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bu plus blackstone up another 4% today. but 75% yeerd to date does it have room to run we debate that but first -- >> i.c.e. >> is that the federal reserve is that what it's feeling right now? under pressure it should be under pressure no it's not >> it will come. between the ecb relaunching open and monetary easing and the president tweets urging the bone heads of the fed to cut rates, does the fed have no choice but to move in that direction, guy. >> i hope that's not the case. i hope they -- back in october jerome powell when he first started in job he said we are going to do what's right for the united states and for the economy. and i really felt he was on the right track. he was going to raise rates in a systematic way and reduce the balance sheet. that was the right thing to do in my opinion. i still think that he did a complete 180. are they under pressure to do this we talked about it tweeted about it, hottest number in 11 years i don't understand why with inflation rising without question, and with the greatest ec

the executive vice chairman of the world largest alternative asset manager, blackstone group, joins us right here in sydney. i want to come straight back to waschart that shery showing. that overnight repo rate spiking, howling at the effective funds rate with it. we have the new york fed conducting an operation, another one to come, but is the repo market broken? how much of a concern is this? >> i don't think the repo market is broken at all. this kind of thing used to be common. i think it is important to remember the rate spike looks very scary, but it's only ofrnight, so the actual cost the system is not high. it's more of a concern to dealers. it's a technical problem, very short-term that the fed is addressing. i think the fed wants stability right now above all else, so i'm not surprised that they stepped in. paul: we can accept the fed got into this by purchasing $2.5 trillion with the treasuries in the wake of the global financial crisis. what is the plan for getting out again? getting out isr the big unanswered question. it is one thing to stop purchasing as they have done,

of excellence from growing up in philadelphia to building blackstone into the world's largest private i succeed my basic answer is always see the same i see unique opportunity go for it with everything i have i never give up joining me right now is the blackstone chairman. dagen: steven schwarzman congratulations to you great to see you. >> thanks, maria always great to be here. >> you are now, number six on amazon? >> yeah, in a day. >> pretty amazing, the book just came out yesterday, check it out because they see are real lessons for success, i love the fact that you built this incredible powerhouse in blackstone, 545 billion dollars in assets under management you talk about in the book coming from modest beginnings mowing lawn in daddy's store philadelphia write about close calls brak monday you started firm pete peterson public 2007 before crash buying sam zel commercial real estate empire, tulz about close calls what do you think it does take, to achieve the success that you have? >> well, a lot of close calls. and it sort of proves the point, that when something is there to be

i think we have kammy blackstone from at & t. i'm assuming, ms. blackstone, that at&t is part of this association of northern california's joint policy -- i didn't even know that existed -- joint pole association; correct? >> indeed we are. >> supervisor fewer: and i'm assuming, ms. blackstone, that you are joint owners of these -- some of these 22,000 jointly owned utility poles; is that correct? >> indeed we are. >> supervisor fewer: okay. >> good morning, supervisors. thank you very much for having this hearing. my name is kammy blackstone and i am the director of external affairs for at&t and looking forward to this presentation. i'm here not only as a director of at&t but a city long-time resident of san francisco. i'm a part of this community that has concerns about overhead wiring. i wanted to start by presenting some basic facts about poles in california. you've heard quite a bit already from the cpuc and pg&e. just to go over it again, you're looking there in this slide just some basic facts about the poles in california. we are in the co

still ahead, where blackstone is deploying capital.one's ceo on business since brexit. all that to come from bloomberg's global business forum. we begin with our cover story. mcdonald's ceo once a big macs to keep up with big tech. -- wants big macs to keep up with big tech. a simpleld's offered menu of hamburgers and soft drinks produced cheaply on an assembly line. this helped spark the $600 billion modern fast food industry as one of the most iconic brands of all-time. in 2013, earnings began to stagnate as diners ditched the golden arches for new burger upstarts. ceor easter book came on as and pushed mcdonald's to make its next big. so far, his plan seems to be working. at some locations, orders placed on the app are automatically prepared the moment a customer comes within 300 feet of a store. in the drive-through lane, a company is testing technology that can scan your license plate and suggest food based on previous orders or shake the menu based on whether. from kiosks inside the stores, diners can customize their burgers into

