tv The Willis Report FOX Business September 16, 2012 4:00am-5:00am EDT
gerri: smacks the government pays out a record amount of money in social security and disability checks. and pumping billions of dollars into the economy will affect you. welcome to "the willis report." hello, everybody, i am gerri willis. the fallen heroes in the consulate attack brought back on u.s. soil tonight. here are the pictures as violent
and now to the american protesters sweeping across middle east and north africa, government across the region including ours containing the crisis which only seems to be growing. with more on this, republican strategist and fox news contributor. fox news middle east analyst and author of the coming revolution. a former staff member on the senate committee, well, all. this thing seems to be spreading, going everywhere tonight. reports of attacks on a base of british and american forces coming under attack tonight. and we're seeing these protests go everywhere now. what do you make of this? little internet video the cost of this? >> no, this is a network, the
same network that did wonton among me, -- wonton them all day , the corona >> most of tripoli, libya, and from there on too many other countries. the reason they're doing this basically is to put pressure on the united states to actually confirm the withdrawal from the region. that is the political call. the city itself, it is insulting the level of religion but do you know how many videos are there and how many have been crucified before but no demonstrations? this is more strategical on the jihad network and the push against. gerri: in that video has been out for weeks and nobody has said anything. danielle, want to get you to something that the president said earlier today about this video and how they are
responding. >> this is a fairly volatile situation in response not to the united states policies, not obviously to the administration, not the american people, in response to a video. gerri: true or not true? >> that is really a disgraceful statement on a white house spokesman and i don't understand where it is coming from. there have been ample reports these attacks were planned days before. the video has been out since july. even more, why he would justify the idea and video is an excuse for mobs to attack on u.s. soil and kill our ambassador and american citizens is just a mystery to me. the president has been entirely awol on apology on dealing with this growing violence, entire
thing is totally confusing. gerri: i know you have been following this whole thing going on, a lot of questions tonight about the president an in his r, taking everything he can? >> we all have to be saddened by this terrible tragedy, but we need some strength and it is what is going on in this country, they want to drive us out of there, basically we have to show strength or we basically get out and take our troops and basically that has helped stabilize that country. my sense at this point in time is the longer it goes on it will flare in many different places and be very detrimental.
gerri: has his response been the right one? >> when the incident occurred in terms of format, he did. the issue is not there. what has been done with the policy and strategy is the issue when they had the opportunity to years ago, google, facebook, when they were in, we di do not partner with them. they tried to partner with the brooklymuslim brotherhood. this is how they are now waging the campaign. that was a mistake in choice. gerri: how do you respond to that? are these people who can't get jobs frustrated, easily motivated by people who might want to get them to protest? >> i think there certainly are
elements. the problem here really is a deeper one than just what happened in the arab springs. the u.s. policies and u.s. leadership in the middle east. if you think about everything we have done in the region for the arab world and the fact that it is how we are being repaid is staggering. the other problem we see, the president's reaction has not been appropriate, it is right to stand up and say the united states will not tolerate these kind of attacks to condemn these attacks on our citizens is not just their moment for condolences, it is also the moment reminded middle east we're not the power to be trifled with and this must end. >> i agree with the fact in substance and in the speech presented, who did not see any
explanation from the secretary of state and from the president another important thing. have you seen women in this footage? of course this is. gerri: is this an october surprise? will this provide some kind of a turning point? romney should not talk about this. >> should not talk about it until he has his facts. when an ambassador is murdered you basically don't second-guess the president. three or four days from now, five days from now he has layout with a middle east policy would be and what the difference obviously very significant debate, can be very aggressive at that point in time. they have to show some strength. these people understand he
hasn't shown any strength in the past, wants to be loved, i think it has occurred to a lot of them. gerri: i saw the administration had asked you to look at this video, what do you make of that? >> i think it is absolutely stunning the president of the united states is asking american company to stand for an american matter how stupid the american is and no matter how much of a bigot that american is, in america you can be as stupid as you need to be and you can put it on youtube. if we want to start down this road there aren't awful lo of insulting things on youtube. gerri: everybody can get angry and administration is saying they are not trying to censor anyone, they just wanted to reveal it.
thank you for your time. now we want to know what you think at home. has obama's response the middle east crisis been strong enough? log on and v vote on the right-hand side of the screen. now a dangerous milestone, i will explain and will congress every agreever agree -- mark ord over a financial cliff? we will see what he has to say. we will be right back.
