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tv   The Willis Report  FOX Business  September 19, 2012 9:00pm-10:00pm EDT

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going out. conservative author thomas sold why he says this election is getting back to our soul.odrri willis tomorrow. he department of homeland security showing calls to burn down the u.s. embassy in cairo. two days before the protest took place. the cairo demonstration was the first of the anti-american protests which continues to raise across the world with no end in sight. time for u.s. to close the floodgates of the foreign aid to these countries. with more on this, ran poll of kentucky. welcome to the show, great to have you here.
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first i want your reaction to the department of homeland security report that says threats reach the u.s. two days before the protests started. >> i'm quite concerned if there was any warning if we paid or didn't pay attention to the warning and also concerned in egypt the egyptians said the mob is coming but didn't send any troops to defend our embassy. that has to be an investigation of what went on here. we have to bring the assassins to justice in libya, that is part of what i have been working on for the past week to vote on if our aid should have some contingencies that should be attached to some rules. gerri: using these countries have to be held account for what they have done here. this was just this year, 2012, pakistan getting 2.1 billion.
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egypt 1.6, what should happen to this money? >> i think if you want to be an ally of our country, you have to act like it. if you want to cache our checks, there has to be some contingencies for example with regard to pakistan. i think you shouldn't torture the friend of americans who helped to get bin laden. that does not sound like the actions of an ally. i propose several things going back if we don't spend the money that could go toward lowering the debt where i sid we could even use it for the veterans benefit bill. a lot of things that can be done with the money, but it makes no sense to continue to send good money after bad. >> using that to improve our own security. using your logic to cut off virtually scores of countries right now. look at the number of countries who are protesting americans.
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rocco, tunisia, lebanon, goes on and on. a lot of money for the federal government, should it not be for the three countries, should we be pulling aid for more? >> should be contingent upon behavior. when large parts are burning the american flag does not show your very appreciative of the help we are sending to your country. prerequisite for getting it, maybe they should not be burning our flag chanting down with america, does not look very good. i am very skeptical to send good money after bad. all foreign aid should have rules and restrictions and really shouldn't be sent to people or countries who are disrespecting us. >> i think her critics with his difficult for them to control what is in some cases a minority view. what you say to that? >> you can't always control the crowd, but the pakistani government is imprisoning them.
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accused of torturing a man who helped us get bin laden. they are responsible for the safety of our embassy. in some cases the crowd they get out of control but it is egypt's responsibility to send troops, weapons, tanks to protect the embassy. it is one of the basic things of a civilized country can have to protect every country's embassy. gerri: my understanding was he was standing in a way of this, do you think after what happened more people will have a point of view similar to your own? >> i've gotten word this afternoon that they are going to allow a vote, the question is will some in my party allow the vote, that is yet to be determined. we will find out in the next 24 hours or so. if i can get my colleagues to agree to a vote, we will look at if foreign aid should have some
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contingencies whether or not we should let countries run roughshod over us and send them more money. gerri: i have to ask you about the federal reserve. you have been very outspoken saying they are out of control, took a very dramatic move last week to try and prop up the economy. what you make of it? speak of the danger is you keep on creating more money and say interest rates should be zero or 1% as low as they possibly could be, you are still distorting marketplace. one repercussion we could see is doubling in price over president obama. the next thing you will see his gold on the rise again. an article this morning saying $2400 per gold, i'm worried about $24,000 per ounce gold if we finally get all this money chasing good and we have rampant inflation, my concern is if you
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destroy the transfer printing so much of it really will have chaos and that is not what i want for our country. gerri: i had no idea we are given all this money to russia. 2.6 billion in the collapse of the soviet union and they don't even want it. that is the irony. >> we borrow money from china and we send money to china. we actually send china's economic development assistance. you talk about this being a topsy-turvy sending economic development systems should and tomorrow if anybody had any sense. gerri: that is a compelling argument given the way they're treating us in the international marketplace. thank you for coming on, great having you here. >> thank you. gerri: despite the ongoing turmoil in the middle east, president obama keeping the
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agenda for the light maybe because he is recuperating from his late-night in the big apple with david letterman. will his celebrity factor help him? okay, stephen, pardon me but look at 8% unemployment for 43 months, an economy that cannot seem to grow, 25 countries protesting the u.s. and the president spending 60 minutes with david letterman? what gives? >> this were a republican president appearing on that kind of a show in the midst of battle and the economic problems we are having but the continuing problems we are having overseas, the continuing protests. it pretty clear double standard and this president benefits from it on a daily basis. gerri: i wanted you to respond to something he said about the debt.
