Yesterday,w polls only 17 of the American People thought this was a good idea. And then you had the American Hospital association, the american medical association, virtually, the aarp, every Health Care Advocacy group saying it was a bad idea, it was hard to see where there was enough momentum behind this illadvised legislation. Congressman, Margaret Talev here. Talk about how concerned you are about what happens next. President trump seems to be indicating he wants to sit back and let what is left back of the Affordable Care act implode. At the same time, saying democrats want to get civilized. Are you concerned about Peoples HealthCare Coverage in the months to come as part of the strategy . First of all, let me say President Trumps last comment that i heard that people did not know how good this bill was, i would remind him he just said people did not know that lincoln was a republican. Assessmentstion his of what the American People know and do not know. There are clearly problems with the Affordable Care act. We all admit that. They largely exist in the individual Insurance Market place which is 56 of the population. We had mechanisms in the original to help indemnify Insurance Companies to help them make that market more sustainable. Republicans undermined those by basically defunding them. We have seen the results. Easy responses to solving the problem in that area. We would love to work with either secretary price or the administration or republicans in congress to make the individual Insurance Market more sustainable. We have to do that. Mark in his remarks moments ago, the president noted obamacare in his words was imploding. He mentioned the visit he made to kentucky a while ago. Can you tell us how the Affordable Care act is working in the commonwealth . Objective hasbody looked at the kentucky experience and observed it is one of the most successful implementations of the Affordable Care act. More than 500,000 people have coverage now who did not have it before. Risk ofs that were at defaulting and going out of business are now doing well. We have very little uncompensated care now. The vast majority of kentuckians have access to Quality Health care. It has been a godsend for many of my constituents. We reduced the uninsured rate from 20 to 7 in kentucky. For him to talk about kentucky as an example of things going wrong is totally at odds with the facts. Congressman, should we be looking for democrats to propose an obamacare fix of their own at this point . President trump has offered in all of branch olive branch saying he wants to work with democrats. You said the system could use some work. Should we expect to see a fix up from the democrats . Leadershipexpect the among democrats in the house will be anxious to meet with republican leadership, including the white house, to see how we can make the Affordable Care act work better. We have always been in that position. The last seven years, we have begged them to help us work with them to make it work better. They basically have taken a very partisan, ideological approach to it. 60 plus votes to repeal the Affordable Care act with the replacement plan. What they have failed to understand and they got a dose of reality today is there really is not a viable alternative to the Affordable Care act except singlepayer health care. I am very comfortable talking about that. That alternative, i would love to go there. There is clearly not. The option is, do we go back to where we were for the a. C. A. Or make it work as well as possible . I think we need to be doing that. Mark things the president said today was you and your fellow democrats own this now, you only Affordable Care act law. I assume you are comfortable with it. We are. Has noto own the fact he clue about health care in this country and he better educate himself quickly. Mark democratic congressman John Yarmouth of kentucky, thank you so much for your time. Cirilli on in kevin capitol hill and Shannon Pettypiece. Kevin, let me start with you. You are where the presser took place. Can we underestimate or overestimate how stunning todays events were . This is not the day President Trump more House Speaker paul ryan were hoping to have. Both admitting publicly this was not the outcome they were hoping for. I think the more newsworthy part of the last of elements in the past two hours is speaker ryan is saying this is a Republican Congress expressing growing pains but also ready to move on. Withid he already spoke the treasury secretary earlier today and they are going to be looking to draft some kind of tax reform, comprehensions attacks reform policy. However, as you alluded to, the divisions within the Republican Party on tax reform are broad, particularly on the border adjustment tax. As this conference heads into the weekend and next week, the decision amongst its ranks could not be more obviously than it has been in what has been an incredibly tense week and devastating policy blow to this white house in this republicancontrolled majority. Shannon, we know what President Trump has said publicly in terms of his support for paul ryan and his understanding of the complexities of the issues. The white house is going to undertake an effort for a strategy that keeps President Trump clean and clear of the failures of what he sees as failures of republicans. How is that developing now . Is there a unified agreement at the white house