they try to rescue jo biden's economic agenda in a rare move. biden has met with his party members on capitol hill, wasn't jordan as more from washington. it comes down to whether members of congress in the president's party can agree on terms on both the social spending flash environmental bill, as well as on the infrastructure spending bill if they can work out their differences on one, the actual price tag for the 1st bill because there are some in the senate who said that bill's just simply too expensive at $3.00 trillion dollars as well as work out the idea that there's going to be a guarantee that that bill is going to be passed. if more liberal members above the house representatives actually decide to vote for the infrastructure bill. so there's a lot of horse trading that goes on here. the united nations has told ethiopia as prime minister, it doesn't accept the countries decision to expel 7 of its senior personnel. ethiopia says the officials are being told to leave the same mental than the internal affairs of a country. residence at a small colombian town, sand influx of mostly haitian migrants is pushing them out of housing. the migrants are trying to catch boats on their way north to the u. s, but far fewer people a day can leave them, arrive full, they're open for cutoffs. first legislative elections, voters are choosing 30 of the 45 member. sure. a council. the body dates back to 1972, but until now was fully appointed by catalan's in the residence of the spanish island of la palma. bracing themselves a further interruptions from the kimbry via volcano, the russians showed no sign of stopping to new vents of opened up adding to the river lava flowing to the sea. those with the headlines, the news continues there on al jazeera, after witness patient vent, so much and bye for now. you she by you i'll see her and i and i play like all come on being with the largest real estate, private equity firm in the world. we've got investments and people around the globe, but by keeping our business entrepreneurial, we can move very, very quickly. john gray is the global head of real estate for blackstone group, which is the world's largest private equity manager. so one of the market you went into was a single family homes, and i know you have a big portfolio at 50000 or yes. so how do you even find 50000? yeah, the buyer. you need a global financial crisis for that to occur. you're sitting around in 2011. you're saying, where is there a large pool of assets that are going to be sold by financial institutions and big discounts to underlying replacement costs. and it was pretty obvious in single family homes would spend $25000.00 or so fixing them up. and then let's random out and make income producing assets out of them like an apartment business, but just not in one large complex. but if we do it in enough scale, i was just poking around, trying to get my head around some of the stuff around hedge funds and buying app distress, mortgages and all of that. and i went on to the blackstone website i, i've worked with bruce for more than 20 years. he's an advocate and i think so differently than anyone i know. so basically buy up a whole neighborhood gentrify the whole thing, double or triple the value of the real estate, just because you're trying to find the neighborhood. of course everybody also and makes no mention of people really at least at least that by minute. 16 and a half, he hasn't mentioned like the people that would be living in those places. we own properties around the globe. we buy these investments on behalf of companies like wac selling or any the big financial enterprises were the big winners in the crisis . ah, there with rick winners in the housing market. ah, there was a big winners in the equity markets. it was as if the u. s. government, rather than helping the homeowners who were losing their homes, actually sided with the banks, encouraged foreclosures to clean up the books, gave the money to hedge funds in and private equity firms who dan bought the, the distressed assets to make money. so it is the way that the 2008 crisis has played an important row, increasing wealth inequality in united states and, and other countries that have been inflicted by the crisis. it doesn't totally work as a statement yet. let me give you a snapshot of the new world of housing, and while i do so, i urge you to reflect on the images behind me. just like that. like, i can't remember how we did it with the homelessness report. but i remember when i was re reading my statement, i did have that if a pin dropped, we would have heard it in the room. and that's what i need because they know half the time they're on their blackberries and not paying attention where they're, i phones, i suppose now ill, i mean homelessness is a bit different to, you know, we're seeing images of people. and part of the problem is that when you're describing the stuff is supposed to be shocking, it's all cranes and buildings of glass and stuff. and so you're not moved to the same one. distinguished delegates. we are living in a new world, a world in which the housing sector has been transformed by global corporate financial actors and massive amounts of excess global capital. global residential real estate is now valued at $163.00 trillion dollars. more than twice the world's total g, d. p. housing has been financial eyes valued as a commodity rather than a human dwelling. what i am suggesting is a significant change away from the commodification of housing in order to retrieve what housing means in terms of human dignity and security as a lived experience, as a human right. thank you. and, and, and, and, and, and a little thing for the near buildings, the new estate which is now called elephant park, which replaces the high guy state where i used to live with so many, all of them, plenty of flat is part of the development and sold in hong kong and singapore, when that sold overseas and not necessarily so for people to live in this old as invest wouldn't like to sort of romanticize what it was like before. right. but it was an ordinary counsel despite all to ordinary families, and it was at this time of day, most of them would be enough to walk and off to school and read to college and so on. we're dealing with a very it's a very particular perry, the elite feel free to violate basic laws and ah, and then they're surprised that there is bitterness among their the working classes that have lost an incredible gra, i mean a lot of ground in our society. so it's a tough moment and that following the money brings up a lot of very substantive reasons as to why people are so angry, they don't know exactly. they don't have the