>> you see these ambulances stuck and you clear it yourself. melissa: think you guys, that is all the "money" we have for you today. "the willis report" is coming up next. gerri: hello, everybody. i am gerri willis. tonight on "the willis report", no more contracts. i will get into the latest plan to change the relationship between you and your cell phone. also, is your car spying on you? we will have those stories and more tonight on "the willis report" and. we have all that and more coming

up. including the dow hitting an all-new high. at first, our top story. a big shakeup for consumers. t-mobile has been a cornerstone for decades. it means that you can now buy a smartphone without paying a hefty contract price up front and you won't be chained to a deal either. it will save consumers thousands of dollars, but there are rules. joining us now is the senior electronic editor. what do you think, yes or no? >> there are good things or maybe not so good things. the good thing is never before have people paid so little for an iphone up front. the other thing is when you have

a subsidized phone come every month there is an extra fee that goes towards paying it off. but the big carriers have never taken up the off-season after you fulfill their contracts. >> to let me understand this. i get a phone. i pay it off over time. this is not even the t-mobile deal we are talking about. >> that is right, to keep charging you. we recommend conventional contracts for people to consider getting a new phone. because you are still paying. it's like you pay off your mortgage. gerri: let's talk about the contract. a lot of people are going to talk about that. they will be attracted to it. what will this mean for consumers? you pay $100 up front for the iphone-5. >> plus $20 per month. gerri: okay, plus two years, then 70 bucks a month all income all-you-can-eat for data.

how does that stack up? >> it is good for a big contract. but there are other carriers out there. they have been outclassed by the rising, they are just the biggest carriers that are everywhere. they used to be known as the inexpensive carrier. but all of these newer prepaid and no contract wins have come along, offering phones with unlimited everything for as little as $45. so they have to do something. what they did was pretty good. t-mobile's network is pretty good. they are not as bad as at&t in terms of customer satisfaction. they have made it easier to step into a phone. the questions that remain, a reporter asked them what happens if i paid $99 for my iphone

and i want to give it back. the answer that they got was we have to check market rates. >> you're going to have to pay. they haven't spelled this out. you can't just turn your iphone and say, okay. you are going to have to pay something. it is not clear. gerri: what is the best thing for consumers to do right ow? i do think that this changes the playing field. this smartphone right now, how do you make the decision? >> we recommend a host of key paid because you he will find the font you want there. for much less than you expect to have with even t-mobile. gerri: you brought us good news

and bad news. such a range of emotions. we appreciate your time. also tonight, is your car spying on you? if you own a recent model, it is. and you probably don't even know about it. joining me now is john simpson of the consumer watchdog. we have all of these wonderful tools and using some of these tools are actually spying on us. which one's? >> well, there are a number of things out there and it will get worse. in 2014, the national highway traffic safety administration will require an electronic data recorder on all vehicles. these are designed to gather data. gerri: so that is like a black box on an airplane. is that right? >> exactly. there are other things that

could also gather information. the gps system, like onstar, for instance, it tracks you. the simple transponder can show where you are when you were there. all of that data can have useful purposes. the problem arises when it is used for things they didn't expect. for instance, if you go across a particular bridge with a transponder and you end up later in a court case in the records are subpoenaed. that is a problem. gerri: say it is a divorce case. you can get trapped in the divorce case. some of what you are talking about was different than the transponder. you know, what you say about how that crash the crash occurred that you might have been in? the black box may say something else entirely.

is this like private information, maybe my bank account, what is up with this? >> that is why some comets have been made to the national highway traffic safety administration. saying that the privacy implications of gathering this data have to be taken into account. but people should own that data. it shouldn't just routinely be given to an insurance company to set rates or something like that. so our feeling is that it can have a useful purpose. it can perhaps design safer cars. but it shouldn't just be using shared without the drivers permission and knowledge of how it is being used. gerri: i can imagine. i have a relatively new car.

