tv Bloomberg Markets Americas Bloomberg November 14, 2017 12:00pm-1:00pm EST
julie: from new york, here are the top stories on the bloomberg and around the world. u.s. attorney general jeff sessions says he is never lied about contacts with russia by people involved in the donald trump presidential campaign and we will bring you the latest details from his testimony before the house judiciary committee the donald trump returns to washington to face the ongoing battle over tax reform as the senate tax-writing committee enters day to of its market. the house may vote on its bill by the end of the week. we got to capitol hill for an update. a bond bill -- lacy had joins us and says why we are in the worst economic recovery in postwar time and why we will see an inverted yield curve as soon as a year from now. let's get a market update. we are happily into the trading day and stocks are still down
but at the highs of the session. , coming off the lows when the picture was looking a little bit worse. the picture improving. what is behind some of this, a low speculation, perhaps worries about tax reform and the producer price index come in hotter. maybe worry the fed will raise rates a little bit faster than expected. there is also a cross asset picture happening, especially with oil. this is what started the declines. iea cut its forecast demand for 2018, citing the 201 price gains and a milder normal7 -- milder than normal winter would temper demand growth. thees below 57 and 56 to 55.5 dollar mark on oil. that is translating to dragging down some energy stocks. goldman downgraded the oil
services and equipment to neutral from negative. citing caution on their offshore drilling. you are seeing those go lower. baker hughes is having a ge affect with the ge board may conclude they may need to divest investment, but it could take years. bakeries use as well off today. -- baker hughes as well off today. retailer offa about 5.5%, missing on the third-quarter comparable sales and full-year earnings per share guidance dragging down ross. a look at retail to see how this plays out as we head into black friday. you.: thank we are giving to the end of earnings season with the s&p up 1% during these reports. shery: the big news is u.s. attorney general jeff sessions
facing questions the for the house judiciary committee. he is getting grilled on the trunk campaign -- donald trump's campaigns links to russia and questions about his considering a partial -- vessel prosecutor to investigate dealings ability hillary clinton. appointing a prosecutor to investigate dealings of bill and hillary clinton. he now says he recalls a meeting with george papadopoulos. >> jeff sessions with a fiery hearing with the house judiciary committee when several on both sides of the aisle are putting him in the middle of what has been an ongoing investigation into russia. democrats criticizing him and trying to decipher what he knew and when he knew it. as the robert mueller pose -- probe operates in the
background. republicans also try to understand why the attorney general and the justice department have not gone after hillary clinton. dealings with russia with the uranium one deal and other issues the republicans have raised. and whether there will be a special prosecutor in investigating hillary clinton remains to be seen but have acans think they republican -- a opening and try to seize in it when republicans have raised concerns about the russian involvement with the election. julie: it seems like jeff sessions is caught between a rock and a hard place with democrats and republicans. his office has said it is now investigating the iron -- uranium one deal and now facing act -- allegations about a lack of independence from democrats. how is he responding to that issue? >> i put that question to a
republican on the committee and says -- he said remember when genworth --ump and attorney general sessions have a rocky relationship and unknown whether he could hold onto his job. all of that was at the bewilderment of many in the administration who were wondering why the attorney general was not going after now former secretary clinton. that has escalated itself and bubbled over into the hearing room. other things i would point out, this is an attorney general, very much in the pressure controversy. but do not forget his role -- pressure controversy. i do -- pressure controversy. controversy. do not forget his role in the at&t-time warner deal, that did not come up. did jeff sessions say anything about the role of president trump or his influence?
