. >>> and carlyle, kkr, blackstone, is the sector presenting an opportunity? first let's check the s&p sectors. there you go utilities are leading the way today. financials are in the back what's up with that? >> not a good day. great day yesterday. at fidelity, our online u.s. equity trades are just $4.95. so no matter what you trade, or where you trade, you'll only pay $4.95. fidelity. open an account today. you'll only pay $4.95. you're gonna do great! thanks, dad! break a leg! aflac?! not that kind of break. oooh! that had to hurt. aflac?! not that kind of hurt. yeah, aflac paid us cash in just one day to help with our car payments and mortgage. aflac! perfect timing! see how aflac helps cover everyday expenses at aflac.com. your but as you get older,hing. it naturally begins to change, causing a lack of sharpness, or even trouble with recall. thankfully, the breakthrough in prevagen helps your brain and actually improves memory. the secret is an ingredient originally discovered... in jellyfish. in clinical trials, prevagen has been shown to improve short-

i think it could slow growth even more. >> you mentioned spanish housing, blackstone also the largest of office buildings in india, largest owner for invitation homes of individual homes in the united states what about spanish housing you're not a seller there yet or are you still buying >> no, we are still buying we generally look for things where there's a favorable supply/demand fundamental. if you look at spanish housing, u.s. housing, we need this to keep up with population and household formation. when that occurs, you see better than inflationary growth so short answer, spain, we would continue to invest in. >> for the foreseeable future. >> for the foreseeable future. >> regardless of -- >> there's still a legacy, there's still lots of real estate there held by the banks that needs to be transitioned to private ownership, because it's been held by the banks, there hasn't been capital investment we say our motto is buy it, fix it, sell it. there's a lot of stuff in spain that still needs to be fixed. >> given already we are running during our time quickly, i do want to move thr

we thought blackstone bought it for much less than it's worth. it went out 43.50. had an offer eight months before blackstone bought it at $70 on a stock-for-stock basis. i wasn't in love with the business, thought blackstone got it cheap kept my eye on it. it's gone okay. >> where are the buys? >> well, the buy was -- >> got seven turns of leverage ridiculous. >> bonds at 85. >> yeah. but i was in love with it. >> you think blackstone would do that deal again? >> no. but taken the public originally. in this short occurs to me if i don't get the short, but i get the short. here's why my down side is, deal price. that's $45 if the deal breaks, costs blackstone a couple hundred million to walk away they may say -- >> kkr. >> sorry the other thing about these companies which i don't like is, if you go into an emergency room chances are it's outsourced completely to team health or invision guess what anybody walks into an emergency room, go the to treat them bad debt expense, 14%. any company runs a bad debt expense like that is in trouble. >> you would hate a roll-up

john blackstone has the story. >> reporter: more than 30,000 people cross the u.s.-canadian border here in blaine, washington every day. for most travelers it's a trouble-free experience. but for some canadian businesspeople that seems to be changing. >> doesn't look like i'll be entering your country for --

blackstone group making a dent in its war chest of cash.native asset manager invested more of the money sitting on the sidelines in the second quarter. blackstone still has $88 billion of so-called dry powder left. the economic net income beat estimates. it features realized and unrealized investment gain. s&p's that on the cloud business is paying off. the software giant raised its outlook for this year and next, as they cited accelerating cloud sales. the covenant says the new cloud -- been growing faster than has been growing faster this quarter than in the first. jason: big meeting come as we've been talking about, down in washington today at the commerce department. all about tariffs and the automobile industry. joining us from washington is ambassador david o'sullivan, he is the eu ambassador to the united states. thank you so much for being with us. looking forward to hearing what you have to say later today. give us the pitch that you are going to make when you testify there at the commerce department. ambassador o'sullivan: good mo

we will see if blackstone tries to get more than that.hey are aiming for more than $20 billion. >> guggenheim, striking a deal to bolster its restructuring and liability management practices. the financial terms were not disclosed, but it was announced the cofounder will join as cochairman of guggenheim securities. talk us through how this fits in with your view that we should be preparing for a downturn in the economy, a recession could be forthcoming next year or in 2020? >> in our firm, it helps diversify the mix on the security side. we are representing disney in the acquisition of fox. we have a lot of great m&a capability, but what happens if i am right and we ultimately do have a recession, and m&a falls off? being able to do the restructuring that jim has made a name for is a great way to enhance our business and reduce the cyclicality. ♪ scarlet: you are watching "bloomberg best." i am scarlet fu. as if trade tensions weren't making investors anxious enough, the yield curve is under close watch as it continues to flatten, which h