congress has yet to tackle the most pressing issue. the fiscal cliff. bush-era tax cuts lead to expire with major frustration at years end. pretty much a make or break moment affecting the wallet for all of us yet congress isn't any closer to finding a solution. for more on what is at stake, the president of americans for tax reform did great to see you, happy friday. i want to start with this repo report. they were pretty outspoken today in what they thought sequestration would do. report leaves no question sequestration would have national security, our government function. do you agree? >> what sequestration is, over the next 10 years you have to drop a trillion dollars into the
additional spending you were planning. this is a reduction in increase, but $100 billion per year in budgets that are quite large, and 50 billion on defense, 50 billion in non-defense. there are other ways to save that money, small pot of money as a percentage of the budget. if we give the government some flexible in how to save money these are reasonable reductions in the increase in government spending. gerri: i understand your point, but a lot of people are making the point are you see what is going on in the middle east? >> when conservatives nor liberals say we will spend money on education, we know perfectly well a lot of it goes to the bureaucracy and teachers union and nothing to do with the kids. sometimes they say they will spend money on defense and doesn't have anything to do with
how strong our military is. we have to be very careful not to let somebody throw up a red flag when people say welfare and act as if welfare is helping people, it really doesn't. gerri: i want to talk about ben bernanke and the fed. listen to this from ben bernanke. >> to fiscal cliff isn't addressed, don't think our tools are strong enough to offset the effects of a major fiscal shock so it is really important for the fiscal policymakers to work together to find a solution for that. gerri: what do you make of the fed's move? it struck me as overreaching in the extreme especially when he himself says we really don't have the tools to deal with unemployment. >> i think he means we the fed.
we reduce the increase in government spending a little bit with the sequester. that is a good thing for the economy. you'd are you high you allocate reductions in the increase but that is helpful to the economy. the other is a massive tax increase of $500 billion over the next year. $100 billion in increased spending and they panic. talking raising taxes 500 le in dollars next year and for the next 10 years. that is very damaging for the economy, we should not confuse spending reduction with tax increases, the alternative minimum tax cuts, 4 million families, 31 million families in january, we should continue the bush tax cuts.
gerri: let's show what is at risk at the end of the year if nothing happens, if we go over the bush tax cuts. tim was tax cuts, obamacare taxes. what happens to our economy? >> the higher taxes will slow growth, what obama says he wants to do is to continue the bush tax cuts for some people. why would you believe him? he didn't want to make which tax cuts available for anybody. i think he plans to spend it, that is what the fight about this election is about. romney and ryan said they will continue the present tax rate and tax reform.
obama wants to start with $500 million tax increase next year and then his promise not to raise taxes in the future that he made in 2008, he changed that. it promises no new tax increase next year. in 2013 he will not raise taxes, but 2014 could have an energy tax, more income taxes. gerri: we don't know that, he hasn't said that to be fair. >> no, he promised not to do it until then, that's what he said. gerri: we have a long way to go, hope you come by t back to talkt the fiscal cliff because i'm sure we will be talking about that every single day. if you are fired up about this or any issues on the program, drop me an e-mail.
>> what is in store for future benefits? we find out what is wrong in the numbers next. will the fed stimulus really help the economy grow long-term? "wall street journal" stephen moore weighs in. and good news for all of you aging men out there, the search for a baldness cure could come to an end. what is the solution? dr. marc siegel is here with the answers. we're here on the case next on we're here on the case next on "the willis
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collective organ rights. the law championed by scott walker caused protesters at the state capitol and recall election. we will cover this news as it rates and keep you updated again. a judge striking it down, we will follow that up. mixed reactions of unlimited quantitative easing basically pumping billions of dollars into the economy every month until the ripple effect eventually hit the job market. with more stimulus the answer to fixing our economy. senior economics writer for the "wall street journal." qe3, love it, hate it? >> so far the market sure has loved it and an indication wall street is addicted to this crack cocaine of easy money. qe3, of course purchasing mortgage-backed securities in 2010 almost another trillion,
now we have this new announcement. i can't tell you how much i wish it were so easy to get the economy moving. if only that is what it would take, we would be very happy together, but i am skeptical. melissa: even ben bernanke said i don't have the right tools to do this, right? >> we tried this for three or four years, just has not worked that well. high poverty rates, high unemployment rates and on government benefits. it really connects with what you were just saying about middle income families are not doing very well, one reason they are falling is inflation is high, one of the implications in my
opinion of what happened yesterday is you're going to see prices rising. you saw the gold price rise, what does that mean for family income? i don't know how the average worker or the average american comes out ahead. gerri: at i really don't understand this move. wall street's described as a nuclear option, and you have some analysis on what you think ben bernanke chose this path. >> this is speculation on my part but it is interesting that romney has basically already made an announcement if he's elected president he will show ben bernanke the door. he has been inclined to the policies ben bernanke has put out. it appears ben bernanke is obama's best friend right now. a big beneficiary to the president. every president with richard nixon, george bush, this may be
something politically inspired. gerri: do you really believe in bernanke is in the pocket of obama? >> i do believe it is playing a bigger role all the time. nobody in washington is completely outside the realm of the political election. melissa: doing something so dramatic and so big, doesn't he? >> i will tell you this, democrats in the house were hammering away, say we need more money, we need more money. anytime ben bernanke would go to capitol hill the democrats said inject more money into this economy right now. the connection between what the fed is doing, independent of politics, but the last couple of
years they have intruded on some of these decisions they have made. >> have a long ways to go on that one. thank you for coming in. >> that is the scary thing, we spend so much, at some point you have to pay the piper. gerri: that is absolutely right. it is always good to see you, sir. i'll be joined by scott martin will tell us how the announcement would affect you and your money. listen to this, one group of people hit particularly hard our returning veterans, but there is the hope with websites like heroes to hire. their mission matching those with military training, civilian jobs are right for them. founder and ceo helping launch these sites.
