tv The Willis Report FOX Business June 2, 2013 10:00pm-11:01pm EDT
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thank you for watching. [applause] weekend. >> hello, everybody, i am gerri wiis. tonight on "the willis report dennis: how safe are these life-saving drugs? also, the ugly fight over a family forte. and in fashion from the must-have accessies of summer. >> this is gorgeous. we are watching out for you tonit on "the willis report."3 ♪ ♪ ♪ gerri: we have all of thatand
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more oming up. our top story is stories the safety of america's meat in question. >> i have to tell you that hen i heard that this story occurred, this iconic american brands waseing bought by a massive chinese food company, i was very concerned. should i be? >> people in hong kong who buy these products, because it is an american company, they stopped buying it a couple of days ago. everyone knows how bad things are in china.
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gerri: okay. 4.1 billion pounds last year were shipped to china. let's talk about the amount of inspection tt goes on. one to 2% by the fda, the usda, the inspection of chinese foods impoant to our country. >> thas right, in march and apl, they pulled out nearly 20,000 pig carcasses from the middle of april and some of that and he meet ended up on some of the supermarketselves. when you think about it, why are ey paying $7.1 billion for
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smithfield? because they want to get access to the customers remapped. gei: whyis it like that in china? >>e have an untenable political system. corruption is embedded i society. well, i actually thought that china would do omething about the lk that caud kidney stes and the children. but they didn't. we have all of those scandals and more. it ireally because the political syem is not able to stopi. we can besure that wen smithfield is owned by the
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chinese anwhen they start porting chinese pork, we are going to see those problems on ou shores. gerri: i bet he dn't kno that 50% of apple juice comes from china. 80% of to latvia, 10% of frozen spinach from china. all from china. here here's where the real problem comes in. theris labeling on products if it is a pure product. if you are picking up a piece of corn, you know where it comes from. but if y pik up processed food, you have no idea where this comes from.
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goldman schs owns a part of is. gerri: well, i mean, youknow, that is really looking forward. looking for bad guys everyere. it is astonishingly low. it is jt inexcusable. >> the the biggest items smuggled -- i mean ,-com,-com ma they just don't trust anything in their own countr it really comes to the political system. >> we have to puta good face
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on. it looks like the economy is always growing, even if it's not. gerri: gordon, it is good to have you here and thank you for helping us with that s story. i appreciate it. la mancha gerriwillis.com, but on the right-hand side of th screen. this is her question of the day. do you care where your food comes frm? there is a vrnusul and public feud going on at the fda. the issue boiled over on the front page of "the wall street journal" today. according to the journal there is disagreement inside the agency over the safety of popular hypertension drgs. some of the drugs may be linked to higher cancer rates. i want to show folks the drugs that we are talking about. it is very likely that those who watch the show are actually on these medications are you can
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see the brand-na sector. let's talk just a momet. how do these drugswere? >> they bloc sensors from binding to your body. it constricts or narrows blood blood vessels and narrowsou blood pressure. >> will this help bring down your bloodssure at the end of the day? that is e simple description of what they ddo. but what are the daers that are being reported now? help m understand that remapped. >> this group of job maynow be linked to an interest-rate having cancer. in of particular lung canc. the person involved in this whistleblowing case, as we call it, they believe that this may increase risk of lung cancer by up to 30%. gerri: this guy is out there by himself. there was a study in the lancet medical journal that shows that thercould be problems with these drugs. they also reporte that a
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greater chance of cancer. the fda came back and said no the magazine is wrong. would he make of that? that is correct and there are only three reasons why the fda is ignorg us. either political, stupidity, or they don't have the manpower to do that or this is not acceptable for any of these reasons when it comes to health care. >> just can't imagine why this is going on. but i have to tell you that the fda and drug approval is not where you wanted to e the agreement of this type. it is either a drug that reduces cancer or it is not a drug that reduces can why cat they answer the question to everybody's satisfaction? >> that is correct. this should be based upon -- nt politics or some other types of reasoning. we need to figure out what exactly is going on. are they safe for taking these kinds of drugs? gerri: how would this be a political issue do you think
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gerri: banks need to o a better job sclosing fees. we say that a lot on the show. the rert says that some of the biggest banks in the country made it clear that a lot of confusion er fees is overdraft fees. joining me now is the president of optimum capital management. >> i can tell you fromust my personalexperience that it is hard to understand what is going on. i couldn't even figure out i
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this really confusing. why is that? >> the bottom line is that there is not a lot of thought in making things easier on the consumer. the dierent products and services, how much am i being charged it makes it all that much harder if you are trying to shoparound. gei: if you want to figure i out, well,good luck because it will be darn hard.