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could not find it, here is the president. >> do you remember what that number was? 10 trillion? >> i don't remember precisely but we don't have to worry about short-term because people still consider the united states the safest and greatest country on earth, rightfully so. it is a problem long-term and even medium term. gerri: the number the president was trying to find, 16 trillion. he says it doesn't matter. does that matter to the american people? >> on the former, the question was ambiguous enough the president to not have known what he was talking about although we did not ask for a clarification. on this question if there are short-term problems with our debt, that is an incredible thing for the president of the united states to say when we are accumulating $4 billion per day on debt, just interest on the
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debt, that is a very serious short-term damage to the country, to the economy, what have you and for the president of the united states to pretend that doesn't matter, not even talking about the fact we were just downgraded again by another ratings agency, just talking about the sheer numbers on our debt on a daily basis, that is a short-term problem in a short-term catastrophe. gerri: here is the president. >> i think the trick is figuring out how to restructure government symptoms that pool resources and facilitate distribution because i actually believe in redistribution. gerri: so this is becoming a famous quote from the president from some time ago where he says a favor redistribution of wealth which is something a lot of people thought for a long time the president believed in and this is the counterweight to mitt romney's statements about not being able to get 47% of the
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electorate because they are victims and don't want to vote for him. >> that is certainly how the romney campaign is framing it. i don't think this quote does anything other than confirm what we have already known. the president is not only comfortable with redistribution, but he is favoring it. so we have to spread the wealth around for his response in a debate who asked the president even if capital gains tax cuts resulted in more revenue coming to the u.s. government, would you still favor raising them and the president said he would on the basis of what he called fairness. we noted this as a president who has advocated positions contradicted economic activity because he believes in fairness and redistribution of wealth is at the top of that list. gerri: i want to send a picture
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of the bar the president visited last night. a nightclub, and the primary thing here is just like the champagne in the middle apparently goldplated, who knows. is this division? said mitt romney is making all these claims, cannot feel your pain, you are on letterman for an hour and spending time, who is right here? >> in all of my time working as a journalist or being involved in political journalism which i hate to admit, i have never seen this kind of blatant media bias in the way we're watching it manifest itself. just another example, there is no way a republican president could go to that kind of a fundraiser with that kind of success not only being talked
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about prominently on the talk shows and in newspapers, this would be the lead story in "the new york times," could be prominently played on the broadcast network newscasts. there is such an unbelievable double standard it is really hard to see how it doesn't affect the outcome of the elections. gerri: i have nothing against jc, i am happy for the president meet with him, but not when the world is in flames, when the economy is in tatters and do you think this is going to play out with voters or are they more interested in having a president who is a celebrity? >> i don't think most voters will know about it because it will not report the way i suggested they would. the president gets away th things no republican would ever get away with. gerri: i agree with that. thank you so much. now we want to know what you think.
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what does president obama really believe in? redistribution of wealth or free enterprise? log onto and log on. a news alert for you right now from the congressional budget office. estimated 6 million americans will pay the new obamacare penalty then bind to government approved health insurance. 6 million. a 50% increase from what they originally estimated. texas supreme court ruled the mandate is a new tax, brand spanking new tax on 6 million americans nearly all of them in a middle-class. so much for president promise of no new taxes on the middle class. if you are fired up about this or any issues on our program, e-mail me. >> coming up on "the willis report," more government red tape under president obama according to them it will cost
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big time. and a fast way for stock traders to jump ahead in line, but high frequency trading ruining capitalism? we will ask former sec chair harvey pitt. also filling the press about what is in your bank account? you're not alone. our expert weighs in on the results of a new survey. we are on the case next on "the willis report."
