>> i love him. he was such a good actor. melissa: thank you both for coming today. that is all that "money" that we have today. here comes "the willis report." gerri: tonight on "the willis report", the markets rocked by the fed. a two-day loss for stocks. also, the 50-dollar movie ticket. that is what some people say when they see the new brad pitt movie. and will this be the new norm at the movie theater. we are watching out for you tonight on "the willis report."

our focus is on you. not the wall street pros. what we do care about is your investments and making sure that your money is protected as much as possible. the mere hint at pulling back the stimulus 350 points. 560-point since yesterday. the s&p 500 and the nasdaq falling through, both pulling back 2%.

so here we have 559 points that we have lost. do you think the markets are overreacting? >> well, completely. i am so thrilled. >> i wanted to show folks the chart. they have expanded and as they have, the dow jones has gone up and up. on their facebook

page, people don't trust this market. this is responsible for the bull run, and they think they could collapse at any time. would he say that? >> the economic recovery is due to the fed activity. the fed is saying and you said this in your opening, that if the economy continues to improve, it means that the fed's impulse is no longer necessary to sustain the economy.

>> it would just go on and on. it would continue to grow. the fed has learned from its past. no better than ben bernanke. so they have studied very closely the mistakes of the fed in the past. a world of difference between ben bernanke and that of allen greenspan. that is disclosure. he never would have told us what he was planning to do several months from now.

people exiting bonds now, people exiting stocks at the same time, people choose one of those asset classes over the other. >> you have been talking about bond prices, which can fall. they are moving out of long-term bonds. they are good generally for the

stock market. this is a wonderful buying opportunity. stocks are not overpriced. it is what is overdone. people should recognize that stocks remain. gerri: looking for some bargains out there. home care workers are now being seen as a huge untapped resource. they are aggressively trying to organize it. unions and many democratic lawmakers say that workers receiving public funds like many of the home care aides are state employees.

>> over 75% of the people surveyed of these home health care aides have taken care of family and friends. gerri: i am confused here. it is my sense of this story that all of these union organizations -- that is the best way of getting into the pockets of medicare and medicaid. many of these people are not as family members. they are also people that work for organizations and hire themselves out for this very kind of work. would you say that?

>> that is true. the pew research foundation did a study. these people taking care of sick relatives. but yes, there are independent contractors out there. the difference is that those independent contractors. gerri: it's like it's likely to reach the federal government's balance sheet. a couple of numbers on their

numbers. this is just a big pot of money for the unions. at the end of the day, isn't this right? >> that is what they are doing. they are trying to extort dues money from those members taking care of family members. it took the governor in michigan, two pieces of legislation. it took the attorney general. almost $35 million. other states should follow the suit be one as we know, these caregivers are critical to

people. what happens if they go on strike? are so many complications because the services are actually in your home and it is personal. >> that is right. but a lot of them, once again, taking care of family members. so i don't think they are going to go on strike. gerri: but these are family members in large part. >> that is what makes it so ridiculous to be one the biggest unions in the country. ben, thank you for coming on. >> thank you for having me. gerri: were coming up this hour. saving money on car insurance. and would you spend $50 to go see a brad pitt movie or any movie for that matter? we will take a look at the new ticket prices (announcer) at scottrade, our clients trade and invest

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gerri: movie ticket seem to be getting more expensive. some tickets to the latest brad pitt film, they are going for

$50. with us now is "the wall street journal" film feature writer. rachel, it's great to have you. what do i get for $50? >> you don't get to see the movie a brad pitt holding her hand. but you get to have a popcorn and a dvd and a poster. kknd of like what they do for concerts. and you get to see the movie two days early. >> and may be worth it just to have bragging rights to say that i thought already. gerri: there is a group of people that loved us. who is behind this? the studios? the actors? who want this to happen? >> i think it represents a good compromise beeween the studios and the exhibitors. a couple of years ago, universal

pictures tried to release the power highest for 5999. and they abandon the plan right before because they got really upset and they thought it would take away from the people coming to the theaters. it is not three weeks in advance, it's a couple of days in advance. in terms of excitement excitement and it could potentially boost the excitement gerri: here's what steven spielberg said. you're going to have to pay 25 bucks for the next ironman. probably only $7 to see the movie link in. >> is referring to the price of tickets not corresponding to the budgets of movies at all. you pay the same amount to see life of piety due to see john carter. you know, so i think that what he is referring to, going