about whether the partnership with paul ryan to distance themselves from paul ryan . Shannon i think this deepens the device already within the house who never liked him asan who viewed unimportant or worst as the poster child of everything they were fighting against. The republican establishment has a history of working on the hill, has worked closely with ryan over the years like chief of staff reince priebus. I think it strengthens that people in the the hardcore donald trump camp who have been with him from the beginning have felt like the only reason to have this establishment r. N. C. g. O. P. Crowd in the white house is to help them get things through congress. They will say we have all of these g. O. P. r. N. C. People here. They cannot get a bill through congress, so why are they here . They are not loyal and cannot help through congress. That is what is being said at the white house. Trump commented on it as well as his advisors as well. Mark you have been covering in dogged pursuit of anybody who can give us context about what was going on. I have to ask you because people have been saying all day there have been how me votes to repeal obamacare over the past seven years . If there has been this much time , what happened today . The only word i keep bringing up is stunning. It is stunning it did not get them today. Shannon Kevin Shannon makes a great point about the i think shannon makes a great point about what was happening in regards of the halls of the white house. In congress, the frustration is palpable. I spoke with senior aides to various members of the republican Conference Today who consistently told me they were absolutely frustrated there did not seem to be an organized Strategy Plan coming from not only the white house but also speaker ryans office. Into next week, this is a white house consistently that has consistently tried to distance itself from issues. This is also a president who ran on the condition he would be able to be a dealmaker. He would be able to be someone who could negotiate. That today is the first major policy failure we have seen coming from this administration. In terms of executing a policy agenda with congress, a republicancontrolled congress. Those questions are going to continue. Week, theforget next Senate Intelligence committee will hear testimony from the same officials testified in the house earlier this week. All of this begs the question of whether or not President Trumps assertion this was democrats fault will stick among Freedom Caucus members who feel he was not able to make a deal conservative enough for them to get on board. Margaret shannon, president voters in theent middle of the country, part ofclass voters, what was going to happen was to give them better insurance coverage. He draws a lot of strength and energy from these large crowds. Hewe have a sense of whether will do more rallies talking to the American People about this boat and what happened or whether it may make more sense to move on to other subjects and cut his losses . Shannon or try and wait for the blame game to shake out. I think he loves doing the rallies. He said he wanted to do a rally every two weeks. I dont think he will go off the road. Repeal obamacare with such a powerful driver in the grassroots conservative movement. To marks question, you have been talking about repealing obamacare all these years, where is the repeal . Conservatives would say this was not a vote to repeal obamacare. This bill was not a repeal of obamacare. This was obamacare light. This is not what they were talking about when they said repeal obamacare. I think the conservatives answer to not repealing obamacare would be give us a bill that reveals obamacare. Thatis grassroots grassroots activism and drive is still out there and not going away. Mark we have about 30 seconds left. I understand the president saying the blame for this lies with the democrats. He is not blaming speaker ryan or congressman meadows, the head of the Freedom Caucus. Is he putting this all on democrats even though their vote was a limited number of votes . They stood firm, which is what was expected. Kevin publicly. Privately, it is anyones guess. I have sure we will all be asking those questions tonight and into the weekend. This was a failure on behalf of the republican leadership. Cruz, senator rand paul, and senator mike week were privately urging House Freedom members to stay strong. This is a win for them in the upper chamber. Margaret thanks to you both. Mark we will continue to cover breaking news out of washington as republicans scrap the vote on the health care bill. This is bloomberg. We came really close today but we came up short. I spoke to the president a little while ago. I told him the best thing i think to do is to pull the bill, and he agreed with that decision. This is a disappointing day for us. Mark this is Bloomberg Markets. I am Mark Crumpton in new york with margaret. Lets bring in dani burger who is covering wall street leading up to the decision by House Republicans today to scrap the vote to repeal and replace obamacare. Who is happy and who is not . Denny there is the sentiment now we do not need to worry about health care anymore and the white house and congress is going to move on to what wall street really wants, and that would be tax reform deregulation ,nd Infrastructure Spending most likely in that order. But there are issues