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we asked over 3,000 doctors to review 5-hour energy and what they said is amazing. over 73 percent who reviewed 5-hour energy said they would recommend a low calorie energy supplement to their healthy patients who use energy supplements. seventy-three percent. 5-hour energy has four calories
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and it's used over nine million times a week. is 5-hour energy right for you? ask your doctor. we already asked 3,000. gerri: how many times have you heard somebody say congress should do something about this problem or that problem, maybe you said it yourself. let me tell you there's a cost to washington getting involved in our lives and we are just beginning to get the bill for obama so for years. according to the american actions for him, u.s. issued
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reaction with total cost $488 billion. a lot of money, a lot of taxpayer money. 70 billion of that came this year alone. it is not just the cost, it is the time. complying with the mountain of federal relations takes up 10.38 billion hours of paperwork. that is equal event, come back equivalent to the full-time employees to fill out the red tape. that is more employees than work for the entire u.s. also service. it would take him out of time to build 220 empire state buildings or you could have 324 million cars. and you can sit and watch gone with the wind nearly four-hour movie nearly 3 billion times. so what agencies are loading is up with these rules? they come from the epa, a big culprit, wh new rules on mercury targeting the coal industry. you've already seen the impact,
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coal-fired plant is closing because they cannot deal with the increasing cost. $16.7 billion as a result. is it any wonder the national federation of small business cited taxes and relations as the biggest problem facing them? and let's remember a lot of these rules don't require additional reporting for one year, but you're in, year out for many firms large and small. figuring the lifetime cost is $160 billion. even if you only figure major stuff. these rules are putting a stranglehold on businesses large and small holding back our economy keeping the jobless rate skyhigh. when we come back stocks on the rise today following encouraging reports in the housing market, is this recovery finally on the right track? stay with us.
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that verizon has the coverage. verin. verizon. we're going to go to another chart. it doesn't really matter how you present it. it doesn't matter how you present it. verizon. more 4g lte coverage than all other networks combined.
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gerri: your numbers adding momentum to the housing recovery
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gerri: signs of life from the housing market, builders breaking ground on new homes and sales of existing homes buildi g expectations jumping to levels not seen in more than two years. this recovery really underway? thank you for joining us. i have been looking at these numbers all day, looking at the
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median sales of the national home realtors, now that it's up 9.5% from a year ago, but you look at the top end of 2006 during the bubble, 223,000. we've still got a long way to go, right? >> we look back at 2006, the height of the bubble. that was not a normal housing market by any means. we think about the housing market getting back to normal, we should think of what life was like before the bubble and compared to where we are today compared to before we head some of the inflated prices that we saw in the middle of alaska. by that measure, the housing measures out a third of the way back to what normal was like. gerri: .doc 2006. that was a lot of fun. everybody likes that. you say essentially prices are up, but it is distressed properties are being sold now.
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are there a lot of properties still on the books of banks that will come into the marketplace at depressed prices? >> we are seeing a significant foreclosure inventory. those are homes banks already own or will own soon that will eventually make their way onto the market. but it is pretty localized at this point. in florida, illinois, new york, new jersey, these are states that have a very slow foreclosure process in a big backlog of homes in that process. a lot of other states, though, states like california, arizona, nevada, states with big price declines after the bubble burst don't have as much of a foreclosure inventory now because they are most of the way through their backlog. gerri: as you yourself are saying, there are other impediments, what are they? >> that is right. the biggest obstacle to homeownership is saving enough for a down payment. a lot of people lost their jobs or are forced to work part-time
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and could not save for a down payment and in some it could take years to save for a down payment. credit standards are still tight. you take top credit score if you want to qualify for a mortgage at today's very low rates. home ownership looks affordable relative to renting for only those in a position to buy in the first place. gerri: we hear a lot of the same kind of analysis everywhere we go. what is the surprising factor, or something in the closet we don't know about that can help or hurt the housing market getting >> one of the best about the housing market is the vacancy rate. coming back down almost to normal levels. pingback the past few years, there was a glut of vacant homes on the market, being held off the market, that put a lot of downward pressure on prices. in vacant homes also vacant homes hurt neighborhoods because they are often not kept up.
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vacancies coming back to normal levels in inventory down to normal levels, a fundamental sign the pressure on its way to recovery. gerri: i hope you're right. we appreciate your time. >> thank you very much. gerri: coming up, bank of america and chase getting hit with cyber attacks. is your money safe? and are small investors getting the short end of the stick when it comes to high frequency trading? former sec chairman harvey pitt gives us his take is a faster wall street is checking against the individual investor. what can we do about it? don't go away this happy couple used capital one venture miles for their "destination wedding." double miles you can "actually" use. but with those single mile travel cards... [ bridesmaid ] blacked out... but i'm a bridesmaid. oh! "x" marks the spot she'll never sit. but i bought a dress! a toast... the capital one venture card. fly any airline, any flight, anytime.
