directions. thank you very much for being with us, that is all the "money" we've got for you today. we will see you tomorrow, i will be here tomorrow as well for melissa francis. "the willis report" is next. gerri: as the anniversary of hurricane katrina approaches, things have gone from bad to worse in orleans as tropical storm isaac gained strength. the latest and also bring you my exclusive interview with the ceo of nyse euronex. welcome to "the willis report." ♪ gerri: hello, everybody, i am gerri willis.

tropical storm isaac cressman national convention in tampa, florida, caused the g.o.p. to scrap the day's event for a quick welcome. >> so it is my privilege to proclaim the 2012 republican national convention in session and called to order. gerri: there you have it, so what to expect when the convention wraps up tomorrow? let's ask florida's attorney general. great to see you again. i know you have a lot of music going on in the background, so i hope we can hear you. >> yeah, i am in the forum in there during sound checks and it is mighty loud behind me. gerri: i can hear you better. that is good news. what is most likely to happen? florida, h you must be happy in florida because you missed the awful storm, isaac, but it could hit new orleans. that could be bad news. if the impact is devastating

will there be any more delays the republican national convention? >> that is all still up for discussion, gerri, but we are blessed if missed florida, we are praying for the folks in new orleans because they have been through so much already. i have lived here my whole life in these storms are so unforgettable. we don't know what will happen. we declared a state of emergency in florida and so i kicked in my price gouging statute. you can't take advantage of the price of gas, commodities. gerri: have you had any reports of that already? >> not yet, thank goodness. we were fearful because we have so many visitors coming to our state as well as 19 million floridians. gerri: it looks like the band is done, they're leaving the stage so i guess that is good news for you and i. >> good for us. gerri: i wanted to talk to you

about a topic that has been very controversial, that is todd akins. he had some comments that were almost impossible to believe he sent them saying legitimate rape rarely causes pregnancy. i don't know how he comes up with that, very controversial. is this going to fuel the fire for democratic charges on the war on women being waged by republicans? >> you know, gerri, and they will try to make it a distraction. they already have. the crown and paul ryan has made their point clear. i'm extremely pro-life, but i believe it is the life of a mother is in danger or in the case of rape or, there should be an exception. i think there is definitely going to be a distraction, but i have been traveling all over florida with him, in new hampshire, virginia, i can tell you women care about the economy, they care about jobs,

they care about the tremendous unemployment rate. 401,000 women have lost jobs since barack obama got elected. those are the real issues. gerri: not like the republican party is hiding you guys. we're both speaking at the convention, so the women are out front and center. maybe that is because romney is behind obama in his appeal to women. obama got 48%, romney got 42%. what does the g.o.p. have to say to convince women their message is beneficial to men as women. >> i think governor romney has done it. he formed mitt for women. we have all been going around the country talking about women's issues, talking about what is important to women and it really is jobs, the economy, the poverty level among women.

we care about the same issue that men do. we really do. gerri: the economy, the economy, the economy, right? >> absolutely. gerri: what topic are you going to attack on wednesday? >> i don't think it is any big secret i was one of 26 states leading the fight against obamacare, so we will talk about the federal government and that is about as much as i can say right now but i'm looking forward to it sometime between 8:30 and 9:00 on wednesday. i'm speaking with attorney general, my dear friend from georgia, speaking before paul ryan and after john mccain. gerri: that is a pretty good lead in. that's pretty impressive. as you look at his campaign was going on with this convention, what is mitt romney's number one job this week to get support

from voters, what does he need to do? >> he is doing it. i traveled with him a couple of weeks ago throughout florida and i've never seen him so energized and so positive, so many people, so many floridians have come out to see him, i think we have to bring around the independence, which is doing. paul ryan was a fabulous pick for vp. i think mitt romney has to get the crowd energized and i think he is prepared to do that and and romney will make a spectacular first lady as well. they're both down to earth great people. gerri: well, we will be watching every minute and we will be watching your speech. thank you for coming on the show tonight, always a pleasure to see you. >> you too, thank you. i buy. gerri: more in a few moments. but first, tropical storm isaac has the gulf coast in its sights