>> he has maintained he has recused himself from the probe. with regards to russia. i think where this is going at what the president anticipated to be back within tomorrow, returning from the asia trip tomorrow. we should note that over the weekend he got comments that people were a bit questioning about whether or not he believes russia was involved in the 2016 election and the cia director said an hour later and said that the u.s. government has no question that russia was involved in the election. julie: what is the result of all of this? i talked about this with our panel earlier. this questioning occurring and then what? what is the outcome of the various threads we are talking about today? >> it is a good question. there have been a lot of questions about where this is headed. susan collins from maine --
republicans hoping this would be behind them. year, thisof the will not happen because the investigations are ongoing and will continue with a court date for paul manafort and rick gates our next ring. -- next spring. on the flipside, tax reform is underway. they have got the hearings progressing and the votes progressing and they should be able to get them done by the end of the year. shery: let's bring in our business week editor megan murphy who joins us in new york. let's talk about attorney general sessions'role when it comes to russia. he says he could not remember the meeting with george papadopoulos because it was chaotic during the campaign. is that a strong enough justification? >> any of us on the campaign
certainly agree with that statement. what is interesting this morning about the testimony is that he was very forthright at the beginning about saying he wants to make clear he has never lied, any inconsistencies or simply because of a lack of recollection. if you talk to other people in other campaigns at senior levels at the government and this administration and outside of prior registrations, the fact you would not remember a meeting where you are meeting with a foreign ambassador or a discussion of possible attempt to communicate with russia or advisers close to vladimir putin. you would remember those conversations. fromwill be remembered this morning as he saying that he did not remember the meeting -- they do notr square up. julie: makes sense that a junior guy came up to him and he waved him off. i am curious about a point steve
pomerantz made. he is a former fbi assistant director. he said that there is a risk in having this congressional investigation at the same time you have a robert mueller criminal investigation. the risk of being, he likened it to iran contra, the civil investigation interferes with any criminal charges. how big of a risk is that? have beenlawyers surprised about many aspects of these parallel investigations. there are many other parts in other parts of government. the issue is -- will there be sworn testimony that conflicts prejudices that limit any prosecuting that prosecutorial ability to go forward where people say conflicting things in different channels of government. yesterday, we had the release of emails that said donald trump jr. had been committed getting with wikileaks.
we have selective leaking as well. this is problematic with where the information is being called, some of which is being disseminated in the public and the majority of which is going under the radar. julie: how does this hearing today, not part of the investigation, fit into the investigation? >> this is a political issue. we should say what he said about hillary clinton and a special counsel, that will be very important. shery: that could happen. what do we know about what republicans want when they want an investigation with a special counsel on hillary clinton? >> this was heavily political during the campaign. the deal is the uranium one deal involving the clinton foundation. investigated ad nauseam and republicans are pushing for an investigation of hillary clinton's business practices and the family foundation.
this can be more political, over pressure by the president to get to attorney general investigate which is unprecedented in american politics. jeff sessions indicated he was not sure if such special talent -- investigation was warranted. julie: he denied he was pressured. [laughter] >> but we could go back to the record and see if donald trump probably, hundreds of tweets on the matter regarding hillary clinton. you.: thank julie: let's get to the first word news with mark crumpton. ishouse speaker paul ryan the latest republican lawmaker to: roy moore to drop out of the senate race following accusations of sexual misconduct. paul ryan: he should step aside, the delegations -- allegations are credible.
if he cares about the values and people he claims to care about, he should step aside. to denyoore continues the accusations he assaulted multiple teenage women while in his 30's. he has not indicated he plans to withdraw from the senate race. president trump has ended his trip to asia, declaring trade rules have changed. he left manila after two days of meetings with leaders from southeast asian nations. he said that when it comes to trade, all countries know the u.s. must be treated fairly. the president did not get specific assurances on issues such as market access and intellectual property theft. in spain, there prime minister says the catalonia crisis shows the government has the tools to defend itself. he called the government response a warning to pro-independence parties running the catalonia elections next month and says even if they win a majority, the state can limit their power.
