hi, everyone welcome to "on the money." i'm becky quick. facebook fallout anger and outrage over the social media scandal and new calls for regulation. crypto college classes, it's a mouthful, but it is important. why blockchain and bitcoin are entering the college curriculum. disappearing deductions. tax breaks that are going away what stays what goes? and what you should do and we are going to the dogs, celebrating national puppy day what you should know if you're thinking of getting a new member of the family. "on the money" starts right now. >> announcer: this is "on the money. your money, your life, your future now, becky quick

we begin with your online privacy. facebook is facing a backlash after failing to disclose to its users that millions of profiles were used by a third party during the presidential campaign without their consent. how did this happen, and should the government intervene that is our cover story, and julia boorstin has more. >> reporter: facebook is under fire after a massive data privacy scandal. there are new concerns and questions about privacy online here's what happened in early 2014, an app developer accessed info from 270,000 users of its app as well as the data from about 50 million of their friends. until april 2014, facebook allowed app developers to access that data. the developer illegally sold that data to cambridge analytica, a data firm that worked with the trump campaign when facebook found out in 2015, the data firm told facebook it deleted all of it. this weekend's reports say the data is still out there and note that facebook failed to alert consumers whose data was

harvested. >> i think facebook got blindsided and weren't quick enough to acknowledge it, that their data was hacked and misused. i think they need to be more up front about that. >> reporter: facebook says it's investigating the accuracy of the claims that the data still exists and cambridge analytica denies wrongdoing, saying it worked with facebook to ensure they were satisfied, that they hadn't knowingly breached its terms. facebook's business is built on its more than 2 billion monthly active users having confidence in the platform. consumer reaction is mixed >> i figure everyone has my data like, it's all out there, so, i'm not so concerned >> i believe these executives should be held accountable. >> i still trust that facebook and other companies are trying their best to do it the right way. >> users' trust is key to provide valuable data to advertisers to target them >> they know at the end of the day, having the trust of their consumer is paramount, it's key, and if they don't earn that trust every single day, you will see users go off the platforms. >> reporter: now there are concerns about potential

advertiser backlash and a serious public relations black eye, which could lead to additional regulatory scrutiny for "on the money," i'm julia boorstin in los angeles. >> so, after facebook, should the government intervene and regulate social media companies as they regulate other media, like television? joining us now is ed lee, managing editor of recode. ed, thanks for being here. >> sure. >> we've heard from mark zuckerberg and sheryl sandberg this week. both apologized. is it enough or too little, too late >> so, they finally apologized it took them a while i think it's a little too late in terms of, first of all, we found out they knew about some of the misuse of data from a few years ago and just didn't tell anyone so that tells us something that they haven't really figured out how to be more transparent, right? and also, we knew about this because of some enterprising reporters who dug into how this data was used. that tells us there might be a lot of other places other third parties are using the data incorrectly or improperly. and i think, again, it requires

a much deeper audit across all these apps. >> as a consumer, as a user of facebook, i knew i was signing away a lot, that i didn't expect this to be private information i was posting, but i have to admit, i never really thought of the idea of third parties comes coming in, mining the data, doing whatever they want with it, having access to my pictures, my friends' pictures, things along those lines, and i guess i'm still not clear what facebook is doing with this data or if they even know. >> things you like as well that's the thing i had to remind myself, i went through my profile to look at my settings and i realize they're looking at so many things i'm doing for ad purposes. so, if i like something, if i like a friend's post on something, that data is actually used for ad targeting, so it gets really, really deep level that also tells us the third parties are accessing data and are privy to so many aspects of how we work within facebook. and i think the average consumer, i think if they were faced with or presented with, here's how your data was used on this specific instarnsion i think they might be more

shocked. >> might be creeped out. >> exactly i think intellectually, people understand it's a free service, i understand i'm giving up something in exchange for that but again, it's like, if you're presented with the specifics of how they were used, i think people would probably flee in terms of, you know, i don't like how facebook's using it. >> which raises the question, because of all of this scrutiny at this point, from the media, from other places, from regulators, is this a situation where facebook should be more closely regulated? and if so, what does that mean how does that work >> so, that's the essential question here. i think it speaks to, first of all, the online data altogether, right? it's not just a facebook problem. i think it became a facebook problem first because they collect the most data. unlike say google or twitter, for example, which sort of figures out who you are based on what sites you visit, facebook specifically knows your name, your birth date, where you live. and i think because of that, they have the most prized set of data at the same time, if you are going to regulate facebook, it should be regulated across the board. it shouldn't be a