expected to make landfall tomorrow as a category two hurricane. the latest on the path of the devastating storm, let's go to the fox weather center. wirwhere is isaac heading? >> looks like louisiana, mississippi landfall. latest advisory has it as a category two storm and it is slowing down, gerri. we will see hours upon hours upon hours of tropical storm force hurricane force wind as well as a strong storm surge flooding and a possibility for those winds and even tornado along the gulf coast so not only new orleans, but inland dealing with flooding and this storm is massive, tropical storm force wind, 200 miles away from the center of the storm. already extending east coast up towards the southeast. the effects of this storm 500 miles away from this storm,

huge storm system but we are seeing indications of strengthening on the radar getting very heavy rain across east coast of florida and really tampa the worst of the storm but on the east coast that seemed storm totals over a foot of rain from isaac. the forecast path at 5:00 p.m. came out and we anticipate strengthening possibly within the next couple of hours they could make this a hurricane. the new advisory comes out at 8:00 eastern time. category one hurricane going through the time, i want to point your attention to the timeline. tuesday afternoon into wednesday overnight, and then wednesday, tuesday overnight into wednesday and wednesday afternoon. 24 hours of hurricane force wind battering very vulnerable coastline. if this storm hits just to the west of new orleans, that is the worst place for it to be because the storm surge and all the rain

bands are potential for tornadoes, and the wind will buy vulnerable coastline. not only new orleans, but mobile alabama, all of these very vulnerable spots that really could get hit hard. if there is any good news from this story is later on this week we will see much-needed rainfall across the plains states where we have a significant drought, but for the meantime really concerned for our folks across the northern states. gerri: i'm looking at your map there, looks like new orleans is dead center, right in the crosshairs. they talk about the levees, will it be a dead on hit? >> they're still a little variability in the computer models, but more and more showing somewhere around this area. new orleans is going to take a hit, unfortunately. this will not be hurricane katrina but it is going to test

those levees and they say they're going to hold, they spent billions of dollars, so we're hoping and praying they will hold. hoping people will heed the warning. it is too early to indicate how heavy storm isaac will be. but they're predicting the damage. number five, hurricane ivan in 2004. hit at a category three, $20 billion in damages. number four, hurricane wilma in 2005. a category three storm left $21 billion of damages in its wake. number three, this was only category two hurricane that hit three states and costs $28 billion. number two, take into account

inflation because it was some time ago, hurricane andrew, biggest storm to ever hit the u.s. category five in 1992, nearly $46 billion in damages across florida and louisiana. number one costliest hurricane in the u.s. history, hurricane katrina, you guessed it. only category three storm, but devastated not only new orleans but parts of louisiana, mississippi, alabama, florida and the entire gulf coast costs $105 billion was the most deadly natural disaster ever in this country. coming up later in the hour, will this be a make or break moment for the campaign? and tropical storm isaac barreling towards the coast, will prices go higher? are they already on the rise? impact on the gas and oil coming up next.

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gerri: just as drivers began to see some relief at the pump, tropical storm isaac said to push prices higher yet again. storm forcing several refineries along the gulf coast to halt production. i'm joined by the senior vice president of the institute for energy policy research. welcome back to the show, always great to see you. so here we are, big storm in the gulf, 25% of the nation's refineries, what is the likely impact? >> we will have to see what the impact of the storm is itself but clearly already have over a million barrels of daily capacity taking off-line. when you combine that with other circumstances like a refinery fire not backed up yet and a the huge refinery that went down in venezuela last friday, what it

means is there will be less gasoline chasing consumers. gerri: once they power the refineries down, will it take a lot to get it back up? >> it does. they're very technologically advanced, large facilities, lots of pressure, to pick between 4-8 days depending on the refinery itself to get it back up to full speed. they don't want to rush it. gerri: using the gulf coast refineries produce 22% of the nation's supply, what will happen to gas prices? >> they will go up. it is against the backdrop, aaa just reported today we experienced the highest gasoline prices in history. that is before this hit, so today the price of gasoline went up on the market by about almost $0.08.