, the outperformed of a blackstone tends to skew some of that but the question is is today's news thatrgo is a catalyst to see a rerating for a stock obviously derated substantially? remember this company used to trade at a premium to the other money center banks i don't think so i think there is so much jury still to be proven let's lead with actions. lead with activity, see if you can win back the trust because right now in company should be trading at a discount and will continue. >> there are investigations and consent decrees open and wells fargo. >> you know in sports, mel, sometimes you want to hire a manager. >> by the way, why did you start that as if mel knows nothing about sports we talk sports all the time. >> all the time. >>s the that wasn't the tone. >> maybe he was just man explaining to me. >> i don't know what that means man explaining no, in sports sometimes like to hierpg the energy and the first chase no second choice. it was like when i was dating. all my choices -- but then you. >> linda is lovely. >> no, no sometimes you wind up with somebody who you might not h

john blackstone, cbs news, san francisco. >> ninan: outrage in arkansas tonight after the death of a 47-year-old woman who drowned while delivering newspapers. the woman called 911 after accidentally driving into high water. but the dispatcher who took her call offered little sympathy. well, the defense department has identified an army soldier killed in america's longest war. sergeant first class dustin b. od died from wounds sustained in combat operations in zabul province afghanistan, two days ago. sergeant ard, a green beret from hyde park, utah, was 31 years md. a u.s. missile strike today reportedly killed at least 40 jihadists. the attack is said to have targeted a meeting of jihadist leaders in the syrian province of idlib. holly williams reports on the unending violence in that war- torn land. ( explosion ) >> reporter: in idlib today, the warplanes rained down death. more than three million people live in this corner of syria, and, after eight years of civil war, many have nowhere left to run. in this dank bunker, we found children hiding from the insanity above. so, this f

a -- on reports that blackstone may be looking to purchase two properties. back in january that vegas based form an independent committee to look at ways to extract value from real estate. if you want to look at a chart that i am showing on the terminal, it is interesting because mgm resorts international does get about 77% of the revenue from the u.s. macau gaining revenue that has been taking off much more so than vegas gaming revenue. enough, macau casino, they do get about 15% of their total revenue from that. maybe a good strategy to be focusing in on that as macau makes up the biggest portion of their overall revenue. us, bloomberg's sarah ponczek and brian levitt, -- the big winner in the stock, energy. it had been a big winner for reasons prior to the events of this weekend simply because of this rotation. now it has this additional geopolitical catalyst. going back to that rotation, it would have been the big topic on everyone's mind. do you think that move from growth toward value is something that is sustainable? aian: no, i think it is cyclical m

plus blackstone's tony james ways and in the fed's repo operations.nd an exclusive conversation with malaysia's prime minister and waiting. >> there is clear definite decisions being made. juliette: up next, more of the top business headlines. the election leaves israel more unsettled than before. >> there is a chance we go to a third round of elections. juliette: this is bloomberg. ♪ juliette: this is "bloomberg best." let's continue our global tour of the week's top is in his stories. while the u.s. and china prepare for their next round of negotiations, the most recent data show the trade dispute is taking its toll. >> the data shows more weakness in the economy. industrial output on the way up. way below outputs of 5.2% gain. an expansion of 7.5%. >> it was quite a week across the board. industrial output, the worst reading since 2002. confirming a lot of it is due to a slump in the market, the feeling consumers are starting to crack, that is a key pillar. we saw the private sector, lagging government spending. it sets up the economy for a slow an

plus blackstone ceo steve schwartzman will join us on set.trends, the fed d his new book "squawk box" will be right back. >>> let's welcome brian grazer and he wrote "face to face". >> glad to see you. >> he heard the $4 billion number he was like, what? >> closer to 40. >> 4.2. >> 40? >> in the stats it says 13.5 billion. that was a 1980s number. >> where did we get 4.2. >> he's thinking back end. >> this is a business show i know the numbers. >> and there's proof of it right there. >> well, some. >> let's talk about your new book. >> okay. >> we read through it and have been debating whether we could follow some of the rules that you lay out in it. it's all about face-to-face communication, relationships you build with people, not transaction naryurytransaction naryury. tell us why this came about and how. >> well, what it means is first of all, for 35 years every two weeks i go out and i meet somebody new i reach out into the world and pull somebody into my life or we meet and these people are experts in anything other than show business.