behind that. Freedomcannot get the caucus on their side, are they going to be able to do that with tax reform without reducing the deficit already . There was this idea the Health Care Vote was tied at the hip with tax reform. Some people are very happy to look past that and say trump has made it very clear and public, so has House Speaker ryan that they want to pass tax reform now. They said they can get it done as soon as the end of the year. That is a really big question. This reallyhave divided congress in terms of republicans right now. But there is a lot of optimism out there. I have heard they give it about an 80 chance we are going to see tax reform by the First Quarter of 2018, which is pretty ambitious. At the same time, we can look at what the markets have done. They ended about flat today. It should not fool you as to skepticism. Thanks this week had their worst week since january of 2016. We saw utilities rally, other defensive stocks rally. I think there are some seeds of doubt in the stock market right now. Margaret President Trump and speaker ryan both suggesting tax reform will be harder to do because of the numbers on paper that would have been saved if the Obamacare Repeal had gone through. Do the markets see them as connected . Dani there is a lot of disconnect. Delayed, thete was idea was we do not care whether it is a yes or no. We just want Decisive Action so we can move on. That is well and good, but what is moving on means more of the same . That is going to be the real issue here. We could see a lot of headwinds going into this, hedging is very cheap right now. Somenk youre going to see split buying. I have talked to investors who say they will look overseas to buy european equities and emergingmarket equities. Mark did the market price in certainty that because the white house him a, and senate were in republican hands that things would get done . Dani that is definitely part of it. The argument could be made the economy is doing well. Earnings look very good. That has allowed the stock market to rally. However, when you look at the pace at which it has rallied, 2. 2 trillion has been injected into the stock market since trumps election. That is more than the economy or earnings. For earnings to keep up with where the s p 500 is, we have to see unprecedented growth among companies. There is an idea we have a republicancontrolled congress. We have a republican in the white house so lets bid up stock because we will see the tax cuts we want. Mark dani burger joining us. Thank you. We will continue to cover breaking news out of washington as republicans cancel the vote on the health care bill. This is bloomberg. Today is a great day for our country, a victory for the American People. Mark welcome back to Bloomberg Markets. I am Mark Crumpton with margaret tavern. Margaret set the scene for us. What is going on . What is the mood . Is there a sense of how things start on monday or is there a lot of confusion . The answer to your question is definitely the latter. Just an hour and a half ago, speaker ryan, along with President Trump, decided to pull the vote had been barreling towards repealing and replace obamacare, a promise republicans have been making for seven years. There is a mix of anger and frustration and disappointment and anxiety among House Republicans who just emerged from the meeting when they were told the vote is canceled. They do not have the votes to canceled pass this. Facing ryan is deflections from Freedom Caucus members. He is facing defections from moderates who do not like the fact the tax subsidies and for theirligibility constituents. This is a spectacular moment for republicans even this was their them these that won house, senate, and white house. In the first big moment, they failed. Mark the Freedom Caucus threw up the roadblock on the g. O. P. Side. Exactly what did members of the caucus find so untenable that they could not support this legislation . Ihil the short answer is will tell you one congressman here put its the simply s a single he says think we. He says it repeal obamacare mandates and penalties with other taxes, mandates, penalties, and regulations. The Freedom Caucus thought this keeps too much of the basic structure of obamacare. It kept a lot of the regulations which republicans wanted to get rid of but they feared it would not pass the senate because they have to get it through. They also did not like the fact it included a danceable and refundable tax credits advance of all and refundable tax credits. They were more limited. In the view of many conservatives in the house, the government should not be in the business of subsidizing health care. That is another thing they objected to. Margaret wheres the sense of where the blame lies . Do you blame President Trump for trying to force the vote when it was obvious it was not there . Do you blame speaker ryan for not having figured out how to corral this . Sahil it seems it was a team effort. The president was not handson in the beginning. He and speaker ryan made every effort to point out along the way, especially toward the end, that they were working together, on the same page, moving the train in the same direction. Both speaker ryan a President Trump seemed to take the defeat somewhat graciously. There was no blaming of each other. In terms of who is to blame, i think the reality set in for republicans quickly that repealing