forward, if you're going to spend $250 million to make a movie, people are going to have to pay more for it. gerri: it is like a two-tiered structure. maybe three or four, we don't know where it's going. >> i don't know. i mean, there is so much entrenched right now in the movie business. it is going to be a difficult thing to change. i think that steven spielberg is good at predicting the future. so i would not rule it out. gerri: i think what he said in a comment is that someday, some year, some summer, all of the movie theaters will have a different blockbuster enable all fail because they cost so much to put on and you can't have all movie theaters having all these of these different shows. would he make of that? >> i think it is true that there is kind of a new blockbuster every weekend. they clutter the theaters because you have to have a big opening now. when joss came out, it opened in under 500 theaters. now a movie has to be crowding out everything else.

what he was saying is that lincoln was this close to being an hbo movie. so it's not the best thing in when the only thing making it into theaters are hundred million dollar productions. gerri: they take them overseas and make a mint. >> so far it has not really hurt the studios. even john carter, which didn't do very well or damage the company itself. >> all right, thank you for coming on tonight. i am not paying $50. [laughter] >> thank you for having me on.3 gerri: here's our question tonight. would you pay $50 to see a movie? log onto gerriwillis.com. but on the right side of the screen. i will share the results at the end of tonight's show. later on the show, 20%. that is the number of surgeries performed in this country are not necessarily. we will tell you why this is happening in which doctors are

the worst offenders. and the question, how did you get that? tips for saving money on your car insurance and how to get the most bang for your buck [ lorenzo ] i'm lorenzo.

i work for 47 different companies. well, technically i work for o. that company, the united states postal service® works for thousands of home businesses. cause at usps.com® you can pay, print and have your packages picked up for free. i can even drop off free boxes. i wear a lot of hats. well, technically i wear one. the u.s. postal service®, no business too small.

gerri: are looking to change current trends without switching companies? we will have that in 60 seconds

gerri: way to save big without sacrificing coverage on your auto insurance. joining me now is taught from consumer reporting. this is the one check that i have every year the really pains me. i don't think i've had a car accident in 20 years. i have just been paying in case somebody hits me. how do your readers think about this? i know the survey them all the time. >> we actually survey those who -ave made it clear in the last couple of years. some of these get a high score in 85 years. insurance carrier of 25 years. complacency is the worst thing one can do for insurance.

>> you have a rock the vote, go out there and experiment. gerri: people pay $1200 a year on average on premiums. is that high or low? >> it's hard to say the $1200 represent a stable figure. many reported paying more than the previous year only 20% felt that the premiums were stable. gerri: let's talk about this.

at first going to the top rated insurers. >> it is phenomenal. these companies you have stayed with, if you are contemplating staying there and you haven't had an accident, they will reward you for your years of warranty. gerri: the last time i checked out, discounts were there for virtually everything. >> yes, phenomenal discounts, 90% of those include a discount for being a good driver. and some of those got a break for antitheft devices. there are a lot of different things. an out-of-town student, your

daughter going to school far away, some people say this much is $2000. you can raise your deductible from 250 of $2000. you can save as much as 20%. believe it or not, that could be a big favor. or if you drive more, report that as well. gerri: it is critical in a town like new york city to let your insurer know that it will save you a ton of dough. the only area that we tell people don't scrimp is in terms of getting the minimum coverage required by law that is a huge mistake. we recommend a minimum of $100,000 liability coverage because if not, you could be ruined. that is the bare minimum. some people try to save money. gerri: it is time for a look at stories tonight on fox

business.com a disaster of a day on wall street so the selloff that we are seeing across the globe as well as in commodities. competition with twitter is application. in kodak said says it is emerging from bankruptcy protection links to nearly $900 million in financing. jpmorgan, and barclays, the majority of the money has gone there. and bernie made off in the big banks. the trustees have alleged banks earned hundreds of millions of

dollars and obvious warning signs. coming up later, a scary report today and how many operations are being done each and every year that shouldn't be. and mortgage rates this week. what it means for you and your home coming up next. hell! if your bank doesn't let you talk to a real person 24/7, you need an ally.

