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tv   [untitled]    October 1, 2021 4:30am-5:00am AST

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the leading. gotcha. join the stories we don't often hear told by the people who lived in all missouri. what ludwig visually along some other boxes. this is year on al jazeera ah will return to witness in just a moment, but 1st a check on the headlines and the united states as just a, voted a government shopped on stock, get funding bills been signed into law by president joe biden. it passed congress just hours before government funding was due to run out. how did your cancer with more from capitol hill? the democrats who control the house are divided on whether or not to support this bill. ironically,
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they all appear to agree that what it contains is good for the country. they support the bill, but they just don't support what time to vote on it. liberal democrats, one another bill to be voted on 1st. the bigger package that really contains, the majority of president biden's domestic agenda, which is an expansion of government that this country hasn't seen in decades. at the headlines in the u. s. is condemning ethiopia for expelling 7 senior united nations officials. washington says it won't hesitate to use sanctions against those obstructing humanitarian efforts. the you and staff have been accused of court meddling and ethiopians internal affairs, and been given 72 hours to leave. all the pretty 2000 refugees and migrants are stuck on the colombian town of nicoli, waiting for smugglers to help them cross into panama. the migrants mostly from haiti, are attempting to travel through one of the most dangerous and impossible regions in the world. the gambia is truth,
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commission has delayed the release of its final report on crimes committed during the 22 year girl, the former president ha ha. it was scheduled to submit the findings on thursday. witnesses of accused dramas, government of right, murder and torture, philippines boxing star many pack yells officially lodged his candidacy to run for president next year's election. the 42 year old was nominated by a faction of the governing pdp lavon party. last month, he announced his retirement from boxing to focus on his political career. under the constitution president rodriguez, search i can not seek reelection. he will contest the vice presidency res instead and lava from the volcano. when the canary islands is continuing to pour into the atlantic ocean side to say is the island of la palmer has, in fact expanded more than 3 square kilometers as the molten rock builds up its western shoreline, toxic gases, given off when the lava hits the ocean and so far, being blown out to sea and those are your headlines pot 2 of witness is next
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you should buy you. i'll see here and i an apple pay like all come on bean 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, i said 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. how do you even find 50000? yeah. as a buyer, you need a global financial crisis for that to occur. you're sitting around in 2011. you're
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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. it was 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 by a whole neighborhood, gentrify the whole thing, double or triple the value of the real estate,
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just because you're trying to find the neighborhood. of course everybody also. mm hm. 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 a companies like wax only, or any the big financial enterprises were the big winners in the crisis. there were the big winners in the housing market. ah, there were also 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 and, and private equity firms who then bought the, the distressed assets to make money. so it is the way that the 2000
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a crisis has played an important role, increasing wealth inequality in united states and, and other countries that have been afflicted by the crisis. it doesn't totally work as the 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 for 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 live there. i phones, i suppose now, you know, i mean homelessness is a bit different to, you know, we're seeing images of people and part of the problem then 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
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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 ised 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,
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and, and, and, and a little thing for the near buildings, the new estate which is now called elephant paul, 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, singapore, when the sound of the season, 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, read to college and so on. we're
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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 and lowering cost of production, which is the standard economic analysis. but by fishing for fools
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looking for people you can take advantage of or not creating wealth, or actually just taking wealth. if you're somebody like the head of blackstone, i've heard of dog 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 my flak was in i say bought my flag. so i own that flat on my more kids. the problem is the price is round here. in a foot in a ground floor. any,
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any flat round here 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?
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i always 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 and 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 like, am i? is this going to kill us? am i being ridiculous? a, it is a totally dysfunctional system. in the late 19
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seventy's and 19 eighties there developed a i've called an ideology or religion that margie solve all problems for still the big winners to still be big loose in the name of the common should the winnings be redistributed to the losers to the end if everybody ends up where he started, it would take on law fun out of a high priest was built friedman. the big experiment was actually underpin oshea. they took their dictator to really of let 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 the pie. ah,
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it ignored the many instances where markets do not work well. it was so milton friedman gave them an 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
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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 engine movement. it's not a movement of just cities. it's a movement hopefully of all stakeholders. you know, although i don't getting to be launching the ship here in barcelona, where the financial aid 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 gone cut and paste these and move them up. one 3rd of deaths worldwide are linked to poverty and inadequate housing. skit yeah. a world wide movement to reclaim and realize the fundamental right to housing. it brings people for thought of exposure there. if he knows that a few of them are fiona. if i speak with kathy on,
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gonna be be in the lock and see if he could feel you know, bit, i see. and there was grand. this got the dallas giacomo waitress. it december come in. most less you that. but as i got maxine was when, if you see us, i pushed the other speak louder. columbian dupree man, i'm a to see them look like i'm, i've been looking at them blackstone, the largest private equity firm. they have more power than this. they know, how are you? yeah, you know exactly. you're crying when we have some of these edge pounds trying to speculate in the say they want to buy their building. you buy it for you, but we do it because we have money. i miss a lot of me because i your friend, my part. yeah that, that could be expensive. i'm interested to know how the investors are vulture, funds the hedge funds, air b and b are reacting to what you're doing in the m b. if, when the men or next, you know, we'll, we ludo moments, we added
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a cbl. forget not so brought up and lay there like it is, didn't get one out of it. and there are some, some groups acting like authentic my peers. right now with helping you where you can talk about your and talk about painting the world from one another, not b like so tiny before we got here. and now if i like the mayor, right?