i probably signed away my life already with all kinds of information on now. are you aware of what you are signing for when you sign away your privacy rights? >> i think many people don't understand the full implication of what they are doing. i think also there is the possibility of some new protections being put into the law that is going to require these black boxes that would prevent the data from being sold further down the line and being used to set insurance rates. some insurance companies offer discounts if you opt into carrying a special box. there you are getting something. without you really having any knowledge of what is going on. gerri: i think progressive has a deal with what they called snapshot. but i think so many of us don't understand if this information

is being collected. thank you so much for coming on. thank you for illuminating me on the dangers of privacy in your car. and speaking of cars, he sure to tune in this friday night. including a look at the top luxury cars. it is all a part of this friday night. and they fox business alert for you now. another record-breaking day. the index rose 12 points. closing less than two points away from its high. another record day for the dow jones. rising home prices. investors never looked back. we have more to come.

next, using technology to prevent heart disease. we will talk about the groundbreaking study that could save the life of someone you know or love. that is coming up next. [ kitt ] you know whatat's impressive? a talking car.

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through mercedes-benz (announcer) at scottrade, our cexactly how they want.t wi scottrade's online banking, i get one view of my bank and brokerage accounts with one login... to easily move my monewhen i need to. plus, when i call my local scottrade office, i can talk to someone who knows how i trade. because i don't trade like erybi'm with scottrade.e. (announcer) scottrade. awarded five-stars from smartmoney magazine. gerri: researchers wanting a new groundbreaking study to prevent heart disease in humans. the project is called e-heart study. the goal is to have 3 million people participate.

doctor jeffrey, thank you for coming on the show tonight. i think this is a fascinating strategy. i think a lot of people are familiar with this landmark study that looks at the cause of the cardiovascular disease. how will you use technology to expand the information? >> in a few ways. the study, which has taught us a lot about heart disease risk, started off with three or 4000 people and required people to go to a particular plant within massachusetts. we hope to use technology to expand that large numbers of people and collect data more than just once a year or once every two years. but everyday it possible. to really give us large amounts of data and diverse types of people. gerri: so we get all kinds of

people with data points. we already saw cardiovascular disease go down. but it sounds like your results could actually drive those numbers even lower. >> yes, even with the resolve, we know it is still the number one killer that kills more people than all cancers and hiv combined. one in three people still have heart disease. there is a person that dies of heart attack every minute. gerri: i think one of the things that is well understood. it is showed in different ways for men. heart diseases. is that one of your goals? >> it is to take a population

standpoint and really try to understand the risks of an individual llvel. there is a prediction of heart disease progression. gerri: tell us how you will look at technology to develop all of this? >> by using the internet, people won't have to come in to a clinic for a particular visit. gerri: can i take my own blood pressure? >> this is a relatively inexpensive cuff that plugs into

your cell phone and provides information instantaneously in. gerri: is it automatic? you don't have to worry about putting anything into an e-mail? >> yes. that is right. we also have ways to track activity and using things that the measure activity. we can measure pulse rate is using camera and your finger. we have tools that track people and their behavior and their activities. potentially their mood and their sleep. and we can do image analysis to determine what types of food they are eating and how much. as well as machines to track an

ekg. we can provide an ekg. gerri: that is awesome. it's it sounds like we could gather all kinds of data. if you want more information and you than you want to be a part of this, the e-heart study, they are going to test a million people out there. next, i will break down speaker boehner offering his insights

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gerri: you remember this. marissa mayer made headlines and made people mad when she began her company's work from home policy. she issued a memo saying that to become the best place to communicate and collaborate is important. so we need to be working side-by-side. that is why it is critical that we are present in our offices. one group wants to do just that. i'm talking about congress. the republican congressman has introduced a resolution allowing lawmakers to work from home. this bill would create a virtual

congress. they would be able to hold hearings and vote from district areas. members wouldn't have to travel back and forth to washington and would keep the capitol building from being a terror target and would allow them four times more with their constituents. the house wants to be spending less time in washington? as it is come to have 136 vacation days a year. that is more than the 126 days they spend working in our nations capital. and you want less time on the job. if you don't want to keep going back and forth all the time, try staying in washington more than a day or two at a time. now we want to know what you think. our question tonight is should congress be allowed to work from home. blancmange gerriwillis.com. but on the right-hand side of the screen. president obama has failed to release his budget on time for the last five years. how speaker john boehner