>> we saw there was a gap. you have all these resources at once, all these great opportunities, just not enough to connect the dots. look at how can you connect the opportunities and the space between all the openings. i think it is important to realize a lot of jobs out there. i hear there are not any jobs, so right now our system tracking 3.6 million job openings today. gerri: that is amazing. we have 8.9% unemployment rate, why is that? much worse than the broad population.
what is it about veterans they are not getting these jobs? speaker they cannot get the skills the opportunities they have. what we have done is a lot of time for a lot of money is fully national talent exchange, realize ther it was not somethio connect the raw talent with the education, credentials and the jobs. those were the two biggest pieces we had to put together, but then it comes down to the actual employers being able to match those skills and hire the transitional personnel. it is really important to realize we have almost a million reservists in this country between the national guard and reservists who ar in one of thet pool of talent in the united states. >> a lot of employers say i cannot find somebody who has the right set of skills, but these people actually have training.
>> phenomenal training. we have 10,000 people per day turn 65, so the gap coming at the american workforce areebuilt quite well with our military trained talent. just an issue of a common language between the military and private sector confidence. melissa: can you give us some success stories? speak we have been testing turn it on to help local businesses that with talent. seeing 10 times results of a job fair by making these connections. leveraging technology for virtual interviewing, we were connecting virtually to an employer 1000 miles away. these opportunities are helping us transition month to month before the exit for those
dedicated for talent. gerri: hero for hire, that i his website, great effort. really a problem that needs to be solved. thank you so much for telling us about it. a lot of people will be logging on, thank you. >> thank you. gerri: you'l you will definitelt to check it out. should you be as excited and worried about losing your hair? a cure for male baldness on the way. i thought i could ignore ,
and i wished it would just go away. [rock music playing] it was my adhd. and like many kids with adhd, i didn't outgrow it. one of the issues i had was not being able to focus. i would read and i would reread the same sentence. you'd read it over and over and over again. and then, five minutes later, i wouldn't know what i just read. it wasn't sticking with me.
it wasn't sinking in. and that, to me, was really frustrating. as i got older, i was still having that issue. and that's when i knew i needed to talk to the doctor. announcer: if you were diagnosed with adhd as a kid, you might still have it. find out more. take a quiz at ownyouradhd.com to help recognize the symptoms, like inattention, impulsivity, hyperactivity, then talk with your doctor. i take responsibility for my adhd. it's your adhd. own it. gerri: bald is beautiful but new headway being made on the quest for a cure. the medical investments thinking a common vitamin giving bald men hope for a full head of hair. really, you have a cure for this upper sleeve? >> not yet.
there's a preponderance of all of this evolving men on the medical 18. gerri: i don't know why you don't just shave your head and forget about it. >> some of us do. baldness comes first of all related to testosterone and is rated something which is an inflammation going on, some very exciting research about inflammation. now along comes vitamin d. did you know the hair follicle takes two to four years to grow in a couple of weeks that goes into a dormant stage, goes to sleep. the next follicle comes. yonote happens? some people, bold and people like, it stays asleep. vitamin d is involved in that, involved with waking it back up and getting it up and going. you know what is happening? researchers spending a lot more money on this than you would
like, millions of dollars spent on baldness research could be spent on cancer research. gerri: it seems we spend a lot of money on things like this that maybe could help people live longer lives but it is interesting, you say they're closing in on a cure for this. which one of these methodologies will actually work? >> i don't know. probably the glands has the most hope. if you take vitamin d, no evidence you can reverse this. don't think you can grow hair. but actually, there is an idea the receptor for vitamin d is useful in the scalps maybe we can manipulate our hair follicles to start growing again. it is possible vitamin d plays a role but will not be a supplement industry. gerri: men are supplementing a lot of income to shortcut some of the things you are talking about. >> 35 million men in america are
bald or balding. $2 billion is spent on hair transplants. an incredible amount of money. people are hiding that they got transplants. enormous inertia that will go away. i predict within the next five or 10 years one of these will work. a big investment item and it will work. i bet it will be the gland one, and i will give a secret tip on this and your viewers. gerri: i appreciate that. it's going bald so bad? so many famous actors and others, bruce willis, they go bald, it is okay, they shave their head. they look fantastic. >> if more beautiful women like you would say that, more men would go bald. gerri: there you go.
