I think the best dog story this c.b.c. 5. Hello good morning it's 1 o'clock on 5 live as we welcome local radio stations from across the b.b.c. This is a polite and Callen McDonald the main news on 5 Live stagecoach news is the contracts for the East Coast Main Line and in sport the pressure builds on Antonio com tie up to Chelsea lose for one so what's good on the 5 lies website right now you can hear former Manchester United goalkeeper David Gaskell he's opened up for the 1st time to discuss what life was like after the Munich air disaster in 1958. This is b.b.c. 5 live with the b.b.c. News on 5 Live Here's Joe Hornby the government's house confirm that it's terminating the contract with staged cage to run the East Coast Main Line the transport secretary Chris Grayling says the company has run out of cash and won't be bailed out the railway will either be nationalized or be run by Stagecoach on a not for profit basis and he McDonald is the shop a transport secretary I think people have had enough of contracting out privatisation and all because with it they want their real services and the health services run for the benefit of passengers and patients it's about people it isn't about corporate entities extracting profits at every turn. The White House is concerned about the biggest one day for all of us share prices since the financial crisis in 2008 the Dow Jones plunged by more than $1100.00 points closing nearly 5 percent down j.j. Kemah Hanne is a stock broker think a lot of it's driven by the fear of interest rates we had in the great jobs report on Friday and so with that we also saw higher wage growth it means higher pressure on the Fed that they may have to raise rates so there's a fear that inflation will kick up its ugly head or in this case it's one it had by many people but it may do so in an exponential fashion to form a Conservative minister and remain campaigner on a subring he is calling on Theresa May to in her words get a spine and get rid of the hard Breck city is from governments she's even threatened to leave the party and create a new political alliance they're not the Tory party that I joined 40 years ago and it's about time to resist stood up to them and slow them out if it comes to it I'm going to stay in the party she's being taken over by the likes of Jacob Reese mogul Morris Johnson. Public Health England says it wants the cigarettes to be prescribed on the n.h.s. Within the next 2 or 3 years because they're an excellent way to help smokers quit the agency says vaporing poses a much smaller risk than smoking tobacco after reviewing the latest evidence. Britain has the 10th most congested roads in the world according to a study the travel company in Rick says We spent an average of 30 hours in rush hour traffic last year Charlotte down again has that extra time behind the wheel is costing British drivers more than a 1000 pounds a year not just in wasted fuel but also because some household goods are becoming more expensive as high a freighting fees a passed on to consumers. The government says its investing record amounts in the road network Bournemouth Barack outsell says it will remove County homeless balls from its bench itself to receiving extensive Fe back almost 20000 people signed an online petition calling for the bars which stop people lying down to be taken off and the British born actor John Mahoney has delight the 77 year old was best known for playing the fall that maul team crane in the sick home for Asia Shabnam you know what has your sport Santonio comes I says it's ultimately the fault of the coach after their $41.00 defeat to walk that the pressure is building on the at Sally and as is the 2nd consecutive heavy loss in the Premier League following a 3 nil defeat to Bournemouth while what for boss have a Garcia says his 1st home game in charge was an unforgettable night the Premier League is considering introducing a winter break when a new t.v. Deal is next agreed talks have been ongoing for several months are understood to have been constructive the body which represents referees has defended John Moss' decision to award Tottenham's controversial 1st penalty against Liverpool on Sunday but the p g m a while says Moss was misguided to ask the 4th official for help using television while deciding it's understood Leeds will name bombs the boss Paul hacking Motm as the new manager within the next 24 hours he'll replace the sacked Thomas Christians them an England scrum half Ben Youngs will miss the rest of the 6 Nations with a knee injury Saracens Richard Wigglesworth is being called up to replace him ahead of Saturday's match with Wales at Twickenham this is b.b.c. 5 live on digital on was smartphone and sa but the weather that sleet and snow will spread from the north west tonight's reaching Opus Wales and Northern England lay set for state everywhere lows of minus 3 to Greens the 6 nations surrounding the next the run harsh lesson for Scotland in Cardiff City where it was from the south . Wales's cliche well. I left the legs like this fools in Paris. At least trying to see I wasn't the only silly thing. This week and surround today versus Wales from 445 on 5 life and on Sunday for summary fields for Scotland on those extra 3 pm fixations read the coolest of b.b.c. Show. On am and f.m. Across the u.k. On digital and online around the world this is b.b.c. Radio 5 Live with Callum MacDonald and we're staying up all night. After a campaign of more than 50 years that solve violence and death as well as protests in 1940 percent of British women were given the right to vote 100 years ago the representation of the People Act of 1900 extended the vote to women over 30 who owned property or who were married to a man who owned property will mark the center of the Centenary rather of the act throughout the program this morning plus Philadelphia is apparently the home of many us 1st and 1st library the 1st hospital the 1st stock exchange the 1st zoo and now the Philadelphia Eagles have won their 1st Super Bowl title after beating the New England Patriots will be in Philly to hear how Eagles fans flew late into the night. Good morning and welcome to the program and we start this morning by looking at share prices in the United States which have plunged by more than 1100 points in the biggest one day fall since the financial crisis a decade ago the Dow Jones index closed 4.6 percent lower it follows on from sharp losses at the end of last week so just how worried should we all be well let's speak to Tim Dewey an economist from the University of Oregon hello to him. Could not so thanks we'll start with that