understands that being president is hard. there are a lot of things on his plate. his top five reasons for obama's late budget. number five, over budget. they took a lot of time to get ready for march madness. number four is getting one team right in his bracket was better than his track record with budget. not even a single democrat voted for its plan his plan last year. and too busy charming. that is number three. number two is the new white house tour guide. they are open to donations, so maybe obama is leading groups now. number one is that he is too busy working on an easter egg roll at the white house. it's going to be a who is who event speech featuring mrs. potato head, bugs bunny,

daffy duck, elmer fudd, and that is because he is against gun control. [laughter] in the future of our banks at home. how americans feel about big things. should we break them out we went out and asked people a simple question: how old is the oldest person you've known? we gave people a sticker and had them show us. we learned a lot of us have known someone who's lived welell into their 9.

and that's a great thing. but even thgh we're living longer, one thing that hasn't changed: the ofcial retirement age. ♪ the question is how do you make sure you have the money you need to enjoy all of these years. ♪

>> from our fox business studios, here again is gerri willis. gerri: big news today. the bank of cyprus refusing to accept the resignation of its chairman and four other board members as protesters take to the streets to express their anger about the bailouts and the banks remained closed. rich edson in cyprus has the latest. >> two more days. cypresses government says countries banks will now stay

closed until thursday. european officials continue to implement cypresses bank bailout, shattering its second-largest bank and restroom while the of the account holders. >> it is a disaster. reporter: confusion that the cyprus bailout is a template for other countries. he said cyprus is a unique situation. meanwhile, there were protests. and to the gates of parliament, including thousands of teenagers. >> this is bad for our country. reporter: and more unanswered questions. will the bailouts conditions higher

gerri: a criminal investigation as to how laudable the countries banks were in the crisis. but are they really to blame? the editor and chief of american bankers. i'm going to start with you. there is conversation tonight that the banks are guilty of a criminal violation. it still doesn't solve the macroeconomic problem. >> i would say that a criminal investigation, if it was a scandal is going to be helpful. i think it could help reinstall some of the integrity in the banking system. people fear criminal prosecution. >> what is it a crime? they created a marketplace where people all over the country

could put their money in. is that a bad thing? >> obviously they were trying to create a banking center. gerri: it reminds me during the united states during the financial crisis. the government got involved, the banks did things that were wrong. and big discussion about banks. i believe that it would be difficult to break these things up at this point. do you think it's a good idea to reduce their size?

>> suddenly our financial system was threatened. it is a question of two interconnected. nobody knows all of the risks in our system. it is too complicated and the regulators can get their arms around it. gerri: the attorney general said in front of a lot of people, that he cannot regulate these things. it is impossible for him to bring in prosecution. it seems to me that it would be impossible to make the banks smaller as well. >> if you try to make it smaller, then you are going to have to need twice the regulators to investigate an audit and review two different things instead of one bank. the government is our he stretched. gerri: the last thing we need is more regulation. the people that are taking it

are the small banks. they can't bear the scrutiny of all these new regulations. >> absolutely. the problem is that the small banks go by the wayside and they only have about 10% of the deposits. but they have 40% of the loans of small business. that is where the growth comes from. gerri: when you remember jpmorgan and all the problems associated with them. dc that is a threat to the system? was this just something that people got upset about because dollar figures are so big? >> i think there is not enough supervision and compliance in these broker-dealers and things. if there is not enough staffing -- and they are not well respected. they are not as well-paid as the higher up bankers. so nobody listens to them. this is a huge problem. gerri: all we have done is higher compliance people for the last decades.

>> to break up the big banks doesn't make sense. do we want them to only be using their banks? >> it is a powerful figure. when you have so much power and so many friends and lobbyists in government, it is hard to get a strict regulatory system. they are always trying to ease the regulation. >> too big to fail in jail and regulate and take on politically. that is an issue. but it doesn't mean the breaking them up and going back to where they were in the 70s, that is not the answer. >> well, unfortunately, you don't always have to think up

good times and good policies. sometimes there is a lag of a few years. gerri: yes. >> i don't think anyone is happy with. gerri: thank you both for coming on. fascinating conversation. i really enjoyed it. when we come back, a small business owner tells me how obamacare is impacting her bottom line. and john stossel is here. and how this white house is opposing views, hurting business and more than helping the environment. stay with us. [ lorenzo ] i'm lorenzo.