at the same time by the way the price of oil going down because there is no refinery to take the oil. so go figure. gerri: you have to wonder how long will it impact the higher prices, how long will that last given it will take days for the refineries to get back online after the storm does pass. >> exactly. we will already see some uptick and let's not forget, we're not out of the hurricane season. when we had katrina back in '05, was followed by rita which wiped out a lot of refinery capacity. we still have a good month and a half to go. gerri: there's also talk of opening up more supply on the market, will that happen? is that something that is a reality? >> it will be done, it has been

done in the past when refineries couldn't get enough oil because of disruptions in service and refinery was ready to go but could not get the oil. it was done around the katrina time. it was released, that differs from the sort of political releases that have been discussed for the price of gasoline before the election. in the event of something like this, that is what this is for. with the idea it is paid back when the oil is available via th.gerri: coming up at the bottm of the hour, my interview with the ceo of the nyse you're next, where he stands on the state of our economy. and called to order in front of

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gerri: the g.o.p. can have a great week despite tropical storm isaac. the preview of the three-day event coming up.

gerri: all eyes are on tampa. mitt romney putting the finishing touches in his convention speech at his home in the state of massachusetts. will this be enough to sway undecided voters? let's ask the director for american crossroads.

looks like he actually starting soon. this is a make or break week for mitt romney? >> it really is. so many voters with so many people know make romney or the advanced than television run by the obama campaign, depicting them in a negative light and the coverage of the news media. this is the first opportunity for governor romney to present himself in an unfiltered way to the all these people who have not seen that. i think people will like it. liz: what is the message of this convention? >> we have seen independent voters are ready to give president obama the pink slip, ready to hire somebody else but what they are not sure about is if he is the guy that has a plan to turn it around. if he can go in and convince all the people in the middle he has a plan to turn the economy around we would expect a large

round moving into the democratic convention in charlotte. gerri: another big name, chris christie has been talking about what he will talk about on the floor of the convention hall. here's what he has to say. >> i told the staff keep me busy. i have to wait until 10:30 tuesday night? you don't know what will happen when it burst out of the gate 10:30 on tuesday night. so basically keep me on the treadmill all day, wear me out, see if we can lower the energy level just a little bit. gerri: what can you expect from chris christie? >> chris christie is a beloved figure in the conservative party, he stood up to the teachers unions and the public union in new jersey to balance the budget because he's going to present, i think, problem obama has gotten america into, the whole debt that is unsustainable and will show folks that mitt romney is the answer to put

us back on a fiscal footing that will strengthen. really connecting with voters in a way a lot of people can't. gerri: do you think that goes over with everybody? >> goes over with a lot of people who want to hear straight talk. there are so many things you can't take. turning it on its head. it will be refreshing to a lot of people. a lot of mainstream media will cringe at what he says the lot f people in the middle will really like it. gerri: had to ask you about this new documentary, this getting a lot of coverage, i want to show you part of it now. >> the pain i felt was my father's pain. their struggle, my birth rates. >> obama has a dream that the

sins of colonialism be set right and america be downsized. gerri: this documentary is breaking records. the number one documentary now, astonishing. people are talking about it in tampa? >> yes, there is some talk about it. my mother has seen it, she loves it. there is a real thirst, real hunger among people from what is more commission of iraq obama mainstream media hasn't been talking about. he wasn't the type of united everybody thought, the documentary really shows in lightning a lot of people about them. gerri: it is brand spanking new. thank you for coming on tonight, we hope you come back later in the week.