facebook-specific set -- >> no, no, this should be social media, anybody who's collecting information on the internet, any of these sites. >> right. >> while we wait for the regulators to decide what to do, is there anything i can do to protect myself or figure out what i've given away >> right so, mark zuckerberg in his statement made clear that we are going to limit how third parties collect the data, but not necessarily what they use it for. i was looking through my facebook profile to remind myself exactly how these things work you can go into your settings. go into your profile, go into settings there are lots of ways to turn things off in terms of how the data's used for advertising. if you're really concerned, turn all of those off the second thing is, and what happened here is there are third-party sites that make use of your facebook login to access their stuff -- >> yeah, i've never used that. >> exactly so, if you're concerned about that, don't allow it don't login with your facebook i.d. create a separate one specific to that app. if it's an app that only requires a facebook i.d., don't use it

that's the easiest way to distance yourself from potential controversy. if however you're willing to do it, pay attention to how they plan to use it because they have notices. you skip over those notices often. read through them. i know it's not the easiest -- >> by the way, don't give your real birth date to anybody don't give things like that they can match up with a social security down the line never post those things online. >> and where you live and all those things. >> ed, thank you >> sure. >> great to see you. now here's a look at what's making news as we head into a new week "on the money." as promised, president trump took a big step toward imposing tariffs on china those would total about $60 billion on chinese goods and limit china's ability to invest in u.s. technology companies it could reach up to 1,300 specific imports there will be public comment before the tariffs are actually imposed. mr. trump says the move is in response to china's trade actions that cause concerns about the possibility of retaliation and a trade war and sent the dow tumbling by more

than 700 points on thursday during an ugly trading week. the nasdaq fell more than 170 points with the major indexes having their worst day since february 8th stocks continued to fall on friday as was widely expected, the federal reserve raised interest rates at its meeting this week, the first of what is expected to be at least three hikes this year it was j. powell's first meeting as fed chairman and the fed forecast a strengthening economy, in part because of tax cuts and in part because of increased government spending. you could end up paying more for your cheerios. general mills is raising prices on cereals because of the cost of ingredients have been going higher, also shipping costs are going up turns out, there's a shortage of trucks after federal regulations changed the amount of time truckers are allowed to spend on the road. up next, we are "on the money. reading, writing, bitcoin and blockchain the new curriculum on college campuses. and later, you know the tax deadline is rapidly approaching, but you may not know about

disappearing deductions. what you should take advantage of before it goes away right now, let's take a look at how the stock market ended the week

♪ even if you are not exactly sure what bitcoin and blockchain are how they work, they make up part of a booming, new field college campuses across the country are paying attention, and many are making it part of their curriculum and as aditi roy reports from berkeley, california, some students are even making some serious money from it. >> what can blockchain really provide us >> reporter: in this classroom at the university of california berkeley, students aren't learning physics or history, but a subject that most people had never heard of until recently, blockchain are you surprised at just how

many students are interested in this >> i mean, it's a fascinating topic. >> reporter: dawn song is one of the professors of the class on blockchain, which is the technology underlying virtual currencies like bitcoin. it's a digital, decentralized, and public ledger of all cryptocurrency transactions, making them secure and untraceable. but blockchain isn't just used for digital currencies it can also be applied to fields like law and business. >> and that's the key problem that bitcoin solves. >> reporter: which is exactly what this class is all about >> i decided to take the class mainly because of the hype surrounding blockchain technology so, i figure it's best to get in now on the ground floor and start building it up. >> reporter: the rise and fall of the prices of bitcoin and other virtual currencies created a frenzy in the markets, which spread to college campuses. >> we have this bidding system for all classes. so i kind of bid almost all of my points on this class to make sure that i would get in.

>> reporter: here at uc berkeley, fewer than a quarter of the mostly graduate engineering students who applied got into the class jillian chu isn't one of the students in the class, but she is a member of blockchain at berkeley >> there's definitely a lot of people out there who want to learn more about this space. >> reporter: it's a student club, but this is no hobbyist group. >> there's a lot of really promising ideas out there. >> reporter: there's a three-round application just to get into the club. only 4% got in during the last application window, and students work on projects for fortune 500 companies like airbus and qualcomm. >> part of the culture is that we expect nothing but the best from all of our members. and so, i think that really reflects on our work. >> reporter: one group of students in the club even started their own hedge fund, raising $20 million. still, most students we talked to say they're learning about cryptocurrencies in college to make the world better, not to make money. >> i'm more motivated by building something that will actually change the world.