>> which of the private markets people >> griffin >> well, john gray has a new role within blackstonepromoted to president i'm interested to hear how he plans to navigate blackstone he has a real estate background. how will he use that as blackstone's president the guy operating the company and obviously it's a very interesting time to take the helm of the biggest privatity equie -- private equity guy in the world. he's now the guy, not the guy behind the guy he's the guy >> he's the guy. he has some people to report to, but he's the one keeping the trains on the tracks >> there we go big day. get ready. >> big day >>> could be a good day for your money and markets. futures are not soaring, but they are higher now. dow futures indicated up 28 points nasdaq is what everybody is watching yet another new high nasdaq stocks up a couple percent in a couple weeks. let's bring in chad morganlander from washington crossing advisers their firm eventually advising clients to go underweight u.s. equities you're going underweight u.s. equities at a time when everybody continues to buy stocks, or

blackstone seeking $20 billion for its next fund.where credit is due, goldman tripled its credit portfolio this year. now, wall street wants to emulate. and the reckoning for wall , the mistreating a cultural shift on the street -- demonstrating a cultural shift on the street. david: joining us now, jason kelly. let's start with blackstone. >> you knew we had to talk about this. david: how much money is sitting out there right now? >> it's incredible. there's roughly $1 trillion that needs to be put to work. blackstone is only a third of the way through their last fund. there's a sense that they are in a bit of a hurry to take advantage of the fact that people are still willing to give money right now at this point in the cycle. they will have to put a lot of money to work. david: the valuations may be high. if there's a downturn come in will be hard to get the money. -- if there's a downturn, it will be hard to get the money. >> exactly. alix: there's even more money you can play with. >> exactly. theysee this $1 trillion, see black

john blackstone spoke to some people who've had enough. >> reporter: as the cost of living soars in sangan sweet plans to make a few dollars with a garage sale before moving out for good. >> i've been in san francisco since the '70s. and it was a wonderful place to be, you know, in my 20s and 30s and 40s. but now that i'm in my 60s, i mean, i can't even afford a cup of coffee anymore. >> reporter: now that rebecca worth and her husband have a new baby, they need a two-bedroom apartment. but they can't find one they can afford. >> a lot of our friends have moved deeper into the east bay or to l.a. or portland. >> reporter: the fair market rent for a two-bedroom apartment in san francisco is $3,100 a month. the median home price is $1.6 million. in san francisco a family of four with an income of less than $117,400 a year is considered low-income by federal housing authorities. compare that to houston, where low-income families earn slightly less than $60,000. san francisco's wealth largely built on well-paid tech industry workers is leaving virtually no part of the city untouched by deve

john blackstone is there. >> reporter: firefighters in northern california endured back-breaking work as they rushed to contain the unrelenting county fire in 90-degree heat. it's got to make your work tougher too. >> it does, but at the same time, we have our built-in air conditioners as we're sweating like you probably are. >> reporter: and they're trying to keep the massive fires away from homes. firefighters set this area to burn off fuel on the ground. this is part of the band of containment that will eventually stop the fire. it's lrds scorched nearly 0,000 acres and threatened more than a thousand home and businesses and we're only days into the official fire season. >> it's pretty much fire day every day these days. >> reporter: cal fire's jeff adams says this new reality is taking its tolls on thousands of firefighters in what's shaping up to be one of the record-breaking years. >> it causes chaos in their home life, and doing it year in and year out, it causes fatigue. >> reporter: in colorado firefighters are battling nearly a dozen wildfires including a fast-moving blaze n

john blackstone is there. >> reporter: fire-fighting helicopters flew into thick smoke from a wildfire burning acres in sacramento. nearly 3,000 firefighters have been working around the clock building backwalls in an effort to keep the flames at bay. the wildfire is threatening more than a thousand homes and buildings. hundreds of residents were told to evacuate. >> it's a little nerve-racking because grass fires move so fast. >> reporter: the fear now is that the fire could take over a mountain highway used by travelers to get to lake berryessa, a holiday destination. >> we have had zero launches, zero rentals, zero commerce. >> reporter: wildfires also continue to rage in colorado where the spring fire alone has devoured an area larger than the city of detroit as well as destroying more than 100 homes, and in utah they're urging more residents to leave. back here in california's yolo county, chris turkovich worries about his family's vineyard. >> the grapes will absorb some of that smoke, and that's a big problem. >> reporter: persistent heavy smoke is blanketing the mountains here,