iran says the death toll from the earthquake on sunday is risen to 530. the infrastructure of the country is hit hard. the iranian resident says his administration will look into it because of so much damage to business constructed under a state owned program. global news 24 hours a day, powered by more than 2700 journalist and analysts in more than 120 countries. i am mark crumpton. this is bloomberg. shery: thank you. coming up, the gop continues to hammer out the because of their tax plan, what can we expect to hear today? details next. this is bloomberg. ♪
committee continues to hammer out the because as the tax plan with orrin hatch saying his family has work to do and changes should be expected later today. the house could vote on it version as soon as thursday when the president is expected to visit gop members. for the latest, laura is on capitol hill, a reporter for bloomberg tech. she has been one of our go to folks for this tax issue. what changes did we expect in this next senate version? >> there are two things the senate needs to do, make it for leral compliant -- byrd ru compliant, they cannot add to the deficit after 10 years, they have to scale back and figure out what all sets they can come up with which is a painful process. finding ways to raise taxes is
not easy. and this pass-through rate. in september, the unified tax framework said it would lower rates on partnerships, llcs, small business, anything that a corporation to 20 cap percent. the senate -- 225%. 5%.to 2 ron johnson of wisconsin says this is not good and does not do enough for small businesses and we are giving a huge tax-cut to corporations and the did figure out how to even it out for small businesses and larger businesses. they are working on trying to figure out how to refine that without adding to the deficit to much. -- shery: could we see some of the provisions sunsetting after a decade? about, paul ryan talk common his press coverage on the house side, something's already fullrary, the five-year extent for businesses and immediately writing off
investments. you see them playing around with the timing and a delay of one year on the corporate rate. you could see more tweaking on the timing. perhaps individual cuts but that is public -- they will deal with smaller issues that would not create as many bad headlines. some: i understand that kind of repeal of the individual mandate keeps popping up. as part of the tax bill. what is the latest? >> senator john thune, the third ranking republican a member of the finance committee says this is something we are discussing, tom cotton of arkansas has been pushing for this. the question is will susan collins, john mccain, lisa aurkowski, who voted against ac repeal this spring, if they can vote for a tax bill. you can automatically disqualify getting their vote if you include that. this is a delicate balance. if they can at these them with
other aspects of the tax bill, it is possible but middling health care with taxes is tricky. for keeping to you track of this for us. our bloomberg tax reporter joining us from capitol hill. congressman kevin brady, chairman of the house ways and means committee, a key player on the tax bill, one of the architects of it will join us at 1:00 p.m. to discuss the latest involvements in the republican tax reform push. from new york, this is bloomberg. ♪
that generally the drop in oil prices has been a blessing in disguise. it has forced governments to take on policy changes and law changes that have been for the benefit of investment. >> that would have previously been unpopular? >> at $100 oil, we do not -- the government -- it has made my job easier. investmentn the attraction double from 2014 to 2016. we will see over $700 million in 2017. >> and foreign dreck investment -- in foreign direct investment? >> yes, record numbers coming into the kingdom of bahrain and because of the openness the
economy has always said -- always had. andy -- on saudi arabia, it is good news. people look at the regent and see it as a zero sum game. grows, what will it do to the other states? we do not say that about asia. malaysia, hong kong. the sex ong. 2018?t about >> hard to match the numbers. unique as we attracted amazon web services to set up their data centers. what they call a region in our country. it is a data center.
data farm or server farm. it will serve the entire middle east and africa and we look at there and saw an absence of data centers. we were encouraged i amazon looking to set up something and convince them to jesus. -- convinced them to choose us. that will be launched by the fourth quarter of 2019 and is a game changer for us and the region. it will brexit were computing power to the fingertips of startups and small businesses. it will allow people to mark workloads -- move workloads to the cloud and british were costs. we will adopt a cloud first policy as a government and every government entity will be asked why won't you move to the cloud? byhave save 90% of our cost avoiding building our own data centers and moving to the cloud. with amazon and hopefully with others. >> what was the dollar figure?
>> i cannot disclose that because amazon is not -- we will love to talk to them about other lines of business and also about -- we are talking to microsoft. we want our whole country to be a host to several of the leading companies, not to have sales offices, but something of substance, hopefully in the cloud. >> more data centers? >> yes and the catalyst for a digital economy that would serve the entire middle east. leaving data is growing and important. we see it -- we believe data is growing and important, we see it with our mobile phones and we should not be neglecting that element and will empower businesses. >> amazon is a done deal but how are you close to getting google or microsoft to make similar commitments?
>> we are in conversations with them and they have to see the potential in the region, which i am sure they do. the second element and making them see the benefits of us. we are not close to concluding anything but we are hopeful. >> was your verdict one of the conversations will result in an agreement before the end of this year? i will not >> speculate but hopefully we can reach a conclusion. >> the chief executive of the bahrain economic board talking with erik schatzker. julie: coming up, lacey had, chief economist thinks that we may have an inverted yield curve in as soon as a year. we will discuss. from new york, this is bloomberg. ♪ retail.
