tv Bloomberg Markets Americas Bloomberg June 29, 2017 10:00am-11:01am EDT
♪ vonnie: here are the top stories we are covering from the bloomberg and around the world. the banquet lindens -- bank of england governor speaks to bloomberg in an exclusive interview. the long-term climate range -- risks of coming change are facing threat to investors. and in u.s. politics, the partial travel ban takes effect later today. and how democrats are responding to this and health care. we will hear from senator ben cardin. a block of money orders will join for an exclusive interview. he brings us his latest chores callsres, and shortselling icky and un-american. let the cover in the next two hours, plus the trading. we are about three minutes into
the day, and julie minutes it -- julie is following the first human in. julie: we are seeing a downdraft of stocks again today and is being led by technology here. as we see the nasdaq fall by three quarters 1% as the dow and three quarters- of 1% as the dow and s&p do better. we have seen nasdaq leaning down on the upside, but more to the downside is it is poised to potentially fall for the month of june. the emergence is also really clear if you take a look at the imap on the map of various 500, the on the s&p map of areas groups. you see big diversions, finance is up 1.4%, and tech down 1.2% today. even though the s&p itself is not much changed, only down a bigter of 1%, you see these sectors, real estate and utilities are also lows are as we see the tenure yield rise for the third straight ashen -- 10
year yield rise for the third straight s&p. and if you dig into financials, the other big theme is the stress test. we have the companies pretty with capitalut return plans that are bigger than had been estimated. he also all cap the stress test. capital one was the one bank that hit a speed bump, and it has conditional approval while weaknessess material in its planning. that stock is down. wells fargo, jpmorgan higher, jb raising its dividends by 12%, the of america, 60% on wells fargo, 3%. a little bit of relief as well as this continues to try and push past its account scandal. on the flipside we have this big cap of tech stocks that are pulling back today. walgreens is canceling its acquisition of rite aid, says it will only by some of the stores
here. we're talking about 2000 stores for $5.2 billion, right h shares are plunging. bank of america-merrill lynch says that rite aid standalone value is $1.50 a share, falling , and 3% -- 30% today france, a from the chain based in southeastern united states was poised to acquire as much as 1200 stores as part of this deal , so a lot of disappointment also in that share price today. as we see these tech heavyweights pullback. we have been talking about the industry of the iphone, but that is not helping -- anniversary of the iphone, but that is not apple and --hares, of letting microsoft are also lower. the 1.3 percent decline earlier, which is marginally lower than where we are now, was the biggest drop since september
last year. this is the biggest weekly drop since november, the fourth consecutive weekly decline, the longest losing stretch since june 2016. in the battle of the charts, i the juneng you european stocks would be lucky if you are in the market, we have fallen in the last -- nine of the last 10. his growth stocks eventually was just talking about our overheated. the msci eu p and growth index that european growth index -- the pe rates it was making a vast week from highs not seen since april 2015. the euro value index has been steadier. this is growth versus value. that is the rate here. ,terling may have seen gains the best run since april 2015, the highest and's may 22 -- highest since may 22. the s&p may need to raise interest rates, certainly
raising all of its postelection losses just a week ago for carney to suggest that he was firmly in the camp that rates need to stay on hold at a record low of 2.5%. we just broke one dollars 30 earlier, and a foreign-exchange strategist there. the key level in the interim is 13036, that was the eight-month high. -- later facesle a vote on her agenda, and this is the 10 year yield. the highest yield since march 23. -- byeek has risen since 18 basis points, in the wake of carney's comments yesterday. it fell to 90 point -- 92 basis points, and we are at 1.22% today. and that of european rates strategy in the bureau is the
august npc meeting is absolutely live. investors should start to watch the data more than the central banks because they are suspecting for a lot of the npc members, whether they are leaving toward that whatever they are leaning toward, they're probably all quite finally balanced. august is on he says for the npc. what a week we have had. david, that is back in fashion markets. and a fresh headline, yesterday in portugal, mark carney sat down for an exclusive interview with bloomberg's interviewer in london. they tackled the financial risks of climate change. they discussed private sector work in, change, and the 20 summit next week -- g 20 next week. >> this is a voluntary private-sector letdown. asked the ssp to address the financial and civility issues around climate change, we focused around disposer and asked the private chapter to decide -- sector to
decide if there was a problem here, so the head panel, 30 odd people from the private sector came up with recommendations and what you see today is that 100 plus ceos from brazil to india to the u.k., europe and the u.s. and beyond have signed up 3.5 trillion of market cap controlling active -- assets, more than $25 trillion. this is a step to improve disclosure so the market can function. the g-20 taken out of this, they started this protest this process, and they handed over to the private sector who ran with it. that is demonstrated by having 100 plus of the world leading companies adopting them. >> you are not expecting anything official from the g-20, like the communique or anything like that? asked for0 leaders this, they will be made aware of the progress that has been made in the progress behind it, so i wonder what does i would not presume the decisions of the
g-20 leaders. as a member, i will be there is a governor, but as chair of the ssp, i confident the effort of mike -- complements the effort of mike bloomberg and his team and ceos from the world's leading financial institutions, from morgan stanley to sbc, schroders, beyond standard chartered, b of a, merrill lynch, i will get in trouble if i do not mention them all, but through whether it is tata, a group in india, shell, in the energy sector, these are the leading companies who are saying this is important, this is the right way forward, and are engaged in working with it to make it better over time. what will happen with this is it is a living approach that will be decided not by the g-20 in some meeting, not by technocrats like me, but actual writers and users of capital around the world.