this law means a lot of pain for a lot of their constituents. There is a lot of assistance the government is giving them and it is a lifeanddeath issue for people. It is very personal for people. It took liberals a century of trying to pass universal health care. This bill was designed to be difficult to undo. Republicans clearly underestimated how difficult it would be. Mark when we talk about feedback and blowback from this, the president issued a not too veiled threat this week to those members of the g. O. P. Who would not support this legislation. Can we expect any of that in the form of tweets or President Trump making visits to their districts and campaigning against them . Sahil i dont know, mark. This president is notoriously difficult to predict. I would not wager to do that. I will say it does not seem particularly likely to me because his message last night delivered to his through his top aides to the conference was we are having this vote. We are done negotiating. If it fails, we will move on. It was a very different message he offered from a few days ago. He said ready and eager to move on to tax reform in particular. Mark sahil kapur joining us from capitol hill. Stocks fluctuated late in the session as the Health Care Vote was pulled. We will have more investor reaction when we return. Mark a live shot of the u. S. Capitol, the center of the universe today. A lot of developments today. This is Bloomberg Markets. We continue with the special coverage as House Republicans scrap what was a highly anticipated vote to repeal and partially replace obamacare. This after President Trump and speaker ryan concluded they did not have enough support for the plan. For more on how the markets may respond and how investors are anticipating the president s next policy move, we are joined by matt maley, equity strategist , who joins us from newton, massachusetts. Thank you for your time today. When the opening bell sounds on monday, how are the markets going to react to this . It is hard to tell. It is funny how the market bounced back as soon as the news came out that they canceled the vote. Many people thought it would be positive because now the president and paul ryan are going to be able to put all of their eggs in one basket and put all of their forces together to push forward the tax bill. And theproposal regulation been the things driving the market lately, not the repeal and replacement of obamacare. People are thinking that maybe positive. I am not so sure. Lets face it. They will fight hard on the other side, whether within the g. O. P. , the border tax or other issues on the tax bill. The democrats will fight tooth and nail. I still think it will be a drag out process and they will be lucky if they can get it done by august the way theyre hoping to. I dont know how long it will last. Margaret we talk about the people that might be affected by the uncertainty in the decision. In the looking individual market, folks who rely on medicaid money, folks who may have maternity or Mental Health issues. Is that something the market is likely to see sees on Going Forward . We are looking at President Trump and speaker ryan signaling they may go ahead and let obamacare implode. Ofs the failed threat administrative action to make the existing individual Insurance Market less stable have a potentially broader impact on the markets . I think it can. Just letting it go and playing the blame game would be a disaster. President trump likes to do that. He has been very effective doing it in the past. When people are losing coverage, that is going to cause a big problem. They have to show some leadership. The republican side of the house, they run everything. Theyve said they wanted to change it. Now they have said they are going to change it. And now they are saying it is the democrats fault. I think they will run into a big problem if they Start Playing the blame game with democrats and we see people get mad losing benefits. Consumer confidence has been one of the great things in this marketplace since the election. That could erode quickly if people start losing insurance. Mark if nothing else, was the market looking for legislative stability out of this white house and congress . I think it is. One of the problems we have especially with congress is congress has gotten a free ride for a long time no. Really almost 10 years since the credit crisis. Then, they have relied on Monetary Policy to bail us out of problems. The problem with that is we dont have the bullets we used to have. Some people say the fed and other Central Banks are out of bullets. They are not completely out but they do not have what they used to have. You cannot do quantitative easing endlessly. The real reason the fed had to taper back was because there was a shortage of treasuries which meant there was a shortage of collateral. The system cannot run without collateral. They cannot do endless qe and negative Interest Rates. We saw what negative Interest Rates did to european banks. We need fiscal change. The Federal Reserve and other global Central Banks have been enablers for congress to do nothing. That cannot happen anymore. Congress has got to do something. My concern is they are going to keep kicking the can down the road like they have for a decade until something kicks them in the teeth and they get blamed for problems, whether a turn down in the economy or stock