>> thank you for having me. gerri: this is your chance to weigh in on our question tonight. is this a make or break week for mitt romney. i will share the results at the end of the show. >> coming up on "the willis report," small business owner woes are hurting our jobs and economy according to our next guest. an exclusive one-on-one with the new york stock exchange ceo next. a somber time for the country as a first man to ever walk on the moon passes away. gerri reflects and remembers the life of the famous astronaut, neil armstrong. in the battle between apple and samsung has come to an end, which means they will create many changes for consumers. what this means for your smartphone. we are on the case next on "the willis report."

gerri: we have a fox business

alert for you. general motors forced to face reality when it comes to the chevy volt. reports the automato automakersg productions in a plan to michigan. gm says it is trying to tear down inventory of the car hasn't come close. they said production will resume in october. also today the new york stock exchange released its new survey on jobs in the economy. among the main findings, small businesses are having hard time raising the capital they need to expand and won't be hiring soon anytime either. we went down to the new york stock exchange this afternoon and spoke to the ceo duncan niederauer about it asked if there was any silver lining in this report. >> there was a silver lining in the two year view, are cautiously optimistic. but i think it was a call to action in a little bit disturbing that the lack of optimism going into next year from big business and more importantly small business, we

all sit here and say small business is the job creation engine, let's count on them for job growth next year, this was the first year we surveyed small businesses and overwhelmingly said don't look for lot of job growth from us. gerri: two-thirds of them say they will cut jobs or have no job improvement at all. >> right. gerri: what is bringing small business back right now? >> it confirmed what i had been hearing in the water for the past 12 months. primarily the access to capital issue. an easy thing to talk about, hard thing to sell. we have heard that so consistency we decided to tackle that in two different ways. our involvement on the job site with companies getting to the public market, a smoother ride to get there, and the big startup was all about main street trying to figure out ways to get main street business more

capital but also get them connected to some big companies here. i wasn't surprised the survey said we can't get the capital, that is why we are not growing. people are up for higher taxes for individuals even potentially a higher corporate tax rate, but what they want is a simplified tax code, particularly for small businesses what you saw was small business tax incentives, i would agree that translates. gerri: are you saying small business is happier to see texas go higher if some special jimmies go away? >> the sense i get is tell us what the tax rate is going to be. you and i are sitting here, almost september 2012. and you don't know, i don't know, no company knows what the tax rate will be next year. gerri: we talk a lot about your

survey, talk about the issues in the industry as well. we look very closely at the night capital story, we watched as computerized trading and frankly really disturbing glitches problems. is this a safe market for small investors? is this something we have to be worried about and are you heading towards a solution? >> a lot of good questions. yes, we're always working towards a solution because anybody who would look at what has transpired and the resulting behavior from individual investors and say that they still have their confidence would be intellectually dishonest in my opinion, anyway. you can't possibly say look at the fundamentals the market is okay, the risk alternative for your account, the bush remarks did inequities then ever. that tells us we have a problem that needs to be addressed. what we have tried to do in the

wake of the recent situations is hopefully be an industry leader because we're uniquely positioned to get people from the exchange community, and the price community all in one room and say let's acknowledge we have to propose some solutions here, what might they look like? we do believe you will see more governors, by that i mean not speed bumps, so everybody down, but i think there will be a call particularly around risk my turn systems if the of their providee participants or by us, everybody says, have an extra set of eyes on this and pay more attention to what is happening given it is happening a lot faster than it used to. gerri: facebook was another big issue, some people feel they got ripped off, any fallout for you, and could that happen? >> anytime any issue like that happens, a number of different issues in the last 12 to eight

months, and impact on the overall financial services industry and some issues have an impact closer to home, so yes, of course we take that very seriously. that is another call to action where we can be a leader and say whatever we have done, we got some stuff right, they have to acknowledge everything is working the way we would like it too, what can we do to make it better? that is what these conversations are about. gerri: one final question for you, tell us about that. >> i was asked recently by the folks in the campaign if i would lend my energy to that, we would lend our platform to that. i thought that was a pretty easy question to answer, to be honest. one of the biggest issues facing us, and i'm always happy to get involved in issues i think are nonpartisan.

