listen live show. we're on every week dy from 3:00 to 6:00. we'll have another great tv show are next week, in t t t t . thanks a lot, have a great weekend. gerri: hello, everybody. tonight on "the willis report." the ban are at it again. they figured out another way to squeeze you. at the atm. also, how do you do that, the best way to travel with your pet. in fashion's night unique way for consumers to buy and give a lile back as well. we are watchinout for you tonight on "the llis report." ♪ rri: all that and more coming up, but first our top story tonight, is recovery housing

market coverinup a bubble? median home prices are searching up from the year before, sales througthe roof. this is certainly not helping curb fears housing is growing too g too quickly. finance professor at george mason university, welcome back to the show, anthony. when the national association of altors says prices are growing too quickly, that's a sign of something. what do you say? >> absolutely. you reallyave got to p closer attention to the data, and they are. gerri: and 8% hike mth to month which reminds me a lot of 2006, 2005, 2004. is this a bubb? >> let's take look at this carefully. on the surfa, yes. if you look at mortgage applications, stillmakes 95 levels which means they are in the doldrum not coosers buying homes,

these are invtors and wall street, et cetera a paying cash. there is a bubble, absolutely and it is not gog away anyti soon. rr one of the issues at play here are rising terest rates and expectations rising rates could kill this boom. average 30-year fixed-rate mortgages across the country cruising jusunder 4% in many markets across the country, you lookt 3.95% on the east coast, 3.92% on the west coast, big differences by region, look at that. and then you sta tconsider how much of these rates are going to go higher. the expection 4.5% early next ek, menon what happens if they go to 7% suddenly all across the country these houses are not affordable i cities like denver, los angeles, san francisco, seattle, miami, washington new york city.

we are a long ways from that. do you think there are other elements making housing affordable? >> ablutely. there are two factors that his interest rates gng up tang it less affordable and house prices are gogg up a lot faster% thanou would think otherwise. the thing i want you to look at is may 2. look at any chart since may 2. that is when they lose control of the market, so stocks have come down. gerri: some people say the fed has lost control. a week ago the fed control is too much. can you have it both ways, really? >> no, absolutely not. for all the good inntions i come in peace, the fed has done some good. the fed has lowered interest rates and on the housing side ha fannie mae, freddie mac,

fha, almost 100% domination of the housing market rough the government. what do get? bubbs burst, bubbles bur. gerri: that is what i am worried about. i remember the last time we got into a housing bube i started looking at those little pieces of evence something was awry and i found something about that in this market today. we look at the searches on the web for homes, everybody buys homes this way now. in places like palm springs, sacramento, california. we have web search is going on from 4:00 a.m. to 10:00 a.m. in astonishing numbers. i find that to be a sign somehow the market might be ahead of itself. what do you think? >> everybody is saying the psychology bubble, the housing prices shoong up there i want to get on the bawagon.

i thought i saw this in 20, and we are seeing inventory come back on the market, so i had to get into the housing market now. zero down payment if possible. were repeating the same cycle. gerri: i agree. we will watch this very carefully and i am sure you w wl help us. thank you for comi o we're taing about market psychology of hoing, right? some relief after the market got rocked for a second day after the f shifted from a potential pullback. take a look at that screen rocking out. savings take ion the chin despite a rebound the dow and s&p so how do you manage the fear in this marketplace. joining me now, psychologist from fox news to bitter i've known you a long time, wanting to talk rket psychology here.

is it o professional investors losing it? >> i think whais happening as investors are making a lot more out of the move that we have seen because we have not even declined by 5%. historically we have a decline of five to 10% every year since world war ii so were really just doing what we normally do. gerri: i think people have lost their minds on it. you think about this thing all the time. market psychology, a lot of lines in the nd people say things are crazy. somehow weecided a 4% mortgage rate, over that will kill the market, right? a yield on the 10-year treasury insanity. what do you say about this psychology? >> i say the reason yohave that kind of panic is try telling an alcoholic that there isn't going to be any alcohol available for four hours or six hours. in otherords when you are

drugged with free money and irrational interest rates that are artificially low the idea of a pullback brings aly back like wait a second, it has been a bubbl we have been addicted and dependent on governmt fixing the syst anduess wt, it get their pulses up, they get panicked. they should. gerri:overnment standing behind t federal reserve ben bernanke keeping the market afloat for four years. we havthe transition now to something else, how do we do that as individual investors? >> i thinkwe as indidual investors don't have a choice in the matter, we haveo be dragged along and it depends on how we respond. gerri: i don't want to be dragged, wants to lead the charge and find the right way to do it. ll me how. >> you don't overreact. what the fed is trying to do is avoid a japan like ilationary

