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tv   The Willis Report  FOX Business  April 10, 2013 6:00pm-7:00pm EDT

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we starte start the show it was, it is now down to about $150, this thing is going bananas. we will see you back here tomorrow, "the willis report" is coming up next. gerri: hello, everybody, i am gerri willis. tonight on "the willis report." brand name or generic store brand? what is the best to buy? consumer reports has an eye-opening new investigation. also, is your smart phone or tablet making you blind? critical information for all of our digital lives. and super foods are everywhere, but which one should you eat? we're on the case next on "the willis report." gerri: all that and more coming
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up, but first tonight's top story. more concerned tonight about your safety in the air. reading eagle pilot has been charged with three gross misdemeanors after he failed a blood alcohol test preparing a commercial airliner from minneapolis to new york city back in january. his blood alcohol content was more than two times over the legal limit for pilots, twice of that of drivers. thankfully officers prevented him from boarding the plane. former federal prosecutor. thank you for coming back on this show. i have to say you are probably one of the best people we could have on tonight because you have a commercial pilot license, you log more than 4000 hours. i have to ask you, you have been in that world, is it common for pilots to fly drunk? >> when i was a prosecutor i prosecuted several, i have seen
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this firsthand. it is not common for pilots to fly drunk. what happened was in the old days a lot of hard living and hard drinking. i would guarantee you it would have been in this instance, this guy had way too much to drink and the regulations are very straightforward, eight hours before you fly. gerri: a wild west environment for people who party hard? that makes absolutely no sense for passenger safety. you are saying it with a smile on her face like you're remembering it fondly, but my point of view as a passenger i think what a disaster. >> let me get your perspective. what happened 30 years ago and what happened today are two different things. the point is those days are over, you cannot do that. if that is what this guy did, that is horrible.
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the other pilots, the flight attendants, everybody is well aware to look for this kind of stuff and unfortunately it happens far less than it used to. gerri: it is interesting because the way they found out about this guy is the people he worked with, the flight attendants, the other pilots, they smelled the alcohol on him, that is how they found out. i was asking you earlier how common this is. the faa says it has 10,000 pilots every year randomly and out of those about a dozen fill per year. so the hit right here isn't huge, but it seems to me at the end of the day anyone flying drunk could be a problem. >> correct, it only takes one person to have a major disaster. studies have shown even once you get .04, the number of pilots goes up drastically.
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even .025, pilots can be impaired. one is too many. gerri: the pilots, so much data coming in, they are reading so many screens, so many instruments. the pressure is so high, so many people they are responsible for. shouldn't the blood alcohol level be zero? >> ideally it should. the amount of information coming to them is overwhelming, but you have to remember that you don't want to hear this, but commercial pilots will tell you is hours and hours and hours of sheer ward him and seconds of sheer terror if something goes wrong. it is a different atmosphere in the cockpit especially commercial airliner when the weather is down, fuel is an issue, a whole bunch of different issues going on. the answer to your question is ideally it should be zero, studies have shown .025, they
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are impaired. gerri: the other day we had a story about a helicopter pilot who the ntsb found text messaging took the life of him and three others in 2011. what is going on? seems there are more and more of these cases of problems. i realize the life of a pilot and the case were talking about today a pilot for one of these commuter airlines, it is not all that pleasant and not all that lucrative but come on, shouldn't we have a better history, a better track record than this? >> we have a tremendous safety record in this country apart from what happened today i read the ntsb report on the missouri crash to which you are referring, one of the board members resented because this man had actually had not texted. a couple years ago i stupidly
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did that and one of my engines was giving me a problem in my airplane so i put the thing down and i have never picked it up again. you should not be texting in an airplane. gerri: not when you're in an airplane, driving a car. the ntsb itself said texting played a role in the crash. that was their decision. >> it was a contributing factor and this guy had departed with less fuel. gerri: it was a contributing factor, it played a role. so many things competing for pilots attention, they're under a lot of pressure, the last thing we want to see his alcohol playing a role in this. >> let's make sure you are on the right page, no drinking, no texting in the cockpit, i am with you 100%. gerri: appreciate your time. we are all about your bottom line here at "the willis report" especially when it comes to shopping at the grocery store.