>> what does it mean if you are a company that did not sign up for this? and this is means, true of a lot of companies who are starting to look at this issue and after today will look at it more closely, you learn from the process. there will be a number more that we would expect to adopted as users of capital and providers of capital over time. this will get better because people are engaged. one of the things that is true about this is that the task force, the people who have been working on it, and the institutions behind them will live on for another 18 months to these as they learn. you get a shell that comes in, a lot of experience in scenario analysis, the black rock and others who are engaged in this -- blackrock and others who are engaged in this, jpmorgan, morgan stanley, these firms make a difference. citigroup, eons. this will make it better as it goes forward. >> you have pepsi but not
coca-cola. what does that mean? >> you have pepsi. what this means is if you are somebody and i have would have say you have pepsi, a series of the world's leading consumer products companies, leading companies and leading consumer product companies who are in this, if you are a provider of capital who thinks this is one of the issues, and if you think that even obstructing from climate change but -- abstracting from, change the managing risk opportunities, that is one of the factors. you use management to judge the factors for the company. it will matter of somebody -- if somebody is adopting something like this or similar to this and overtime is that critical mass builds, it will become increasingly important. there is no comment on any company who did not sign as if
one went out to every company on the planet, as though they have been surveyed, it is the leaders that were there that were focused on this issue and came in behind it. a month ago there were 30 companies and $1 trillion or so market cap, now it is 100 plus and three $.5 trillion market point $5 trillion market cap. as this gets adopted, it will improve. mark: mark carney there speaking exclusively with bloomberg. let's check in on the first word news with john. -- chandra. x president trump's traveled animal take effect tonight, according to a person familiar with the motto -- matter. that will give companies enough time -- countries of time to figure out how it works. existing visas will be honored but new applicants must prove they have a relationship to the u.s.. chancellorany,
angela merkel has given a competent preview of next month g-20 summit and what it may look like in a speech to german lawmakers. she dismissed brexit and said assets like i'm a change our irreversible. she took a swipe at president trump's america's first rhetoric, saying countries are turning to protectionism and making a serious mistake. five men have been found guilty russianurder of the opposition leader who was killed while walking your the kremlin in 2015 -- near the kremlin in 2015. wascurity offer -- officer convicted as being the actual trigger member. global news, 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. i'm emma chandra, this is bloomberg. mark? mark: coming up, a bloomberg exclusive with carson block of muddy waters. gabbyench billionaire o'neill joins us live from paris shopping upow he is
♪ live from new york and london, i'm vonnie quinn. mark: this is bloomberg markets on bloomberg television. let's get to futures in focus. the beauty i heading for its longest run of gains since april. the output rushes down the most of your. joining us now from the cme to discuss this further, head of the queues at group. thank you for joining us. last?ng will this now -- let'sright call it a moral victory after the data we have seen.