market. In an odd way, i am hoping the stock market goes down a little bit and they get blamed for it so they finally do things on the fiscal side that have needed to get done for quite some time now. On both sides of the aisle. Meredith lets talk about we have the question on the future of this. Also, infrastructure as well as tax reform and a debt ceiling. Look ahead not just beyond monday for a couple of months them the road, what are the pivot points you will be looking for to watch how the markets react . It is going to be interesting because the markets have been priced so much into a fantasyland when it came to what was going to happen with the timetable President Trump would get. We are now starting to see that is going to get pushed to the perception is coming more in line with reality on how this will work out. A lot of these policies are positive but they have to get them passed. Some of the things you brought up, if you have a black swan or gray swan, neck hurt the markets as well. We had valuations at a high level. We have optimism also very high by several different measures. It does not leave us a lot of upside. I am not calling for the end of the world by any stretch of the imagination. I think the market is a little head of itself ahead of itself and will come back in and provide opportunities. If one of these issues blows up, it could cause a deeper pullback. Mark we have less than a minute. I have to ask you because you mentioned the fed a moment ago, i remember former fed chairman ben bernanke saying famously the fed needed a dance partner. That they had a job to do but congress had a job to do as well. What are janet yellen and members of the fed seeing and thinking when they see Something Like this happening . Are they thinking we are on our own again . I hope not. I think they are telling congress behind the scenes they cannot do it the way they have over the past eight or nine years. You mentioned ben bernanke. He has been talking about this since the crisis started, we need a dance partner and congress has not given it to us. The problem is the fed has been enabling them. What they need to do is make it certain. There is only so much the fed can do, we need your help. If congress does not do it, they will be out of a job in two years on both sides of the aisle. Mark on monday, matt maleys phone rings. It is the white house. They say the president wants to speak to you. What do you tell him . [laughter]im him, remember it is the first year of your presidency. Many times, we see pullbacks in the stock market. Do not worry about the stock market. Worry about fixing the economy and turning the screws on congress because they will get this done for you. You cannot do it all on your own. He plays the blame game a lot. When he blames congress, it may be accurate. That is what i would advise him to do. Mark matt maley joining us from massachusetts. Thanks so much. Coming up, we will speak to democratic callers been john delaney of maryland and get his reaction on the canceling of the g. O. P. Health care vote today. This is bloomberg. Mark welcome back to Bloomberg Markets. I am Mark Crumpton with Margaret Talev. We continue special coverage after House Republicans scrapped the highly anticipated vote to repeal and partially replace obamacare. What is seen as a setback for the g. O. P. Lets get democratic reaction. Congressman john delaney represents maryland. He joins us from our washington bureau. Thank you for your time on this friday evening. What did your constituents tell you into the lead up of what was supposed to be the vote today . Thanks for having me. My constituents overwhelmingly told me to push back and fight back against this bill. Obviously, to vote against it. I think the count in our office was Something Like 15002000 people called in to say do not vote for this will. And we only had about 20 people supporting it. It was overwhelmingly against it. Im happy it did not pass today we did not even have a vote on it. Margaret thank you for joining us. This is a political victory for democrats today. Are you concerned about the next step which is the president saying not only is he going to let obamacare enclosed implode but suggesting he will help it along . What can the democrats do about this, if anything, and do you think there will be real implications or do you think what President Trump is saying is overblown and everything will be fine . I think it will be i think it is overblown. It is a talking point but not black backed up by the facts. The problems with obamacare have been centered on the individual market which is only about 6 of all americans who have Health Insurance. If you look at all the people insured through corporate plans and medicaid, the individual marketplace is only about 6 of the coverage. The Affordable Care act is doing a lot of positive things right now. It is keeping costs down. It has expanded medicaid, protected preexisting conditions. I think it would be terrific if we were to work on a bipartisan basis to fix the problems with the Affordable Care act. That is what i have been saying we should be doing. I think a lot of people feel the same way. I think that is what the country wants us to do, to do our work and look at the Current Health care marketplace which is informed by the Affordable Care sct and focus on the thing that need to be fixed. I hope the president does not do things to