well right now we mentioned some of the largest players are private equity firms and in fact blackstone group is the very largest was some seven point five billion invested in forty thousand properties but blackstone's real estate portfolio has generated needs only need usually returns and recently stephen schwarzman chief executive of blackstone group said quote. we're increasingly taking opportunities to exit investments bob is this a sign of big money is getting out of housing altogether and yet again i think look blackstone is big money and yes they're getting out when we're talking about measly returns we're still talking about positive returns maybe four or five percent since two thousand and five so it's not such a bad deal a lot of funds who are betting on other things lost a bunch of money during the financial crisis but when you compare it to blacks tones outsized returns of say thirty seven percent per year it's really a comparatively a pretty good deal and as to you know the general market implications yes i.p.o. strength the number of i.p.o.'s that are coming out can be an overal

blackstone group with these deep pockets to pay for their water heater that just exploded what they can do is not pay their rent and then that has to go to court but again it's the little guy versus the big guy and as we've seen with the independent foreclosure review and all the problems associated with the big banks mergers over the years it's a big banks who always get out on top unfortunately because they write the rules because they write the religiously they write the rules they're really going to have to get into this further but as always your insight is invaluable thank you so much there you have it will be tracking this and keeping you posted on all the latest in the latest housing bubble. bitcoin it's the online digital currency used to purchase products and up until now converting big cash has been somewhat of a convoluted process but tomorrow the world's first big point a.t.m. will go into operation and coover canada here to discuss this historic moment in declines development is director of public affairs for big crime foundation jen long give me genuine we went in the lea

tony james is president and chief operating officer of the blackstone group which manages the $230 billionublic and corporate pension funds. we spoke with james a short while ago and asked about that thursday deadline when the treasury department says it will not be able to pay all of america's bills. if a deal isn't done by the 17th what are the consequences? >> well, i think there's some cushion after the 17th. i would think most people think at least until the beginning of november you are okay. if there's no deal and the treasury stops paying people then it's armageddon. >> pelley: armageddon? what do you mean? paint the picture for me. >> the stock market would plummet, you'd have a default on treasury security which is would cause margin calls, the financial system could freeze up. >> pelley: freeze up in the way we saw in 2008? >> yes. >> pelley: that's a pretty dire prediction. >> very dire. >> pelley: do you think the politicians in washington understand what you're talking about? >> i don't think they do. i think they think that those that are willing to go to the brink think sma

everyone who owns blackstone group.is preparing to sell half a billion dollars in rand backed securities, similar to mortgage-backed securities, but these bonds are backed by monthly rent paid they allow a transfer of risk from blackstone to bondholders. investors are liking what they hear about that. the stock closed up more than three and a half% today. jonathan gray collins 40 million shares of the company. that means he made thirtysomething million dollars today. very nice. all right. and finding forgotten money. a guy in norway who bought about $27 worth of bids : back in 2009, he was writing a thesis on encryption. he then forgot all about it until the widespread media coverage. when he checked on his investment he calculated that it had turned into a windfall of an amazing 806,000. and i get excited when i find it tandon bill in my jacket. throwing "money" away, this guy went to the mat to prevent his ex-wife from getting any money in a divorce. he told the judge that he converted their life savings of $500,000 i

blackstone group, we've been recommending that for a long time.s an underperforming stock that could always -- always one step away from breaking up and making awes lot of money. yahoo is breaking up and making us a lot of money. and hasbro. we have a toy company. let's call it an internet company. we have a diversified conglomerate. a private equity company and a casino company. that's perfect. that's what i want to see. i've got that broad nature. i need to go to jonathan in massachusetts. jonathan? >> caller: boo-yah, jim. congratulations on your 2,000th episode. i have rige, boeing, and amd. >> all right. well can take care of this quickly. amd is tech. boeing is aerospace. citi is bank. and this is a spec is stock. we have aero, tech, auto, bank and spec. i like that. i think that's a real good portfolio. well, that's the end of the 2001 space odyssey of "am i diversified." stay with cramer. >>> keep up with cramer all day long. follow @jimcramer on twitter, and tweet your questions, #madtweets. building animatronics is all about getting thin

blackstone, cbs news, richmond, come. >> pelley: and that's the cbs evening news for tonight. for all of us at cbs news all around the world, good night. captioning sponsored by cbs captioned by media access groupwgbh access.wgbh.org >>> your realtime captioner is mrs. linda m. macdonald >>> bart riders with a message for negotiators as we near the end of the 60-day cooling-off period. good evening, i'm ken bastida. >> i'm elizabeth cook. dozens of people are gathering with banners, signs and lots to say about a potential bart strike. chopper 5 over a union rally at frank ogawa plaza in oakland a push to get support for bart to call for a fair contract. the preparation should be there for another walkout. ryan takeo is at the rally. >>> reporter: good evening. there are at least 200 supporters here union supporters here at frank ogawa plaza. the unions say if there is a strike, it is because bart negotiators are forcing them into one. either way area business leaders say another strike could cripple the economic development of the bay area again. >> last time it was really difficult. >> reporter: if you thought july's bart strike was bad, you're not alone. >> we had to carpool a lot. >> reporte