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gerri: here is a fact you may not know. the majority of stock trades in the united states are not made by humans, but rather high-speed
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computers. in the time it takes to blink your eye and computer is a will to buy and sell thousands of different securities at any given time. concerns a growing. it's reflect on the market and small investors like you and me. this week's sell-off in oil was going to be it -- rumored to be a trading glitch until it was confirmed it was an isolated incident. currently the exchange commission is probing the activities and trading firms and stock exchange operators in the big question, is more regulation for the industry needed? let's ask a veteran trader from the nyse, teddy weisberg, founder of seaports securities. thank you for joining us. >> my pleasure. gerri: you say that high-frequency all comes out of -- >> i me, this is on market structure that was created by congress and the sec. gerri: by regulators. >> by regulators. yet now we are asking regulators to fix the markets that they
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created. highly unlikely that will happen because i would be willing to bet almost anyone that the day of regulators admit the mistake and wants to have to do over will probably not happen, at least in my lifetime. gerri: are mine either. let's talk about how it can be fixed. >> you know, sandy wile in his infinite wisdom recently said to me you know, perhaps, just perhaps we made a mistake when we make bless the goal weight. clearly he was one of the orchestras of making it all wake back in the late 90's. i think two of the things that the government can do that would solve the problem immediately overnight if would be, number one, to reinstitute the rule which basically means that to sell short you must sell short of a plastic which will take away a lot of that of -- volatility in momentum but basically is a friend of the high-frequency trader. never too, but nichols breads back in the market.
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gerri: increase my costs tech gear rid of this problem. >> it's not about cost but the integrity and the transparency of our securities market. i would suggest to you that the cost a you are incurring him because of all of the volatility far exceeds the nickel spread will put back in the market, but they do one thing. they bring dealers back into the market which means you have principles there with affirmative responsibilities fee, high-frequency traders have no responsibilities to anybody but themselves. gerri: let's be clear. these people are throwing huge numbers of buy and sell orders, sometimes on the same stock into the marketplace. it makes for a confusing market. what is it like being on the floor of the nyse here where according to some estimates, 50%, 6% of the daily stock trading volume is this kind of trading.
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>> at think it's higher than that. i think it's actually two-thirds of the daily volume is africa to trading hit with at any location to a defect correlation the fundamentals are you and i and in the of our viewers here in terms of the stock selection process. computers don't care about fundamentals. on the trading floor we are subject to the same volatility that that person sitting at home is subject to. then looted six are more or less warning the is silent. gerri: american companies can go and raise money and investors can invest and particular it -- participate. this pitch kind of trading blows that. >> is not necessarily blaming the high-frequency trader. they are filling the void was created by congress. what they simply are doing is getting the system. they are trading by one set of
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rules and the rest of us clearly airplane by another set. the two don't coincide. gerri: thanks for coming on. that was really clear. appreciate your time. still to come, is your financial situation getting better or worse? a new survey has the answer for many americans. but to finance our institutions have been hit by cyber attacks. how safe is your bank? our own liz macdonald has answers coming up next. ve latel.
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but because of business people like you, things are beginning to get rolling. and regions is here to help. making it easier with the expertise and service to keep those wheels turning. from business loans to cash management, we want to be your partner moving forward. so switch to regions. and let's get going. together.
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gerri: welcome a breaking news tonight. oklahoma attorney-general has filed a first lawsuit against the president's health care law, obamacare. the amended suit challenges another part of the law, the irs role to help implement obamacare. the complaint also seeking recognition, the oklahoma constitution protect citizens from a requirement to buy health care insurance. once again, okla. filing a brand spanking new lawsuit against obamacare, the first state to try to use this aspect to challenge the validity and the galileo obamacare, and you bet we will cover that. you will find out what that will happen. in tonight's tech connect with this seventh day of internet issues for the banks. j.p. morgan chase customers had problems logging on to their account. yesterday it was bank of america. i could get on my account. this website caused by a denial of service attack.