i still think that the $44 level will be the sweet spot that short-term support at this juncture, but i think the bulls are going to have to take what they will get. obviously with the chinese cutting production by about 3% and the fact that they are basically not importing any more coal, that is really the weakyst right now and the dollar. i will tell you i think there will be some stiff resistance of you start getting any higher than that $46, $47 level. into what should we read that huge drop in u.s. production, joe, the biggest since july of last year. what was the take away from that? >> right now kind of makes sense. you are getting a lot of crude sticking in this range, and the amount break counts that have come online in the course of the last year and a half, it has been astronomical. we have a glut, we have a five-year high, there are 500 billion barrels -- 500 million barrels in storage, and we have
to do something. we have to be looking at demand, and we saw that in the gasoline side, but we have to get this inventory down, and they will have to start cutting back on production, if anything. get two gold, because for the last few weeks gold futures have been stuck around 1000 $250 an ounce -- 1002 under $50 an ounce. what will move old out of this? -- gold out of this? it will be either the continuation of some upside move in the equity markets here in the states and over in europe and asia, that is where the offset -- so if you are a bowl in gold, that will not work in your benefit with the weakness in the dollar. the only other thing i can say -- if you are going to see some upside, if the global inflation story is not just a short-term academic -- epidemic that the european ecb president thought and the bank of england are trying to put out there, that
could be a positive catalyst for gold. we need to see some inflation and transparency into that for mobile start breaking out of this range. mark: john q sick from the cusick group. vonnie: still ahead, maryland senator ben cardin, the top democrat on the senate foreign relations committee, and joining us to discuss the u.s. travel dan that will go into effect this evening. other pressing issues, including the health care debate. this is bloomberg. ♪
majority muslim countries at 6:00 eastern time tonight. cardin,us now is ben the senior member of the senate finance committee. , senatorto discuss cardin, these rules going into effect at 8:00 p.m. this evening. should they be going into effect? senator cardin: no, they should not. i disagree with the way this is being implemented, particularly by the trumpions administration. they have already created confusion, and if you have a son to visit, ok, a wife, ok, a grandparent, no. what kind of evidence will be needed? the refugee program has been put on hold from these countries. i think that is a mistake and it will be counterproductive to keeping america safe, and certainly against our values. vonnie: nevertheless, the supreme court did, in fact, ruled that people without substantial to this -- ties to
this country will not be allowed in. will this improve national security here? senator cardin: it know, i do not think it will. you are exactly right with -- no, i do not think it will. the regulations are tying it very tightly and requiring certain documentation, which could cause real confusion on those who want to come to america and have a reason to come. no, it will not make us more safe. the people that are coming here, particularly the refugees, are well vetted, and there is no indication that there is a challenge there. what we are doing is giving recruitment tools to those who want to recruit people against our country and making america less safe. vonnie: is there a strategy to try and combat this ban in any way? senator cardin: yes, i am joining senator feinstein in a to reconsiderthem
this decision. we hope they will hear our case shortly in the supreme court and can clear that the america -- america will not propose a religious preference to those who come into this country. vonnie: i want to say something he had to save it to the health problems we are seeing right now. have a listen. am pretty confident that the said it is going to deliver on -- i amare reform pretty confident that the senate is going to deliver on health care reform. to finish. that vonnie: what is the democratic strategy here senator, considering there are so many gop members who cannot agree exactly on what they want for change? are you hoping this dies a death on its own, or is there a more concrete strategy? senator
cardin: no, we want to work with republicans to improve the affordable care act, but we are hoping we will not talk about repeal, but making it better. the thing we have heard the most about from people around the country is the cost of health care. there are many proposals and i will be doing this today in a more formal way of how we can bring down the cost of health care, get more competition for insurance companies, deal with pharmaceutical cost and delivery of care. how we can deal with improving the subsidies rather than damaging the subsidies. how we can deal with matters that will bring down costs. many of these have been proposed by democrats and republicans, i'm hoping we can come together and improve the law but not weaken, as the republican bill would do by slashing medicaid. vonnie: do you intend to do this by friday, because certainly the gop members are still very hopeful that there is a deal for them by friday, and if there is