. >>> and coming up on "cbs this morning," john blackstone takes us to a silicon valley company that's about to make flying cars a reality. i'm anne-marie green. this is the "cbs morning news." that's about to make flying car as reality. e i'm anne-marie green. this is the "cbs morning news." ♪ [engine accelerating] ♪ get outta the way! ♪ they've gone wild! ♪ saddle up! ♪ toyota. let's go places. and i am a senior public safety my namspecialist for pg&e. my job is to help educate our first responders on how to deal with natural gas and electric emergencies. everyday when we go to work we want everyone to work safely and come home safely. i live right here in auburn, i absolutely love this community. once i moved here i didn't want to live anywhere else. i love that people in this community are willing to come together to make a difference for other people's lives. together, we're building a better california. >>> our top stories this morning. president trump attends the second day of the nato summit in brussels. yesterday the president blasted allies over defense spending and questione

cbs corresponded john blackstone shows us for the past nine years, developers have been working quietly on the project at a secret silicon valley location. >> reporter: marcus lange called his invention a personal aviation vehicle. an electric aircraft so easy to fly, he says, you need little training, and no pilots license. >> when you press the thumb stick, to climb with this, you have absolute full control. >> reporter: lange gave cbs this morning and exclusive tour of the secret silicon valley facility with a crafty calls black fly being built. his breakthrough invention, >> what we will do is we will reverend it up. >> reporter: is a small but extremely powerful electric motor. >> this could produce 130 -- >> reporter: lange claims the eight motor singleseat aircraft is actually -- has actually flown thousands of miles in test flights controlled from the ground before they ever put people in the cockpit. >> we first flew 10,000 miles, we did 1000+ flights. all autonomous. and, we had a payload of 200 pounds. >> what are the safety features? >> you have to start off with the technol

. >> i'm john blackstone. flies has been around for as long as most of us can remember. now a silicon valley company says that dream is about to become a reality. we'll show you people flying around in this coming up on "cbs this morning." >> i don't know if i'm ready for it. >>> if you're on the go subskrip to our cbs this morning podcast. hear the day's top stories and what's happening in your world in less than 20 minutes. how is that for a deal? you're watching "cbs this morning." l. you're watching "cbs this morning." they appear out of nowhere. my secret visitors. hallucinations and delusions. the unknown parts of living with parkinson's. what plots they unfold, but only in my mind. over 50% of people with parkinson's will experience hallucinations or delusions during the course of their disease. if your loved one is experiencing these symptoms, talk to your parkinson's specialist. there are treatment options that can help. my visitors should be the ones i want to see. oh, look... my visitors should be t

john blackstone is there. s> reporter: today firefighters in northern california endured back breaking work as they rushed to contain the unrelenting county fire in 90 degree heat. got to make your work tougher. >> it does but at the same time too we have our natural built in ouc. as are you probably sweating like we are. >> reporter: right now crews are fighting fire with fire to keep the massive inferno away from igmes. rois is an area that was burned intentionally, firefighters set y, alight to burn off fuel on nde ground. this is part of the band of containment that will eventually stop this fire. it's already scorched 90,000 acres and threatens more than a thousand homes and businesses and we're only days into the official start of the fire dason. >> it's fire season pretty much every day in california these days. >> reporter: cal fire's jeff adams say this new reality is taking a toll on thousands of firefighters in what is shaping up to be one of the busiest years on record. >> bringing these men and wo

they are heavily steeped in william blackstone's commentary. henry care's treatise. they are reading these sources on english law about how great the english habeas corpus act is. henry care put it on par with carter and the english bill of rights as one of the greatest protectors of english civil liberties. william blackstone called the english habeas corpus act nothing less than a second magna carta. so the american founding generation they're reading about these civil liberties that englishmen enjoyed in england. but they are being denied here in the colonies when massachusetts and new york attempted to adopt the habeas corpus act as their own, they met with the royal veto. the king said those protections do not apply in the colonies. in the lead-up to the american revolution, what we see is a lot of evidence that this is a really big deal to the colonist. so the continental congress in 1774 complained that the americans have been denied trial by jury and denied the protections of the english habeas corpus act. they labeled the british government as an arbitrary g