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more and more big chains are launching their product lines. extra virgin olive oil, even wine. that is good news for consumers because a recent study finds many store brands are just as good as the leading national brand selling 35% less. joining me now, senior product manager. great to have you on the show. we all have a sense the store brands picked up what they are doing, so much better than they used to be, but do they compete with the name brand? what were your findings in the survey? >> absolutely, they are the generics of yesteryear. the products that came around the time of double-digit inflation in 1970s people were looking for any way to save a nickel here and there. not only designed to sell for less than the national brand and
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the percentage could be anywhere from 10 to 25%, we have seen it 50% less, but they are designed to either be equal to or surpass the national brands in quality. we found that in many instances the store brands are at least as good as the leading national brand. gerri: in what categories do these new store brands do well? >> remember first of all each store has its own philosophy and strategy when it comes to store brands. we have seen all different kinds of products. let's take ketchup, heinz ketchup, everybody is crazy about it. we judge that quite good, but we judge target equally as good. doesn't mean they tasted the same, but they were both fresh tasting, freshly prepared ingredients and both excellent. archer farms for example very
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tomatoey where the heinz was kind of spicy. you may like one over the other, but that doesn't mean they aren't both equally good. gerri: where do consumers say i will go for the store brand? >> in terms of categories, consumers are creatures of habit and most likely to buy store brands for paper goods, plastic, wraps and foils, those kind of things. least likely to buy storebrand for soda, canned soup and things like wine. a lot of companies like costco or try to make a name for themselves with storebrand wine. gerri: i have seen presidents choice, storebrand better than the brand itself half the time. they're so good at formulating products. all stuff very high-end and terrific. the secret fact, the dirty little fact at the grocery store aisle some of these companies, they do both.
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the branding name goods and the storebrand. >> what a lot of people don't know is some of the names behind, 3200 companies that make storebrand products and a lot of them, or at least some of them are those we associate as household names. bob evans, the famous restaurant, breadcrumbs, lemonade mix, o hormel. you know about reynolds wrap. royal oak, chicken of the sea, these companies are all involved in making private label products. gerri: one other question, nutrition labels. you have to compare them when you're looking at the two in the grocery store. >> general you won't see big differences but on occasion you do. we looked at sausages. they are out there. we found out wal-mart's great
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value brand had 88% more sodium, so you better read the label carefully. gerri: that is good advice. todd, thanks. appreciate you coming on. as you go, i want to show what we heard on the street today on this very topic. >> thanks. >> i guess brand name because you know what you're getting. yoyou're used to it. >> if it is not that important, i will go with the generic. >> people gravitate toward that product. if you mash them together, you will notice that they have the same ingredient, some more so. find the one that is for you.
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gerri: he has got it. name brands don't mean a lot, so who do you buy? with you by storebrand or namebrand, there are some brands some of you may never buy again. in the top five, the most damaged brand names and we talk about this many times. jcpenney, what a year they have had. the huge turnaround plan, the predecessor replaced him despite the company's share price dropping 60% under the previous tenure. the boeing plane just got airborne before it was dropped because of mechanical failures. number three, hyundai. thomases of mpg claims the warranty packages are sinking the automaker, numerous recalls,
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unbelievable. apple, i wouldn't bet against this company but the last few months have been tough. apple stock may be the least of its problems. iand the number one damaged brand, martha stuart, you know her. just starting to rebuild her image following her prison stint with the recent fight between macy's and jcpenney. painting her company in an unflattering light. other companies, best buy, groupon, like barry and jpmorgan. a lot more to come this hour. including an answer to the question, is your smart phone making you blind? and we warn you it is coming, president obama wants to raise your retirement. we are looking out for you and your money coming up.
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thank you orville and wilbur... ...amelia... neil and buzz: for teaching us that you can't create the future... by clinging to the past.
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and with that: you're history. instead of looking behind... delta is looking beyond. 80 thousand of us investing billions... in everything from the best experiences below... to the finest comforts above. we're not simply saluting history... we're making it.
