tv The Willis Report FOX Business May 12, 2014 5:00pm-6:01pm EDT
number one thing will be april retail sales data. economists expect sales to rise 1.4% after rising 1.1% in march. liz: thank you so much for joining us. we have so much tomorrow. we'll see you then. david: "the willis report" is next. gerri: hello, everybody i'm gerri willis. right now on "the willis report," consumers getting a raw deal at walmart? the things you need to know bevies iting a bank inside the big box giant. seconds from disaster, a drone and a passenger jet nearly collide. whether you're buying, selling or just staying put, don't miss our special report, a user's guide to the spring housing market. we're watching out for you on "the willis report." gerri: another record day in the markets. later in the show we'll tell you about the opportunities for you but first, the cost of prescription drugs, soaring and it is not just the specialty drugs either.
like the new $1,000 per pill hepatitis-c drugs. everyday drugs to treat conditions like blood pressure more than doubled over past few years. those prices are expected to go even higher. despite the promise of generics to bring prices down. for more on this, lisa gill, prescription drugs editor at "consumer reports" joins me now. lisa, welcome back to the show. >> thanks. gerri: we've had 11% increase in drug prices since 2007 and that is despite the fact that generics comprise 86% of all pharma out there. so i thought prices were supposed to crater, not go up? >> it is true. a lot of blockbuster drug prices have dropped but meanwhile other prices on some of those key remaining branded drugs and specialty drugs are boeing way up. gerri: they're driving overall prices higher? >> they are. a couple of other things. more people are taking medications first of all and you have a aging population. that is another issue. gerri: well that adds into the mix too. i was looking forward to some of
these prices actually going down but i guess not. look at prices. human you lynn up 54%. viagra up 159. that is little more than being driven by the price of a few more people taking this drug. what is going on here? >> it is true. tell you what, first thing really obvious answer companies want to make more money and they have fewer products to do it by. a couple of examples, viagra is great one. there is no that jake of viagra. in the other class of drugs, in this class of drugs they're all branded. viagra will eventually lose patent, meanwhile it will climb and climb and climb. gerri: what i read about the companies in this sector, these great big pharmaceutical companies, basically they have got a problem of a lot of their drugs going off patent. >> right. gerri: which means that they basically lose control over pricing. >> right. gerri: so what they do with remaining drugs they can charge for, remaining branded name drugs they have in their group, they hike the prices up s that
what you're seeing? >> that's exactly right. in the case of viagra, manufactured by pfizer, pfizer lost their number one drug of all time, lipitor. lipitor went generic two years ago. we've seen other drug prices increase. that is exactly what you're saying. >> other people wonder what do i do about it? do you have any answers for them. >> some of the prices are extraordinary. specialty drugs can be $14,000, $12,000 at a time. one of the things we suggested that companies push back, insurance companies push back. employers push back. that is the first line of defense. for consumers next thing you can do is try to shop around as much as possible. gerri: you've actually found big differences depending where you shop. >> huge. gerri: you reported this on the show before. >> that is true. gerri: how big of a price difference can there be? >> it can be difference. some pills $14. same pills $130. gerri: wow. the main thing for the consumer is ask for the cheapest possible
price because sometimes it won't be your insurance. it might be, that many pharmacies, discount hundreds of generic drugs in all kind of pricing discount programs. gerri: so what matters where you have your prescription refilled? >> yes. gerri: is there any magic answer to that? is there any pharmacy you go to one over the other that is typically less expensive. >> for the market mass drugs it was predominantly costco you do not need a membership to fill a prescription for. walmart was a great deal. target sometimes. they have good deals on occasion. gerri: last word though, do you recommend still going generic when you have to. >> absolutely. you won't believe this, actually negotiating for a price -- >> negotiate? >> you can, independent pharmacists particularly will be willing to negotiate. they don't have a formalized program but if you walk in say, hey i can get this drug at walmart and vcs for a certain price, can you meet it? gerri: or beat it. >> the answer is often yes. don't be afraid to ask. gerri: great news. appreciate your help. >> thanks so much.