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sherry: i am shery ahn. let's check major averages. u.s. stocks to klein across the board. the s&p 500 falling for the third time in four days. materials and telecoms leading declines as the dollar also doubled its pr, losing ground. not a lot of surprises from that ecb conference featuring top central bankers but we see a global selloff now. the s&p 500 down .25%, basically risk sentiment across the board. julie: let's get to the bloomberg first word news with mark crumpton. capitol hill attorney general jeff sessions rejected accusations that he lied to congress about trump campaign context of the russians. not initially remember the meeting he had with georgen aide papadopoulos, who pleaded guilty to lying to the fbi, but sessions says he now remembers
telling him he was not authorized to contact the russians on the half of the campaign. downplaying jr. is revelations who was in direct contact with wikileaks weeks before the presidential election. the messages showed the president's son answered contacts from wikileaks directly or not at all. democrats collect evidence of a proxy link between the campaign and russia. syria wants the united states to withdraw forces from the country now that the fight against islamic state is nearly over. state run media carried a statement from the foreign ministry today saying the presence of the troops will not force a solution to the conflict. jim mattis said yesterday that the u.s. will not withdraw before the u.n. backed political process yields results. london has the most to lose from cutting migration from the european union, according to a study from pricewaterhousecoopers. the firm says london has the
highest proportion of workers from the european economic area, most reliance on construction, hotels and restaurants for european workers. global news 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. i am mark crumpton. this is bloomberg. thank you. stock indices are regularly breaking records and unemployment is at its lowest since 2001. our next guest says we are living to the worst economic recovery since the second world war. lacy hunt is a chief economist in investment management and joins us now. is that true? : it is not only the worst expansion since the end of world war ii, but quite probably the the 1990's and-- the worst aspect is that it has not been healthy for our household sector.
households of had to live significantly beyond their means with inflation and taxes on a per capita basis, growing at less than half and consumers have been spending, but they have been drawing the saving rate down precipitously. we have one of the lowest saving rates since 1900, almost unprecedentedly a low rates with a new indication that consumers are extremely overextended. not a very healthy situation at all. julie: we have had this expansion of corporate profits, right? that is what has helped the stock market expansion, and there seems to be enough stimulus out there that we have seen rates being pushed down within the bond market. what do you think is going to change? is there going to be a tipping point, where what you discuss spreads to corporate profits, or the fed changing direction would
have an effect? lacy: might interpret of corporate profits is different. i think the profits of the 100 or so outstanding corporations has done well. profits ofok at the , the0 complete universe profits are basically stationary for two years, which means smaller firms are experiencing declining earnings. that is why they are not able to pay off their wages. that is why the economy is sluggish. the other element that is entering the picture is that the startednetary anguish 2015 is starting to bite. not only is the federal funds ate raised, but we have seen significant contraction in the monetary base, which is the
foundation of the nation's financial markets. has been cutrowth in half for more than a percent to less than 4%. the rate of growth and money supplies declining very significantly. at the same time, the velocity of money is flowing. now, this year in particular, we are beginning to see a significant climbing of the yield curve, where the short rates are rising, but the long rates are actually falling. the reason for that is the short behind a determined set of parameters than the long rates and the federal reserve can push the short rates up, but the long rates are more sensitive to inflation, economic fundamentals, and i think what the markets are seeing is that the monetary restraint is moving through the system and the
long-term investors are basically holding or adding to their position in the long end of the market. sherry: on that point, the chart 1883, showing inverted u.s. yield curve, and how that tends to forecast an economic recession happening, is that your assessment now, that we could see, how soon could we see an inverted yield curve? with that lead to an economic recession? fact that wehe have had these other events occur, when the yield curve -- the yield curve has find dramatically, just in the last year, as you chart indicates and that is quite significant because what it tends to do is to undermine the profitability of the financial institutions because they borrow short, lend long, so when that spread comes profitable is less
and banks begin to pull back. the banks were already pulling back because when you raise the price of the good, you reduce the quantity of the demand, applied to everything, including credits. the flattening of the yield curve is an intensification, and the other element is that the federal reserve has said they the short rates in december and they are in the process of what i call quantitative frightening, reducing the balance sheet, so that will put more pressure on the short end of the markets, but i think the long waits will come down on that news and the yield curve vote move towards zero and possibly inverts. yield -- yield curve will move towards zero and possibly inverts. the velocity of money is falling and we are close to the zero bound, set it may not take very much of an inversion to really
