>> should i tau money out of your home with a reverse mortgage? looking for a few good men and women. the secret service. our kate rogers gave it a shot. >> how do you think i did? >> we'll find out on -- "on the

money" starts right now. >> this is "on the money." your money, your life, your future. now becky quick. earthquakes with destructive and frightening, and mostly they are a force of nature, except when they're not. fracking is now responsible for half of the current oil production in the united states, but scientists say its after effects are also producing earthquakes where are brian sullivan has more. >> reporter: these days texas gets most of the attention in the oil world, but it is italy northern rival can may be america's most prolsing oil producer. two areas of oklahoma are considered some of the best and lowest cost oil and gas regions right now. >> the area is hot for a few reasons. one, it's a relatively new oil and gas play. land prices really never spiralled out of control, and, three, to oil people, it's just got what they call good rock. a lot of oil and gas that's relatively easy and inexpensive to get to. >> there may be one big risk to it is region that has little to

do with money. earthquakes, pawneee, oklahoma, recently hit by its biggest ever quake measuring in at 5.8. the state has gone from an average of a few a year to more than 900 earthquakes in 2015. many in the nsk community believe they are linked to underground injection of waste water that is generate from hydraulic fracturing or fracking. regulators have ordered operators to stop waste water injeks around the pawnee earthquake eppicenter. that change may set off a whole new set of aftershocks. for "on the money" i'm brian sullivan. >> what can regulators do? joining us now from oklahoma city is todd. thanks for being here today. it's great seeing you. >> i think so that for having

me. >> i always thought of oklahoma as tornado alley, a place where you see a lot of tornadoes, not earthquakes. what's going on? what happened? >> so with the increased production and increased production of waste water we've had higher injection rates, and that's caused a lot of earthquakes. we feel them several times a day. >> explain this link between the waste water disposal and earthquakes. is there some affect that's causing that? >> there's uncertainty in some parts of it, but basically what you are doing is you are getting water into faults that you're basically turning the air on an air hockey table and getting the puck to move around. in this case we're getting pressure changes along faults. they already want to move, and you are just allowing it to have the ability to move a little easier. >> so regulators have actually shut down some of the disposal wells around the pawnee area.

do you think the wells need to be shut down permanently? is there any sort of solution? >> well, one thing that they're going to need to deal with. as price of oil comes back up, they're going to have to try to figure out if they can proactively manage these instead of doing it on a reactive basis because the operators are trying to do the right thing, but it's managing -- can we see these coming before they hit us as opposed to trying to react. >> how would you change how the fracking is being done? is there something that would allow it to be less of an issue? is there another way to do it? is it too expensive? how does it work? >> injections is one of your cheapest ways to go. you're disposing of water at 50 cents a barrel. if you have ten barrels of water per barrel of oil, you have about $5 of disposal cost. if you start with the technology that costs $5 a barrel, now you have $50 of disposal cost, and

you can't afford to produce a barrel of oil. have you to try to figure out technologies that will work and management strategy that is will work at the same time keeping the economics in check. >> how come this is happening in oklahoma and not other places? it's not the only place that fracking is done, but it's the only place we hear about this huge increase in the number of earthquakes. >> there's a couple of factors here. our formation advisory a lot more water. people producing a barrel of oil elsewhere are not producing as much water. we're getting about ten barrels of water per barrel of oil on average. we have our disposal interval. we've been using that since the 1930s. now we're getting pressure difference that is are generating earthquakes and the formation that's going into geologically is more prone to have earthquakes than other areas. >> how does the industry work? how do the regulators work with the industry, and is there any sort of middle ground? >> we don't have a legal framework to work in very he

easily. the uncertainty and the number of companies all make it much more difficult to tackle it. >> this reminds me of a lot of areas that we're seeing at this point. technology is advancing so quickly when it comes to things like uber, when it comes to things like self-driving cars, things like drones that are going to be delivering packages. it seems like technology is moving a lot faster than the regulatory framework can keep up. do you think that's the problem? >> the problem is that we're not investing in the science side of it, and in order to move forward, we need information about what's going on at depth, which would involve collecting data and i drilling holes, and that's not a cheap prospect when you are down about a mile down. that investment that we've done for problems previously isn't happening. >> in the meantime, while we figure all of this out, how nerveracking is it to be feeling these things on a regular basis? >> it makes you a little unsettled and the pets don't

like it very much. a lot of people don't enjoy it. they're trying to figure out what is supposed to happen, and people are looking for who to blame. there's blame to go around and people can worry about those kinds of issues. the more important issue is to get them to stop. it helps out both parties involved, both the people that are shaking, and the industry. that combination, nobody wants the earthquakes. >> thank you for joining us today. >> thank you. >> now here's a look at what's making news as we head into a new week on the money. the federal reserve's open market committee did nothing at its meeting this week. that was seen as big news by the markets. the fed held rates steady at near zero. that was widely expected, but it does lend this exuberance on the street when it comes to the stock market. however, the fed chair, janet yellen, did say that a hike is likely to come later this year. this time around it was not the