this is not pointing fingers at republicans or democrats, it is simply saying this is a big issue, we want people in washington to hear about it from the voters, we want them to hear about from people in business saying please don't play political football on either side of the aisle, it is too important and one of those clouds that has to be lifted if we want people to be more optimistic. i was happy to do that, i'm sure they will announce soon from the committee a group prepared to do it again. gerri: thank you for coming on, we really appreciate your time. >> thank you. gerri: interesting conversation. that inow it is time for tomorrs news tonight. the big news at the national convention tuesday, the first full day of events after the delegates vote to nominate mitt romney and paul ryan, two keynote speakers will take the stage, and romney and governor chris christie. and hitting colorado for two

days of events. the big economic reports coming tomorrow, the case-shiller report will come out. expect prices to fall slightly. but confidence could bring better news. we will have to wait and see. what will apple's near complete victory mean for consumers and other tech companies. i remember legendary astronaut neil armstrong who played a big role in my childhood memories and a lot of other peoples. [ female announcer ] they can be enlightening.

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gerri: if he were alive at the time the following words have stayed with you through the years. >> it's one small step for man, one giant leap for mankind. gerri: it gives me chills even now just hearing it. i was a kid when i heard neil armstrong's famous statement sitting in our living room couch in ohio, our family packed around the tv set. i was so young my feet didn't even touch the floor and it was

way past my bedtime when armstrong's feet touch the moon's surface. i was stunned even then by the significance of the moment, the sheer exhilaration of it. it seemed like we could do anything, anything was possible. one small step. as i'm sure you have heard, armstrong the first man to walk on the moon and commander of apollo 11 lunar mission died saturday at age 82 due to complications from recent heart surgery. armstrong had a heart bypass surgery to clear blocked arteries. not the kind of guy to cast the capitalize on interviews. hard to believe somebody could accomplish so much unexpected so little in return. baband that is why we remember s words from that night for nine years ago. in the days and months following lunar landing we spent endless hours dissecting the mission at school, painted pictures of the solar system, dreams of other

places we might go when we grew up. we need some of that optimism and sense of purpose now. we're still a great country, we need some reminding. we will be right back. you see us, at the start of the day. on the company phone list that's a few names longer.

you see us bank on busier highways. on once empty fields. everyday you see all the ways all of us at us bank are helping grow our economy. lending more so companies and communities can expand, grow stronger and get back to work. everyday you see all of us serving you, around the country, around the corner. us bank. gerri: apple's billion dollars court decision is translated their job on wall street. what it means for consumers and investors next.

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gerri: in focus tonight the patent showdown of the century. apple scoring victory over samsung. the court ruling friday they infringed six out of seven apple patents. apple infringing on none. join me now, the editor-in-chief

of mashable.com. i want to talk about the impacts of the stock, apple feeling pretty good with this news, what do you see in your crystal ball? >> apple stock has been doing well and so has google. both will be fine at this point in time. apple coming out with the iphone and the ipad. i think they will be having lines around the block. amazingly the big story is even with growth trading 15 times earnings, the same as quite amazing to watch that. gerri: i don't think i've ever seen that in a while. >> apple was up today. it was up 12 of 13 today. gerri: i want to turn to mark cuban who wrote about this case,

thanks, apple. now mandatory for tech companies to sue each other, prices go up, competition and innovation suffer. one of the early internet pioneers with broadcast.com. will consumers benefit from this? >> i don't know if they will benefit from it. i'm not sure they will initially feeling the impact from it either. prices are not going to go up, nobody will buy the product if they go up. the prices have been set. it will continue to compete with apple. even the products apple are trying to pull from the shelves, eight products they want to pull right now, products out of market already. this is a chilling effect, companies are going to be nervous. they have created what is the best kind of smart phone, what is the best kind of tablet and