but the demand was much stronger than apple di expected saying it could take to two weeks. apple and sprint still promising delivery next friday, but verizon pushed back delivery until september 26. meanwhile delayed delivery times have not hurt apple's bottom line or the stock line. hitting an all-time high closing in on the $700 mark before falling back $691. unbelievable. the fed moving to inject more money into our economy effecting you, the consumer, and the average investor. scott martin, chief market strategist of the united investors, you don't like this, why? >> this is all about commodities, not the market. like everybody else, i like the market going up, i am not a hater. but a story to me is commodity, not just gold and silver, but lumber, steel, aluminum all
ahead of the fed move the last couple of months up big. higher prices for companies, i think it is a job killer. gerri: why is it a jobs killer? ben bernanke says he wants to bring the unemployment rate down. >> unemployment will only go up if the fed prints more money because money prices go up, if you're buying things that go into making your product, what happens when prices go up? their profitability gets hurt. you raised prices for you fire people. both bad outcomes. gerri: i wanted to ask about housing. federal reserve chairman wants to help the housing market, i don't see people crying about interest rates on 3.5%. >> mortgage rates are low enough as it is, i don't think it is
getting any better, any worse, keeping rates this low is completely artificial. basically out there to assess risk. if you're artificially pushing rates down, people cannot assess risk. gerri: it will continue to go up based on the fed action? >> i think he is. it is all enjoyable to have that stuff, the hangover is bad. eventually have to pay for this, you need growth, we do not have this. gerri: will there be unintended consequences to unloading all of this stimulus? we have 10 of these things.
q. we won, qe2, operation twist, now qe3. at some point you have to take it all back, that could be pretty painful i would think. >> europe going to maybe 25, everybody seems to be why can't we, eventually it stops but for now enjoy the party, let the music play. gerri: spoken like a market guy. thank you for coming on. gerri: the new york stock exchange for the $5 million the edge over the public. reinforcing the view the they're stacked against the individual investor. the fcc took action against the nyse says they gave some of the best customers faster stock quotes than that available to other folks.
this is the first time they've ever burned a case against the exchange. here's how the nyse went wrong. they delivered stock quotes to select clients and deliver the same quotes to everybody else but slightly delayed and in today's market with high frequency trading, inability could cost investors billions of dollars. director of the sec said this, improper early access to market data even measured in milliseconds cannot be a real and substantial advantage proportionally disadvantages retail and long-term investors, you and me. and it wasn't always milliseconds. during the flash crashed the dow plunged nearly 1000 points in a matter of minutes, sec says the nyse was sending up stock quotes to some people in real-time but to others around five seconds
later. think about that. the ceo sent a statement to us that the timing differential stems from technology issues, not from intentional wrongdoing by the exchange for any of its personnel. software issue if it is fixed. nyse agreed to pay the $5 million fine but did not admit to any wrongdoing. critics say it is a prime example of exchange trying to make the most money rather than providing a fair and open market for everybody. the answer to our question of the day. has it been strong enough? stay with us.
you is an compromised weapon of union delegates still have to the strike. meanwhile, president obama visiting today with the families of the victims of the attacks on the u.s. consulate. now it is time for your comments. dennis says it is about as strong as a used tissue great we also asked about president obama's comments on gerriwillis.com. 97% said no. pretty strong reaction, my friends. here are some of your e-mails. can rights that those who are invested in facebook deserved to lose. what do you want, it and
guarantee? by had enough money for such an account, give the government from getting their hands on it. send me an e-mail at email@example.com. finally tonight, it is not news. many federal government workers get cushy pensions. many in the private sector can only dream about. now, new report shows that getting those benefits with your working days. according to the heritage foundation. federal employees worked less than 39 hours per week and nearly less than the private sector. i'm all for people making as much money as they can. that's a good thing. i don't believe there should be any kind of feeling for pay. but when it comes to government workers, the rules should change. that's because taxpayers are paying their salaries and benefits in their and their workweek should look more like