uni unanimaty. it lowered its projection for future growth. the nasdaq hit an all-time high on wednesday and thursday. the dow and the s&p climbed as well midweek. those stocks fell on friday. two ceos under fire on capitol hill. john stumpf of wells fargo faced a blistering attack from massachusetts senator elizabeth warren. wells fargo bankers opened two million accounts for its customers without their knowledge or consent to generate fees and meet sales goals. stu stumpf said he accepted full responsibility, but senator warren wasn't buying it. >> so you haven't resigned. you haven't returned a single penny of your earnings. instead, evidently your definition of accountable is to push the blame to your low level employees who don't have the

money for a fancy p.r. firm to defend themselves. it's gutless leadership. >> and mylan heather bresch also facing tough kwez questioning. the drug company raised prices for its epipen by 500% over the last ten years. up next we're "on the money." >> there's so much -- people believe that political and economic have let them down. >> my conversation with bill clinton on the frustrated electorate and what that could mean in november. and, later, you've been paying your mortgage for decades. is it the right time for a reverse mortgage? we'll have the pros and cons. right now, though, take a look at how the stock market ended the week.

if you want to know what bill clinton thinks, all you have to do is ask. we got a cancer to do that recently, and he spoke about hillary's chance to become president, fixing america's tax code, and whether the clinton foundation would exist if there is another clinton presidency. >> if hillary wins the election, it would be impossible to do. the economics of it won't work unless there are corporate sponsorships and unless we can have people from all over the world. a group like this working together can do something faster, cheaper, better, but it can't be generated from somebody like me who is outside the government, but whose wife may be in government. >> because obviously people will look to you as a conduit to getting through -- >> yeah, the staff that they've said so far -- if she were

actually president, it's fair. >> john stumpf, the ceo of wells fargo, opening a lot of accounts. a lot of people look at these and say that this is emblematic of why americans don't trust big business, why they don't trust politicians, the media, they don't trust establishment. is this -- is that a valid storyline based on what you have seen? >> yes. it's one of the reasons the political and economic corridor are in great disrespect -- or disrepair. i'll give you an example. i was really surprised by this wells fargo stuff because if you remember, in the housing crash in 2008 wells fargo got pretty good marks. you know, their mortgage practices were less deceptive. they had less failure. they were generally thought of as a really responsible bank.

i was totally dumbfounded when i saw that they had these employees open all these accounts. they fired all these people, but they're all lower level people. i think wells fargo ought to be clean on this. clean this up, tell the truth, because we can't afford it. >> it was shocking. another topic we haven't gotten to is the corporate tax rate. there are different proposals out there. what's the right corporate tax rate to make sure you're bringing in income, but also incentiveizing businesses to be ine investing here in america? >> you know, i was the president who urged it to be raised to 35%, but when i did it, it was precisely in the middle of the

oecd. it isn't anymore. i think it should be lowered. this is just me now. i'm not speaking for -- i think it should be lower, and there should be -- we should do sort of what the japanese did. we should try to get it to the international average as close as we can so we'll be competitive, so this is want rocket science, and it shouldn't be considered. this is a practical thing that we should do whatever is necessary to maximize. >> i should ask you, we are less than 50 days to go to the election. polls have changed recently. momentum has changed repeatly. are you worried? what do you think hams? >> hillary has got to bank on the fact that there will be a lot of people watching the last debate, and just go out there and talk to people. you know, not be affected by all the other stuff.

everybody has tried to set down. they want to settle down a month and a half and take a good look at this and make a good decision. i still think it will be all right. have you to get out there ask work and let the american people decide. i still believe that in the end they'll choose answers over anger and enevery empowerment over -- vision over -- but they may not. it's up to our fellow americans. they can choose whatever they want. >> i want to thank you very much for your time. we really appreciate it. >> thank you. good luck, mom. >> thank you. up next we're "on the money." if you are house rich but cash power a reverse mortgage could help your monthlyfinances, but is there a down side in the future? is this right for you? >> later, the secret service is hiring. do you have what it takes to protect the president? our kate rogers takes us through the trapg.

a reverse mortgage sounds like an appealing option giving them access to money being tied up in their home while still allowing them to live there. it is a solution that does have some risk involved. senior personal finance correspondent sharon epperson joins us with the details on this, and, sharon, why don't you just explain to people what these are and who can qualify for them? >> well, reverse mortgages is a loan thatteer you're taking out. you have to be 62 years or older to qualify, or you have to be

living in your primary residence, and you have to consider whether or not you are going to be staeg in that home and really are a good candidate for taking out this reverse mortgage. the way that it works is a little bit complicated. it's important to understand that this loan, unlike a traditional mortgage, it's going to get bigger over time. you go to the bank. you take out the loan. it's getting bigger over time because you're not paying any of that money back while have you this loan, and also keep in mind, you have that money on the side to pay for taxes and insurance as well. it really works for someone who has paid off some or most of their mortgage. if you haven't done that, it probably doesn't make a lot of sense. when you leave the home or if you have to, you have to pay back that money. the thipg to remember is if you don't have the money to cover that or if your estate doesn't, there's not going to be much money left for any of your heirs. >> the house gets taken away if you can't pay it back at the end? >> exactly. >> well, a lot of us -- the home is the biggest asset you're ever going to have.

