9/23/26: Beef Prices Skyrocket, Susan Collins Corruption, Troy Jackson Hijacked By Dem Elites

September 23, 2026

AI Summary

5 min read

Beef Prices, Private Equity, and the Slow Decay of What You Actually Eat

The Wendy's franchisee Meritage Hospitality Group—which operated 314 locations across 15 states—filed for bankruptcy in September 2026 after Wendy's terminated its franchise agreement, claiming the group owed nearly $30 million in unpaid royalties and fees. The immediate trigger was simple: beef prices have skyrocketed. But as the hosts walk through, Wendy's didn't just suddenly collapse. It had been hollowed out over two decades by private equity financial engineering, and the beef price spike was the cold that finally killed a patient who was already unwell.

How Private Equity Extracted Everything Before the Crash

Wendy's was founded on a quality proposition—"always fresh, never frozen"—that positioned it a step above McDonald's. Then came the private equity takeover in the 2000s, led by Nelson Peltz and Bill Ackman. What followed was a master class in extraction. The hosts describe several specific mechanisms. First, Wendy's securitized its future royalty streams—essentially taking the money it expected to collect from franchisees over years, borrowing against it all at once, and paying that lump sum to the private equity owners. When royalties later declined, there was nothing left for the actual stockholders holding the bag in their 401(k)s and pensions.

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What you'll learn

1 (02:00) **Wendy's 300-Closure Crisis & the Private Equity Squeeze** – The hosts open with the news that a major Wendy's franchisee (Meritage Hospitality Group) has filed for bankruptcy after the chain tried to terminate its agreement, claiming $30 million in unpaid royalties.
2 (08:05) **The "K-Shaped Economy" Squeezes the Middle** – The hosts diagnose why Wendy's is uniquely vulnerable in the current market, caught between cheaper options and premium fast-casual chains.
3 (12:00) **The Real Problem is Consolidation, Not Just Private Equity** – The analysis broadens to argue that the entire "free market" system is broken due to extreme consolidation, not just private equity greed.
4 (14:00) **Trump Admin Kicks 750,000 Off ACA: A "Zag" on Fraud** – The hosts pivot to a Trump administration announcement about de-enrolling hundreds of thousands from the Affordable Care Act, offering a nuanced take.
5 (20:00) **ProPublica Drops Bombshell: Susan Collins Corruption Investigation** – The hosts introduce ProPublica's major investigation, which alleges the FBI was circling Senator Susan Collins for a pay-to-play scheme until the Trump administration squashed the probe.
6 (27:00) **The Bipartisan Rot & The "Junk" That Taxpayers Bought** – The hosts emphasize that the corruption is not a partisan issue and detail the worthless product the taxpayers funded.
7 (41:20) **Troy Jackson Hijacked by DC Elites** – The show pivots to a New York Magazine investigation into how Washington consultants have taken over the campaign of Troy Jackson, a genuine working-class candidate from Maine.

+ Full timestamped outline available in the app

Show Notes

Ryan and Emily discuss Trump AG Sec says eat eggs as beef prices skyrocket, Susan Collins massive corruption scandal, DC Dems hijack Troy Jackson campaign.

Alvaro Bedoya: https://x.com/BedoyaUSA

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