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that attack blamed on an islamic terror group. the big question tonight, is your bank and money saved from cyber criminals? liz macdonald is here with the latest, breaking details. >> according to intelligence sources, it's not as if they're looking at everybody sekhmet right now. don't have a panic attack about that just yet. in fact, the big board website, the joke is, they have a cyber attacks as well which is what is called a denial of service, and it's for my twitter account. it's called at saudi anonymous one. so, you know, that's a little too on the nose. here's what's coming down to cut his of stalling on the law enforcement is telling fox business. two things happening. hackers have been hacking into basically peebles online banking account. it happens all the time. in fact it happens daily. attempts are coming in daily. not just from the middle east, but mostly from eastern europe. what's happening is the log in
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credentials. what they try to do is basically sign-off. they can pretend there bake administrating wire transfers out of your account. some instances, half million dollars to nearly a million. gerri: very disappointed. >> ninety-two. but here's the issue. it when you have a denial of service attack and that is the website is slowing down or effectively shut down because the flood the system. whoever's doing it, the cyber attackers have flooded the system. the fbi is saying and intelligence services telling fox business, they're doing it to distract the bank from the thick wire transfers that they enact are trying to do. it's a distraction, a head fake to get the bankers away from them try to steal money other people's accounts. gerri: is my money safe? >> i think so tonight. bankers are saying fire walls are up. end of the white house, for example, breaking news.
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the one new executive order french and security. does with things like this because the bill failed in the senate. gerri: to we know how it affects this? as my big question. we have an executive order. big deal. >> that's right. janet paul thomas said that would still be pretty weak.. how do you fix it? you do things like don't use, of course of your security number is a password to the user birthweight -- your birth date. the thing, what is strange about these bank attacks, bank of america, again, to attacks in today's. they both started in the morning. that makes you think, is this a concerted effort from one that we don't know? the intelligence sources are still saying it may not be. we don't know if it is this, as militant group because they're upset about that amateur movie about -- you know, mocking the profit, it. it's amateurish. her tennis. we don't even know what the reason is a who is doing it. as the issue.
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gerri: i bank online. and i always worry about possible assaults like this. you covered this industry for a long time. you are a very smart finish our reporter. probably the smartest and i know. you don't bank on line. >> on light and nine year-old. i deep-seated and have a dog. i'm worried. and you get away. i don't want anything to worry about. gerri: that tells me a lot. >> you just do whatever you want. don't worry about it. we'll get more to you as it breaks. gerri: want to hear more about this because i think people deeply care about the safety of their bank. thank you so much. >> i'm delighted. gerri: appreciate it. all right. over one half trillion dollars, not the deficit. i'm talking about the combined wealth of the 400 richest people in america. forbes out today with its annual list on the cost of admission,
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$1 billion. more than a dozen billionaire suited up but the list. the top five on a list of the usual suspects. bill gates, warren buffett, larry ellison. the cup brothers. in tonight's top spot, the richest woman in america. here it is. number five, lori jobs, the widow of apple co-founder steve jobs, the wealthiest woman in silicon valley is number 20 analyst. number four, abigail johnson, president of fidelity facts services. the woman is considered to be the leading contender to replace her father. for nearly $12 billion, it puts your 27 novelist. and number three combat jacqueline mars who along with her two brothers of the world's largest candy company which produces skills, evidence, and much more. her $16 billion but serve at 16 dullest. number two, walmart eris, she now runs a horse ranch in texas. to. gerri: a half billion puts her a
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break. the number one richest woman in america, she inherited her was when her husband died in 2005. her 28 billion puts her just outside the top five. in total there are 45 women novelists, up from 42 last year. his to give you some perspective, oprah did not even crack the top 150. still to come, my "2 cents more" on our celebrity in chief. americans are feeling less financially secure the before the recession started. the results of a new survey.
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gerri: insecure about your money? it turns out you're not alone. for 30 some years at many different park service units across the united states. the only time i've ever had a break is when i was on maternity leave. i have retired from doing this one thing that i loved. now, i'm going to be able to have the time to explore something different. it's like another chapter.
