getting your stomach pumped maybe you Want to hang on to the biscuits while All that other rotten stuff is Extricated from your lower intestines he Makes some compelling arguments with the Red Lobster biscuits cholesterol being One of them he should have injected but Again you guys I want to remind you Jack Is working on a banger story with Stuart Healthcare it's the link will be in the Description but Jack go ahead and Announce what this next video on your Channel is about exactly sir so it's About steuart Healthcare one of the Companies that we just talked about Today and it's about their multi-million Doll false flag operation where they
Hired a private intelligence firm in Order to create fake false flag attacks Against a short selling firm that was Targeting medical properties trust that Real estate investment trust that is Also bankrupting care point along with Steward but the actual person that they Hired this is what blew my mind about This story if you've been paying Attention to politics for the last few Years the name of this spy that they Hired will probably sound very familiar To you you do not want to miss this Story it is unbelievable how corrupt These people are it's a wellp putut Together story a lot of investigation a Lot of insight you guys should be able To click the link on the screen to watch That video and we wish you guys an Absolutely great evening