gerri: walmart we were mentioning, great deals on everything they sell, but everyday low prices but that is not the case if you bank there. "the wall street journal" publishing a story at practices of banks inside walmart. they found be shocking details. for more, the reporter who wrote the story. mark, thanks for coming on the show. great to have you here. so what's going on? i thought walmart was everyday low pricing but i guess it is not true when it cops to the banks in the store. what's happening? >> well, we should be clear that walmart itself has some financial services like check cashing and money transfer which actually are pretty good deals for consumers. they're often the best deals around. gerri: huh. >> these are independent banks that are inside of walmarts. the largest of which is a bank out of houston called wood forest. another one called first convenience bank and several others are leading banks inside of wal-marts. so they rent space from walmart but as it turns out we ranked
all 67, 6800 banks in the country by fee income they get as percentage of their deposits and the top five banks in wal-marts were among the highest in the country. gerri: we'll look at that list because we have it right here. for the still national bank. first convenience bank, academy bank. these are banks that most of our viewers have never even heard of but guess what, their fee income can be higher than their loan income which is very unusual for a bank. what is going on? why are they charging, why are they getting so much money in the front door for overdraft income? overdraft is 35 buck or so fee thaw pay if you try to take too much money out of the bank and you can't cover that. >> it is not the, in the federal reports they don't say exactly what percentage of their fees are from overdrafts but typically analysts say it is around 70 to 80%. so, it's a very large percentage. this, the case of the banks
inside of walmart a lot of people that come inside of walmart and bank there, it is convenient product, a lot are walmart employees, retail employees, people on low to moderate income -- gerri: a lot of military families, right? >> yeah. there's a lot of military as well. in fact the other, number of the banks on the list of the top 10 are military banks as well. so they, they kind of have an overlapping clientele which are people often who are not well-educated about banks services and how to use them. also living kind of paycheck to paycheck. a lot of these folks -- gerri: i will challenge you a little bit on this because i think they are actually working the system f they actually went and got a payday loan. this is often money they use for the next week or some if they went to get a payday loan, they would be pay far more in payday loan than overdraft fees. >> absolutely correct, gerri. there is mixture of people.
some are sort of unaware they will get overdrafts of the we talked to a few customers like that. they didn't realize it but a lot of them are as you say very caney. they real they need $300 as one woman we talked to, needed $300 to get her car fixed. she didn't have a $300. she could go to payday lender or wood forest bank inside of walmart and pay $3 for 300-dollar loan for 45 days as opposed to $500 from a payday lender. for her it is a great deal. maybe not a great deal if you think of annual percentage rate interest which amounts to 300%. still, these people are often quite sophisticated in the fact that they know that this is better deal than what is available to them in sort of nonbanking sector. gerri: got to tell you if you're using the nonbanking sector you're taking a risk. i don't think the banks you used won't break your knees if you don't pay it back. there are risks with other
lenders. total overdraft fees, before we go, $32 billion a year. it is very big business even outside of group of banks we were talking about. mark, good to see you. >> gerri, great to see you, thank you. gerri: a lot more to come this hour, including your voice. your voice is important to us. why during the show we want you to facebook me and tweet me @gerriwillisfbn or send me an email at gerriwillis.com. at the bottom of the hour i will read your tweets and emails. coming up next a drone and jetliner nearly collide over florida. is the faa doing enough to keep we'll have the details.