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gerri: africa to trading making headlines. earlier, the government trader said that speed kills. for more on this, former securities and exchange commission chairman. it's great to see you. what is the impact in your view of these high-speed traders on individual investors to back. >> i think over the last -- long-term it's minimal in terms of investment opportunities where i think it's significant that we are having all sorts of glitches with the software, and that is eroding investor confidence and driving individual investors out of our markets. gerri: what should we do? all. >> i think we have to get a grip on technology. high-frequency trading, night
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security. we have the flash crash. we have nasdaq and facebook and all of these problems that are steamrolling, and there has to be some orderly mechanism by which people use technology according to well established rules. gerri: just this week we had confusion over an oil trade. oil prices dropped dramatically and quickly. some people say this could be high frequency trading. others saying it is from the trader. now the sec says it is fining the new york stock exchange for giving information to these high-frequency traders that of others. what do you make of that? >> i think this is of very beneficial moves by the sec. i think proprietary trading gated to the proprietary trading day that is something that really belongs to the investing public. the sec is making certain that nobody gets an unfair advantage with this kind of formation, so
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i commend the sec actions in this regard. gerri: it seems like this is out of control. high-frequency trading accounts for two-thirds of all trading on the exchanges. how you put the genie back in the ball? >> i think one of the things that you do is require that all trades have a legitimate purpose you eliminate the trades that are effectively demi or false trades and required that all trades to be followed through or that there be penalties associated with transactions that are canceled before they are ever executed. gerri: it feels like a big job. to we have the technology available to our regulators to kind of track all of those trades? >> i'm not certain how well equipped the regulators are, but that is a budgetary issues. the technology exists, and the real requirement should be imposed by the exchanges and
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self regulators as well as by the sec. we need some affirmative-action, and we needed quickly. gerri: thank you for coming on tonight. fascinating interview, and great to hear what you have to say. i have to come back soon. >> i will. thanks. gerri: well, in focus tonight, your financial and securities. americans are nearing rock bottom when it comes to feeling good about their bank accounts with confidence levels falling to a los level in nine months. for more, greg mcbride, senior financial analyst for bank rate trends me now. we will was the most surprising thing? study all the time, month after month after month. what did you not expect? >> the lousy jobs report at the beginning of the month early to tell and how consumers feel about the financial security, and it was not just with regard to their job security. the sun is under my feelings of savings, debt, and even the overall financial situations. gerri: let's take into some of these numbers. 38 percent of folks said, we feel less comfortable with savings that we did one year ago
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. 29 percent, my overall financial situation is worse, that is, and 25 percent are less comfortable with their debt load. i had to touch you, i was surprised at how-these numbers work. what does this tell you about the frame of americans' minds when it comes to their money? >> six has been the achilles' heel ala. by more than a two to one margin month and month out. people tell us they are less comfortable. that is even when people have been putting more money away. they realize they have a long way to go. gerri: does this mean they are unhappy with their 401k, stocks, bonds, saving mechanisms, cds, getting paid nothing? >> this is more your emergency short-term savings. we found a few months ago 20 percent of americans on of any emergency savings at all. goes to show how few people have adequate savings and actually feel good about it. gerri: we are more than two years out of this recession. been in recovery for toward the four months or better.
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19 percent of folks tell you they are less secure about their jobs today. surprising? >> yes. we had been getting some positive readings on job security. and so we have gotten a couple of lousy jobs reports, disappointing. we are not adding enough jobs to soak up all the unemployed people. that seems to be resonating with people because we have seen composite dealings offset somewhat in all of a sudden their negative feelings much of security. gerri: in the rate of sunshine? >> net worth was a positive. one area of financial security of the past 12 months people point to is having improved. i just set up to pump prices stabilizing and stock markets and a five-year high. as to the other feeding into that. gerri: you look at your 401 and installing better and better you feel better. thanks for coming in. the static stuff. >> thank you. gerri: we'll be right back with my "2 cents more" and the answer to our question of the day. what does president obama really
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>> president obama and the video showing president obama to admitting supporting the distribution of wealth. we have to tonight, when the president obama really believe really believe in. the acid on 98% said well and the other percentage that and for an uncertain free enterprise. we told you earlier how the president couldn't remember the size of the national debt during
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his hour-long interview last night on david letterman. the interview was everything a second term whole pokémon. it was an uninterrupted speech. it doesn't take many questions when he does. a lot of the time, he started trading jokes about my this. >> when i saw you and your family come i was taken by how grown-up girls. does that tell you? >> it worries me, but they are surrounded by men with guns. [laughter] [laughter] later the president went on to apply that was stocked with champagne bottles. it must be nice to live in a bubble that this is our life. forty-three months of unemployment above 8%. record national debt of $16 trillion.


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