blank -- bank of america's brian blackstone's stephen schwarzman join us. you are watching daybreak asia. chairman anand mahindra says india stands to gain in a big way. he spoke at bloomberg business forum alongside blackstone ceo brian moynahan -- bank of america ceo brian moynahan and blackstone ceo stephen schwarzman. >> what you have seen the last two and a half years is the leader of the developed world to come pretty far, and on the chinese side they are trying to figure out how far and how fast they want to get someplace. so the two countries got quite point theay, at which chinese just went through. they agreed to a variety of things, we thought, than they looked at the hole and they said, goodness, let's not do that. now this is a starting again. and meanwhile, what has happened in this two and a half years is havethe two countries started, as a result of false starts and other tactical stuff, are starting to decouple, which is very dangerous. >> i want to dig into that. increasingly we are expecting this world where it is china and its allies and

blackstone has raised more than $20 million for its largest real estate fund ever. close on the blackstone real estate partners worked the $15.8 billion raised in 2015. institutions are putting more money into the property market to protect against inflation and diversify their holdings. electric car sales fell in china in august for a second straight month. in the latest sign that one of the most durable dealers is crumbling. deliveries of new energy vehicles declined 16% from a year earlier to 85,000 units. this comes as the government scales back subsidies. that's your bloomberg business flash. nejra: thank you. the full scale of damaging no deal brexit could cause the u.k. has been revealed. boris johnson's government published worst-case scenario last night, a document codenamed operation yellow hammer. the paper warned of food and fuel shortages, disruption to the supply chain, and intense pressure to return to the negotiating table. undermines boris johnson's assertion that the u.k. can cope with a no deal brexit. mps have passed a law intended to prevent him

jason: coming up, one of the best-known names in the world of investing, having cofounded blackstone. carol: and he's got a new book out. our conversation with steve schwarzman coming up next. jason: this is bloomberg businessweek. ♪ jason: welcome back to bloomberg businessweek. i'm jason kelly. carol: and carol massar. as every week. you can also catch up on our daily show by listening to our podcast on apple podcast, soundcloud, and bloomberg.com. jason: and you can find us online at businessweek.com and on the mobile app. if you think about the important world of private equity, you're probably thinking of steve schwarzman. he was the cofounder of blackstone back in the mid-1980's, after he had done a very successful stint on wall street already. carol: he writes about what he calls a collection of inflection points that led him to who he is and where he is today. it's in his new book, what it takes in the pursuit of excellence. jason: we caught up with him with the latest edition of businessweek talks. steve: it's a different wall street, more efficient wall street, a wall street

bennett goodman announced he will step down from blackstone's credit business.ging director of the company that blackstone acquired in 2008. he stopped by bloomberg's global headquarters in new york to talk with erik schatzker. bennett: i believe we will have a selloff. cycles are not extinct, although we have not seen one in quite a while on any kind of prolonged basis. i think the next cycle will be driven more about valuation and the recalibration of how risk is priced. i don't see another 2008 recession. i think whatever economic downturn we ultimately have will be relatively short-lived. i also believe that there is a lot of capital on the sidelines. we are not the only ones that have a lot of dry powder, and i think that repricing of risk will serve as an opportunity for people to want to put more capital to work. erik: so risk may be repriced because of all the capital available, at a higher level that it might have otherwise been? bennett: no. when things get repriced this time around, it is not going to be because of the macroeconomic factors. it will b

here, again, is john blackstone. >> reporter: in san francisco, it's a typical summer day.s in. high points on buildings and bridges may poke into the sun. but the city is engulfed in gray. for mike, somewhere there in the fog, that's the way it is supposed to be. coming along here, there's nothing but a wall of white out there. >> summertime in san francisco, that's what you're going to see, is a wall of white. fog is the natural air conditioning of san francisco. >> it's foggy. >> reporter: it presents a challenge for tourists searching for that perfect picture of the golden gate bridge. >> the golden gate. where? >> reporter: where is the golden gate bridge? >> i have no idea. >> reporter: while this weather pattern may disappoint some -- >> we came to enjoy the view. >> reporter: many others are on a first-name basis with san francisco's fog. >> i know karl the fog is ever present here. >> reporter: who? >> karl. >> reporter: who is karl? >> the fog. >> karl the fog has gone viral here. >> reporter: when it comes to views of the golden gate bridge, the fog giveth and th