crystallize all of these forces of monetary straining and that thed conceivably undermine very poor expansion quite quickly. julie: how do you position yourself as an investor? long, longer go duration, or how does that play out in your investing? lacy: at hoisington, itt has been rewarding, short rates have risen, long waits have declined and we anticipate this process will in fact continue and we do not view further monetary tightening as hostile at this stage. it will increase the value in the long end of the markets. sherry: you talk about the economy being high in leverage right now, the tax cuts proposed , sot now our debt funded
how supportive is the fiscal situation out for that? lacy: great question. is that any programs, whether tax cuts, infrastructure spending, affordable care act, whatever, at this stage in the game, if they are financed by that, that this will contract the economy. no very much, but there is net aggregate benefits. government debt is 105% of gdp, had a record level, moving higher for reasons we have known and moreover,e, if you test the relationship between economic activity or economic growth on one hand and increase in debt on the other, you will see there is a slight negative relation -- they're stepping to be gained inaccurate .- in aggregate
will there be individual winners and losers? yes, but the aggregate economy will not benefit. julie: thank you so much. leisure to see one person and discuss rates, really interesting outlook. lacy hunt is chief economist an executive vice president at sington 10 h -- hoi investment. sherry: next, we take a look at the new tech apple is betting on, next. this is bloomberg. ♪
julie: i am julie hyman. buffalo wild wings shares are taking flight today. more than 20% and having their best day since february 2009 after news of a possible takeover. emma chandra has more. a lot of m&a talk. emma: a lot of things to keep us interested in terms of dealmaking. this is about private equity groups. they have a taste of fast food because they own arby's, carl's jr., a bunch of other companies and you can see from the full-screen here that their deals have been growing, so the more recent one was carl's jr. at $1.7 billion. the offer for buffalo wild wings is about $150 a share, and value the company at $2.2 billion, so a big deal for them. we know that buffalo wild wings has received a bid but they had
not held talks about a deal. but this is offer, accounting that buffalo wild wings is looking at. julie: why is buffalo wild wings ,ttracted as an investment beside still wishes wings? i do not know if i have had their wings, but chicken wings in general. emma: if you take a look at the two,berg, we can see 817 and this shows their enterprise value and it has been falling a little. it is more affordable as a potential takeover target. the last year or so has been tumultuous for buffalo wild wings and they lost a proxy fight with an activist investor and that likely cause their longtime ceo, sally smith, to announce resignation and she would leave the next few months. have also faced a sales front
because chicken wing prices have it looksut while affordable, it looks like they're having a turnaround. their most recent earnings report shows that they posted better-than-expected sales. whilst the chief is looking good, it is something that could be seen as attractive to private equity groups. julie: especially because you look across the food universe now and there are pockets not doing so well. we see something that is poised for a recovery and that is particularly there. emma: and buffalo wild wings try to marry the idea of fast food, sports and experience in the restaurants across the u.s. and that is something that seems to be popular in america. america football. julie: just football. emma: american football in america. julie: thanks. sherry: apple is taking another step toward turning the iphone
into an augmented reality device. apple is working on a rear facing 3-d sensor system for the iphone in 2019, a different technology from the iphone x's base id system. joining us with all the details is bloomberg technology reporter alex webb, who covers all things apple. what is the key difference in two technologies? alex: what apple does with the true depth sensor on the screen side of your iphone x is that they had 30,000 dots on the user space and they can tell from the accuracy if that is that they stay need to unlock the phone. this other technology is time of flights, something google has worked on for a couple of years with the company, and this sends a laser out to measure the time of flight, hence the name, taken to return to the lens. special image sensor
underneath, which is able to calculate the difference. it works over longer distances and the apple sensor is good to feed to three feet and the time of flight is good at looking from the other side of the room, per instance. julie: we just got the iphone x and now we are already talking about the next technology. that as all take pass. julie: for sure, i am just technologyeach new the phones come out with, the calculus is how much is it going to continue to draw consumers and? -- consumers in?? this is apple's bet that we will see more people drawn to this technology, right? alex: absolutely. that has been the fear that there is not so much more innovation you can put into a smartphone. what are the hardware improvements that will attract new customers deion and having faster processors for better