question is this. Not at this point I think a good question the should have been expected equity prices had one of very quickly in the last couple of months and I was expecting some kind of correction in prices here in the near future you described as a correction how long the correction could this be for. One of the more difficult questions of the office a question of how long their alley going to go on or I don't expect it will play out for much more than the next couple weeks before stocks start to find firmer footing the chilly interest rate could very well be in. Hiding. When this correction get to be something more serious. Well I would say. Much more extreme we are talking about 15 percent 20 percent that something like we saw. In the crash have to have a tied in with some economic data that was showing the u.s. Economy was really. Really at a tipping point into a very weak. Case of activity and the reality is actually quite the opposite we're really on a fairly solid cyclical upturn right now you described a minute ago that it could lead to a period no volatility what would that look like sort of everyday in the u.s. What impact could that have socially. Compared to the current of the early car markets we've been having recently where we saw a day after a. Stop in equity prices now I think you move toward it carried much more. Daily ups and downs. As more of a normal market rather than a constantly rising one we were discussing or we will be discussing way through a bit more about the kind of political ramifications President Trump of course has been one to talk a lot about the Stock Exchange been performing record highs under his watch as a dangerous game is that for a president to be taking credit for the stock market I would say so if you take credit for the increases he basically only decreases as well so I would avoid taking too much credit for market moves because this market is usually turned against her when the White House sees its concerned about the fall on the u.s. Stock markets than what's that what will that mean will they just be watching closely what's the concern that manifest itself I think. I watch and wait situation is we are watching how these. Continue or don't continue to one extent they actually propagate more deeply to the economy or the financial markets long as they take if they're fairly well containing it is largely a correction then I think will be to move past this stage like a Tell me a couple of weeks and generally then how is the us economy performing involves We had a year of President Trump and he's been talking up a lot of things that happened would you assess that. I would assess the economy is doing quite well I think that's largely separate from the political environment. Generally the economy is fairly resilient to shocks of losing I think only enter 20172017 in the 20 teens honest writing a fairly good cyclical wave that was also boosted by a global cyclical and the uncertainty in the Us political situation has yet to. Derail that porous we got some additional tax cuts which I think will add a little fuel to the fire here going forward in the 20. Or the global implications of a correction like this of a potential period of volatility that you've described for Happens rug world you know to be extent that. That this would signal from some slower pace of growth obviously you might feel that elsewhere in the world I don't think we're seeing at so I don't think the ramifications will be significant long lasting for for the global economy here I think we certainly need to see a deeper drop in stock prices or is it more implications or more indications that there's really a turn in the economic situation than we're seeing to see this as much more than you know a temporary financial implications was likely to happen that in the sort of immediate short term over the next few days I mean will the correction continue. I think sometime next couple of days it will see if if not tomorrow we'll see that the correction is starting to slow here it's not being started to our 1st I want an expected rapid snapback in equity prices but I would expect to see some stabilization start to occur by the end of this we do corrections like this have an impact on normal person or is it simply a kind of Wall Street thing or do people kind of notice something happening you know I do think that people notice something happening. But I also think that. I think financial professionals have been increasingly good about training their clients to be wary of taking too much information from a day to day lives and so I think you'll see this is the is I think people incorporated I think that people will recognize it on the back of a string of strong gains rather than a fundamental change in their financial well being or the economy well being and this this drop or Monday's drop. Sort of a week of changing situation in the stock market you talk to us about that what's been going on over the last few days. Yes So certainly over the last week has been a number of factors one of which I think it's only that the market had become too floppy of the last couple months trust us if we come up very heavily I think that had a couple of catalysts that could have gotten people to sort of value with their positions one of which is I think a realization that the economy was improving and was most likely the case of the Federal Reserve was going to continue to hike with interest rates and there was going to be some uncertainty about how fast and how far the Federal Reserve would hike rates and actually vaccinated some additional certainly an expansion in valuations are higher than I actually think helped. Change in that on on Wall Street I think you also have the in terms of u.s. Political situation that certainly. The difficulties the president is facing. And the concerns of this blows up into a political crisis. For caution as well so you want to get a couple things like that coming into play last week that helps precipitate a change in me and I lost my temper thank you very much for that great Tim Dewey from the University of Oregon we'll keep an eye on that over the next few days weeks possibly months as well as quarter past 1 and the Philadelphia Eagles pulled off an historic victory yesterday beating the New England Patriots in the 52nd Super Bowl it was the 1st time that they'd won the competition in their 85 year history of course after the game thousands and thousands of fans took to the streets but there's online chill scenes of chaos and destruction in the aftermath including cars and shop fronts being damaged and looted a police officer