Good evening. The show begins tonight in the markets. Very odd behavior of the markets except for the excitement in Washington.

The explanation the president proposes, the market disposes, a correction underway after the ride, the magnificificent Seven had the last year plus.

The correction has grown repetitive. However, it will make the market healthier,

and the talk of tariffs will ebb eventually, at least won't be fresh anymore, is the assumption.

I speak to Liz Peake about it.

We also talk about the opposition in Washington,

claiming that the Trump administration and the Republican-controlled Congress

is going to cut Medicaid.

It is not accurate.

It is distortion of the facts. The government itself says

that waste, fraud, and abuse in Medicaid is $50 billion a year. That would be a worthy ambition to cut

that out. There would be more for everyone else. We move to the story in Berlin, where the new

chancellor to be, Frederick Merritt,

is claiming that he is going to spend money as well as spend on defense.

Lots of populism coming from Frederick Merritt.

My colleague, Judy Dempsey in Berlin of the Carnegie, was sighing a lot about how he is campaigned one way and he's going to

conduct himself as a semi-socialist Democrat the other way, much ahead in the new Bundestag, the old one is still

sitting. And then Judy comments on how Mr. Trump's implied remark that he will no longer supply

the defense for Europe, it can take care of itself. Has galvanized, said Judy, galvanized the leaders

in Europe to organize for themselves. Eight years later?

Yes, well done.

And then a conversation about the German debt break with Joe Sternberg in London.

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