software? they have been doing stuff with the camera, which is impressive, and there were the pressure sensors in the screen, 3-d touch. bullish about augmented reality, and this is clearly ramping up towards what we reported apple is working on smart glasses and building that platform for augmented reality products might help set the theme for this other product range going forward. sherry: i think one of the software tools related is a are kit?- a.r. how does that fit in? alex: it works on all iphones, back to the six. it is good that identifying a flat surface. tableample, if you have a in front of you, you have an image and it shows a monopoly forward and you can see pieces moving around. when you cannot do is interact
in the monopoly board and take out the virtual piece and lift a top hat or something to introducing a 3-d sensor on the talk of the fun would make those interactions easier and more full augmented reality rather than placing an image in your view. julie: how would this position apple against the other companies that are developing the sorts of products? how is the race looking? alex: there are two phones out there that offer that technology, based on the android system. they have not sold many handsets . we are hearing that there are going to be other phones over the next 12 months, which offer the solution. crucially for apple, though, they have a massive base of developers. they have the source of content in the app store, which will encourage people to use the technology and that is a differentiator. line also throws out the
we do not like to be first with the product, we like to be best. if that happens, that will possibly be the case. sherry: i should not get the iphone x, i should get the iphone 11, the next one. alex webb, thank you. time for the bloomberg business flash, a look at some of the biggest business stories. holsinger's elliott management is taking a stake in centers. they have held talks with calvin and urged it to go private. elliott's stakes are below the 5% required for disclosure for regulators. they plan to push for changes at the company. citigroup and ubs are among the banks managing larger shares of assets for wealthy saudi. some are caught up in an anticorruption investigation. according to people familiar, j.p. morgan and chase also manage credits for saturday. it is not clear how it will affect them. approved,pill is
amplified, embedded with a sensor that keeps track of whether patients take their medicine. the sensor is activated by stomach fluids, signaling a patch on the body that transmits to a smartphone app. and that is your business flash update. that is an incredible story. of all the stores we have tracked, technology wes, -- sherry: we have to give it to them. julie: that is more mind exploding, even then the a.r. stuff on the apple. sherry: coming up, the house and senate are running out of calendar days. they have a deadline to pass the tax reform. hank bloomberg says the senate version could come out on top. greenberg says the senate version could come out on top. this is bloomberg. ♪
♪ sherry: this is bloomberg markets. julie: i am julie hyman. sherry: i am shery ahn. the house is inching closer to a vote on tax reform while they grapple with details of the bill. former aig ceo hank greenberg spoke to bloomberg exclusively about his outlook on the past of tax reform -- the path toward tax reform. >> i think we have to hope they are done shortly. happened not have what followed the health care bill. it is important for the economy and world economy. >> which version do you like better? >> the senate version. >> why? >> i think it is more realistic. on the other hand, there are so many unknown facts, it is hard to come down and say, yes, i'm fully behind it. >> how does the corporate tax of 20% -- how do you feel
about that? >> i feel pretty good. >> on both fronts, are you pretty happy? >> yes. >> why? >> it is realistic, you cannot go further than that. i think we have to bring back the offshore plans. what we definitely need is right around that. i want to see that happen. >> do you think tax reform is going to happen by the end of the year? >> i am uncertain about what will happen on the personal side for the individuals and whether or not that is going to be acceptable with what they're talking about. some of it is pretty far out. there has to be reconciliation. >> if it does not happen -- we say heard many politicians
that if tax reform does not happen, it means the end of the republican party. >> i would not go that far, obviously. i think that a lot of people on the other side would hope that, but i do not think so. julie: that was former aig ceo hank greenberg speaking exclusively to bloomberg. sherry: still ahead, the latest on developments on tax reform. what kevin brady, chairman of the house ways and means committee, says next, at 1:00 p.m. eastern. julie: you can catch all of our interviews on the bloomberg . from new york, this is bloomberg. ♪
david: i am david westin. welcome to bloomberg markets, balance of power, with a focus on the u.s. economy. sherry: the ongoing battle it on tax reform continues. we will speak with republican congressman kevin brady, chairman of the house ways and means committee, as the senate enters day two of their markups, while the house may vote on a bill by the end of the week. he was attorney general jeff sessions says he never lied about contact with russia during president trump's presidential campaign. the latest details on his capitol hill testimony in front of the house judiciary committee. president trump is expected to meet with top aides this week on the roy moore controversy and house majority leader paul ryan or house speaker paul ryan calls for him to drop his republican senate candidacy. we get a live update from alabama this hour. ♪