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>> the bottom line is it really is up to us to make sure that we can do the reading. i do want to show who does the best job in warsaw. we have city, we have bank of america. key banks, first ennessee union bank. there a lot of regional and not. one of the collections of these is the oerdraft fees so those
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things, those overdrafts are still being collected by a lot of things. those things are still in place. they mmight have rewarded those transactions i definitely think there should be a lot more clarity and a whole lot more regulation on that. but erall, i have heard people say that i'm tired of getting chard $35 so a hundred dollars
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really mean zero and you're trying to keep a months worth of savings be one honestly people should make sure that they don't overdraft thei accounts. it has become easier to do that with the debitard becauseou are out and about. it is hard to know exactly how much you have in your account. there eqa for the banks make it work for you. reordering your purches is corpore number one. brian,hank y for coming on today. it is always so good to you. next we answer the question, how do you do not? that? tipsn deciding whether a prenup is right for you. and we tell which celebrity has the shortest marriage ever. i will give you a hint, it is not these guys. not evenclose.
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gerri: before heading down the aisle, a growing number of couples are heading down to their lawyer to get a prenup agreement. how do you know of a prenup is right for you and your soon-to-be spouse? we have the author of the premarital planner. welcome, vicky. there are more of these things going on. leasing should get a prenup? >> aost everybody. >> we know the statistics. one out of two marriages fail.
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gerri:these tatistics are bad, but so what. you have to go in with the attitu that you're going to make it work. if you are alreadyplanning for thdissolution, how is it going to be a success? enact this ia mindset. everyone that is a non-lawyer ys that theyey are unromantic. gerri: i'm not talking out romance the partnership to this is a biness partnership. >> it is not a business partnership. we are nocompanies, we are individuals. gerri: let me as he wiped. >>y people are saying, why then i have a prenup. gerri: let's talk about who you ink should get a prenup. >> is if you own a company, if you own any kind of real estate. if you have a family business. you may possibly receive inheritance. gerri: so you may not want to share thmoney with her husband? >> let you decide, no a lot tell y what to do with your money.
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gerri: you said you have children from a prior relationship. maybe you should not marry a rtner with a great deal of that. >> in my book we talk about how you need to get financially naked. some people don't say that they have that, that is the beauty of a prenup. you can say, listen, you shouldn't be responsible in the event that we get a divorce. so you get separate warnings. gerri: you square off with separate attorneys? >>his is about i'm getting the best information possible. some prenup sa anything you have before the marriage is yours. anything you acquire acquired during the marriage is going to be joined. it is not such a big dal. >> here's what i like, full and fair disclosure of assets and liabilities. >> that is a lot. if you say, oh, i ha a 10 million-dollar asset. you can't honestly believe that because you didn't know about it. so absolutely need to get 100%
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honest about everything you have. and decide what is going to be divided. what will remain separate. maybe you can get soebody a number of dollars each year. so after you're married for 10 or 15 years, you say goodbye, you're over the sunset. then the you can say that we are over the hump and prenup is null and void. >> how many marriages end in divorce? >> about 72%. they're making the same mistakes. gerri: don'tet married too young. that is a big part of it. >> thank you for coming on the show. it is always nice to see you. all right, prenups are escially important when it comes to celebrity marriages. with millions of dollars at stake. into tight top five, the shortest celebrity marriages. number five is mario lopez and ali landry. the tv host married the former
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miss universe. they were married for 14 day. number four is eddie murphy an he was married for 14days. and number three is dennis rodman and carn electra. ninetys. number two is britney spears ann alexander. by the end of the week they were on the road to divorce. and the number-one shortest celebritmarriages just out of order and fully paid.. lawyer. before the day was out she realized that she made a mistake.