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we asked total strangers to watch it for us. thank you so much. i appreciate it. i'll be right back. they didn't take a dime. how much in fees does your bank take to watch your money? if your bank takes more money than a stranger, you needn ally.
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ally bank. your money needs an ally. gerri: the white house has started its push to tap into american nest egg. present a bomb unveiling his proposal to rate retirement accounts, but they were the impact could be a hit to the super rich. we have been talking a long time on this show about how they could never keep their paws off of our retirement account, here we are faced with this. using this could go further and deeper than we expect. how so? >> we basically spent the weekend after initial details were released on friday using our database of about 24 million
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401(k) participants, 20 million ira holders to figure out what the impact would be immediately. much more importantly in the long run. only about one-tenth of 1% of the individuals 60 or older would actually be hit by the $3 million cap, but that is very misleading because if you take a close look at the proposal it is not actually 3 million, it is enough money to buy an annual benefit of $205,000. because of the interest rates being that at an all-time low. gerri: an annuity. >> because the interest rates are at an all-time low, when they come back to normal, you're going to find that value, the $3 million cap will be reduced substantially. i went back only to november of 2006 and i was able to find annuity purchase prices that
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were high enough to basically reduce the $3 million cap all the way down to 2.2 million modeled it for the people currently in the system and as many as 5% just looking at 401(k), 5% of the participants would likely bump up against this limit. gerri: i believe the washington3 politicians would like to get their hands on a piece of it. you say overtime this could even be worth as interest rates start to spike up. >> right. what is happening is you're going from the very small percentage today becaus because) plans have not been in existence for long for the 60-year-old, but over the course of time about 5% of those individuals as they mature into the system as interest rates go back to normal will be bumped up against this and what that means is you will
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no longer be able to put contributions into your particular account. and the important thing is something they just released this afternoon, this is not only going to apply to 401(k) contribution plans and it will also add your benefit referrals into this. so if you have somebody currently in a situation where maybe an extraordinary example, $200,000 balance already for their defined benefit accrual, that leaves only $5 extra for the combination of 401(k) and ira. gerri: to take where this segment is more people will be hit then we expected. more details from the white house, but something is said to our producer caught my eye. you said overtime employers may be discouraged to having some
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kind of retirement plan because of the paperwork associated with it. explain. >> one of the things that is going to have to happen, their ira recordkeepers is going to have to report these account balances each and every year for something like this to be monitored. in addition to that, keep in mind that although this could be an administrative nightmare for all 401(k) sponsors, especially the smaller sponsors if you have an individual who basically is already close to the cap for himself or herself, is there really any reason to continue to make employer contributions for the rest of the employees if he or she has nothing else to get from the plan? gerri: thank you for coming on today, really appreciate your time. unbelievable. a reminder to the viewers, the numbers we have and how many people are likely to stop contributing to their plan because of taxes like this, 10%
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to 25%. it is a disaster waiting to happen. the white house budget not only raises your retirement, it raises your taxes over 10 years and every single hard-working american has said there is a new tax or fee for almost everything. a financial crisis responsibility fee. didn't we already pay that with a bailout? a new fee for air traffic control, you know that is going to show up on your ticket. increase to the duck stamp fee, more inspection fees, conservation fees, administrative fees, just proves government has never seen a tax or a fee did not like. that is for sure. is obamacare driving doctors into bankruptcy? i will be joined by one physician who says yes and what it means or your next appointment. is your smart phone or your tablet making you blind? we have the answer after the break.
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gerri: well, we can get information on our smart phone in our tablets in the blank of the night, but are they putting our eyesight at risk? with us, professor at the optometry college. thank you for coming on. i worry about this all the time. i have a tablet i use morning, noon, night, i am on this thing
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all the time sometimes in bed with the lights out. is it dangerous? >> it is not dangerous. you may feel uncomfortable but will not do permanent damage to your eyes, but you have to take a break from time to time and look away, look into the distance, give your eyes a rest. gerri: discomfort, blurred vision. don't worry, you're not going blind. >> i'm not saying don't worry, but try to make the print larger, don't hold the device too close to your eyes. at least 15 inches away. we found some people are holding it 8 inches, which is really close, that is definitely not good. the smart phones have very small screens so the print tends to be really small so if you're using such a small screen tried to make it a little bit larger.