everybody starting with that idea. we have to be careful. >> innovation is not going to suffer, there is a simple reason why. research in motion, th nokia. they know they don't get in front, they will fall behind. i'm not worried about innovation at all. gerri: apple solidifying the marketplace, it is the worldwide leader, we think about this as a cutting edge company, but in many ways it is like the gm of our generation. what do you make of that analysis? >> it is an amazing story. probably the top one or two in terms of brand name recognition

throughout the world, and maybe just getting started. we may be in the early evolution of this, so there may be a long way to go. i don't blame apple for protecting their charge, that is why i disagree with mark cuban. they are making products, other companies are copying them and they're trying to do something about it. speak of have this perception of the leader around the world. they really have exploded. when steve jobs found out about android, he wanted to take it down he was so angry he was going to go after them. bit by bit apple has gone after the different companies, apple being the biggest fish. this is an interesting time now because he mentioned his nokia, what is nokia doing now? partnering on the windows form. what is different? everything is different, it didn't really copy apple, did not copy the iphone.

gerri: samsung products make up 26% of iphone components cost, so as we put it today, enemies with benefits. they are actually codependent. >> they work together. any of your favorite apple products and you will find samsung components. they have a very good relationship in that part, it is really bizarre because it will continue for years, and so will the relationship between these two companies. >> the best thing that can happen is they get rid of these lawsuits, the hundreds of millions of dollars they are wasting and can work on better products down the road. gerri: all right. thank you for coming on tonight, appreciate it. the republican convention debate hit the u.s., back the gold standard, i took to the streets

of new york to ask people if they would rather have $100 in cash for $100 in gold, here's what they had to say. >> what would be better to you, $100 in gold, $100 in cash? >> i think $100 in gold. printing more and more money, more and more money will be worth less and less money, gold is a definite amount of gold out there. >> i think economics 101 on supply and demand. >> i will take cash. i am used to dealing in cash. >> you have confidence in the dollar? >> i have confidence in the dollar if we make changes in november. >> i want to see romney in there. >> i will stick with cash. because it is liquid, i can use it now, on top of it i feel like i can just go buy lottery

tickets and i might win something. >> right now i' i am optimistico i stay gold. it has been rising with the interest rates and stuff going down, gold seems to rise, it will spur the economy, gold will continue to go up a bit. >> do you have worries of the dollar or currency? >> absolutely. it's what happens in europe, huge effect on what happens here in the u.s. >> another generation, would you rather have $100 worth of pop tarts were $100 worth of american dollars? >> probably pop tarts. >> i would take $100. >> why? >> fluctuating it. >> what is the first thing you would buy? >> i would buy something for my

wife. >> aww, that is great. gerri: we will be right back with my two cents more. and is this a make or break week for mitt romney? stay with us. [ male announcer ] how do you trade? with scottrader streaming quotes, any way you want. fully customize it for your trading process -- from thought to trade, on every screen. and all in real time. which makes it just like having your own trading floor, right at your fingertips. [ rodger ] at scottrade, seven dollar trades are just the start. try our easy-to-use scottrader streaming quotes. it's another reason more investors are saying... [ all ] i'm with scottrade.

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of obama. and doug says, his speech needs to be a reagan type of speech fred be proud to be american. right now obama has divided america. another viewer says that they need to talk about how they're going to change things. on gerriwillis.com, 38% of you said yes, 60% said no. be sure to turn into fox business network, our very own neil cavuto will have complete and full coverage of the convention. finally tonight, jersey making some tough choices. the cash strapped city is getting rid of its entire police department. do not worry. the crime-ridden city will not be molester and the department is being replaced with nonunion metro division and nearly half of the city's men and women will be joining the division. supporters of the plan say it will take millions of taxpayer dollars. obviously, no one wants to see