to firlike environment. so the interest rates are artificially low, they didn't hint, they told us the data continues to come in as it is, we will start theapering program in the later part of this year anand by next year. we're just getting back to a non-stimulus environment. gerri: back to normal really. people feel like it is not back to norral, it is something new. how would you advise people to deal with what will be a volatile summer d fall? >> number e to getxpert advice you don't want to be your own psychiatrist or youown financial planner unless you are the other thing is to say look, no kidding to sleep d not having nightmares o were wakingp in the middle of the night should meen you convey to your financial team or advisor ththe fact he wants to b

conservative, preserved your position, don't be subject to bipolar sorder which is what happens when you sever reality and let your mood float from high to low to high bause of artificial government propping up of people, houng and industry you get to come down to ground level and think people should be telling the financial advisors make a landing as easy as posble becae it's coming. gerri:hen i think about this because i don't really make decisions based on what the market is doing with my retirement account and savings accoun instead i'm always putting money in all the time. so i take t all that anxiy, it's possible i don't ev look at it as muchs i should. what do you tell people who know we should not operate off their gut. >> they should be more like you, they should realizwe have had declines of five to 10% every year since world war ii and have nths.n back to breakeven in two

20 decline 10 to 20%, we've gotten back to breakeven in four months. you're probably beer off buying then you are bailing the only w you lose money is by selling at the bottom so i would say don't let your emotis rule as the other gst was saying you are paying an advisor to hold your hand and tell you not to sell at torst possible time. gerri: last word, what would you say? >> the last word is this, sinc we have seen the internet bube bubble, when that first, that was not such a quick recovery, that ruin a lot of people. for the folks at manic high, looks, don have irrational exuberance either. rain in yourself, plan for stormy weather to come and i agree with my co-guest. don't panic. rri: keep your head when

others areosing theirs. they make a ton of dou in times like this, this is what they live for, this is what they want. youudon't ve to play that game, you can be smarter than wall street and that is at we talk about here all the time. thank you much for coming on, great advice and great fas. we want to know what you think. do you invest with your heart or your head? log onto gerriwillis.com and i will share the results athe end of the show. we have more to come up cluding tipon how to bring man's best friend with you on your summer vacation. we have dogsn the house. coming to an atm near you, prepaid deb cards. next. with the spark mes card fromapital one,

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♪ gerri: we aki gerri: we are looking out for yo credit score tonight.

any ves can haunter history for years tocome. join me now with tips to boost your credit score, consumer education presenfor smart credits.com. welcome back to the show, always good to have you on. i want to starwith the credit scoring, it is a long time. if you have that informaon, how long iit? >> the credit industry is a self policing industry. when you miss paents w are you have aounts went t default or collections or most recently people going into foreclosure that is a seven year penalty. if you file bankruptcyhave a tax lien on yourredi report or uaid studentoan those can stayonger up to 10 years and unpaid tax liens and defaulted student loan can stay indefinitely unt they are paid. gerri: why do i think the good stuff is away. just my intuition >> it is interesting you bring that up. the federal law that defines

when bad stuff has to be removed from your crit report doesn't address good stuff, it is silent on good stuff so the credit reporting agencies could maintain good information on your credit reports for ever but they don' the bureaus have policies in place they wll remove inactive old accounts after a decade which is probably not a big deal becse by then you have likely established other accounts, but there is no arantee that your old great credit established when you were in your teens or 20s will hang out your credit report fover. gerr it doesn't surprise me in the least. what is your number one piece of advice for improving the credit score? >> that is an easy one. pick something that is actionable. not a lot you can do about it except for weight. the number oneay to improve your credit ore very quickly is to y off credit cd debt. that does not mean take it from 20,000 down to zero overnight. if you can chip away at , you

would be surprised how quickly your score is going to improve because it does not have a memoryedia does not know you had more debt yesterday then you do today so the minueath goes down, the sre is going to go . gerri: big story today atms will issue prepaid debit cards. if y want to get oneof those you have to go to your corner atm d pull it out. we have not beenans because of the fees are not banks charging big-time fees what you make of this move? >>t doesn't surpri me. eventually you kind of ought the atm machine was going to be used for more than just balance inquiries antaking cash out. the fact some big banks undisclosed at this point are essentially reworking the inner workings of the atm machine to give out a prepaid debit card in addion to cash is a variable

to you can pick and choose what you want doesn't surise me, another way to monetize th atm machine which they haven't had a way tourther monetize ttat machine, now they do. gerri: is means taking money ou of my pocket andutting it in their pocket. we're taing abouselling a product or we have toay to get access to my money. >> not only, you go to an atm machine unless you are in network you will pay e, likely pay a fee to get ts card because you have activated, load funds onto it, things that cost them moneyo they will suidizit by charging you money. it does not mean that the parade haded, you'll pay the same fees you pay on a prepaid debit card you purchase at a drugstore you got from your banker on th internet because you wanted to be like one of the pop stars who are selling them now. this is your money, after-tax