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gerri: what about the brightness? that can make a big difference for me. >> as long as it is a level that is comfortable for you. you mentioned reading it at that time, sometimes that can cause a glare. have the latest on using it. gerri: i wear contacts, you have glasses on, isn't it your risk for people like us? >> the only risk is they tend to have more dry eyes. they have even more troubles looking at the smart phone. gerri: to talk about something interesting, the 20-20-20 rule? >> every 20 minutes you should try to look at something at least 20 feet away for at least 20 seconds. so that we can give your chance to have a rest, relax, they will be more comfortable. look at something at least 20 feet away every 20 minutes.
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gerri: i don't know if i can keep up with that. all right. we don't have that much to worry about, but you do need to pay attention. >> pay attention to how close you are holding it. thank you for coming on. coming up, doctors being driven to bankruptcy. is this wealthy performance going for a checkup? coming up next. @ [ male announcer ] you like who you are...
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>> from th the fox business stus in new york city, it is "the willis report" with gerri willis. gerri: here's news for your health, your doctor is going bust. private practices are finding it harder and harder to stay afloat in an already weak economy and an increasing number of filing
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for bankruptcy. joining me now, the cochair of the american bankruptcy institute health care committee and dr. morgan, internist was fighting to bring back her practice from the brink of bankruptcy. welcome to you both. oddly, i'm going to start with you. what are the primary factors driving some of these practices to bankruptcy, and what are the numbers? >> well, is very interesting to sort of look up the pressure on dr. practices from both sides. one of the things that is happening is uncertainty. trying to grow and build businesses. if you think about what happens each year, doctors never know what is going into a year what they are going to be getting paid because the rate changes. the government drives a lot of what happens in health care. when you look at medicare, for example, about 15 years now every year there has been a planned cut in the physicians fee schedule under medicare.
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gerri: that is absolutely right. talking about patch, typically getting put in place every year, but doctors don't know if it is actually going to happen or not. it is very interesting to know a lot of doctors out there really don't know what obama coming into being what they pay is going to be in the future and it is hard to plan if you don't know how much money you are going to make. let me go to you, dr. morgan. you have faced this very problem, what is it pushing you to having financial issues right now? i thought it was a ticket to wealth. >> we all did. initially we grew so rapidly 2008, 2009 that we expanded and once we expanded the market just crashed. so all of this investment i put into expanding the practice and offer new services was gone. patient reimbursements were down, the preventive care that
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we offer, patient pocketbooks were emptied so they were electing not to come in and get treatment. gerri: my guess is you provided some services out-of-pocket. you are the best guy to talk about this because you help health care company stay profitable. how much of this is a bowed to obamacare? >> it is hard to put an exact number on that because nobody tracks the statistics, but obamacare has introduced a lot of uncertainty into the system it wasn't necessarily here before. there are numerous areas across the system for example with insurance plans, there is a significant issue about cuts on some plans that didn't happen, and there were bonuses on it.
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the medicare advantage plans. so each year you never know what you're getting into. gerri: i can see that creates a lot of problems. one of the numbers that blew me away was 43% of doctors, nearly half, saying they are moving up their retirement based. are you one of the people who would do that, do you know people making that choice? >> absolutely. a lot of wives of doctors, husband of doctors, doctors who visit me. they cannot even survive anymore. they are looking at bankruptcy. if it comes to having to practice the way i think obamacare will force the physicians to practice, i'm out, i will not practice that way. gerri: what are you worried about? >> having to see 80 to 100 patients per day, you cannot give them the kind of care they need.