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gerri: an update on the latest developments in the business of gambling this upscale casino hasn't even been open a year. according to the chapter 11

filing, there was a lack of a player's club. the filelist about a billion dollars in assets and 1.5 billion in liability. atlantic city's only smoke-free casino will allow patrons to light up on the gambling board and more handouts from uncle sam. they have gotten more than $4.5 million and are encouraged to seek more. this make no sense to me since the whole point of indian casinos is to make indian communities self-sufficient. and green has gone too far. we report here on "the willis report" about how the federal government's green agenda is not only costly, but in many ways, counterproductive. the whole issue is the subject of a special stossel with their very own john stossel.

the federal government is a green tyrant. how so? >> let's back up for is to say, thank goodness that the federal government cares. the founders didn't think about pollution. and it doesn't work so well with pollution. my smoke goes to your lungs. >> you could see me, but that wouldn't work well either. so we have this control movement. gerri: have and they worked? >> they worked wonderfully. they had so much so that you couldn't open the window. now, i swim in the hudson river next 8 million people flushing. gerri: you say that the government has discontinued this. and it has gone crazy. >> we could almost say stick a

fork in it. the air and water are much cleaner than they have been for decades. but the epa keeps growing and the energy department gives out many assaults. >> you know, we are going to have global warming that is this terrible problem. if we cut our emissions in half, that is 10% of the world make no difference. gerri: especially when you compare it to other countries. gerri: you know, i see a lot of problems because wind turbines are a great thing, for example. we are going to create energy. it is all going to be great. but then we have like a golden

eagle. here it is, on the show. he was a guest, believe it or not. some 440 animals are killed every year by wind turbines. >> it is true. but when we subsidize this so heavily, it produces 2% are of our electricity, it kills birds, it takes enormous space and energy to build the window. i think the worst tierney is when they come in and say, okay, i think the worst tierney is when they come in and say, okay, you have invested millions on this land and you can't use it because the kangaroo rat lives here. or in the case of utah, utah prairie dog. they said that we want to

reestablish the dusky gopher frog here under the endangered species act, which we all like to protect the animals,. gerri: but the bald eagle is protected now. >> that's right. there are 600 animals covered by the endangered species act. gerri: it seems like the government keeps overstepping. even businesses having their business models ruined by this fanaticism. >> book and a person becomes like this anyway? if you're not doing more, you don't feel like they are doing their job. so they say oh, we will work with you. the fish and wildlife people. the handbook is 300 pages long but how you have to work with them. gerri: this is going to be great. watch green tierney on stiff and john stossel.

on this day in history, the young and the restless premiered 50 years ago. they have won 111 daytime emmys, more than any other soap opera on television. they have been number one for 16 years with more than 10,000 episodes. it premiered march 25, 40 years ago. coming up next, a small business owner and how the law could backfire on this administration. that is coming up next. ♪

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gerri: obamacare. the bottom line of small businesses across the country. one bakery owner shares her concerns next.

gerri: a new report warning obamacare will drive medical claims costs of 32%. the nation's leading group of financial risk analysts, the society of actuaries has a medical claim cost are about to skyrocket for individual policies under obamacare. these plans are the biggest driver of insurance premiums. some states will see claims

costs go down, but the majority are going to see double-digit increases. they are the latest group to one of these increases. more broken promises. the cost will go up and not down. and small businesses are facing huge consequences from obamacare. a san diego bakery is sounding the alarm. whopping 65%. with oneness, the owner of baked in the sun. rachel, thank you for being with us today. how does obamacare kill more than half your profit? >> welcome i estimate that the cost of the implementation would be about 100 up of $200,000. we are a small business and there is a narrow margin. the whole industry that we are in has a narrow margin. thousands of businesses like ours have narrow margins that will be faced with this exorbitant costs come january 1.