>> golodryga: john blackstone in yolo county, california.ell, we have an update tonight on a man and a woman who became critically ill in britain last saturday under mysterious circumstances. it turns out they were poisoned sb the town of amesbury by the same nerve agent used on an ex- russian spy and his daughter, enst seven miles away. charlie d'agata is following it all. >> reporter: british media have heentified the victims as dawn sturgess and charlie rowley, fighting for their lives. tonight, scotland yard confirmed what many had feared. >> following the detailed analysis of those samples, we can confirm that the man and woman have been exposed to the nerve agent novichok. >> reporter: the same nerve agent used to poison double agent sergei skripal and his daughter yulia in march, an attack britain blamed on russia that triggered international condemnation and eventually led to the expulsion of hundreds of u.s., british, and russian diplomats from both sides of the f ght. u.ramedics rushed to this home on saturday morning after receivi

john blackstone shows us who rules the roost in silicon valley. >> they're fun, they're funny to watchnk it is a stress release. >> reporter: scott vanderlip's chickens make themselves right lv home. >> are you going to come in the guse? >> reporter: the software engineer believes he's found the perfect antidote to computers and code, and has the big data to prove he's not alone. >> there are thousands, maybe 10,000 chicken coops in silicon valley. i mean, there are... , reporter: 10,000! >> ...there are a lot of coops. >> reporter: online, companies are hatching plans for do-it- -ourselfers to build stylish backyard coops. but in the million-dollar backyards of silicon valley, the coops and the chickens are really something to crow about. ( chickens clucking ) an she is a giant blue cochin, me of my favorite breeds. i built this... this coop oopecially for them. >> reporter: this is not your average chicken coop. >> no, no, it's not. and it's right off of my kitchen, and i wanted something beautiful. >> reporter: laura menard's custom-built chicken coops have antique stained glass win

david faber interviewed john gray from blackstone and asked him why has the stock not appreciated moret gives if there are so many wonderful things, why doesn't wall street appreciate it? >> there are three great mysteries in the world one is what existed before the big bang nobody knows second, is there an afterlife and what is it like if there is, nobody knows and third, why do equity firms not trade at a higher price. to me, those are the three great mysteries of the world the answer to the first two, i don't know i'll tell you why they don't trade as well as we'd like them to it's been a business when you say to your investors when the business first started, pay us a small management fee to cover our costs but give us 20% of the profits. that was an enormous change in the world of money manage. for 200 years, you got a fee when the money was managed and didn't get a piece of the profits. private equity people said give us 20% of the profits so that's how our business has been grown and why people give us money, because they want us to be incented to get this high. when you're publ

john blackstone has the story. >> reporter: more than 30,000 people cross the u.s.dian border here in blaine, washington every day. for most travelers it's a trouble-free experience. but for some canadian businesspeople that seems to be changing. >> doesn't look like i'll be entering your country for -- well, maybe never and certainly not for a long time. >> reporter: banned for life. >> banned for life. >> reporter: sam zaimer is a vancouver, canada-basedle fve0 . recent he put a few hun thousand dollars into legal american cannabis companies. in may, when he attempted to drive across the border, he was flagged for secondary inspection and questioned for four hours. >> to my shock and horror i was told that i was deemed to be inadmissible to the united states because i was assisting and abetting in the illicit trafficking of drugs. they never asked whether i'd consumed marijuana. the only thing they're interested in is that i've been an investor in u.s.-based cannabis companies. >> reporter: what's it like to be banned, banned for life from the united states? >> i