undermine the Affordable Care act and purposely make it perform worse. I think it is working really well and there are a bunch of things we can do together on a bipartisan basis working with the administration and other side of the aisle to make it better. Mark let me see if i get your point right. You acknowledge and democrats acknowledge the Affordable Care law is not perfect. But scrapping the whole plan and trying to start over with lead to what would lead to what . I think the plan they were proposing is a very bad plan. It would take health care from 24 million americans. Amendmentked at the they were proposing today, they were rolling back the minimum standard in Health Insurance plans. I think what they were going to do today would have hurt the country and the progress weve made in health care. Of course, the Affordable Care act is not perfect. Intention was to reform the u. S. Health care market which is 1 6 of the u. S. Country. What we should have done is passed the law and committed ourselves for 10 years of fixes because that is what this law needs. It needs us to come together and Work Together on the problems with it. The problems are centered on the individual market, which is not really working. Not working iss there is not enough young people in the pools and Insurance Companies cannot fully transfer the risk to the people in the pools. It is out of balance, the individual marketplace. That is where we need to focus. We do not need to roll back Medicaid Expansion or minimum standards. We do not need to roll back the incentives that exist for how hospitals are paid. We do not need to roll back all of those things. We need to focus on the part of the law that is not working. President is the saying he wants to turn his focus to tax reform and infrastructure. These are areas where it is possible he will need some cooperation from democrats. Certainly, they would want that to get the biggest deals they could. They may need that to get anything across the finish line. What is the takeaway from the way the Health Care Debate and vote played out . What is the democrats incentive to work with the administration on anything . I think moving to tax reform is the right answer. I think we should keep Affordable Care in place and work on fixing it. Whether we do it now or later, i dont think that is is important is coming together to work on tax reform and infrastructure together. We should be doing infrastructure and tax reform together because we will never have a major Infrastructure Spending program unless we do it as part of tax reform because we need to generate revenues to pay for it. I have a bipartisan proposal to tie Infrastructure Investment to International Tax reform where we fix the system causing u. S. Companies to keep cash overseas. Im hopeful after this defeat an embarrassment the administration comes to the congress on both sides of the aisle and says we thenot just going to follow House Republican playbook which is to try to get things done on a partisan basis. We are going to work with the other side of the aisle. We will not pursue the border adjustment tax which might colleagues on the public inside the house have been pushing. I think it is bad policy on a number of levels. You would betwhy the whole u. S. Economy on a theory. It is interesting but never played out in this country. What im hoping the president does is says to the country, im going to work with the congress, im going to work on a bipartisan basis, this was a bad start with health care, we will move on to tax reform. We will not just follow the playbook republicans in congress are putting forth which is the border adjustment tax, and we will try to do smart tax reform and pair it with infrastructure. Mark could you give us an example of how poisoned the well is in washington . Can you and the republicans Work Together . Can you and the white house Work Together . I think it will be a question for the House Republicans whether they want to work with democrats. I think democrats want to work with the president on infrastructure. We have said that repeatedly. A lot of us would like to work on tax reform. I think the administration should come to the congress and say lets hear the various ideas for tax reform and infrastructure from the democrats and republicans and different caucuses within the parties. Get the ideas out in the open, circulating in the public. And then try to Work Together. Obviously, republicans controlled the administration and congress so they will set the agenda. I think trying to start this next endeavor of tax reform differently than what they did with health care, because what they did with health care is existing an republican proposal not vetted and quickly tried to jam it through. The white house followed the lead of House Republicans. On tax reform, they should pursue a different tack. They should say they want to have an open process. They want to hear a bunch of ideas. They will obviously shaped the policy. I think they should be taking the lead instead of letting the House Republicans take the lead. I think if they really want to lead on this, they should get a bunch of opinions out in the open and have a more transparent process where we come up with a tax reform infrastructure proposal that has an opportunity to get bipartisan support. Whether we can do that or not, who knows . But at least we should try. Margaret congressman