Yves here. Crapification, brought to you by private equity, now extends its reach in the burger realm via Shake Shack. I remember the early days of Shake Shack, when its outlets regularly had long lines, meaning lots of customers so liked its food they were willing to wait. No longer.

By Lynn Parramore, Senior Research Analyst at the Institute for New Economic Thinking. Originally published at the Institute for New Economic Thinking website

There are few things more American than a hamburger. It’s up there with apple pie.

Humble enough to eat with one hand, yet beloved by top chefs, this glorious food is the star of diners, drive-ins, roadside stands, and restaurants where everyone agrees that, whatever else they order, they came for the burger. Sliders, cheeseburgers, smashed, or vegetarian — the burger is familiar and mostly unpretentious, with a deliciously democratic quality.

Which makes it unsettling to discover that the burger has increasingly become a financial asset.…