seven months ago, blackstone dissolve the partnership with their investment partners. made bank loans to small and midsize companies. they plan to amass $10 billion of equity and debt capital over the next several months. steve ballmer became famous for his high-energy performances while he was ceo for microsoft. the billion or -- billionaire has not changed. i yell and scream and become a little more moderate so i preserve my vocal cords. it certainly can be a problem when you're yelling, yeah, let's go. it can be an issue. i like the little taste of the ballmer energy. you can watch the entire interview on the david rubenstein show on 9 p.m. new york time on bloomberg tv. scarlet: that is just below the surface. julie: he was ready to explode there. [laughter] that is your business flash update read joe: coming up, -- update. joe: coming up, what you need to know for your trading day tomorrow. this is bloomberg. ♪ g. ♪ scarlet: "what'd you miss?" u.s. starks largely gained although the nasdaq -- oh look, it didn't do it. a little change there. don't miss the blacksto

john blackstone has the story. >> reporter: the las vegas that most visitors see is glittering and opulentty where there seems to be more than enough of everything. especially food. in a lavish banquet room at the aria hotel lunch is being served to 1,300 people atengd a conventi convention. but away from the vegas strip -- >> get ready to open up the doors and feed the masses. >> reporter: the dining room at catholic charities serves those who don't have enough food. >> we serve a free meal to anyone who needs it. >> reporter: deacon tom roberts is ceo. >> there's probably more food consumed in las vegas per capita any other placeth world. and here we serve 1,000 people every day in this kitchen. the numbers frankly are the leftover food from mgm's las vegas hotels has been used to feed pigs. yal masadiki is vice president of sustainability for mgm resorts. >> a better use is to feed people. >> but there are some challenges to doing that. >> sure. the process to collect surplus banquet food is complicated but we think it's something worth figuring out. >> reporter: complicated because foo

john blackstone, cbs news, yolo county, california. >>> these california newlyweds found a silver lining in the smoke from the county fire. they used it as a backdrop for this photo. it was taken saturday night at the table ranch vineyard in yolo county 10 miles from where the fire started that day. >>> firefighters in colorado are battling nearly a dozen wildfires including one that's destroyed at least three homes near aspen. officials say it was started at a gun range by two people firing tracer rounds. they have both been charged with arson. >>> california lawmakers and immigrants rights activists are celebrating a ruling upholding two of the state's sanctuary laws. the trump administration wanted to overturn a law limiting the ability of law enforcement to cooperate with immigration officials. yesterday a judge denied that request. he also said that he will not stop the law allowing the state to monitor certain immigration detention facilities. the judge did put the brakes on another law that prevents employers, however, from cooperating with i.c.e. without a warrant. >> we were dis

well, john blackstone visited a secret facility in silicon valley where they are working to make the dream of flying cars come true. >> reporter: marcus lange named his electric-powered aircraft black fly. it's easy to fly, he says, and requires no pilots license. >> when you press the thumb stick to climb with this, you have absolute full control. >> reporter: at the silicon valley headquarters of his company called opener, lange showed us his first flying machine. >> there is nothing fancy here. the pieces here is styrofoam. >> reporter: mate have been crude, but it got off the ground back in 2011. invention.success was his >> what we're going to do is just run -- >> reporter: a small but extremely powerful electric motor. thinking can produce 100 -- >> reporter: someone else seems to have been blown away by lange's invention, larry page, the billionaire co-founder of google, who became the major investor in opener. page has also invested in two other ventures developing flying cars. even uber is promising flying taxis in a few years. but lange's blackfly seems to be set to be the

are is blackstone is all those people just extracting equity leaving a hollow shell what we're seeing here is probably a better model i think let's discuss it nobody discusses it on the news in america but the purpose of tariffs is not to make products more expensive for consumers though that can be a consequence the purpose is to motivate manufacturers to invest and produce more in the u.s. thus changing the equation for offshoring that corporate america has pursued with relentless passion for decades this aspect of the tariffs is going to last in much like the hysteria your stance your policy on this where maxine waters on this where are the left democratic leaders on this you know why are they electing far left socialist democrats now you know because they just refuse to look at the basic numbers and obviously put a high paying jobs back into america increasing people's wages they can still buy the same stuff but they have the dignity of not being heroin addicts because a frickin liberal nonsense all right well we got to take a break we'll be back don't go away. trumpy and kind of