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gerri: well as if we didn't have enough to worry about when we head to the airport. now we have may have to worry about drones. story this weekend that the the faa warning about drones and risks they pose to commercial airliners. joining me now from washington, christopher harmar, naval analyst from institute of study of war and former knave helicopter pilot. welcome to the show. what is the real danger here? these little drones, let's define what we're talking about. we're talking about little drones you can buy online right
had this country, right. >> gerri, thanks for having me. yes, it is a very serious issue. every commercial aircraft in designed to operate even after it incurs what we call a bird strike, just running into basic bird flying around the airfield. commercial aircraft can handle that level of damage and keep flying. virtually every pilot i know has incurred a bird strike. but one -- gerri: one bird strike sent an airliner right into the hudson river. they can be very dangerous. even if designed to save it they can take one down. can one of these itty bitty drones we're showing take down a commercial airlineer? >> what happened with the flight of hudson river he hit multiple birds. an aircraft is not designed to take multiple bird strikes at once. with these smaller mechanical aerial systems and drones, if those goes down the aircraft engine intake. it will probably ruin the engine. it will cause adverse yaw at low
altitude and high power settings. that will be very difficult for a pilot to recover. there are certain flight areas they just won't be able to recover from. gerri: what is it about the drone itself is more damaging than hitting a bird? >> the fact it is made out of metal and substances and harder substance. birds when you get down to it, it is feathers and bones, not that dense of a material. gerri: right. >> when you hit one in flight, exciting, very scary. after it happens, you freeze for a couple section, checking out the aircraft, does it work, how much damage do we have? you want to land as soon as possible. it happened to almost every military pilot. gerri: and a funny smell wafts through the plane. get back to drowns. is there a law about that. >> the faa says they have adequate regulation on books. what is most important to understand is difference between regulation and enforcement. everywhere that a commercial aircraft flies in definition controlled airspace. commercial aircraft can not operate inside the united states
unless it has a two-way radio working, unless under radar control with air traffic control and everywhere it goes faa, they know where it is. you can not fly a drone legally in the airspace. regular layings are already in place to make it quote, unquote for recreational drone users to affect aircraft but they're violating regulations that exist. gerri: so do you worry that we're going to have some kind after major problem, some kind of a major accident. >> the overwhelming probability is that we will. just a matter of time with the amount of recreational drone use we have going on now. with the inability of local law enforcement and faa to get handle on it. it is no problem if you have a farmer out in north dakota who has a drone and wants to use that drone to look over his drops or livestock or whatever. if you have people on the beach in los angeles or san francisco or someone out, you know, in queens or brooklyn, someplace, heavy traffic area that is flying a drone around for recreational use it is just a matter of time before those hit
an aircraft. every military pilot will tell you there are plenty of people out there like to shoot lasers, low power lasers at aircraft flying. just a matter of time before somebody decides hey it would be a good idea if i take my go pro camera and fly form flight on military aircraft. they will screw it up. there will be a mishap and all likelihood people are going to die. gerri: among them what if terrorists use these little drones. >> that is something that the pentagon looked at a lot. it's a worst-case scenario. really right now no defense. this goes to broader issue whether or not we defend against terrorism in defensive way or offensive way. there is no possible way that the department of defense, fbi, the faa can keep drones out of the hands of terrorists or terrorist sympathizers here in the united states. the way to combat this is to identify terrorists before they act through proactive law enforcement. gerri: yet, you can go online right now, buy a drone anywhere in the country? >> that's a true case. gerri: chris, thanks for the heads up on that. >> thank you so much. have a good evening.
>> you as well. later in the show, the start of our users's guide to spring real estate. the housing market has yet to hit its stride but are there signs it is warming up? we'll give you the lowdown on the spring market. next we answer the question, how do you do that? how to protect your health and your wallet while traveling overseas this summer. ♪. so i can reach ally bank 24/7, but there are no branches? 24/7. i'm sorry, i'm just really reluctant to try new things. really? what's wrong with trying new things? look! mommy's new vacuum! (cat screech) you feel that in your muscles? i do... drink water. it's a long story. well, not having branches let's us give you great rates and service. i'd like that. a new way to bank.
