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 full nights on callin McDonald's the main news on 5 Live stagecoach news is the contracts for the East Coast Main Line and in sport the pressure builds on Tonio come and say after Chelsea lose for one so what's the good of the 5 live Web site right now you can hear former Manchester United goalkeeper David Gaskell opens up for the 1st tell you 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 yours Joe Horn be the government's house confirm that it's terminating the contract with stage 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 that goes with it they want their real services on 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 full of us share prices since the financial crisis in 2008 the Dow Jones plunged by more than 1100 points closing nearly 5 percent down. The Han is a stock price think a lot of it's driven by the fear of interest rates we had a 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. The former Conservative minister and remain campaigner and a subring 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 trees a stood up to them and slow the lot if it comes to it I'm going to stay in the policy which is being taken over by the likes of Jacob resoled Morris Johnson. Public Health England says it wants the cigarettes to be prescribed on the n.h.s. Within the next 2 All 3 years because they're an excellent way to help smokers quit the agency says they ping 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 from household goods becoming more expensive as high a freighting fees a passed on to consumers the government says it's investing record amounts in the road network. Well math Barack Council says it will remove County homeless balls from its benches soft receiving extensive faith back almost 20000 people signed an online petition calling for the balls which stopped people dying 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 multimode crane in the sick home for Asia Shabnam you know what has your sport Chelsea ball Santonio comes I says it's ultimately the fault of the coach after their $41.00 defeat to walk but 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 classy a 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 to great talks have been ongoing for several months are understood to have been constructive the body which represents referees has defended Joe 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 Bond's new boss pull hacking Watson 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 unsober that the weather that slates and snow will spread from the north west to nice reaching Opus Wales and Northern England Lay said full state everywhere loads of minus 3 to agree the 6 nations surrounding the run hard lesson for Scotland in the county at the ready for. The Wales are really very well I guess the likes of say this will. Sex. Is taking. Place trying to see. Things. This week and. Today versus Wales from 445 on 5 life and on Sunday for summary fields for. Until 3 pm fix the p.c.h. . Am and f.m. Across the u.k. On digital online around the world this is b.b.c. Radio 5 Live with Khalil 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 to 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 the 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 for your well let's 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 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 how long will it go on for. One of the more difficult questions of the office a question of how long's are alley going to go on for I don't expect it will play out for much more than the next couple of weeks before stocks start to find firmer footing each the chili. Could very well be in. Hiding volatility when does a correction get to be something more serious. Well I would say. Much more extreme are talking about 15 percent 20 percent something like we saw. Some of the crash only to have a tied in with some economic data that was shown 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 6 go off turn 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 it could have certainly. Compared to the current of fairly calm markets we've been having recently where we saw a day after. And stopped in equity prices now I think you have toward it carried much more. 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 how the stock exchange has been performing record highs under his watch as a dangerous game is not for the 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. Because market is usually turned against you sooner or later when the White House sees its concerns about the fall on the u.s. Stock markets than what's that what will that mean will they just be watching closely what has that manifest itself I think. A launch in waiting to ation if 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 on long as they take their fairly well containing it is largely a correction then I think will be to move past this stage like a time a couple of weeks and generally then how is the us economy performing involves Lee 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 leucine I think only enter 2017 and to change 2017 into 20 teams honest writing a fairly good cyclical wave that was also boosted by a global fickle and the uncertainty in the Us political situation has yet to. Derail how porous. Some additional tax cuts which I think will add a little fuel to the fire here going forward in the 20 team war the global implications of a correction like this of a potential period of volatility that you've described for happens around the world you know to be extent that. That this would signal some 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 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 you if not tomorrow will see that the correction is starting to slow here it's not being started to well 1st I want to extract the 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 an ever 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 minute and so I think you'll see this is years 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 welding and this this drop or Monday's drop. Sort of a week of changing situation on the stock market to talk to us about what's been going on over the last few days. Yes So only will last week is any number of factors one of which I think it's only the market had become too floppy over the last couple months trust us to come up very heavily I think that had a couple of catalysts that could have gotten people to sort of value a deposition 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 I think vaccinated some additional certainly an extra slim valuations are high then I'm sure. Helped to. Change the mood on on Wall Street I think you also have the interim the of us 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 come into play last week that helps precipitate a change in Australia Tim thanks 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 on 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 acoss up with Julie approved 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 a 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 Philadelphia and fans just started. Running towards City Hall cheering green flags raves hugging strangers talking Goldie it was a for the most part joyous peaceful celebration 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 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 I'm. Saying something Louis and 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 to. Police kind of stand things out but even a 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 unfairly 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 too yeah absolutely absolutely and it is on to the official celebration I guess way through the week yes so the parade is going to be Thursday we're 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 we're expecting north of that I mean it's going to school that cancels the city government close but 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 announced today a private you thought school's a priority but this is a historic moment you want kids but he wanted to be able to enjoy it as Giulia perusal from the Philadelphia Inquirer Aborigine 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 Colin Bamford is America's professor of transport and well just sticks and the Business School of the University of Hunter's field and either. 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 we've got the highest level of the 'd ickle usage 'd that we have and and and quite frankly the demand to use the road net 'd doesn't seem to keep 'd up with the initiatives that out to increase supply so. An obvious outcome of the thirty's is more and more congestion for all the reasons you just listed it seems difficult to actually see a solution to the problem of congestion and it is. Some of these problems 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 Well there's some evidence as far as the 'd I'm sick still road disk 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 I might find that surprising because some perception is Australia is a huge country and a lot of space but they too have got problems in the major cities like Adelaide and Sydney and. Introduce charges and the have some impact on reducing. Ultimately 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 more and more roads and we could improve the. The supply of roads in that way it's quite interesting that the in Rick's report is from a business which specializes in data around the electrics and out visual intelligence for transport and clearly. He can improve the efficiency of the transport network in a limited sort of way. I can't for the life in Missy how he can make major improvements but he can make some improvements but I am providing better encounter information and. Enable in. Military speak to those isat knobs of course to be able to READY avoid. Roads and places where there is the most serious congestion or there's been an incident in a pile up of traffic and so on yeah so actually my son if I have does that is remarkably helpful sometimes you can see the sort of estimated time of arrival increased by now where I 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 I was. On the m $62.00 and. Suddenly the ride cymbal. Which made me grow on. I'm fortunate I can get off the motorway but you know we do have the technology but that's only part of 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 a multi pl to travel I'll speak if they have to go to the place or indeed to be working at home for a day a couple of days a week that would reduce traffic flow Yeah what about things like smart