he founded the private equity giant blackstone. part of "bloomberg businessweek's" conversation with steve schwarzman, next. this is bloomberg. ♪ ♪ live from new york, i'm vonnie quinn. guy: from london, i'm guy johnson. this is "bloomberg markets." let's live from new york, i'm vonnie figure out what's going on. here with the details, emma chandra. emma: we are looking at equities fluctuating somewhat, both in the u.s. and in europe, on that news that we got from saudi arabia. reports that they will get their output fully back online within the next two to three weeks, much quicker than had been expected. .he s&p 500, let's call it flat the stoxx 600 still in the red, but off the lows of the session. the cac 40 in france in the green following being in the red for most of the session. thaty, the news about when saudi arabia and output will come back online having ripple effects. the ftse 100 falling down into the red. it had been the one major index in europe that had been in the green today, reversing course down some 0.2%. that

plus, blackstone's tony james the in -- weighs in on fed's repo operations. and an exclusive conversation with malaysia's prime minister and waiting. he said investors should not worry. he will take over as promised. >> there is clear definite decisions being made. juliette: up next, more of the week's top business headlines. the election leaves israel more politically unsettled than before. >> we could see a national unity government. there is even a chance we go to a third round of elections. juliette: this is bloomberg. ♪ juliette: this is "bloomberg best." i am juliette saly. let's continue our global tour of the week's top business stories. while the u.s. and china prepare for their next round of negotiations, the most recent data from beijing continues to show the trade dispute is taking its toll. >> the data from china shows more weakness in the economy. that governments stimulus may not be enough to offset the effects of the trade war. industrial output on the way up. 4.4% last month from a year ago, way below estimates of 5.2% gain. retail sales also

carol: up next, blackstone's jonathan gray on his three threes to measure economic growth and more onion oaktree deal. this is bloomberg businessweek. ♪ carol: welcome back to "bloomberg businessweek." join us every day on the radio starting at 2:00 p.m. wall street time. you can also catch up on our daily show by listening to our podcast on soundcloud and bloomberg.com. you can also find us online at businessweek.com and on our mobile app. we return to bloomberg's global business forum here's jason with , blackstone's jonathan gray on navigating economic uncertainty. jonathan: you have uncertainty in the world and friction from the china trade. you have got the brexit situation and geopolitical concerns making everybody nervous. businesses are responding by pulling back a bit. you see that in manufacturing industrial data, capital , investment, and earnings. that is one side of the equation. on the other side, the consumer is actually doing pretty well around the world, particularly here in the u.s.. i was talking to a friend about the three threes. we have 3.7 unemployment, wages ar

paul: blackstone is said to be in advanced talks to buy the iconic bellagio and mgm grand casinos indeal may still not happen. mgm resorts has been a flooring the idea of selling and leasing back the property to free up cash. the bellagio and mgm grand have more than 10,000 rooms and 315,000 square feet of casino space. f a muted open with japan reopening to some good news. trump indicated the u.s. has reached an additional trade we are seeing u.s. futures not higher. the yen is looking little changed. wti hovering around $62 a barrel, taking a breather after a very busy day for crude traders as we have investors assessing the heightened geopolitical risk. shery: thank you for that. coming up in the next hour, the stakes are high for the federal reserve's meeting this week. next, our guest is calling it a make it or break it moment. we will hear from john. join us tomorrow and we have an exclusive interview with the executive vice chairman of the world's largest alternative asset manager, blackstone's tommy james joins us live from sydney on wednesday. ♪ ♪ paul: good morning. i am pa

here's jason with blackstone's jonathan gray on navigating economic uncertainty.t some uncertainty in the world. you certainly have some friction from the china trade. you have got the brexit situation and geopolitical concerns making everybody nervous. businesses are responding by pulling back a bit. you see that in manufacturing, industrial data, capital investment, and you are beginning to see that in earnings from companies. so that is one side of the equation. on the other side of the equation, the consumer is actually doing pretty well around the world, particularly here in the u.s. i was talking to a friend about what i think of as the three threes. we have 3.7% unemployment, wages are growing north of 3%, and home prices are growing north of 3%. so if you think about the consumer, they have a job. wages are going up, and their biggest assets are appreciating in value. that is why you see this bifurcation. i say when you add it together, what it leads to is not a recession but a slowdown in growth globally, which is what we are experiencing. jason: how much