how they choose to implement it and to face it is a question. whether or not they can pass it on in terms of price increases to their customers or whether they have to shut off their doors. >> breaking it down just a little bit, this is pretty dramatic. you did a great job of breaking down the cost for us. so we could either pay an increased cost, $180,000 per year, or you could get rid of insurance and pay the penalty and pay only 100 30,000 dollars a year. it sounds to me, and rachel, sound like the government is incentivizing you not to provide cover sure employees. what you say? >> welcome i think it depends. we don't know exactly what the costs are going to be yet. as you just discussed, we don't know what's going to happen. i know what the cost of health insurance is today. but i don't know what i will face facing 12 months for my

employer. i also don't know about the health care exchange. so it's hard to see what the balance will be. i know how much the penalty is, that is the only alternative that i know that i'm facing. gerri: okay. let's talk about what your options might be. clearly you have cut employees, have cut costs in other ways. were the options are for you? taking away 50% of your profit is not a way to stay in business. >> it is not what i want to do. we do not want to lay off our employees. her husband and i work for a long time in this business. we worked to get to the place that we are. the issue is that now that we have 95 employees, we need to comply with this law. whether or not we lay off employees or whether they will be exchanged, the one good thing is that they are going to have

coverage. they are going to be insured. and they deserve that. but the question now becomes how we finance. who pays for that. because we work hard. we have gotten our business together. that means that we need to supplement the cost to have coverage. all of our competitors -- most of them, they don't need to provide a coverage. that puts us at a competitive disadvantage. now we are burdened with the cost of money that our competitors don't have to bear. and we are faced with a choice of raising prices in a field where they don't have to bore bearing the burden ourselves, which is really cost prohibitive. it needs to be out equal playing field. there's no incentive to grow if we are going to be faced with

$100,000 or $200,000 penalty. the one that is well put. thousands of small businesses all across the country are saying just that very thing. thank you so much for coming on the show tonight. we really appreciate your time and we hope you will come back. gerri: thank you. gerri: on obamacare opponent tweeting about every page of obamacare. that was four days ago. the first 23 pages. at this pace, it will be october before he is done. is it social networking great? we will be right back with the

answer to the question of the day and my "two cents more." should congress be able to work from home? you've known? we gave people a sticker and had them show us. we learned a lot of us have known someone who's lived well into their 90s. and that's a great thing. but even though we're living longer, one thing that hasn't changed: the offial retirement age. ♪ the question is how do you make sure you have the money you need to enjoy all of these years. ♪

gerri: a republican tigers and from new mexico says lawmakers should be able to work from home using videoconferencing. do you agree? here is of some of your posting. they're supposed to work together to get things done. it cannot do that from all. they don't work anyway. how about if we send them home. we also as the question on gerriwillis.com 320 percent said yes, 80 percent said no. robert from california rights, you recently said it's time government workers started feeling the pain the rest of us have been feeling during the recession. i am a government worker wrote earlier this month was notified that have been furloughed for 14 days. these days will be deducted from a and let me this billion of the

myth that somehow my government career has arrest me. most of my law school peers are not senior partners. pardon me, they are. i have a good benefit package and ultimately a decent pension, but said to him returned a member of some newly created a privileged class is preposterous . i respectfully disagree with you. when i get a full pay and pension maybe we will be an uneven playing field. did not bet against ameritech -- america to make his fortune. he bet that bad loans would go bad. that is not a bet against america. simply bedding and common sense, which a lot of us to not do. finally, 300,000 federal employees of back taxes. if they could pay opec open the white house tours again. thanks for that. we love hearing from you. a quick update.

less than that of you have the irs wasted 60,000 of your taxpayer dollars to make a training video parodying star trek. today the original captain kirk, actor william shatner, disgusted so, i've watch that video. i am appalled at the other waste of u.s. tax dollars. the irs has apologized. hilarious. shatner reacts. finally, waste and fraud and abuse. the receipts from joe biden's recent european trip showed just how much was spent on his travels. his staff was not allowed to drive themselves around london. as a result he paid nearly $320,000 to a british limo company and more than 40 and 59,000 for one night's stay in the city. the trip to paris was now much cheaper. 585,000, nearly one-and-a-half