blackstone group is making a dent in its war chest of cash.et managere invested more of the money sitting on the sidelines in the second quarter. blackstone still has $88 billion of so-called dry powder left. your bloomberg business flash for this hour. caroline? just about three or four minutes to the close of trading. i am looking at how europe is performing. but the higher, oil and gas helping it, but media is the worst performing industry group. this is bloomberg. ♪ phones have made our lives effortless. streaming must see tv has never been easier. paying for things is a breeze. and getting into new places is even simpler. with xfinity mobile, saving money is effortless too. it's the only network that combines america's largest, most reliable 4g lte with the most wi-fi hotspots. and it can be included with your internet. which could save you hundreds of dollars a year. plus, get $150 dollars when you bring in your own phone. its a new kind of network designed to save you money. click, call or visit a store today. caroline: from bloomberg e

instant gratification. >> john blackstone, colorado, california. >>> the company behind this is calledopener, and just in the last hour or so opener revealed that his major investor is none other than larry page, cofounder of google. >> it looks like a giant drone, but everyone i know who has owned a drone has crashed it. so, i guess it is safety, safety, safety. >> a lot of the features in this are like those that are in self driving cars, to help you do things without having to control them. that is one of the magical parts about it. >> no pilots license or training -- just a joystick. >> off you go. >> i want to be the first on the block. if i can afford it, right? >> give it a try, suv. >> thank you john, i appreciate it so much. ♪ >>> paul is here for look at the weather. >>> it makes you wonder, if you are the parent of a six or seven-year-old, will he be driving a car when they get their license? or, perhaps something else. around here, our weather is driven by something new, tropical moisture. you notice the cloud cover, let's look at the highs, which made it to the 90s inland,

john blackstone shows us the high stake standoff over one scenic stretch of coast. >> in california, law, the state's entire coastline is open to the public. but at this beach near santa cruz, there's a locked gate and the key costs $100 a year. the battle to keep california's beaches open coming up on "cbs this morning." >>> if you're on the go, subscribe to our cbs podcast available on apple's podcast app or wherever you like to download your podcast. hear the day's top stories and what's happening in your world in less than 20 minutes. you're watching "cbs this morning." teach them to smile, and they'll smile at the world. teach them to love themselves, and they'll love others. teach them they are special, and you'll be amazed by what they do. alcohol based mouthwash burns. and that could leave you with... burn face! but colgate total mouthwash is different. it kills 99% of germs without the burn of alcohol! kill germs without the burn. try colgate total mouthwash today! alice loves the smell of gain so much, she wished it came in a fabric softener too. [throat clears] say hello t

as much an urban fixture as brick sidewalks and have been for years ander pps you've heard mike blackstone playing in his favorite venues and someone in the nearby office eas complained. >> they c out and complained when they were having meet national there and came out and told me could i cut it down. >> blackstone says that's not a problem. well, i would just leaveitnd wa and come back. >> and folksnd who live a work in other parts of d.cm say the prob much worse for them. gallery place and zoning and culture. a popular place to play live. >> they can't hear in their its. can't hear their t.v. or anything because the noise is so load. >> council member jack evans is among t sponsors of the amendment act of 2018 and that would put decibel limits in part on how loud it is 100 feet in any direction. >> oh, it's just a balance between the people w live there. >> others think it's not such a sound idea. >> it's great for tourists. it's great for passersby and a great sound. >> it's a touchy issue for residents. there's a petition in support of the bill circulating, but most don't even wanto t

john blackstone, kpix5. >>> still to come, we'll take you inside a unique bay area summer camp. >> it's called inclusion films and it's giving kids with autism and intellectual disabilities a ticket to hollywood, the famous name behind the groundbreaking program. >> a call of fire causes an animal sanctuary to make a preemptive strike, its big purchase from a local fire department. >> a golden glow to close out sunday evening with beautiful blue skies around the bay area, the forecast coming up after the break. i, i think i'm as ready as i can be. i'm ready. but, clearly, i'm a little nervous. there are so many expectations. like, on the sticker, "city mileage this, highway that." uh, that's a lot to live up to. but i heard no gas gets better mileage than chevron with techron. yeah, no better mileage. it's proven. so that's a confidence builder. it's proven; no gas gets better mileage than chevron with techron. care for your car. so much for my new car smell, guys. this one was spotted taking advantage of a fan in the town of ajo. that's about 40 miles from the m >>> you know it's hot i