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gerri: well time, for summer travel. if you're traveling overseas, you might want to consider an insurance policy, a health insurance policy, to cover you and your family once you're there. how do you insure your health overseas? bring in travel expert mark murphy. founder and ceo of travel pulse.com. welcome back. >> thanks, gerri. gerri: so can't i, my employer based coverage cover me overseas? , wouldn't that be easiest thing. >> only if it is obamacare. i'm just kidding. actually it doesn't for the most part cover you. regardless what policy you have you should look into it, call your insurance company. but are to the most part they don't cover you in case of a medical emergency overseas. only here in the u.s. so you are going to want to look at other coverage. gerri: you look at separate policies but how do you do that? where do you go to get quotes? >> well there are different websites. there is website, insure my trip.com. square mouth.com and do comparison shopping. the problem you have to assess
your needs. you have to look what needs you have. active trip. venture trip. taking risks. more of a sedentary trip. what is your age, situation healthwise already. look at different levels. insurance coverage. comprehensive coverage covers virtually anything that happens to you. like health insurance at home. gerri: right. >> emergency medical coverage could cover you. gerri: slow down. you are giving me so much i have to break it down. >> go. gerri: i have to catch up with you. >> no problem. gerri: first things first. you might not want to buy, right? if you're in what kind of situation, you might say, you foe what? i'm not really going to bother with this, i take the risk. >> what, young, healthy active people are doing. say, why do i need insurance. gerri: unless you're taking a jumping out of the plane trip, right? unless you're doing something that could really put you in danker? >> yeah, would say look at it regardless of your age or your health situation especially look at if you are active or rock
climbing something like that, absolutely. you run a much higher risk of being injured. people step off of cruise ships in port in italy and break their ankle. now you're at emergency room, forget it. you will get stuck with a huge bill. so cover yourself. >> you know, there are two points to that. yes, you will have a big bill, but also, what is the quality of care you're going to get overseas? what should people know if they do have to get care when they're traveling? >> the key is you're going to want to go to private hospital. a lot of these countries mexico has a public health care system. when my nephew got bit by a little critter. he went to private hospital. unbelievable care. fantastic situation, set up for tourists. depending on market or country you're going to, they have level hospitals for folks that can pay out-of-pocket and a level for common person that's there. you're definitely will want to pay extra money to go to the private hospital because you get a better level of care. gerri: better care.
marks, before you go, how much would i be expect to pay for coverage for me and my family of four for a two-week vacation. >> all depends. depends on age, health, preexisting conditions. i can't quote you that. i'm not a licensed health care provider but talk to a travel agent. they can shop plans for you. you can see inclusions, exclusions and really get a good picture of what -- gerri: ballpark me though? a couple of hundred? a thousand. >> couple hundred bucks, depend on length of the trip. so many factors, gerri. gerri: thank you. >> start at a few hundred. thanks. gerri: still to come, your opinion is important to us, a the bottom of the hour. you sound off what matters to you. coming up next our user's guide to spring real estate kicks off. whether you're planning to buy or sell this season we have you covered with great advice. stay with us.
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gerri: all this week on "the willis report" we're bringing you our users guide to spring real estate. just like the saying all politics is local, well, all real estate is local, so we're sampling some of the markets. today we're heading to the sunshine state to take a look at the situation in miami. ♪. no place in the country experienced the dizzying highs and crushing lows of the housing boom and bust like south florida. miami was particularly hard hit. when the tide of cheap money receded and left entire neighborhoods high and dry and unsold much. >> we saw prices go up by 137% during the boom years. only to come crashing down by 50 to 60% during 2008 and 2009. gerri: jack is a real estate
analyst in south florida. >> a lot of the condominium conversion projects that we have down here actually lost 75 to 80% in value which is very correlative to the 75 to 80% foreclosure rate in that product segment. gerri: mccabe says while much of the market is back to its precash highs, the buyers are different. >> right now, you're looking at competing with hedge funds and high net worth investors paying cash. and they're willing to overbid whatever you're whiching to bid. so if you need a mortgage to buy a property, you're pretty much getting shut out of the marketplace. gerri: mccabe is concerned that it is hedge funds and foreign money gobble up luxury properties, developers will start overbuilding again, leading to another potential glut in three or four years. miami's back and hotter than ever. well, with us now for a look at the broader housing market in this country and where it is headed, mark phlegming with corelogic and tim rude of the
collingwood group. mark, what are you expecting out of the spring market? we have a lot of disappointing numbers so far. do you expect it to improve? >> i suppose i think we're all in agreement we're hoping for more sales. i think we've had some disappointment in the last month or two but we're selling plenty of homes. i think the bigger issue is the inventory is so low people have a hard time finding what they want to buy. there is pent up supply and pent-up demand looking to buy homes but not doing it yet. gerri: tim, i hear that all the time. not enough inventory. do you see that as well. >> gerri you can't buy what is not for sale and issues right now, of course you have too little inventory right now and mark did a great piece where you have basically the obsolescence of inventory that is out there. if it's a good property, priced we, it sells in like 30 days. but then there is5% of the rest of the market that takes 200 plus days to sell. it exacerbates the inventory problem nationwide. gerri: weill bit on that, mark.