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and coming up next, big bucks for it late model anna nicole smith late daughter. he will have all of that in 15 minutes. coming up next, more money and more problems. how hell even the wealthy are struggling in this economy. it can be done to turn things around. stay with us [ male announcer this is the age of knowing what you're made of. why let erectile dysfunction get in your way? talk your doctor about viagra. ask if yourheart is heahy enough for sex. do not take viagra if you take nitrates r chest pain; it may cause an unsafe drop in blood pressure. side effects includheadache, flushing, upset stoma, and abnormal vision. to avoid long-term injury, seek immediate medical help for an erectn lasting more than four hours.
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or a charity case. a trouble maker. just a stupid mistake. i don't think i'm a lost cause. i'm just a kid. youth villages believes that no child is a lost cause. not a sile one. because a stable loving family can help any child succeed. and we have an 80% success if you agree, find out how you can help. at youth vilges.org >> from a fox business studs in new york, here again is very well at. gerri: welcome back "the willis report." a new stud from the pew resear center this week finds that mothers are the hoe or
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primary providers and a record % of allhouseholds with children. th is up from just 11% in the 1960s. led t a fery debate. both on the "lou dbs tonight" show and on fox news, and "america live." here is lou dobbs explaining to megyn kelly what he finds so troubling about this study. megyn: what you think bout women in the workforce? gerri: lou: let me just finish what i am saying. there are three times as many in a single-parent household that are likely to end up with great psychological illness. megyn: we caot put it the side? yes, we can. that is not what this debate is about. lou: thais exactly what ts debate is about
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gerri: lou dobbs, i like it when you said the fact that evidence that society itself is crumbling. lou: don't wantto ave happen here what happened on megyn kelly show. that is to lose focus on what the deal is. when we talk about breadwinners --xcuse me, i'm your guest, i expect to be treed as such. gerri: i'm happy to have you treated as sh. go ahead. lou: we are talking about 62% of us who are single women. who are raising children bear
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them women making an average $20,000 per year. what is happening in terms of the advancement o many of those who become primary breadwinners is that we have seen them lose their jobs. we have in him walk away from opportunity. th are dropping out of school. the are huge social issues. gerri: but i don't see how it is making socty crumble. lou: you would understand if you listen to what i'm about to do it. the pew research people have been an important study. should rise above the nonsense orthodox reflexes in the media. gerri: this is no knee-jerk reaction. women are very proud of the steps that they ha made. even in the single-payer households. they are putting food on the table.
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th are putting gas in thr cars. so why is this bad? lou: jerry. lou: gerri, et real. my daughters and wife work. my transport, her parents were. my daughters-in-law work. we have republicans and democrats arguing at the margin. 40% maybe brewinners that 63% of thoe women are raising childrenn their own and they have resources that put tem on the veritable edge of poverty. 23,000. you don't think that is a lot more important than arguing about this? gerri: it has nothing to do at the line between replicans and democrats. women working in being breadnners, look -- man of them are married.
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lou: 63% -- gerri: why is this bad? lou: did you hear a single word that i said? i didn say it wa out. a single word? gerr well, lou, i think that we must agree to disagree. lou: i don't disagree with you. the fact is that i celrate work for everyone. men and women and i hope that every man and wman will look at e pew research study they understand that we have a society at the cusp and we must -- we must start talking and thinking intelligently about these ises. and i thk that the pew research study goes long way towards reintroducing a lot of people in the media as well. to the reality that too many women face in this country, it isot a plasant one. and it has a geat impact on futures. gerri: i think a sharper issue is the lack of rising income and the decline in income per
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household. i think that that is the problem. but the ct that women are working and earning. lou: did you not hear what i said? lou: $23,000 is what 62% of those women made. that is exactly what we are talking about, good lord, gerri. gerri: i think women a doing a fine job bringing more money home. speak you put your banner up. gerri: they are going to school and getting a degr when men are not. let's prote your show tonigight. why don't weromote your show night. lou: think that is wh we have been doing. [laughter] lou: tonight we are talking with a former department of jutice attorney kristin adams. he has inside information into attorney general urkel mianagement and his possible future. that's coming up at the top of the hour. gerri: thank you, lou. have great show. well, whoever is the breadwinner in your family, unfortunately looks like they won't be able to give up the gig anytime soon.