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gerri: is testing interactive putting you in danger? and new study finds tens of thousands of times each year patients go under the knife for surgery's they simply don't need

with more on this, dr. kevin campeau. thank you for coming and the show. what is going on? why so many unnecessary surgeries? >> thank you for having me on. we have to carefully examine the status. they look at the way billing codes entered into the database and determine whether or not the surgery is indicated based on that. i think this some of the data may be a bit flawed, although i do think some of it represents the truth. gerri: net -- de think there aren't surgery is done and should be? >> the percentage is much lower than 20%. there are procedures being done that may not be indicated. gerri: was talking with those.

>> sometimes these types of procedures reimburse at fairly high levels. nothing certain positions may be financially motivated. gerri: is a hysterectomy one of those? >> if you look at the data era law that are done as an aggressive first line approach with other types of surgery -- there be some. >> the think it really who was down to the art of medicine. you interpret the data that helps determine what to do.

how did you think the the human error of component is there. gerri: to allow the doctors are getting in reimbursements for medicare. dumas surgery's and make more money. >> had to think there is some incentive who. part of that is the fact that we have to practice the sensitive medicine because there are no limits hidden. malpractice claims a high and some people do things to avoid. gerri: cardiac pacemakers, 22% show no evidence. the replacements some delicate

the surgery's and and and. >> thank you for having him. gerri: the housing market on the mend. record low intereet rates is saiddto kick up. great to see. gerri: did he look at the housing market recovery does seem to be taking hold in. builder confidence isn't . 5% year-over-year few look at

the numbers from the villa drolen they're expected to be another 4% and really get the housing market and expect a half recovery does have some momentum it provides consumers with confirmation that the recovery is real. gerri: so we don't know and is not clear is there's been a lot of talk about a bubble. perhaps prices of gone too fast. when you look to some of the gains it is truly astonishing hidden. >> foreclosure sales are factored in. they look tired and they are. were talking about 5% gains. you also have to realize that we are still well off of the peak from 2006 were 28 percent off. gerri: said median home prices for may, $200,000, up 15% from last year. who wanted to work through what a rise in interest rates would mean for people in the marketplace today. drolen to show you a graphic

with some numbers that will appeal understand what's going on. $208,000 home, median price of over 30 years to put down 20%. if you pay three and a half% interest be of a monthly net of 747. once the interest rates tick up to 4 percent that you're paying $50 morehead. on it goes. a lot of people are saying that at some point --on't matter, but >> a big part of the recovery. there are components. the all cash investors are another big compound of the recovery. a mortgage rate recovery going on in any number of the market's, of the california markets. if you look to los angeles, and the first three months of the year one-third of homes sold land to all cash investors. gerri: i no there are a lot of the year first-time buyers that

once again. they can't. if you're trying to get a mortgage you can't compete. >> there up is a very challenging market. very little selection. inventory is low. a couple months' worth of inventory. there's not much of the electorate, and they're bidding wars going on. gerri: that would solve a lot of the problem, if we had more inventory. >> that would solve a lot of the problems. were working our way through it. gerri: i am all positive on the housing market. island housing. >> i know you do. gerri: thank you for coming on. well, as the housing recovery continues one of the things keeping it from taking off is the foreclosure crisis. it is still plaguing many parts of the country. to make matters worse, a fifth of foreclosed under nt. i'm not talking about rundown shacks. helpers into these vacant properties were worth at least a million dollars. wordy find these? that list is tonight's top five. orlando, nearly 6,000 properties

are vacant. neighboring tampa comes in a number four. florida accounted for 85 of the top 100 zip codes on this list. number three, new york city, the big apple has more than 10,000 vacant properties. for number two, we go back to florida, miami. not only 14,000 vacant properties, but the more stuff most foreclosures of any matter in the country. the number one city with the most vacant properties is -- this is a surprise -- chicago. 17 percent of all foreclosed %-said anti totaling nearlycity 16,000. that's pretty surprising. when we come back to my j.d. power puts the ford car at the bottom of the list of quality cars. all tell you why. nextel will be joined by one author who shares the unusual steps he took to pay off his student loans. i will give you a hand. there he is right there. ♪ you make a great team.