what do you mean of obsolescence ever inventory? what does that mean? >> current estimate is about two million homes. what you look at sitting on market for sale, a big chunk of it as tim suggested it is obsolete people don't want to buy it. it doesn't have the right amenity packages. not right location and not right property. there is less than that level of inventory that people actually want to buy. that means there are lots of people out there who would potentially be buying but we just don't see them showing up as sales. like old tickle me elmo. we could sell more if we have more inventory but we don't. gerri: that is not the only problem. i hear a lot of younger people don't want to get into the market or can't get into the market because they don't have enough money to put down and i hear investors are getting out as well. tim, tell me, who is the big buyer this season. >> really depends on the market of course. you mentioned right now the millenials are really had had scratchers. 30 odd percent of these
households, should be households 18 to 30 odd-year-olds, 30% are living in the basement. at some point in time you will need to see that organic demand to take place of institutional investors that are pivoting going off to easier money opportunities. until that happens you will not see that happen until you see the job market recover. you will see confidence recover. until you see job market and confidence recover, every month you're going to be biting your knuckles waiting for housing data. >> i think you've got that right. we recently heard from the national association of realtors saying that the people who are picking up the pace and paying all cash are boomers, buying second homes. mark, do you see that? >> we don't know a lost details specifically about who is paying cash but we do know there is high cash sale share, about 40%. you referenced miami at beginning. miami is the third highest cash sales share right now at 63%. that's a very, very high level. typically the normal is 25. i think tim makes a good point. those millenials who aren't
buying right now, gerri: some people out there. tim, what is the role of mortgage rates? average is 4.22%. people think that's high. that is the irony of what is going on here. people think 4.22% is lot of money to pay for a loan. what do you say? >> certainly all relative. this housing boom, if you think about the last 12 years, we've dealt with one variation of unprecedented events or circumstances, i won't bore you with the last 12 years. focus on last year-and-a-half. affordability, driven by qe is certainly simulate ad lot of housing demand for the organic housing demand, millenials,
first-time homebuyers. it is a big deal. rates went up 3/4 of a percent. there is sticker shock and we're on tale end of that. it usually abates after two or three quarters. people take that as new normal and move on. gerri: right. >> that combination along with home price appreciation over last year-and-a-half raised cost on monthly basis by 25 or 30%. so it hurts. gerri: it is real money at end of the day. mark, last question to you here, you look in your crystal ball, this looks like a pretty punk spring. what do you predict for rest of the year? >> i think to tim's point people will show up and buy homes. people realize it is still amazingly affordable. not as affordable as year ago. even more importantly i go out and look at my crystal ball and make a grand forecast, interest rates continue to rise and house prices continue to rise. it will only become less affordable. if you want to buy a home, buy it now. gerri: i think you're right on. right on. i think you've got that one absolutely right.
mark, tim, thanks so much for being on the show. >> thank you. gerri: we want to know what you think. here is our question tonight. do you think of real estate as an investment? we want to hear from you. log on to gerriwillis.com. vote on right-hand side of the screen. i will share results at end of tonight's show. to a big celebrity real estate investment. it has been less than a week since apple's reported bid to buy dr. dre's beats electronics for $3.2 billion but dr. is putting his ddre's hard-earned dollars. he has bought sources confirm, tom brady and gisele's bundchen's mansion. >> he may have gotten a good deal. show you the property thanks to kttv in los angeles, we have aerial shots of the property which is in the hands of dr. dre and his wife nicole young. $40 million a spokesman confirms
to fox business but the actual listing price in the beginning was $50 million. a few things about this property. let's go through this, what do you get? 14,000 square feet of home. there is more than 11,000 square feet. there are two buildings, structures on property. this is brentwood country estates. you have obviously the pool, the gym. it is in a gated community. this is super, super high-end part of the los angeles. gerri: what is the kitchen like? >> huh? gerri: what is the kitchen like? >> i've seen the kitchen. it is beautiful. it is family style dining because of legal reasons i can't show interior shots. i have seen them and they're very beautiful. gerri: very pretty. >> kitchen is stung. i'm all about the kitchen, let me tell you. this will be their full-time home. he owns in the hollywood hills. i don't know if he will sell that or not. i ace five bedroom, nine-bath home. just a few weeks this was on the market. if you look at timing of the apple news and him buying this property, he actually started, he has been there multiple times to look at it. the bradies like him. there is relationship there.