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with oneness, ric edelman, is with us no. people are having a hard time getting back on track. giving a major push to get back ontrack. >> is really fascinating that not a lot of fol on capitol hill are talking about the stoc market. people are in disbelieve. many believe that it is unsuainable. but in fact, it really is. gerri: i think a lot of people out there -- they worry about the stock market. they are worried that they ar above it. of course, americansave been a lot of this in the past. th saw a.cobubble. they believe they are seing a
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hoing bubble. would he think the right responses? what is the e right action for y investor to take? >> we have to understand how bubble occur. what wesee right now is bed on corporate profits. the stock market is priced ery fairly. that is not the case back in 2000 with the.com bubble. it certainly wasn't the case in 2008. the market is not going to continue to grow the rest of the year the way to p pass the hour. what that really mea is you can get back inthe water. you don't have to have this fear
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that we e going to have a turn of 2008. th is not on the table. gerri: is the bigger risk rising at this point? inflation at some point? >> yes, if you take a look at e bond market over the past month. that is good evidence. the bond market me down dramatally. interest rates are now higher, higher than they were a year ago. this is bad news for bondholders. the risk that we have talked about how been the fac a rising interest rates mean bad news for bonds. it is ironic. people who are fearful are worried we're going to lose money. so you have to wonder wha are people thinking. and do they have a rational basis r the strategy? gerri: thank you for coming on. you are a voiceof reason. among a lot of crazy people ut there. gerri: when we come ck, look at the hottest trends in summer hats. coming up, thanks to a legal
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gerri: well, the leg battle that raged for morthan a decade in the coming to a close great anna nuckolls meant, famously battled to the bitter end or a piece f her husband's fortune. now a california judge sets her six-year-old daughter is tled to money. joining me now are two guests on this toic. remind us where we have all been over these many years.
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>> ts, as you they say, has been going on for over a decade or a that startewhen anna nicole filed for bankruptc her late husband sued her for defamation. she countersued him and ended up getting 475 million. back and forth, now what the judge is saying is that what it is about a sanctions. the lawyers did not perform ethically. they withheld information. rri: okay, we know that howard marshall's estate was worth $1 billi and now the judge is saying that the sanctions could mean $49 million for the daughr of anna nole smith. >> that's right, it could be. but the real issue is that s hasn't won anything. she has bounced up and down like a -yo from the pellet court to the trial cot. the judges have been invoking the famous legal docrine as
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enough is enogh. they are saying that the way the case was andled, since lawyers are representing the estate, really engaging in outrageous conduct, they send documents out of state to ples where they have never been received on the other side. the judges sort of had. they a saying now enough is enough. you're going to get bang for what you did. gerri: it has been filed as part of the tactics tt these attorneys use. th whole estate is worth 500 million to aillion dollars. how do yu figure out these kinds of numbers? what is the map in the calculation on the iraq. >> even more imprtant than e numbers is what this judge is sending out a message. the syst has been made a mockery. this is the legal system and you cannot go there. you cannot withhold information and then say, oh, you know hat,
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you have reached a great settlement. somepeople like during these lawsuits. the daughterhould be getting the money. >> it is amazining that it is highly debatable who should get what. take away for me is that these kinds of conversations go on around dining room tables every single night. there may not be 49 million or 100 million or 500 million at stake. the peopleate the nds of things. wh do you tell friends and family? people that you know about these kinds of arguments about who gets the money and when? >> it is very difficult issues. families are fighting with each other, etc. anna nicole smith really has a relationship with the son of the gentlemen that she married. but it isimportant to get to
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the practicalities of where it is now in this case. they are upset because they are flaunting the rules a particular judge. what happens is they start a big number, the appellate panel is a lot less emotnally volved and usually gets cut down. and then they look at it again, theyome up with a lower number and it comes back again. they're going to be bouncing around for a long time. gerri: we don't have much time left, but is there any advice you could give to a broader audience those w may be having issues with family members? >> yes, make sure eryonenows what they are getting.