i'm here with john gray from blackstone. jump into what feels like the big question, cautious businesses, optimistic consumers. probably understand from is there --help me understand, is there a disconnect? >> you have some uncertainty in the world. you have friction from the china trade, you have the brexit situation, and you have geopolitical concerns that are making everybody nervous. businesses are responding by pulling back of it. you see it in manufacturing, industrial data, capital investment, and you are seeing that in earnings from companies. that is one side of the equation. on the other side of the break and, consumers are doing well around the world, particularly in the u.s. i was talking to a friend about the three threes, 3.7% unemployment, wages are going north of 3%, home prices going north of 3%. if you think about the consumer, they have a job, wages are going up, and the biggest assets are appreciating indicted. that is why you see this bifurcation. what it needs to use not a recession but a slowdown in gr

dollars this be the real estate funds managed by blackstone.quire dream level in an all cash transaction. according to their statement. dream global unit holders will ofeive cash consideration $16 and $.79 canadian per dream global unit share. we are hearing this will be based on their closing price of september 13. and the offer would represent a the -- 18.5% by 5% the copies board has unanimously approved the transaction. td securities will been acting as their financial advisor. dream global recommend unitholders to vote in favor of the deal. once again, blackstone funds buying dream global units and assets for six type -- $6.2 billion canadian. let's turn to hong kong. we have seen the 16th week of protests and tear gas and water cannons used on crowds of demonstrators, tens of thousands the five demands on a mass rally -- tens of thousands if i abandon on a mass rally. sophie kamaruddin is there. tell us what to expect this week and what happened over the weekend. thes quite surreal to see money money activity after what we saw on sunday.

howhe refinitiv thing, hard was it for blackstone to get this deal done?t happened faster than people thought it would, less than two years. and it was at a much higher multiple than a lot of people initially thought, especially to be done so fast, but it is kevin ollie a deal blackstone wants to get done. you have massive five equities for the u.s., london, and hong kong. a 13 point $5 billion fringe loan on the table here, morgan stanley, blackstone, and barclays. david: ok. we want to note bloomberg lp, the parent of bloomberg intelligence, competes to come by -- to provide financial news. coming up, china unveils a list of u.s. goods exempt from duties. alix: and if you are jumping into your car, tune into bloomberg radio, heard across the u.s. on sirius xm channel 119 andy bloomberg this mishap -- 119 and the bloomberg business app. this is bloomberg. ♪ ♪ david: this is what i'm watching, china backing off of some tariffs, giving u.s. producers a break on certain things like insect repellent. they didn't back off on agriculture, which is what people w

paul: executive vice chairman of blackstone, tony james. speaking to us exclusively.id scale back. $4.2rewer is set to raise billion, half of its original target. the unit is expected to price shares next week. joining us from hong kong is senior equity research analyst. this is a new listing. about half the size of one in july. why the conservatism? >> is a different scope of business now. australia, which we saw a couple -- which is sold a couple of months ago. the business is 30% smaller. surprising that the range is lower. paul: in terms of timing as well, you say this came a little earlier than expected. they certainly do have -- seem to have the bit between their teeth about getting this underway. what looked like they were being greedy on valuation last time turned out to be a negotiation masterstroke. i think they always plant to get this ipo away by september. they just had the opportunity to sail the australian business between then. most people thought they would come back to market but take longer. we can see the rationale for coming back quickly. valuatio

blackstone. now from comcast, our friend dylan in a new capacity here. [ laughter ] >> supervisor fewer: colleagues, it's this presentation, so i hope everyone has a copy. all right, dylan, good to see you again. >> good morning, supervisors. for the record, dylan ellian comcast, government affairs. i'm joined by my colleagues kevin domer from my left and behind me john gumar from regulatory affairs. thank you for the invitation to speak to comcast's commitment to safety and the safety program. we share the vision of the city of san francisco for a well-maintained network and the safety of workers and the public. we continue to invest in our network to provide a broad range of innovative products and services, including gigabit service to all clients. we have invested $8 billion infrastructure improvement since 2011. additionally we continue to demonstrate our commitment to inclusion which provides low-cost high-speed internet to students and seniors in san francisco and others. and since the lau

john blackstone, cbs news, san francisco. >> the nation's largest bank, jp morgan chase says it could cost the average american $1,000 a year. >>> back here in the bay area, police are stepping up patrols tonight and throughout this holiday weekend to crack down on illegal side shows. oakland police department says haviorwill be tolerated. ous officers using a police helicopter to watch for illegal side shows and the city plans to continue to work with community groups. and, neighboring cities to find long-term solutions to illegal side shows. >>> well, we had a happy update for you on a dog napping we told you about earlier this week, the third and final puppy stolen from a san francisco shelter has been found safe. the pit bull pup and two huskies were snatched wednesday from family dog rescue on shafter avenue. they were recovered the next day after being put up for sale online. police arrested two of the suspected thieves. >> good news for park goers at star wars land. the tsa has reversed its decision to ban the rs fey said they look like replica explosives. now, you can take the