was reportedly among those injured but despite the unruly crowds after the game Police officials say the celebrations were mostly peaceful Earlier I caught up with Julie approve perusal from the Philadelphia Inquirer she was about. On the streets of the city last night it was a close game came down to the final minutes of the 4th quarter and the city that has never won the Super Bowl so you know there are people who have been waiting 57 years for this that's the last time the Eagles want to championship. And as soon as the clock ran down I was on the Broad Street which is sort of the center of Althea and fans just started. Running towards City Hall cheering green flags raves hugging strangers talking Goldy if it was a for the most part joyous peaceful celebration and all the other there was some ruckus behavior as well how many people do you think roam the streets. It's hard to say I mean. 1000. There was probably a one mile stretch that was just filled with with people and some of the aerial views are really cool I mean I think this is the most excited Philadelphia has been in a very long time but this is a city that hosted the Pope recently hosted the Democratic National Convention but that. Saying something. I mean how long did the celebrations go on if you've been told night yeah so they the clock ran out at 10 17 pm and there were people partying and celebrating at about 2 am the crowd started to fan about 2 am. Police kind of stand things out but even at 330 when I was finally able to turn you know I was still passing people who just didn't want a night. And then the morning after the night before he was beaten in Philly today well so obviously you know there are always some people that get a little too riled up and so there was some destruction of property last night there were some. Traffic lights that came down some overturned planters. A few store windows were shattered I know of 2 and so this morning the city did a very good job cleaning everything up you know I I almost everything put back today so that's good really absolutely and it is on to the official celebration I guess which in the week yes so the parade is going to be Thursday were expecting a really bad kind of know a rainy day on Wednesday so parade will be Thursday and the last time the Philadelphia had a parade it was when our baseball team the Phillies won and it's estimated that more than a 1000000 people went to that parade and Philadelphia is a football city so we're expecting north of that I mean it's going to school that cancels the city government close but day it's going to be something that also schools or schools are all for the parade schools are off for the parade Yeah a little different time the time to announced today a private you thought schools a priority but this is a historic moment you want but he wanted to be able to enjoy it as Giulia perusal from the Philadelphia Inquirer abrogating us the latest on the aftermath of the Super Bowl win at their yesterday now the U.K.'s rules are the 10th most congested on the planet and the 3rd worst in Europe behind Russia and Turkey that's according to a new study British drivers spent an average of 31 hours stuck in traffic last year according to the traffic information supplier in Rick's calling Bamford is America's professor of transport and logistics and the Business School of the university public feels and I've been asking him whether the results of the study were a surprise quite frankly it isn't no. I suspect one reason of course is that we've got an increasing population we've got more people in employment with. The highest level of READY ical usage READY that we manage and and quite frankly the demand to use the road net READY doesn't seem to keep up with the initiatives that are out to increase supply so. An obvious outcome of the. Normal congestion for all the reasons you just listed is it was difficult to actually see a solution to the problem of congestion and it is READY. One of these problems for which quite frankly there isn't a universally acceptable solution now by universally acceptable I mean one that's also politically expedient. The. Other approach is perhaps more radical on the sly road challenges for instance to charge people for the use the make of the road network but from a political point of view that's really going to be virtually impossible to introduce when it comes to toll roads what sort of evidence is there that they reduce congestion some evidence as far as the 'd I'm sick still road disc and and this evidence when you look in some other parts of the world. If you look at Singapore for example but more recently. Cities in Australia have introduced. Congestion charges and a bit like the London congestion charge and you know you might find that surprising because some perception is Australia a huge country and a lot of space but they too have got problems in the major cities like Adelaide and Sydney and have introduced charges and have some impact on reducing. Well certainly peak traffic flow is the introduction of tools the only solution as far as you're concerned well no it isn't we could if with a bottomless pit we could 'd build 'd more and more roads and we could improve the . Supply of roads in that way it's quite interesting the the in Rick's report is from a business which specializes in data around them it says and intelligence for transport and clearly. We can improve the efficiency of the transport network in a limited sort of way. I can't for the life in Missy how we can make major improvements but we can make some improvements. Providing battering car information and. Unable in. Militarists to close a certain obstacles to be able to avoid. Roads and places where there is the most serious congestion or this mean an incident 'd in a pilot or traffic and so on yeah so actually my son if I have does that is remarkably helpful sometimes you can see the sort of iced meta time of arrival in Korea by now we're sort of swings you off the road and suddenly goes back down again to you to get there in 20 minutes the other Saturday for example hours. On the m $62.00 and. Suddenly the red symbol of the. Which made me grow on this. Unfortunate I can get off the motorway but you know we do have the technology but that's only part of 'd the solution. One thing that's been floated for a long time is. You know through Internet and through flexible working and so on that would be one way of trying to. At least iron out the peace and allow more and more people to travel and speak if they have to go to the place of work or indeed to be working at home for a day or couple of days a week