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>> absolutely. terwards iis a free-for-all be one that is interesting. all right, tha you for coming on tonight. i appreciate your te. >> absutely. gerri: coming up next, my "two cents more" and the must-have accessory for a in the small town of elmira, new york, a boy was born into an all-american family. the osf him ening his own clothing store at the age of 18? 1 in 138,000. excited to be a part of pop culture, he packed for the big ci. the odds of finding someone to invest in his vision? 1 in 4.5 million. the odds of him achieving his dream the fashion insty? 1 in 23 million.
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playing after summer look. welcome to the show, it is great to he you here. eugenia whether. you have a great story about how you got started designinghats. >> when i'd had a few to many drinks and decided it was a good idea to cut m own hair. gave myself a bad haircut, had to shave it f, hence my logo, it is me with a shaved head. i staated making half the like haircuts, and then because it was real cold in the winter. then i was shopping and people started asking me when i got the hat.
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gerri: you start with the material? >> well, we start with some materials. we centered around trends, sometimes i love this color or shape. and then you jusust kind of like -- you know, play with different shades and tere is the great gatsby mov trend that is really based on hats, th mod 60s look has been going on for a little while. there a lot of women who want to look white noise and have a men's fashion moment. >> it is cute, though. >> invisible ethnic trend, which is kind of globa very chic. gerri: you are also a business person, though. it is not just about esigning things, it is also about giving
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your product out theoor. what have you learned over these years? >> i feel that i have, like, arn so much. because at times -- you can't just be creative, you have to make the right moves in terms of very much what the audience wants on some level. you can design is as much yourself, but you have to think about who is this woman and think outside of what you want. gerri: a lot of people that i talk to, especially young women want to know how to break into fashion. it's very competitive. wh the someone has success, they want to know how did you manage tmake that happen? makkah honestly when i started i was like 22 years old. it was my first real job. i work at coé nast for several years. i didn't know what i was getting, i found this storefront i could live in the back of because it was a two bedroom. i just kind of wingedit. finally i started developing a busiss sense. that is what is really important. you have to think about who is your customer, do you have a stomer with us, this, are you willing to make the commit. gerr it is very demanding. how do you know what hat works for you?
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beeause is it possible -- i have shopped for hats and it's very confusing. >> a sickly i think that, lie --is this your fir cat? if it is coming m n want to get the brim hat. pretty fabulous and gmour or more ttmboyish? gerri: which one of these work for me? >> this one is gorgeous. i see a big summer dres very firty. we didn't cor one point i want to mention. we didn't cover one point i want to mention. these hats are made in america? >> after my love making them in new york and i love new york and being able to ork really closely with thefactories. it is very difficult and i love working and being into it. gerri: thank you so muc for coming on the show. i think this is a great hat.
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>> one of the biggest pork producers in the u.s. agreed to be bought by a chinese meet prospects -- process surrogate than four point* $5 million leaving speculation it comes from communischina. doou care? 93 percent saidyes. a and what are you eating? that food deal should send off alarm bells was specially since we're becoming more and more dependent on china f our food. alst doubling in the last decade as we reported earlier we import all sorts of stuff from fruits and
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vegetables to see food and dairy products and the usda and the fda inspects le than 2 percent of the food. the dangers are already here in the last few years ousands of dogs and cats weee killed after eating tainted pet food made in china and was sold by france like purina. china has a terrible history of foosafety enough to turn your stomach rat meat sold as land and deadly chemals and rice and deadly baby formula. even the chinese don't trust their own food supply 70 percent s food safety was a big concern r them if the chinese don't trust their own food re should we? that is my a0.2 and revisit an important topic and what have we learned over the course of the investigation and how you keep it safe and that battle
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and said that is i for the oil report. have a great night. we will see you on mony. good evening, everybody. thanks for bing with us. attorney general eric holder toninight is trying to hold on s job, despite calls from membs of both political parties for the president to get rid of him. holder's role in politicizing the justice department, authorizing spng on mmmbers of the national media, his role in the fast and furious gun running scandal, all leading to calls for his resignation, and now top republicans on the house judiciary committee have gun an investigation into whethe holder outrit lied to their committee two weeks ago, when holder made this statement. >> with regard to the potential osecution of the press for the disclosure of material, that is
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