>> reporter: and other college campuses are seeing similar trends cornell, stanford, carnegie mellon and m.i.t. are just a few of the colleges also offering classes on cryptocurrencies, and princeton's class was the fifth most popular class on the online site corsera in 2017. >> aditi, these huge things come and go is there any way to tell if this is a fad or if these are classes that will be sticking around >> reporter: it seems like the classes are here to say because the students aren't really interested in the market side of things, believe it or not. every one we talked to said they're interested in the theoretical and applications to other fields like law and business. >> interesting are there challenges for the professors when you're trying to teach a class on something that's being sort of made up as we go along? >> reporter: a lot of the professors say that's one of their biggest challenges professor song at berkeley says she writes the syllabus as they go along, but also adds that's what makes it so exciting for her. >> all right it is definitely something to

watch. aditi, thank you very much aditi roy. >> you bet. up next, we are "on the money. nothing is forever, and that includes some taxes, believe it or not, or better yet, some tax deductions there are some deductions you may be used to getting, but guess what, some of them are going away and later, sure, puppies are cute, but if you are thinking of bringing one into your life, we have a checklist of what you need to know beforehand. and some puppies stick around you know what's awesome? gig-speed internet.

you know what's not awesome? when only certain people can get it. let's fix that. let's give this guy gig- really? and these kids, and these guys, him, ah. oh hello. that lady, these houses! yes, yes and yes. and don't forget about them. uh huh, sure. still yes! xfinity delivers gig speed to more homes than anyone. now you can get it, too. welcome to the party.

♪ the countdown is on for the april 17th tax filing deadline, and it is the final call to claim some deductions that will be going away after this year. senior personal finance correspondent sharon epperson is here with us now to make sure you can grab those deductions while you can. okay, we're down to the wire what do we need to do? >> we are down to the wire, and people know that there have been a lot of changes to the tax code with the new law that was passed, and they know there's going to be a dwindling of the standard deductions and that some itemized deductions are going away, as well as the personal exemption, so now is the time to act on these 2017 breaks that you can get before they go away altogether. >> first of all, talk about the ones that are going away which are we going to miss out on after this? >> personal exemptions, dependent exemptions will go away, and that is a deduction of about $4,050 per individual. >> ah! >> so, that could be significant for a couple and if you have dependents, so something to consider also want to look at the

miscellaneous deductions those are itemized deductions that exceed 2% of your adjusted gross item, things like job search expenses, unreimbursed employee expenses, as well as tax preparation fees so, this is the last time you're going to get to write off whatever you pay to your accounta accountant. >> my accountant hasn't pointed that out recently. they may not be inclined to do something like that. but you say some are extended. what's that? >> in february, congress did decide that they were going to extend certain tax breaks, so that's something to keep in mind as well. mortgage insurance premiums, those will be able to be dedu deducted that's been extended for 2017. also, exclusion for forgiven debt it is foreclosure or a short sale, that is something that is excluded from your income, so that's something you want to keep in mind as well. >> if you're somebody who's not waiting until the very last minute, you've already done your taxes and sent them in -- >> who are those people? >> i just sent mine in just a week ago but is there anything i can do at this point, or is it too late >> it is not too late. you have actually three years to file an amended return.

>> really? >> so, that is something to consider you have to make sure, though, that the irs has already accepted your return, so make sure you've gotten word that your return has been accepted. know that you cannot file a 1040 again. you have to file a form called a 1040x, and it has to be a paper return you can't e-file that. and you have three years so, if there's something that happened in 2014 on your 2014 taxes and you're now realizing you should have claimed something that you didn't or there's a potential tax break you could have gotten, you can still do it. >> maybe this is an entire segment for another day, but with all these changes here, i should probably be considering a conversation with somebody about what to make sure that i'm getting ready to claim for this year >> this is the time, midyear, you definitely want to be meeting with a tax professional to find out what you should be doing. things have changed, and so, that may mean you need to change things for your whole financial picture, not just for your tax picture. >> sharon, thank you very much. >> sure. up next "on the money," a look at the news for the week aped. and puppies! they always put a smile on my

face, hopefully, yours, too. but what does it cost to own one and what should you know before you get a new member of the family stay here. we've got puppies on set yay! they read more. how do they find the time? with audible. audible has the world's largest selection of audiobooks. books like peak performance... and endurance. books that energize and inspire for just $14.95 a month. less than you'd pay for the hardcover. with audible, you get a credit-a-month... good for any audiobook. if you don't like, exchange it at any time. no questions asked. you can also roll your credits to the next month if you don't use them. audible members use the free mobile app... to listen anytime, anywhere. on the go... or in the car. the audible app automatically keeps your place. no bookmarks required. so you'll pick up right where you left off, even if you switch your phone to your echo at home. get more books in your life with audible. join audible now and get $50 off an annual membership

and a free echo dot. just text echo deal to 500500 audible. listening is the new reading. but i'm not standing still... and with godaddy, i've made my ideas real. ♪ i made my own way, now it's time to make yours. ♪ everything is working, just like it should ♪

but i'm not standing still... and with godaddy, i've made my ideas real. ♪ i made my own way, now it's time to make yours. ♪ everything is working, just like it should ♪ ♪ here are the stories coming up that may impact your money this week. on tuesday, the case-shiller home price index for january will be released the final read of the fourth-quarter gdp will be out