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you cannot have the kind of relationship they are hoping to establish when you're in there for two seconds. gerri: the pressures on your ability to do your job would be so intense you are saying i'm going to give it up. >> i would. i would. gerri: do you think dr. morgan's concerns are pretty consistent with most of the doctors you talk to? >> their consistent across the market, across the health care market. there's a lot of opportunity created by change, but there's also a lot of distress that gets created by change. gerri: we have fewer and fewer doctors working already, and we will have a big shortage in another few years, and few we have a guest on saying i can't do my job under the new rules coming out. so i think alternately the news is not the outlook for patients is not good because at the end of the day you want to have a relationship with a doctor. dr. morgan, tell us quickly the
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benefits of having a doctor that you have a relationship with. >> you get to know them. if you can't ask questions and be heard, how are you going to be able to take care of them? if you don't have the time to sit down with your patients and get to know them and ask questions and actually listen and put your hands on them and examine them and be a real doctor, you can't help them. gerri: you are very eloquent, thank you for coming on. both of you. really appreciate your time and your honesty. thank you. >> thank you so much. gerri: what a story. our super foods really super, or are they just expensive? president obama sending congress his spending blueprints today. they plan both sides say is dead on arrival. the latest next. at tyco integrated security, we consider ourselves business optimizers.
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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 well into their 90s. and that's a great thing. but even though we're living longer, one thing that hasn't changed: the official retirement age. ♪ the question is how do you make sure you have the money you need to enjoy all of these years. ♪
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gerri: well, case you missed it, another banner day on wall street, stocks closed sharply higher thanks to a surge in the technology sector. the dow and s&p hitting another record high today. the dow third game in a row in the 13th all-time high since march 5. also today, president obama making everybody in washington made, nobody was happy with the release of his budget. he claims he's making republicans more than halfway calling for entitlement cuts but the tax increases he wants are dead on arrival in the house. rich edson spoke with the head tax guy on capitol hill earlier today. what did the congressman think of the budget and is this really the start of tax code overhaul? >> that is what the chairman is talking about, what he has been writing for the past couple of years. the chairman has been working on
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this proposal. you ask him, looking out the proposal does, he takes $600 billion worth of tax preferences and tax deductions and he uses that for deficit reduction. what he would like to do is to use those to lower tax rates, so asked him how that squares with the things the president is actually serious about getting tax reform done and believe it or not, he is somewhat optimistic. take a listen. >> when he came to congress and i had a chance to talk to him about it, we engaged on tax reform and it made a commitment interested in revenue neutral corporate reforms so i will try to build on those areas where the president has signaled he is interested in this. i've had a good meeting with the treasury secretary. it is important we work forward on how we move this process along. >> still acknowledges there are two very different approaches when it comes to tax reform.
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one said the president wants more than a trillion dollars in new revenue and close $600 billion worth of tax loopholes and then a tax reform conversation. he would like to create that all in one process. but he says that he want to talk about it is at least a good sign. gerri: everything you can imagine and the kitchen sink is in that list. what are the challenges, and do you believe it? he is optimistic, but are you? >> he's incredibly optimistic and there are many in washington who say he is too optimistic. talking about using these revenue raisers early on before the tax reform process the president isn't engaged enough on this and the counterpart, the chairman and senate finance committee is a democrat running in a very republican state for reelection, so there is some skepticism of the weekend delivery enough democrats in the u.s. senate to get tax reform
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done but still remains optimistic on this one. they said yes, tax reform can get done, but there are lots of challenges to get done this year. gerri: it will keep both you and me busy. good to see you. now we want to talk about a story we talked about in the past, which i love, french care workers try to prevent a shutdown of the goodyear plant by suing the company in all ohi. in february i spoke to the ceo of another. they had leaked a letter in which he described workers as lazy. here's what he told me about the atmosphere at that plant. >> you walk in, they get an hour for their lunch and their breaks, that is paid, seven hours in the day, and then they
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work about three hours and the other three is like a beauty shop, they are socializing. and the reason being, the union thinks you should hire more people. that is the union's mentality. gerri: you've got to love maurice taylor. what a guy, very honest. my two cents on a billionaire investing app. and sweet potatoes, are they super foods or is it all hype? coming up next. thank you orville and wilbur... ...amelia... neil and buzz: for teaching us that you can't create the future...