something to combat that, is this all a fantasy? i will berdin: reaching out with democrats and republicans today to join me in this effort to bring down costs and work together. i will be doing that today, and i would be totally surprised if republicans can come together by tomorrow on the health care bill. it is not in the interest of the american of -- american people to be a partisan bill. let's work together to improve the affordable care act. vonnie: if we do not see something concrete front the democrats -- concrete from the democrats by literally tomorrow, does it have a chance -- and the bill in the gop does not a chance of passing, will we have a different health care system this year? senator cardin: i believe that american people are very much opposed to slashing medicaid, especially giving tax cuts to the wealthy. i do not think were republicans will be able to come together on that proposal. senator cardin, thank
prothena shares are plunging on the news, down nearly as much as 9.8%, the biggest decline since june 20 4, 2016 -- june 20 4, 2016.- 24, julia: we are joined by carson block. thank you for joining us. do you think investors are misleading trial data here? >> we think the stock should rerate. we think the streak is way too bullish on this one-to trial data, so we think the data shows efficacious, is and we think it shows results that are consistent with prior treatments of mostly chemotherapy that the trial patients underwent. the under thing -- other thing is we think if the drug is efficacious and gets approved, we think the streak is really overly optimistic about the peak
annual sales, because they are assuming the drug is going to $2000, $3000$ peoplend we do not see paying for treatment at about that level. julia: they're trying to accelerate fda approval, and they seem pretty optimistic that this could get eu and u.s. per will by 2019. why? what are they misreading? >> what they are looking at in two datae one and is they are looking at how these blood levels, biomarkers, seemingly improved for patients enrolled. when we look at that, all of had previously undergone other therapies, we think the improvement really could be attributable to those previous therapies because
importantly in the clinical trial world, there was no what od tolled a washout peri make sure there were no lingering effects of previous treatments. that is what we think is perceived as misunderstanding. ae company could release decent bit more data, they could release patient by patient data which would allow everybody to make a better judgment about this. so far, the company has decided not to do that, which we think bit conspicuous that they will not release that individual patient data. julia: you think they are hiding some of the phase three data? >> when you are in the biotech industry, you have to be a pretty bullish person, and if we think that insiders are seeing that the data is not as great as they wanted to be, the whole --
the phase three trials are hoped to show the drug is efficacious. our view is what has been publicly released shows the drug is not efficacious. if management is looking at the data the same way and questioning the efficacy, i could see them wanting, hoping that phase two and phase three do the trick. phase three is not extended until the second half of 2018, 20 18, 2019. this could be on the market for until we see with that result is and whether your view is prudent to your. -- print here -- prudent here. skeptical that the company is going to be able to get the drug approved and on the market in the u.s. prior to completion of phase three. the only way that would happen
, withbe with phase two be -- and there is no hard it for when faced three concludes. if the drug is going to be on the market in 2019, you have to believe that the phase three trial data, which is pretty early, comes back and is so compelling that the company can basically and the phase three they and go for -- end phase three study and go for approval. we also find it noteworthy that the company is not going to give an interim look at the phase three data, which previously it had indicated it might do that. so our understanding is that the company does not plan to do that now. julia: and i should mention we have put out a request for comment from the prothena, we are waiting for that at this stage. carson, we are talking about the blood disorder drug, but there is a pipeline in most other
drugs in earlier stages, but they're working with roche on a parkinson's disease drug that is getting quite a lot of optimism from analysts as well, and they say this is a potential multimillion dollar drug. we should not just fixate on one, but appreciate there are other drugs out there that could be very beneficial for this company as well. should you agree with that? >> it has two other drugs in the pipeline. drugs,e early-stage inherently very speculative as to whether they ultimately come to market and what their impact on the market are, but the seems to be thriving the majority of the company's $2 , and weplus valuation think the street is overly --lish by a lot about neo-d1 neod001. vonnie: do think people -- julia: you think people will not
be willing to pay or, in the event they come to market with this, this will not be an amount of money they can achieve here? why? >> analysts seemed to be forecasting that peak annual 1.5nue will be about billion dollars, close to $2 billion in annual revenue. this is a rare disease, and the treatment would follow physically the chemotherapy. the patient would undergo chemo, and then would be described neod 001. to get to those peak annual revenue estimates, this drug as to price around 200,000 to 3000 to $300,000 for a course of treatment. and given this is an additive treatment and the standard of care treatment is reasonably effective, actually, in generating these hematologic and organ responses, it is unlikely