on wednesday then on thursday, it's personal income and outlays for the month of february that come out. those numbers will give us a look at how the consumer is faring also, a market milestone anniversary. back on this day in 1999, the dow closed above 10,000 for the first time ever. and for some, it's a short workweek the markets will be closed to observe good friday. well, guess what, friday marked national puppy day. it's a day to celebrate our furry friends but also to encourage dog adoption if you are planning to add a dog to your family, what's the right breed for you, and how much will it cost? joining us right now is pet expert and dog trainer andrea arden. we also have with us zane and zara from the aspca. andrea, thanks so much for being here. >> thanks for having us. >> mostly, thanks for bringing the puppies. they are adorable! any reason to have them on here. these are the cutest puppies, and as soon as you see them, you think you want to bring it home. there are probably a few things to think about first, though, the first of which is how much

will it cost me this year and every year from here on out? >> well, one of the great things about adopting, in addition to the fact that you're saving a life, is that the initial up-front cost is going to be far less than if you were going to go to a breeder. so, depending where you are in the country, you could pay as little as $35 or upwards of $400 for adoption fee, depending where you are. >> these are beautiful dogs. how quickly will these guys be adopted? >> they'll probably be adopted pretty quickly because they're puppies. that said, i'd like to encourage people, as much as it is national puppy day, consider adopting an adult or senior dog. they have a lot of love to give. and one of the great things about an adult or senior dog is you know what you're getting these guys are adorable. they're going to bring a lot of love to a family, but you can't tell that much about their personality yet. >> right i have a dog i brought home that was an adult dog and it was so grateful for being brought home. those dogs are so thankful, best dogs you can ever have in the world. let's talk, too, about how you can determine what breed of dog is the best for your family. what do you think? >> i am an expert in all different breeds

i find it really interesting the history of breeds, you know, what they're intended to be bred for and what their job is supposed to be, but i always say to people that breed generalizations are just that, generalizations. so when people get a golden retriever and they say it's going to be this way, be careful. within any breed, certainly within any litter, there's a huge range of personality. >> sure. >> with that said, i think people are not so much looking for a breed of dog, they're looking for a specific temperament. if you're interested in a dog that is going to go hiking with you and is going to be rough and tumble and running around the house with your kids, obviously, you're looking for a high-energy dog. >> sure. >> if you're more sedentary family, maybe something along the lines of a bulldog, you know, that you rescue. >> yeah. >> but it really is, again, about personality, sort of like finding a mate in life >> so, you need to know what you're getting into and maybe shop around a little, check out different dogs >> absolutely. >> hi, baby. so sweet when you're looking for dog food, when you're going through the aisles trying to figure out what's the right thing to bring home for your dog, what should i be reading for on the

ingredients list >> that's a tough one, because i think people understandably feel a little overwhelmed there are so many options out there. it's like, where do i start? start obviously with your veterinarian for good recommendations. but i also think as responsible pet parents, we should do our own research, and that could start with turning the bag of food around and reading the list of ingredients so people understand, whatever's at the top is what is most of the food in that packaging. >> sure. >> but with that said, even the things way down on the list, if you can't understand them, if you can't pronounce them it doesn't mean they're bad, but maybe do your research and understand what that is. >> sure. if you are a family that's bringing home a dog, what kind of training tips would you tell people what do you need to do what's the proper way of going about it >> one thing i'd say is i don't care if you're getting a little puppy or an adult dog, it's about management make sure that you manage your dog's time to set them up for success. an easy example of that is, if you don't want your dog to run at the front door and jump on

people and bark, for the time being, until they're trained and they understand what you want, keep them on a leash walk them to the door on a leash, teach them how to greet properly by keeping their feet on the ground. >> right show them the way and make them understand. >> yeah. >> andrea, thank you for coming in. >> thank you. >> and zane and zara, thank you. i think we're cutting into nap time for zara. >> zane as well. he's holding it together, but he's about to go to sleep. >> thank you, puppies, and thank you, andrea. and thank you, everybody that's our show for today. i'm becky quick. thank you for joining us next week, by the way, the one thing you can do to your house that will have the biggest payoff and by the way, it's probably not what you were thinking each week, keep it right here. we're "on the money. have a great one and we will see you next weekend

hey, there we're live at the nasdaq market site this afternoon and look who stuck around for the show, guy in the signature jacket and everything while the traders are getting ready, here's what's coming up on the show. [ screaming that's what tech investors did this week, and there's something in the charts that suggests even more pain for some of the group's high-fliers we'll break it down. plus -- energy stocks coming into bloom the best-performing sector this month. and one of the traders says there's one name that looks poised for a