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so the question is a big question. are you out for it now? ok ah. 2 the 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 into the pension fund has something to live on their working life. i mission to south korea was grand. well, before i had this one piece of information,
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but some of the largest pension funds are right here. the national pension service is the 3rd largest pension fund in the world. it was one of the poorest countries. and now it's 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 ism of massive development is 100. how to go with a little difficult on your time. it's hard to go, you know, to, you don't pay. you told you don't pay it and you will use like if we'll do is look, we'll close it as i hope we won union yogato roll. and do you do packaging on time? oh oh you go. good love on your could you put your b?
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i'm out of a little, we all don't, will lose mobile device or to read it, which is i got from you always war the little to pay to talk will go in that 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 decides, or where it gets, and best dead ended, so distancing themselves from it. so in other words, it doesn't really matter where the pension money's going, as long as it's
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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 eviction 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, climate change housing, they ought to be bedded into the fiduciary frameworks over ancient farms.
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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 only shares and a company that is that immoral? ah, i've lived there 38 years. i've paid my redbird 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. it's a familiar story, but yeah, it's the same situation. it's the same situation. we were dealing with your so yeah,
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talk of the media. and this is how we the red stripe, correct mark here in the 1st month as a rent strike. and we were, we went in a month floor, 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 pending 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,
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things can go sideways. overwhelmed? no, i don't know. a very nice to me to a me look any other corner for this? i would. i think it, we have come together. we've cds, we've partners. we look at government association to build a partnership in be at the end be a freshman mission. we have a window shows
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a shorter ga gov. you can with what a show choker yogi english who is, who we bought them from. but i just come down. appleton 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.
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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 at the cam on financial innovation. 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 number one 0
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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 lead to becca well being on his board? the marriage project witness on al jazeera ah, with
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hello, let's not in north america. we've seen some very wet weather across central areas of the u. s. you can see the thick cloud cover this so those storms and showers are going to continue ranging all the way from the u. s. gulf coast up to the central plains. now to the west of this, we are seeing a bit of a winter mix come into play across the 4 corners, states, the snow pots, colorado and new mexico. the come saturday, that wet masses shifts off to the east. it is going to get west of some of those south eastern states on across the great lakes. we are seeing some heavier rain push into eastern parts of canada. but across the east coast it is looking fine and dry a 22 degrees in new york. 26 in washington d. c. and this isn't a story across the west coast. we are seeing fine, a dry a weather, lots of warms, coming through heat for california. if we look at the 3 day for los angeles, we're going to see the temperature well above average and lots of sunshine all the way through to sunday, not talking about heat. let's move to central america. it's hot and humid for much
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of a caribbean with scattered showers, and thunderstorms, with sunshine to rough seas as well as hurricane san. pulls off to the east of bermuda for the west. a weather though, we have to look to central parts of mexico. ah, this is one of the most astounding that in the logical revolution in all of this route make our planner great. we have to meet the c o 2 emission targets electrical meta mitchell to mid motion. they need to be mind to where people are just talking about wind and solar. if that's going to solve the problem, it won't. the world of distance and commerce is driving the energy transition. each the promise of clean energy and illusion, the top side of green energy on al jazeera. and when a hands on journalist working in asia and africa, that'd be days where i'd be choosing and editing my iron stories in
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a refugee camp with no electricity. and right now where confronting some of the greatest challenges that humanities ever faced. and i really believe that the only way we can do that is with compassion and generosity and compromise. because that's the only way we can try to solve any of these problems is together. that's why they are so important. we make those connections. ah, the u. s. congress votes to revert, a government shut down, but a showed on looms. i've a president biden's trillion dollar infrastructure bill. ah, hello again from dough however you wanna come all santa maria, this is the world news from al jazeera.


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