you can live off of that. what's in the fine print? >> if you paed off your mortgage, if most of your net worth is tied up in the home, you really want -- this may be something you want to consider. the other thing you have to consider is you are going to stay in that home and that you're healthy enough, that you are likely to be able to stay in that home. >> what happens if you leave and get forced into a situation where you can no longer live at home, you neat to go to a hursing home or something? >> your family member will have to pay that money back. it works best for someone that desperately needs that money, doesn't have a place to go, and most of their net worth is in that house. then you could take it in monthly installments or a lump sum or as a line of credit. what financial advisors say this is a good idea for some people, the only way it really works is if you take it as a line of credit because it's a more disciplined approach. you're not getting all this money. >> time for vacation.

>> you're taking the money as you need it, and that's another key point. you want to use the money that you get from reverse mortgage for your -- for things that you need. sharon, thank you very much. >> my pleasure. >> up next, a look at the nufor the week ahead. our kate rogers finds out what it takes to become a secret service agent. >> police, drop your weapon!

>> for more on our show and our

guests, go to our website otm.cnbc.com. you can also follow us on twitter@on the money. here are the stories coming up that may impact your money this week. on monday heillary clinton and donald trump will face off in the first dough bait. lester holt will moderate. 56 years ago the country watched its first ever debate on television. the candidates, you know this, richard nixon and john f. kennedy. on tuesday we'll be getting a report on home prices with the case case-schillor index. on thursday we'll get the final read of the second quarter gdp. also, happy national coffee day. for any of you who need your caffeine kick, you better look out for deals come thursday. need a job? guess whark tt, the secret serv is hiring. to say the training regiment will be tough, that will be putting it mildly. we'll see what it really takes

to protect our president and she joins us now with more. >> hey, that's right, becky. if you want to become a secret service agent, first you'll need to pass an extensive back ground check, drug test, and polygraph. then comes an intense round of training. in 2016 only 10 percent or so of the 22,000 applicants the agency received even advanced to the background check. after spend ag day with trainees at the james rally training center, i found out why. >> what goes in to secret service agent training. >> police. you'll learn how to handle emergencies. >> drop your weapon. >> secret service trainees are put through a myriad of challenges, including virtual active shooter drills where remaining calm and collected is key. and there's extensive firearms instruction on the range. >> how do you think i did? >> we're going to work on our alignment, site picture a little bit. >> agents go through intense hands on training on shutting down threats to their protectes.

there i am pretending to be president obama working a rope line. there's also controlled breaking and evasive driving training. >> off right here. get back on. minimize your input. oh, you're doing very well. >> and among the most important problems for agents, being physically fit. it's not for the faint of heart. >> i'm going to stay at cnbc. >> at the academy they're put through grueling workouts every day because the job of protecting can and will get physical. i had a good time, but i think i'm better suited to reporting. >> did you go through the polygraph and the background check and drug test? >> no, they didn't do any of that, but i am pretty clean cut. i think i would have passed that part. the physical training, jeez, i was wrapped in ice in a bath robe at the end of the day after spending a day at the academy. >> how sore were snu. >> i was really sore. i work out and exercise a couple of times a week. i thought i would be fine. they're doing straight up cross-fit stuff. i don't know if you noticed but my weights were wood because

they have, like, 70 pounds out for me. i said, guys, listen. i'm game to try a lot of things, but i'm not going to get that up in the air. it was 35 pounds. >> you are a good sport. a very good sport. that was inspiring. i am never going to qualify to be a secret service agent. >> i don't know if i want to. it's really tough. >> thank you. >> thank you so much. >> that's the show. i'm becky quick. thank you for joining us. next week chip cards, they slow you down at the register, but are they doing any good in terms of protecting your safety? each week keep it here. we're "on the money." have a great weekend.

zbriefrmts we' the guys getting ready behind me. while we're doing that, this is what's coming up on the show. >> let's make a deal! >> the world's biggest oil producers meet next week on whether or not to cut oil production, and the news could send energy stocks tumbling. we'll explain. plus, how would you like to get long facebook for free? >> are you out of your mind? >> maybe just a little, but it is possible. we'll tell you how to do it. and -- >> money has got to be the shoes. >> shoes. >> shoes. >> you sure it's not the shoes? >> all right. maybe it is the shoes. nike shares have been