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by clinging to the past. and with that: you're history. instead of looking behind... delta is looking beyond. 80 thousand of us investing billions... in everything from the best experiences below... to the finest comforts above. we're not simply saluting history... we're making it.
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gerri: trendy super foods may be doing more damage your bottom line than improving your waistline. hear from an expert dietitian in two minutes.
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gerri: our super foods super fake? a health trend sweeping the grocery stores. you have seen this stuff, you've seen the price tag, are they doing more harm to your wallet than helping your waistline? joining now, registered dietitian. the creator of "mom dishes it out." help us look at the price tags and where we can find more for less. it cost so much money to buy really good stuff. so we will start with the basics, do you think super foods are oversold?
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>> i think super foods are super, the ones advertised as super foods are probably not worth the money. they are usually twice as expensive, therefore not worth a dollar, but it is definitely nutritious. gerri: things i have never even heard of that are supposed to be wonderful, you say there are cheaper alternatives. >> they are wonderful but you can get strawberries and blueberries half the price and will be local. gerri: let's take a look at some of the things you brought in for us. and how expensive they are compared to an alternative. >> this is an oatmeal, labeled super food, and this is twice as expensive as if you just bought high quality out, fresh, organic blueberries. twice at expensive. gerri: we have coffee nips.
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>> if you do chocolate with coffee flavoring for any kind of sparring chocolate, a darker chocolate again maybe 66% more than a dark chocolate you can get here in the u.s. gerri: and finally we have super chips, pumpkin. can you get that cheaper? speak of this is $5.75 at an organic store, so it will definitely be more expensive. five times more than if you just bought pumpkin seeds or flaxseed in a old container. even a place like whole foods, cheaper in the city and the other stars. gerri: tell us about the cheaper super foods. organic pumpkins, dark chocolate, oatmeal, what do those things you would not buy? >> i would not buy anything a
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package that says "super." they are really just natural foods, whole foods. if you see the fruit and vegetable section, that is where you want to put your money. those are truly super. gerri: what about a list of things you consider super. >> salmon, avocado, blueberries, almond, natural peanut butter. gerri: natural peanut butter. >> you can grind your own peanut butter. gerri: i haven't gone that far, but i'm a big kale fiend. what do you recommend? >> go look for kale and look for one that is local, go with that. gerri: thank you for coming on, great job with the information, we appreciate your time. talking about everyday super foods, here's a list in case you are interested.
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we will put it up on our website later. yogurt, eggs, nuts, kiwis and how do you say that? >> quinoa. gerri: thanks so much, great to have you here. to stay in business, back in 1912, the titanic, the largest steamship of them all se set sa. we all know what happened then. of the 3300 people on board, just 700 people survived. the disaster spared one man to re-create the voyage. australian creator created blueprints for the titanic two. promising to be an exact replica of the original ship with navigation safety features and air conditioning which would have been nice on the titanic. on april 10 the titanic set sail on the fateful voyage.
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we will be right back with my two cents more an answer to the question of the day, what do you buy, name brand or store brand? stay with us. @
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gerri: earlier, consumer reports, on the show, and he showed us that some store brands are cheaper and even better than name-brand products. which to you usually by? years with some of your posting on our facebook page. andrea rights, both. it is a fun challenge to discover and decide. mark says, i'd buy some store brand foods, but very the los. we also ask a question on gerriwillis.com. 33% said name-brand spirit 67 percent of the focus on the bottom line, like we are. finally tonight do you want to invest, like warren buffett?
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there is an application for that. it is called by-billionaire, and it plays to help you invest. perhaps make you one yourself. that is the promise. it is available to download through the itunes store very popular, supposed to attract money moves of ten billionaire investors including warren buffett, carl icahn, david einhorn and compares your portfolios and offers you in it -- advice. if you want the same returns as billionaires' banality have to buy the same stocks or investments that they do, but you have to get them at the same straight to the price. this application does not have real-time access to up portfolio changes but gets its data from fcc filings, so if your hoping to become a billionaire overnight, you know the answer. forget it. that's my "2 cents more". ibillionaire, i can dream. coming up tomorrow, the business of taxes. your last minute tax tips as we head to the final week of tax season

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