money. now you are getting the bank tax on it to put it on a piece of plastic. gerri: some of the financial advisors as well. we he gotten a lot of attention. i don't want to pay that much for access to my money. >> i don't want to pay anything back. my money. gerri:ou know what, it is your money. >> we agree on that. gerri: have a great weekend. time now for the stories you are clicking on tonight on fox business.com. apparently enough is enough. after eight twoay plunge the mark endedn the green today. maybe they won't get so spooked the next and the fed tks about ending stimulus measures. get y to pay more for ur latte. hiking prices by 1% nationally starti on tuesday.

that comes o to an increase of $0.10. for those who drink thosomment will be more like $0.40. on to the auction block next week. the bidding starts at $300,000 but estimates have it gng closer to $500,000. 200 computers were made, only 0 still est. go news for alec baldwin, government moving towardasing restrictions on e use of electronic devices during takeoffs and landings. it could come as soon as seember. those of the hot stories right now on foxbusiness.com. coming up, the government once again getting involved in the housin market but are they going too far thise? and we answer the question, how do you do that we have doggs onset, people. stay with us. announcer: where can an investor

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gerri:raveling with your 4-legged friend can be stressful.

♪ gerri:l, d gerri: don turn your next summer vacation into a guilt trip. leaving bend your furry friends to wreak havoc on your next vacation by bringing along uffy and fido isn't so easy so how do you do that? ining me now, pet trend allergist. >> thank you for having us. that is hannah, a three-year-old golden retrver, andhiis a

six-year-old english y spaniel. gerri: i know so many people who wants to take the dog on vacation, it is not the easiest in the world. >> you he to plan ahead, find a destination that is pet friendly and safe for your g. gerri: what does that mean? where do you find them? >> start with aaaeuse aaa has the past book, great reprentatives to plan a pet friendly vacation. some are chicago, san diego. there are baseball games in the suertime, a lot of activities, there is the beach even in chico,an diego this wk having a surf dog competition, so lots of things to do. gerri: i am kind of reoccupied by the dogs because theyre so pretty. what do you need to do toet ready for the cation?

>>ou want to make sure your dog is austomed to bei in the crate over here o the standard bag which you want to fly with. your dog is protected in the car or flying the plan. next stop,he end prottion very important and i tell people to definitely go with something like triple protection because he wants to make sure he will not be bringing the fleas me so it prevents tics. we have fd. food is really important. it is a chicken food. welso like the fact it has meet because it is hydrating for your pets. when you get to a city, can be stressful when youe traveling. your pet will get protein boost, what food hydrates your pet. gerri: some hotels are very ppy to have pets, very happy to have dogs. >> very happy to have pets.

even cane ambassadors. onof the most famous dogs ever that exists, is at is real, really important. you don't want too forget him. the dogs are having a goodtime. last but not least, people are afraid of carryi bed bugs home. lot of times it happens you have yo crate where you have for example your bag people put them on the hotel rug. i suggest you put the bag or the crate in the bathroom with your food and water bowl. this way the bed bugs won't g in your bag or your crate. also, bed dog spray it will not harm the dog and spray it on the bottomf yourrate or you carrier bag.

i don't think my husband would be happy if i came home without hannah. gerri: thank you so much for coming on, it habeen a easure having all of you here. >> thank you for havinge. gerri: coming up, don't fall for it, why you shouldn't pay somedy to take care of you student loans for you. and the stat state of california seizing mortges claiming imminent domain. next. n ne tht. ♪ in today's markets, a lot can happenn a second. with fidelits guaranteed one-second trade execuon we route your order to up to 75 market centers to look for the be possible price -- maybe even better than you expected. it's all part of our goal to execute your trade in one second.