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♪ gerri: okay. just how much would you sacrifice to be debt free? our nation's college kids are drowning in trillions of dollars of student loan debt, but our next guest paid off credits cool in full by living in a van. joining me now, author of wall then on wheels, on the open road from debt to freedom. there is the book right there. welcome to the show. i am totally blown away. you graduate from college in 2006 owing $32,000. how did that feel? >> it felt awful. i was an english and history major, know is that going to have end i got rejected from 25

internships and as a last resort move but said northern alaska. i was making about $9 an hour. because they offer grumman board and because it was so far away from the closest door and because there was no such farm recession i did not need a cellphone plan, i was able to up save a lot of money. i put almost all the tour must in debt. gerri: that is impressive. when on to graduate school. >> i finished paying off my student debt. i had $4,000 left over, and more than anything else wanted to go to graduate school. more than that and did not want to go into debt for it. i bought a 1994 ford econoline van. gerri: thomas did that cost? >> 1500. after renovating it and paying a few vehicle fees i extinguished about half of my savings.

gerri: how did you live in a van? >> it wasn't so bad. now is a bachelor. >> you eat there, you do everything there. how did you get to love it? >> i know it seems kind of squalor, but it was really just a mini dorm. i would eat in there. i would cook meals. i ate for about $4.34 a day, and i was sleeping in there. i had a sleeping bag. i was always warm during the winter months. i would use the campus gym for showers. i would use a library for wi-fi, judging by electronics. i was fairly comfortable. gerri: he figured out how to do it in blood off. i'm wondering how many colleges say they would make that kind of sacrifice. if you tell them the only way you could afford this is by living in a van, do you think most kids would? >> obviously most would not be willing to go that far.

i know it is crazy, insane, probably illegal and a few college campuses, but it is a shame. gerri: your effort is truly impressive, and i want to read something from your book. what you had to say about college student loan debt in general. you said, how strange it was that the government, my college, and a large bank or letting me come and 80 year-old kid, when it did not know what interest was or how to work this dough take up a gigantic five days alone. >> yeah. and i made these decisions when i was 17. i had never dealt with that before. and now i'm being offered tens and thousands of dollars in debt my main ambition was not to get education, it was to meet girls and little if from home for a while. this is what you get when you are 17. gerri: is in the systems grew up in your mind? isn't it too expensive to get an education? should people have to go to these lengths to be able to pay for their education?

>> there is no question education is extremely expensive , and the average room and board is about $80,500 a year. that is another huge additional expense. there are affordable education is out there. the average for your public institution is about $80,500. when you factor in the average scholarship in grant aid, that's about 55. so you have $3,000 per year. if you are cruel, commute from of, you can get an education for a little. gerri: you just have to be willing to make the sacrifices and do the right thing. you must be proud of yourself. i am proud of you listening to the story. it is an amazing story. >> my pleasure. gerri: appreciate it. wow. would your kids do that? that is just amazing. still to come, my "2 cents more." and a warning. find out why you should not buy this one from ford, seriously. don't go away. ♪

gerri: a big embarrassment. coming up, the ranking that might have customers saying to the auto giant, bank -- thanks but no thanks. ♪

♪ gerri: suffering embarrassment. according to reports, and j.d. power ranked the hybrid dead last in its annual survey of car quality. senior analyst at kelly blue book joins me now. let me tell you, this is not a good ranking. why did it do so poorly?