knowledge, but they know that something is not right. my own work was concern about asymmetries of information. the fact that some people know things that other people don't. and that gives some people the ability to take advantage of others. ah, you can make more money. not by making a better product, lowering cost to production, which is the standard economic analysis. but by fishing for fools looking for people you can take advantage of or not creating wealth. they're actually just taking wealth. if you're somebody like the head of blackstone, i've heard of talk about the big advantages of no regulation of deregulation course, he wants to be able to exploit the people who are living in his properties ah left hand corner, yet one flak was then i say bought my flag, so i own that flower pay my more kids. the problem is the price is round here. in a foot in a ground floor, any, any flat round? it is ex dosma. yes. and they wanted to give us like a little bit of money. i say of you go, but then i left the mover of london. so i decided to, to stay with friends. most of the people that lived in that town block are still not been homes. 9 months later, 9 months later, i am now in a hostile. it the place that they could offer me could be anywhere in the country. and if i don't accept it, i become intentionally homeless anywhere in the country. well, yeah, i mean, it could be birmingham, it could be manchester anywhere. if you can treat people after a tragedy like that, the way they're treating them now. well, how does anyone have lou? i was picture myself like i'm 5 foot to i'm from this like nowhere place. and i'm trying to make a huge difference globally. i'm trying to change an entire conversation that's embedded in the way people live all around the world. and then i look back at that girl from ottawa, i'm sitting in her basement office and it's like, what am i thinking? i am i just this is this ridiculous. am i being ridiculous? a it is a totally dysfunctional system. so in the late 19 seventy's 19 eighties there developed a, i'll call it an ideology or religion. that is, marge, you solve all problems until the big winters still be big loose in the name of a calling. should the winnings be redistributed to the losers to the end? if everybody ends up where he started, it would take on the la fun out of the game. the high priest was built friedman. the big experiment was chilly. underpin o'shea, it took their dictator to really of get these ideas. they thought that if we privatized to way regulations, lower taxes, growth would go up, everybody would get more, some people get a lot more at the top. but putting aside envy, everybody would get bigger piece of a ignored the many instances where markets do not was well it was so murdered freeman gave them economic argument for why they should be unconcerned about morality. after a 3rd of a century of this experiment, we know that it's wrong that you can make money by destroying. busy the world, and there's something wrong with that. ah, if we're going to defend the cities as we know them, i can't do it alone. i decided to create a new movement called the shift so that we can come up with ideas of how to protect our cities. so it's not an angle movement. it's not a movement of just cities. it's a movement hopefully of all stakeholders. you know that i don't getting to be launching the ship here in barcelona, where the effects of financial i station have taken hold. and where there is a mayor like attica laugh. i hired a young woman, julie, who had a background in international human rights, god patent these things, and move them up. one 3rd of dest worldwide are linked to poverty and inadequate housing. get a world wide movement to reclaim and realize the fundamental right to housing. and bring people far thought of the export than if he knows that i feel like them or felony, if the quality on gonna be be in the latin, if he could feel, you know, but i see, and there was gram, this got the dallas tacoma waitress, december come in most of the you that but as i got maxime was when, if you see us i pushed the spec will are gonna be in the premium. if you see that look like i'm, i've been looking at them. blackstone, the largest private equity firm. they have more power than the state. you know, how are you? yeah, you know exactly. you're crying when we have some of these pounds trying to speak you later in the say they want to buy it a building. you buy it for you, but we do it because we have money. i'm. it's a lot of me because you're paying my part. yeah. that, that can be expensive. i'm interested to know how the investor is vulture, funds, the hedge funds, air b and b are reacting to what you're doing. in b is where the men are axial. normally we ludo moments. we had a stable bucket, not supported a, some, some groups acting like of into my peers. right now with that i don't get a few women children and to have that moment to where you can talk about your kids and talk about changing the world. one rescue another like so tiny before we got here. and now if i like the mayor on i so the question is the big question, are you asked for it? no i okay. ah. the big private equity, it has taken me some time to ask the question, where are they getting their money from? ah pension funds have a huge amount of money and they need to grow in order to make sure that the people who pay in to the pension fund have something to live on their working lives. i mission to south korea was grand. well, before i had this one piece of information, but some of the largest pension funds are right here at the national pension service, is the 3rd largest pension fund in the world. it was one of the poorest countries. and now in the 11th largest economy in the world, in 50 years, that's pretty impressive. but of course, to make that happen in a 50 year period required a kind of brutal wisdom of massive development. you have to come with a lot of people don't know how to go with to you. so you so you don't, i always will use i think we'll do is look, we'll close in his eye. so we won union yoga. hold on. do you, do you project on time? little home or to go? good love on your could you wondering how much of a but? oh lou, nobody. unfortunately we should have gotten your had well little to pay to talk will go in on repetitive. oh no one seems to know that that's where their pension money is going. no one seems to really care. i did speak with a couple of representatives from the national pension service and they were pretty matter of fact at 1st about you know what they had, what their job is and i get it. their job is to grow money for pensioners. we give our money to asset managers