that payers are going to be buying this drug or paying up for that drug across the board. formularies, it might be a fourth tier formulary kind of drug. julia: and final question on this, do you think the insiders are bailing here, that they have sold out of their holdings in many cases? the company raise equity this year. where are you getting that intel from? see that insiders own close to 0%. according to bloomberg, it is .04% of the company, and almost every time options are exercised, the shares, almost all of the shares are sold. this is not conclusive, but the people selling presumably have a better look at the data then we on the outside do, and to the extent that they are not holding really any stock in the company, that also makes us think that
they could have more doubts about the data than the public or investors understand. julia: why now? this is your first farm a short -- pharma short. why now for you on this? >> sure. we have previously internally, we did not go public with it, we previously successfully shorted retro fan for a while -- a krelie rally -- sh thesis. we were being to a punch -- beaten to the punch on another medication by a science-based activist. biotech has been very interesting to us for a few ,ears because of the valuation and arguably, at times, it has been in a bubble. we can find something where it is not an argument about the molecule, such as a different , and we the data
think that is something worthwhile discussing his activist. -- as activists. julia: to be a short seller, you said you had to have a thick skin. presidentrom this this week who says this field icky and un-american. are you un-american, carson? >> i am not. i think the most un-american thing people can do is just except, without question, things that they are told. we as short-sellers in the marketplace, we are the people who are really the ultimate checked, the ultimate seekers of truth and the ones asking the hard questions when, unfortunately, a lot of the market seems to be wanting to close their eyes and lie. no, i take issue with that. i think the suppression of critical thought is icky and un-american. a point in some
ways, carson, because what you have done in recent times is said you will be shortselling in a market, whether hong kong or canada, and you created a shakedown in those markets. at some point do you have to , thed-guess your behavior responsibility of what you do with the information that you have when you are pretty potent to a marketplace? >> look, i think -- to be completely realistic here, if i tweet "coming out with a canadian short," there is no reason anything in canada should move until we talk about what it is we are short. and actually, when i was in ioomberg in hong kong, thought i stated most obvious thing in the world. i'm a short seller who just got off a 15 hour flight to speak at an investment conference in hong kong, and i will not be talking about rhodesian stock.
i'm talking about the hong kong list of stocks. i stated what i thought was extremely obvious, and 50 stocks tanked. that says a lot more about the market than it does about short-sellers or what we do. julia: does it really? and say come out you are going to go short, like with this prothena stock, it is down 8%. when people look at this with your announcement, this could be my stock, this could be one i'm invested in. investors are not sure. stockse are thousands of listed in the u.s.. why would somebody take a preannouncement and decide they should short? if i am really that powerful, i would think that i would have arrived in the studio in a helicopter. i did not. people should not assume when i could be talking about one of thousands of stocks that it is their stock. if you take a market like hong that is stocks selloff,
50 stocks that are probably extremely poor quality and investors are duly worried about that. if they are worried about that, maybe they should not be trying basically.se bowls, that is why it says a lot more about the market. julia: so you are saying hong kong and canada are bubbles? >> individual stocks could be bubbles. i am not familiar with the long or short on the other stocks that went down, but if you are -- if you'ree stock is so tenuous and when someone says they are shorting something in the market and you own one of thousands of possibilities and dump it as a result of that, that tells me you are not very convicted about why you own that company. and you're are probably not -- you are not probably owning it for fundamental reasons. julia: no regrets? >
>> why would i? julia: i want to ask you about abbott labs. in light of the cyberattacks we canrecently, whether that -- with the argument you're making here. >> it is frustrating to see that time and again large countries, companies, economies are being caught with their pants down when it comes to cyber. i do not think it is a question about if we are going to get hit with a majorly disruptive cyber attack, i think it is a matter of when. we have singled out saint jude for its lack of preparedness, and saint jude try to dismiss that by saying well, there has never been such a cyber attack. but when we look around the world, we are seeing these attacks are senseless, yet they are being launched anyway. that is no excuse for not having critical and plan all medical devices adequately secure -.
julia: thank for talking to us there. >> thank you. vonnie: and our thanks go to julia chatterley for that breaking news. and other breaking news, blue apron has opened and is trading, climbing after going public at $10. now it is holding up 5.9% at $10.58, so a perfect result for blue apron. was slashed by several dollars originally, initially going public at $17, and slashed between $10 and $11. mark: the new start up campus station has opened today in the heart of the city, and its goal hotspot for the new incubators and venture capital forms -- firms in europe.