>> i think ford has to be somewhat disappointed with the ranking. it is an important product for the brand. it is a dedicated hybrid into a segment that has been traditionally dominated. since its launch it has been doing great. moving 35,000 units a month. granted, you're going to get some minor had guns and issues with the new vehicle and its launch which is not a surprise. ford has had some issues with consumers expressing frustration with being allowed to sink their phone and use that intuitively which might factor in, but definitely a disappointing result. gerri: definitely. the report is from j.d. power, 222, 222 manufacturing design flaws per 100 vehicles. let me tell you, that's a lot. that is not a small thing. >> chino, a company like ford with the resources they have in these airing prowess that they have, this is something like unlikely turnaround.

as i stated earlier, this is an important product and they will put everything that they have to get in these issues rectified. again, we have seen the quality of vehicles has grown so high that things as minor as -- i can't figure radically integrate my phone, how to attend a radio as quickly as i would like to. these other things that consumers are lodging in terms of complaints. ford recently announced because they're going back because not a simple. people get it. gerri: i need a remedial course on how to operate the stuff. and serious. if you come in, give me a course on operating some of these gizmos. it will be much appreciated. 17,000 of these things sold. the price tag is 28,000. the you think consumers will pay attention to this story? de think it's possible that this particular product mindless and popularity? >> you know, i don't think consumers will ignore it. the those that follow the industry and are in turn, this my way on their decision.

nine employes until it is something like the pre is which has been around and tried and true and has not had as many issues in recent years, but ultimately i think consumers understand that the new products, when a manufacturer is trying to push the envelope and find something new, there will be bugs. of the the significance of slowing down provided instead of the game and get there and address the issues that consumers are finding. gerri: well, but still, you know, this company ranks 27 of 33. overall performance. that is not high. ami, that is pretty disappointing. were they doing wrong? >> and again, i hate to go back to it, but 40 recent years has suffered because of my ford touch and consumers' ability to really make sense of. resaw bmw go to the same thing several years back. and this is -- last week of the week before they announced they are adding dollars back in combating but is back in, to simplify. gerri: the electronics of the

people? ocala. gerri: sometimes this is that people can understand them. thank you for coming on. testing stuff. good story. thank you so much. >> thank you. in business history.e this stay playback in 1840, samuel morris received a patent for the telegraph. congress granted morris $30,000 to make a telegraph line. by 1914 a message could be sent -- since using morse code. the original code contained dots and dashes as well as spaces and five letters. today the original telegraph and its patent application of part of the national museum of american history at the smithsonian in washington. it was today, june 20th of the telegraph was patented 173 years ago. we will be right back with my "2 cents more" in our answer to the question of the day, would you pay $50 just to see a movie? you can get my answer. ♪ ♪

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♪ gerri: legal entertainment group is taking rising movie ticket prices to new heights. if you want to see brad pitt's new movie world wars see it will cost you $50. the good news is, that is just for the 3-d version and comes to a popcorn, a poster, and a digital copy of the movie, but would you pay $50? here is what some of your posting. we won't even pay $6 per senior tickets. the majority of movies are crap anyway. kenny agrees, i don't even buy at $12 ticket, let alone a $50 ticket. we also ask the question on gerriwillis.com. to percent said yes, 98 percent said no way. finally tonight, it was an ugly day in the markets today. stocks got crushed. the steepest sell-off of all year. traders said it was led by the so-called fast money, short-term investors like a hedge funds running for the exits trying to

get out before the next sky. high-speed traders love wild rides like this. that is how they make money. there will always be faster than i. they measure their success in milliseconds. you don't have to. if you are a stock picker or take your advice from those over cabinet is stock pressures on tv , you got whacked. the smart investors, are not chasing the market up or down. during the for the long haul. the markets have seen darker times. look how far they have come back. it was a rough ride today, i will admit it, but all three indexes are still up between eight and 10% just this year. historically speaking stocks and i even overpriced. cystic to your long-term goals, and you come out ahead. don't be the fast money, be the smart money. that is my "2 cents more." coming up tomorrow, we go in fashion with founder and ceo of polka dot.

she tells us our online shop is something grows express their individuality while helping a good cause. that is it for tonight on "the willis report." thank you for joining a spirit of free to record a show if you cannot catch us live. have a great night. ♪ lou: good evening. thank you for being with us. a massive sell-off today on wall street. the biggest losses of this year. the bleeding began right from the opening bell. anxiety that the federal reserve late this year will tiihten its easy money policy rattling investors, and across the board, a day when no assets were seemingly attractive to any investors. the dow jones industrials shedding 3504 points on its way to the largest one day percentage decline of this year. over two 1/4% decline, the largest one day point decline since the member of 2011 as well. the eighth day in a ro