and they then decide sort of where it gets and best day, and so distancing themselves from it. so in other ways, it doesn't really matter where the pension money's going, as long as it's a good return. national and city governments in south korea need to make some major shift before they will be in full compliance with their human rights obligations. you know, human rights law is very specific about those types of projects forced. the vixen under international human rights is considered a growth violation of human rights. people die enforced evictions and people's lives are basically ruined. so it's not to be taken lightly. ah worry issues, you know, climate change, housing, they ought to be bedded into the fiduciary frameworks over ancient farms. pension funds are representing people who are way to retire in the you have to ask, how would they feel about this? would they feel comfortable with ody shares and a company that is that immoral? ah, i've lived there 38 years. i've paid my rent for 38 years and they're supposed to upkeep the building. they're supposed to do stuff, but the management company, as i readily admitted, there's been nothing done for 40 years. so where is all that money i've already spent? and now the new company wants me to give them more money is a familiar story with yeah, is this the same situation? is the same situation we were dealing with your so yeah, talk of the media. and this is how we the red stripe, correct mark here. in the 1st month of the rent strike and we were, we went in a month for so it's a bit of a hall, but it's worth all your time and effort. so i'm sure some research, we've discovered that this property management company has investment companies that have certain shares, and one of them turns out to be a pension. i, a government pension fund holder. so imagine you have george here on the pension, and they are taking care of money for pension holders, right? wait till they find out that somebody who's on a pension is being extorted and they're, they're pushing them out. i get back tuesday night late. you know, we're doing the shift meeting and then the mayors are going to be there and now it's pretty cool. i feel so i believe you know things can go sideways. overwhelmed? no, i don't know. a hi. i made a very nice to me to go with the left on the field. this is a me look any other corner for this? i would, i think it, we have come together. we've cds, we've partners. we'd look and government associations to build a partnership in been in be at the end of being a freshman mission. we have a window shows a shorter ga gov. you can with what a show choker yogi, english. when we bought them from what i just come down and bottle curves for me 1st please. so hopefully the, if you just don't know what you around this table do, can have a huge influence. it can guide other cities to prevent powerful financial actors and they are powerful from dismantling cities as we know them. we thought a lot about about whether it was right the right time for new york to sign onto this declaration. and we decided it really is. i mean, these are issues we're all grappling with. we do feel like it's a great opportunity to be learning from each other. so we're very excited to be part of this. thank you very much. thank you. why i don't have any pictures of you. no idea. anyway, we do need to do, we should do another piece. now, jane deadman is back from the guardian. i wonder about taking another kick, hands on financial ization. i think with the one thing the one take away that they should know is that cities around the world are shifting and publicly doing cells and level one. 0 oh, in iran, the head of a mental health hospital experiments with a bold new treatment the therapeutic power of love, the prescription roman against all odds, his patience embraced the matrimonial remedy. but can wedlock lee to becca well being on his board? the marys projects witness on al jazeera we understand the differences and similarities of cultures across the world. so no matter what lucy, al jazeera will bring you the news and current affairs that matter to you. out as in europe. ah. hello your world weather report begins right here right now with a focus on the middle east. we're going to start in the gulf of amman, where we've got psychotic storm gulard targeting southern portions of iran on saturday. press play, see where this goes on sunday, veering toward the west. omen and moscow will be in the crosshairs here. 3 day forecast for moscow shows us the rain on sunday. not a major rain maker, but the potential to see some damaging winds here with gusts of about 75 kilometers per hour. now for the middle east, we've got a shamal. busy setting up down through the gulf, so that's going to swirl around the sand and dust visibility will be a problem. places like doha on saturday and look sunday to start the day. missed in fog. so once again, a poor visibility, really the name of the game up to turkey, and we do have this breeze through the boss versus scattering of showers. i think it's stumble. could see wind gusts here of about 45 kilometers per hour, the tropics of africa. we've got some big thunderstorms, setting up for portions of the democratic republic of congo along the border with uganda and south sudan, unsettled conditions for the western cape, the eastern cape rate, up into durbin, and pretty much in the zone we could see wind gusts of about 75 kilometers per hour in time for the western cape temperatures are on the rise as we head toward next week. ah, when freedom of the press is under threat in holy con, genuinely about your false. towards the vision government step outside the mainstream has been a policy implement. system shift the focus, the pandemic has turned out to be a handy little pretext. the prime minister clamped down on the press covering away the news discovered the listening post on a just eda. the latest news as it breaks. there's millions of people who are feel good with uncertainty about what will happen with the economy, with their income and their life, with detailed coverage. so career is hoping china with considerable influence. so, but north korea to bring it back to the negotiating table from around the world below is being accused of trying to expand around the influence here. ah. george's former president mckayla that gosh, really is in custody all to returning to raleigh. the opposition for elections. ah, on money by this is out there live from day also coming up, hold and 700000 deaths from cave in 19 in the us where the delta very how spread rapidly among the unvaccinated. rather rather than 6 minutes.

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