that is behind the scenes. this also made the deal kind of come together at the last moment. but he started to go there just a few weeks ago. it looks like at the same time he and applebee began these conversations. now, the apple news is not confirmed. did he jump the gun? we'll have to find out if apple will confirm or not they will buy his company. either way he is buying this mansion. and he worth 550 million. if you get shares of apple along with this deal more than $3 billion. he can buy more homes and keep the hollywood hills home. 49 years old, 49 years old, dr. dre. amazing. >> ask yourself at end of the day what do you do with 14,000 square feet although i wouldn't argue with it? why didn't i invent those headphones. >> i don't know if you saw architectural digest they did in october, bradies did. it is family friend did i. very comfortable. but at the end of the day, dr. dre will be making his family
home. but again thanks to our los angeles affiliate and their helicopter for getting me these shots today because it is really a gorgeous, gorgeous piece of property. we do have a request to go inside and take a private tour. gerri: i want to see. i want to see the kitchen. >> the kitchen. gerri: looks more like an enclave than an individual home. cheryl, thanks for bringing us that. >> absolutely. love real estate. gerri: you do such a good job at it. >> it is fun. gerri: we want to hear from you. here is what some of you are tweeting me about our poll question tonight. do you think of real estate as an investment. lcdr tweet, no. consider it my home. any growth will only benefit the kids. gilbert writes on facebook, owning a home is very long-term benefit. my wife and i are living a very comfortable retirement owning our home, all these years is one of the reasons for our current success. of course we also always invested in equities. linda disagrees. very poor investment. you guys are split on that. here is many so of your emails.
martha writing in about ousted target ceo gregg steinhafel reported $55 million severance package. she says, 55 million? unbelievable. if i had 55,000, i could pay off all my debts including house, car, all my credit card debt and i would still have 20,000 left over. hey, mr. ceo, why does failure rate a $55 million payday? great comments, martha. dennis from michigan writes, he is writing about the new trend of potential employees taking online tests before being granted an interview. he says i think potential employees should not have to take a test in order to get be a jo. filling out application is a test, to make sure potential employee can read and write. interview is another test whether the potential employee can withstand the pressure. good comments. we love hearing from you. send me an. mail. go to gerriwillis.com. we have more, more, more to come. the growing scandal how the
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gerri: can you blame corporate america for the fact the economy is not great? that was laid out in the headlines today cleaning corporations are holding back the economy because they are buying back their own shares. tonight we have jamie cox and our chief investment officer from barrick yard advisers and ceo of advisers and from the stratton financial group. dave and i will start with you. watch for a the buyback and it makes the companies look better but is there really
adding value and doesn't do anything for the economy? >> it is smoke and mirrors. the reason it is happening because corporate america is having a tough time to generate profits through through a reduction of expenses not topline revenue growth. that cannot last forever. gerri: i am invested four times as much with the buybacks with 8 billion in stock reducing shares outstanding that etfs was better but what are you getting done at the end of the day? not to allot -- not a lot. >> they have the duty to the shareholders it is a legitimate form to increase value. but look at ibm's selling at eight or 9 percent with the free cash flow yield. they can get the a media bump by buying back stock
for investors. they commit a lot of money to capital expenditures and to pay a cash dividend. so it has the luxury to do that because a lot of cash flow but other companies i would criticize because they sell at too high relative to the cash flow. gerri: look at some of these companies. apple, florida -- or, as is the systems, is there any of these that are a buyback? >> i like apple i own a personally. i love the company and the products that they make. apple is one that i would choose. also to go back to that cap access -- x but what is apple doing it day by the headphones? dr. dre buys that manchin in
beverly hills. it does come through the economy it is not a zero sum game. maybe you are not hiring a lot of people that is a decision the company has to make. i have this money do i hire people with the uncertainty about health care or do i add value to the shareholders? gerri: i want to read a comedy and have you respond. you wonder why the economy is stuck consider the hypophysis is headed invent -- investing in new plants or giving a race is big corporations are spending record profits plus borrowed money to buy back their own shares. is this a hindrance to the economy? >> to say that more like the tail wagging the dog. but there are generations now of people who have gotten hurt three times.