john delaney of maryland has been joining us from washington after a tremendously unpredictable day that may have implications for a while to come. Thank you for being with us. Mark stay with us. More Bloomberg Markets after this break. This is bloomberg. To do have an opportunity what you told the American People, this is your chance to do what we have done. This is Bloomberg Markets. I am Mark Crumpton with Margaret Talev. Thank you for joining us. It has been one of those days in washington. House republicans abandoned efforts to repeal and replace obamacare after trying to secure enough support. Lets wrap up the hour with craig gordon, Shannon Pettypiece, dani burger dani burger and zach tracer who covers Insurance Companies. What has been the reaction with this sector today after this . You have seen hospital stocks shoot up towards the end of the day as the news came out this bill was going to be pulled. Health insurers really searching. People were worried these companies would lose millions of paying customers. There is some relief in the market that is not happening. Margaret theres also a fair amount of uncertainty of what goes forward now of coverage on the individual market for these folks with President Trump saying everything will implode. We do not know yet how that plays out. Maybe we will see movement on monday. That is right. There is a huge amount of uncertainty. That could be a problem for investors Going Forward. President trump and paul ryan saying let it collapse. That does not help anybody. People will be looking for more signs from the administration on how they will approach this Going Forward. Will they pull out the rug from under the market . Mark Shannon Pettypiece is at the white house. What is the strategy from the administration Going Forward . Our meetings already scheduled , whate place this weekend do they do now . Shannon i think there will have to be a lot of figuring that out it goes on now. We would like to think someone in the administration would have thought this through. I dont know if anyone has. Hhs, iry tom price at think a lot of this will fall in his court now. Where heave the power can withdraw some rules and regulations or do things within hhs that could help stabilize the market. I think we could see the ball shift into his court. I think the white house is going to want to move on as quickly as possible. They keep talking about wanting to move on to tax reform. I do not know if that will be any easier a fight. Paul ryan seems to think it is. There are some controversial issues being talked about on tax reform as well. Margaret how do all of these pieces fit together . Who is in the drivers seat . The white house, congress, the markets that are going to be pressing for reaction . I tend to think even with the major defeat today, donald trump is still the president. He still has three years and 11 months left to be president. He is not going anywhere. I do think there will be market pressure on the white house. I think they would love nothing more than to walk away from health care for a while and not have to think about it again. I do not think the market and Insurance Marketplace will let them do that. We have not seen donald trump in action after defeat. He has been playing a very hot hand. People did not think he could be the nominee and then the president. This is one of his first major defeats on the political scene so we are not sure. I have got to believe they will come out guns blazing on monday with tax reform or something to change the topic. It will be tough. Mark does the market come out with guns blazing as well on monday . Dani i would be surprised if this serves as any catalyst. We have not seen other action from the white house as a catalyst. Are there other corners of the market that may indicate there is doubt . The options market, the fix is very low right now. If we see movement there. We have already see the value rotation move towards growth which would suggest pessimism. I do not think we will see any large movement because there is so much disagreement between whether this is a positive or negative. If it is a positive, we are finally moving on to tax reform. Peopleay, we may see saying we will look at taxes now. That might inject optimism into the market. Too much of a push and pull to say either way which way it will go. Mark dani burger, zach tracer, Shannon Pettypiece. Margaret, you flew up from d. C. Yesterday. Margaret i figured it would be a nice newsday so why not. Mark did anybody anticipate this coming out of the gate for the administration that it would be the focal difficult . Margaret it was foreseeable. I think that that was that everyone would fall in together to give President Trump his first victory and republicans the victory. Mark this has been especially edition of Bloomberg Markets. Watch bloomberg and stay with bloomberg. Com for the latest. From our studios in new york city, this is charlie rose. Charlie Michael Morell is here. He is one of our nations leading National Security professionals. He served as Deputy Director and twice as acting director. I am pleased to have him back at this table. Welcome. Michael it is great to have you back. Charlie let me start with this. House intelligence chair alleges spy agency abuse. G. O. P. Lawmaker sparks new battle over trump. G. O. P. Leader puts new spin on wiretaps. Take me through this. Unpack this