-- let's go to paris, where we are standing by with the man behind the effort. today is the big opening of station s, which is aims to become the world's largest start up, and i am joined by the man who actually formed this startup. you are a businessman, you founded a telecom company, now this. what is your vision here? do you want paris to go ahead of silicon valley? >> i hope to go ahead of silicon beley, but we used to france's biggest -- in the world, and bloomberg is hearing it first.
create -- this can hold our country together to -- in the biggest world. >> we are sitting here in the amazon lounge. what are the other big names we can find it station s? view,terms of point of you have the first internet microsoft,you have another --, which is a big stock in the u.s.. we have the big names. personnel, in50 this case, you will have 1000 startups that will start in four days, and we have already had 5000cations for about startups. toemmanuel macron is going
be here to inaugurate the place in a couple of hours from now. charge inacron in france with brexit in the u.k. means the plants are lines for france to become the biggest tech hub in the future? -- [indiscernible] with the startups and a lot of this kind of efficiency. >> do think parents will take advantage of brexit? -- paris take advantage of exit? >> it depends on how the u.k. will manage.
maybe [indiscernible] we are here to help france. i lived in london for many years, and we were talking about the old street roundabout as the big hub in europe, but after brexit, now that the growth of the startups is actually faster in france than it is in the u.k., paris remains smaller. do you really believe this can accelerate? how fast is it going to happen? >> very fast. when you have a trend, it is going up. [indiscernible] place, a huge [indiscernible] to help the stock up, we have 3300 people [indiscernible]
1000 --, we than have created multiple hotels,. -- mobile hotels. -- multiple hotels. and this project? >> it is a nonprofit to help my country become bigger. >> if the next facebook emerges from here, how are you willing to benefit from that? >> zero. we are a nonprofit, we do not take any shares, most of our programs are free, so the only thing we want is to help paris, and [indiscernible] hopee happy and we [indiscernible] peoplelooking for young
, andthe outside of paris for them to, and create that company. if you issued [indiscernible] we can help. >> as you mentioned, france is a difficult place to do business. macron is trying something new with the labor law reform that was presented yesterday in the cabinet. can you succeed were so many have failed -- do think he can where so many have failed before him? in france, [indiscernible] i was born in a very poor part and i became -- found
it possible to make money in france. and we have an edge that becomes far bigger. [indiscernible] countries, [indiscernible] this will change everything. >> you founded one of the biggest telecom companies in foundedand then you this company in paris and in california, now stationed. what is next? >> that is a big question. my only job is to manage my telecom company. year.nch in italy next >> xavier neil, thank you for being here with us today for the
beingg of station s and the world's biggest start up campus. mark? mark: fantastic interview. coming up, 12:00 eastern, 5:00 p.m. in lender, -- london, we will be back with an interview with tony fidel, the former apple executive. one decade ago, 728% higher now. growth is struggling so much, even tiger woods could bring back its mojo. we would hear from the cofounder of nike about why the apparel company got out. this is bloomberg. ♪
this is bloomberg markets. mark: let's have a look at some of the biggest is this stories in the news right now. a new plan for vacation rentals. will call the rental service the mansions and penthouses. theye end of the year, will have an inspection to maintain quality standards. and growing online sales this year, the retailer posted their second-quarter earnings. h&m online expansion helped offset a rise in inventory. they cleared out the excess by marking down prices this summer more than last year. not even tiger woods could make golf pros for nike. golf onness of bloomberg tv's david rubenstein
show. >> it is a very simple equation. we lost money for 20 years on equipment and balls. nike got out of the gulf business one year ago. that is the latest rumored business flash for you. vonnie: and checking blew away from -- blue a brand now, adding apronir starting -- blue now, climbing and holding onto those gains. gain for the.3% meal kits delivery country, they started trading today. we are 90 minutes before the european close, stay tuned. ♪
there are 30 minutes left in the european trading session. i am vonnie quinn. this is the european close on "bloomberg markets." ♪ mark: here are the top stories we are covering from the bloomberg and around the world. investors buying into a brightening economic picture here in europe. europe area confidence hits a 10-year high sending that euro to its fight -- to the highest against the dollar in over a year. thataking special state saves today. the government leading to the further review of rupert murdoch and the deal between walgreens and rite aid also part. is a potential appeal and replace of obamacare remains up in the air. we will talk to the woman who helped implement the law, former health and h