ones with real estate and twice with the stock market. wages are flat with not much growth so people are not spending money the way they were. there will not buy equipment gerri: talk about the markets today. we have seen a lot of improvement in the markets. what should investors look at? we have seen good recruit -- improvements. >> it is always the question to show me the cash. we can still buy companies that are yielding on a cash flow basis so it is not completely overvalued. there are some sectors that we think paul are greatly priced. so if investors want to take
money off the table it is up better time than it was five years ago. [laughter] and look globally. you can get a free cash flow yield of 11%. gerri: thank you for coming on the show tonight. and coming up the government the veterans are not getting proper treatment so do they have solutions to fix the mess? details coming up. artner, you'll experience reliable uptime for the network and services you depend on. multi-layered security solutions keep your information safe, and secure. and responsive dedicated support meets your needs, and eases your mind. centurylink. your link to what's next.
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the scandals rocking the veterans affairs department. defense secretary hegel calls out of a administration after more whistle-blowers' revealed dozens of veterans died because of fraud at the agency. we have the latest with the heritage foundation. steve i am glad to hear of -- have you here tonight. >> although way of of the change -- shane accountability has to be of help because we can never let this kind of outrage of all this is true stand in this country. >> the average wait is five months is that taking care of our veterans? >> it is not good enough. >> i don't believe it just ardor with this general ocean share keister matt the veterans administration it should have them looked at years and years ago. >> five months?
how you react? >> where is the accountability he said there needs to be accountability but if this happened at a private sector hospital probably the sealed lead the fired we notice ising going on no one has ben and fired five months way? i would make the case our veterans should get the best health care not though worst gerri: we heard just last week from somebody who was intensely involved the what is going on is the veterans employees in some other facilities are throwing away paper work getting rid of it and destroying the evidence so they don't get in trouble to get bonuses. >> to put it in a broader context it is government run health care. so if you love the a health care you'll love obamacare.
heads will have to roll and there is such public outrage and people dying even criminal neglect people dying in the hospital's due to neglect? that is a potential criminal action. gerri: but general shinseki people say he needs to go but you believe that is what needs to happen? >> they need to resign or should be the ousting. with iraq corer afghanistan some our veterans that think they get this health care type is unforgivable. gerri: i know of our viewers are so distressed and you can hardly blame them. not only are these things done to the fact that with taxpayer dollars? >> i will not even put this on barack obama. there has been a lousy health care for over 20
years. we never have done anything about it. gerri: they should be supporting and hoping. >> just give them a voucher and let them go to a private hospital. gerri: we will see. >> i cannot even talk rationally i am so angry. my father is a veteran and other family members were wounded. this is the kind of treatment we get? it is unpatriotic. gerri: will it gets fixed? >> yes. well i think heads will roll whether it gets fixed i am skeptical. this problem has been going on over two decades. gerri: this is a good point it is government health care. watch out. >> there is no accountability. gerri: thank you. we will be right back. no, that can't happen.
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i got more advice than i knew what to do with. what i needed was information i could trust on how to take care of me and my baby. luckily, unitedhealthcare has a simple program that helps moms stay on track with their doctors and get the right care and guidance-before and after the baby is born. simple is good right now. (anncr vo) innovations that work for you. that's health in numbers. unitedhealthcare. liz: earlier in the show we discuss the status of the housing market and asked do you think of real estate as an
investment on gerriwillis.com. 76% said yes, 24% said no. interesting breakdown. log on to gerriwillis.com for your question every weekday. if you had to guess, what city would you say has the most billionaires in the world? new york, san francisco? no, london has 72 billionaires and not only does new york come in behind london, it also comes in behind moscow. truth be told, most of london super wealthy aren't even british. ukrainian oil czar, russian industrialist and so it goes. we are told the list will soon be joined by salma hayek and her husband who runs the gucci. what is the big attraction? no taxes on global wealth, only
uk income. that is it for tonight's "the willis report." don't forget to dvr the show if you cannot catch it live. have a great night. ♪ neil: in the mood for little bit of infrastructure? the president has said this week along with the vice president to make a big-time push to get the time trains doing their thing. the only details how to pay for it. the fact of the matter is, my friends, we already do fork over $120 million per year. i'm leaving out what they pay in taxes presumably to address at least part of this conundrum. that is a lot of money. welcome, everybody, i am neil
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