ramy: blackstone is said to be nearing a first close of $3 billion for its firstenergy fund.s energy partners will start investing after closing the around. the fund was targeting $4.5 billion, the same as it on a 15 predecessor. blackstone's total assets ridged -- reached a record $450 billion in the first quarter. ♪ in the first quarter. ♪ phones have made our lives effortless. streaming "must see tv" has never been easier. paying for things is a breeze. and getting into new places is even simpler. with xfinity mobile saving money is effortless too. it's the only network that combines america's largest most reliable 4g lte with the most wifi hotspots and it can be included with xfinity internet. which could save you hundreds of dollars a year. it's a new kind of network designed to save you money. click, call or visit a store today. >> 7:30 a.m. wednesday in hong kong. it's sunny out there today, but of course new developments of the trade war potentially escalating further here with the u.s. now targeting $200 billion of goods to put tariffs on. ramy: 7:30 p.m. here in new

john blackstone is in yolo county near sacramento, john, good morning. >> reporter: good morning.ighters from across much of california have come to battle this blaze which is now entering its sixth day. so far, it's about 27% contained. but there are fears shifting winds and triple digit temperatures by this weekend could make things worse. fire crews in rural northern california are tackling steep and rugged terrain to battle the county fire. the inferno that began on saturday has now burned through more than 86,000 acres. daniel sanchez is with cal fire which is directing nearly 3,000 firefighters working to control the flames threatening more than 1,000 homes and buildings. >> as it tibs further, it's going to be harder and harder. there's no roads so bulldozers are cutting their way in, trying to finish it off. >> reporter: thick smoke made flying especially challenging for helicopters assisting firefighters from overhead. in colorado, basalt, near aspen, they shuttled lake water and retardant over the lake christine fire after shifting winds caused the flames to explode abov

cbs news senior west coast correspondent jack blackstone has the latest. >> what is the big challenge for these firefighters? >> the guys have been on for a long duration of time. as you see, the terrain starts to get steep and access to this is very difficult. >> a lot of work for the helicopters. >> yes. right now, they seem to be doing a decent job but as it continues further, it will be harder and harder to get to its. there is no roads out there. we will try to get our troops in there to finish it off. >> afternoon wins seem to be picking up here making the job more difficult who already have tough terrain and more smoke. more of that smoke may be billowing down towards the bay area. >> some good news from the fire in like county. it is up to 90% contained, 50 structures are still threatened right now. 22 had been destroyed. the fires burned 15,000 acres since it broke out 10 days ago. more this afternoon of a new fire burning in colusa county. the stony fire started around one this afternoon. it is about 60 miles northwest of clearlake. it has burned 75 acres. >> cleaning up bay

lawyers at the revolutionary era used was blackstone's commentaries, and blackstone described how the jury within the larger context of the judicial branch, the jury was a defense for regular people -- not against the government, interestingly -- possibly against the government -- but also and perhaps more importantly against the more wealthy and powerful citizens. it was set up so that the courts would provide equality between an ordinary american citizen who was being run over by a big, powerful, wealthy american citizen and that they'd be treated fairly. it would be the chance where you could stand up against wealth, where you could stand up against power, and even if they controlled the legislature, even if they controlled the governor, you still had your shot before that jury of your peers and in those courts. so that's the context for looking at these judges who are being put forward by a special interest apparatus of perhaps unprecedented power in our country's history, certainly unprecedented power in our country's history since teddy roosevelt broke the back of the big trusts

blackstone, beating street forecast for the second quarter.income of 90 cents per share that beat consensus estimates of 75 cents, earnings up 55% from a year ago. we heard from had the coo of blackstone yesterday. >> we're looking at sectors or areas where there's better values. so we tend to be scale players in almost everything we do, so larger size deals that involve public companies for us tends to be more interesting, things whereas i said, we can go in and intervene or situations where industries, tech enabled services where we see real growth, places like india where we've seen really great fundamentals on the i.t. side, business processing side. i think you need more conviction in this environment and you go in this environment from sort of buying everything, let's say, five or six years ago where you could be more comfortable to be much more narrowly focused in where you'll deploy capital. >> shares of blackstone this morning down just marginally. >>> when we come back this morning, we will get back to the broader markets. >> they ju