blackstone shares dropped fraction to $53.52. late f todayex said it would increase shipping rates by an average of 4.9% for domestic export and import services startingry 26th. stock didn't douch in the after tours session buty closed the regular session slightly lower at $173.57. >>> the nfl's most expensive stadium has a new name, but it might not be ahousehold one. kate rudy tells us about the major deal struck by a startup. >> reporter: silicon valley sofi is joining the big leagues. the company signed a 20-yor deal have its name on the new home of the los angeles rams and the chargers. having launched in 2011 with illennial student loan refinancing, they're known in thehe technology space. ceo anthony nodo, a formerfl executive, hopes it will turn out by turning them into aol hous name. >> we want to bring our brand to life and the national telecasts that will drive our brand awareness. >> reporter: there million sqoot arena is set to open next summer as part of stan kronke's entertainment complex. with a massive price tag,

nejra: that was blackstone schwarzman.teve let us get back to our guest, chris ralph, ceo of st.anagement. how do your fund managers feel about the cycle at the moment, because i spoke to august yesterday who sees a botto bottoming in the manufacturing cycle, therefore a weaker dollar and trades like value of performing growth. aris: firstly, we have had very extended cycle that we talked about on many occasions, and therefore, there are about whatd a worry will be the signs for the end of the cycle. the second part two that, one of the implications of it, does it mean will see this long waited-for switch into value assets, because we have seen the growth versus value since going back to the 70's. we have seen a bit of that reversal in recent weeks. a fund manager, it is really, really tricky out there. we have just been talking about the impact on al oil markets. it is tricky for a wealth manager and if you are positioned the wrong way when oil moves like that. if you're talking about it in terms of broad asset allocation, this is not the time to take on excessive risk, i think

the likes of say blackstone a massive private equity firm was allowed to take over much of the property market here in the united sates also in germany and ireland in the united kingdom in 2013 if you'll recall they announced a program called help to buy you and i here in kaiser report we said that day we said well this is like a ponzi scheme essentially because those in it the property market already need to be paid out by incoming people. people in the rest of the economy who did not own a property did not have the resources to enter this scheme this pyramid scheme of property so the taxpayer provided a huge portion close to 20 percent of the deposit for a certain sector of the population anyway we call that a ponzi scheme and except for george osborne's mother thought it was a great program of course she thought it was a good idea. this is from the financial times 6 years 6 a half years after we said this and this. is how to buy has failed to make homes more affordable ok let's talk about this for a moment so the government injects a bunch of free money into the housing market and pr

the cost of the put for a 2nd so what i try to tell people is that it's an asymmetric warfare if blackstone buys a 1000 apartments their head and if they their most are at risk of 2 or 3 percent if the individual goes out there and buys an apartment they're not hedged and they may get caught up in a down cycle and lose $5060.00 or a percent or their whole house that's true what you have a certain amount of capital it becomes easier to make crew capital with less risk so it's asymmetric in an american economy i think people have the perception that everyone is taking an equal all risk at entrepreneurial as i'm an at the economy but that's false sense of completely financial ised and those with the means can make hedge their arrest the point where they're making risk less rate of return a risk less rate of return and meanwhile a peep other people are being charged negative interest rates or being charged 16 percent on a credit card and friends of goldman sachs and get paid to borrow money and they laugh about it they call it the opium of o.p.m. other people's money or heads i win tails you lo

say blackstone a massive private equity firm is allowed to take over much of the property market here in the united sates also in germany and ireland in the united kingdom in 2013 if you recall they announced a program called help to buy you and i here in kaiser report we said that day we said well this is like a ponzi scheme essentially because those in it the property market already need to be paid out by new incoming people people in the rest of the economy who did not own a property did not have the resources to enter this scheme this pyramid scheme of property so the taxpayer provided a huge portion close to 20 percent of the deposit for a certain sector of the population anyway we call that a ponzi scheme and except for george osborne's mother thought it was a great program of course she thought it was a good idea. this is from the financial times 6 years 6 and a half years after we said this and this is how to buy has failed to make homes more affordable ok let's talk about this for a moment so the government injects a bunch of free money into the housing market and prices go u