are is blackstone is all those people just extracting equity leaving a holiday l. what we're seeing here is probably a better model i think let's discuss that nobody discusses it on the news in america but the purpose of tariffs is not to make products more expensive for consumers though that can be a consequence the purpose is to motivate manufacturers to invest and produce more in the u.s. thus changing the equation for offshoring that corporate america has pursued with relentless passion for decades this aspect of the tariffs is going to last in much like the hysteria and worse nancy pelosi on this earth maxine waters on this where are the left democratic leaders on this you know why are they electing far left socialist democrats now you know because they just refuse to look at the basic numbers and obviously put a high paying jobs back into america increasing people's wages they can still buy the same stuff but they have the dignity of not being heroin addicts because a frickin liberal nonsense all right well we got to take a break we'll be back don't go away.

are is blackstone is all those people just extracting equity and leaving a hollow shell what we're seeing here is probably a better model i think let's discuss it nobody discusses it on the news in america but the purpose of tariffs is not to make products more expensive for consumers though that can be a consequence the purpose is to motivate manufacturers to invest and produce more in the us thus changing the equation for offshoring that corporate america has pursued with relentless passion for decades this aspect of the tariffs is going to last in much like the hysteria and worse nancy pelosi on this earth maxine waters on this where are the left democratic leaders on this you know why are they elected in far left socialist democrats now you know because they just refuse to look at the basic numbers and obviously putting high paying jobs back into america increasing people's wages they can still buy the same stuff but they have the dignity of not being heroin addicts because a frickin liberal nonsense all right well we got to take a break well it back don't go away. by too many clubs o

blackstone's dso capital partners dissolved a partnership with fs investment and since then, they havemaking nonbank loans to small and midsize companies. gslmberg has learned that plans to amassed tens of billions of dollars of equity and debt capital in the next several months. hyundai has joined up with amazon to bring car buying into the digital age. the korean company's modernizing its retail operations with a digital show room on amazon. to checkws shoppers inventory, prices, and read in germany, hundreds of tesla model s owners will have to repay a $4600 electric vehicle subsidy. a government agency decided the luxury cars are too expensive to qualify for the program. tesla says it will appeal the decision. the company covers half the cost of necessities, and says will -- it will cover that until the matter is resolved. steve ballmer became famous for his high-energy performance, screaming while he was at microsoft. the billionaire has not changed. he now owns the and bas los angeles clippers -- the nba's los angeles livers. he says even though he has calm down a little bit, he

john blackstone reports. >> reporter: firefighting helicopters flew into thick smoke today, battling's burned more than 80,000 acres in three rural counties west of sacramento. nearly 3,000 firefighters have lighting backfires and building a containment line. in an effort to keep the flames at bay. the wildfire is threatening more than 1,000 homes and buildings. hundreds of residents were told ev >> it's a little nerve-wracking because grass fires move so fast. >> reporter: the fear now is that this fire could overtake a mountain highway that's used by travelers heading to nearby lake berryessa, a popular holiday destination. intense smoke has already snuffed out 4th of july celebrations here. >> we have had zero launches, zero rentals, zero rusts. >> reporter: wildfires also continue to rage in colorado, where the spring fire alone has devoured an area larger than the city of detroit, as well as destroying more than 100 homes. and in utah officials ordered more residents to leave as firefighters struggled to contain fast-moving flames east of salt lake city. back here in california'

john blackstone has the story of one mentor who did a lot more than help a young man become a cop. >>father was incarcerated. he wasn't there. actually incarcerated a couple months before i was born and was in for a little over ten years. >> reporter: for daniel rodriguez it could have all turned out differently. at an early age lessons in law and order turned into motivation. >> there was no resentment about law enforcement? >> no. honestly, no. never once did i feel resentment. i knew they were doing their job, and even then when he was arrested they would come and talk to us and comrt to them. >> reporter: as a teen he joined the police explorers program for aspiring officers in garden grove, california south of anaheim. >> some kids run into trouble. you were running away from trouble. >>ee. i was trying to. i think i needed somebody to vent to about things and just made me feel so much better to be able to to go home and talk to someone about .>> rep teo me out to be a good listener. >> daniel in his mind selected me, and i had no choice in it. it's step up and be that person in