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from our fox business stiewdz in new york, here, again, is gerri willis. gerri: growing number of states are taking another look at using imminent domain to size underwatermotges.

no instead of flk losing homes oo foreclosure, they b it and cut the loan principle to match the current property value so you pay the loca government. is it lgal? with us now, the attorney dwien case, and liz weil. dwyaneings you say the point is there needs to be a way to force lenders to make deisions that are good for them. tell me what you mean b that. >> well, you know, some of the lenders, some of the things are in a trust, and they can't ite them back by law. if they follow the trust, the couldn't do it. there's got tbe a way. they want to in a lot of cases wre it back, and they can't do it on their own so there needs to be a echasm, nd this just seems like a way to do it. number one, the government started this mess, and have given -- gerri: forced the finger of a lot of people, my friend. >> i have to become very clear th you, don't like imminent domain, full disclosure becse

generly the federal government comes in and take your land, you property,your mall, whatever it is, because they need to build a road or do something, and they don't compensate you. gerri:t's the loca governnt thatants to run the program. >> it's worse. if localgovernment runs it, how do we know hat the caps and balances are in the loca government? i'm sorry, i don't trust the idea. gerri: dwyane, it's interesting becase here's what's going on here. in theame of helping people who are underwater, and i've read e, you know, in the local newspapers, the editorials where the writers say, you know, look, we have to save thee communities because other side they are going to go don the tube. what do you think? >> well, and ty are going down the tubes, you know? you know, i got an exmple. i had a client that owed 1.5 million o his hous, and he ied to settle it with the len dore for a milion, which is the 50000 that h paid the lender which was everybody breaks even and start over again, and the lender said, no, went into foreclosure,and the lender lost

$25000, and he house set vacant in community, a high end community for a year d a half, and killed evebody else's property value. >> i' sorry about that, and slipperylo argument.here's the you allow imminent domain, which should be rarely used, in this context, then the ext time, the next time, localovernments and municipalities use as the federal government use add eminent domain, go in ad take your stuff. >> it's going to be supervised byourt. the government just dent ge t go in an do whaever they want. they are goingto have to et up meters and what qualifies. gerri: i have a real estate question here. supervised by courts does not make me feel better talk about real este. the editorial sid, look, thse communities are going down the tubes because the people are underwater, and now these particular programs are -- it's all bng uggested by a company called mortgage resolution partners. they are the peopl selling the

idea all ove e country. what they say is, you know, this will save those eople, and the communities wilbe better off. how are the communities going to be better off, dwyane when at the end of the day you alk about people wh have a very difcult time even affording the house. how do they maintain prooerties? net-net, this is not a benefit for the community, is it? >> oh, absolutely it's a beneit for the comnity. if they writethat mortgage back, now the people have flexibility. they can sell their house. gerri: no, wait -- >> then they can downsize. >> the government coming in in a local municipality stage and taking people eats stuff, their house, is that goo for the government? >> they are not taking the hous wait a minute. you are way off. >> no, i'm not. >> they are not taking house, but the mortgage away from the mortgage company. >> the morage. >> they are ot taking anybody's house. you get to keep the house, then repaage it, drop it down to where you are not underwater, and sell it to the anoter mortgage company. you can sell the house when you

are done. >> it's the con cement of imminent doe domain, a frightening thing for people. >> i agree 100%. gerri: very fright ping. to my way of thinking, if the government takes my house, i can't think of anything scarier, ut here, dwyane, is a roblem. here's one of the problems. so we have seen a number of federal programs o try to elp out people who are behind on mortgages, underwater, who can't pay, don't wanto pay, they have no worked. they have beena stunning lack of success in that category. whywould this be any different? >> well, it probbly on't. i'm a free mrket person myself. i think free markets ought to take over this burks the problem is we hae gone way past lowing the free market to work. gerri: a-plus for effort. >> we hav do sometng to help these people. gerri: do w? >> no, no, not with the government. gri: can't the market wrk its way throu, i mean, really. >> le's just let all the foreclosures go and tart

another cycle of -- >> it doesn't start another cycle, but ends the old, doesn't it? >> a-plus for efort gerri: dwane, you have been patient with us. thank you for arguing the pro side on this network. i appreciate it. >> two against one. gerri: it's tough, know. okay, thanks for coming on tonght. happy weekends to both of you. here's a question that i thought of. do you lve your job? i do but ost of us, well, they don't. a recent gallup poll shows a third areompletely satified at work, but so cities have more happy orkers than others. that list is tonight's top five, number five, washington, d.c.. they may be satisfied with the jobs, but they re not doing them. with budget cuts, near 7500 emloyers are hiring. number four, salt lake city. the health care workers in the ty ar the most satisfied. number three, more than 4,000 employers in seattle hire, and

zillow is he best to work for. you know them. san frnsisco, residents always eem to be happy. i lived there. i was. you ve to drive an hour south to get the number one city with the most satisfied workers, san jose, california. it's hard not to be hapy whe the biggt employers in the city are stanford university and google. bottom line, if you want to be happy at the job, move west or get elected to congress, i guess. still to come, tw crepts more an warning for grads and as well as om and dad. don't go away.

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closing the deal, or just having fun tonight. you want a hotel room at an amazing price. toight. impossible? not anymore. download the free hotel tonht app to book rooms in over 85 ties around the world. when we get rooms that would otherwise go empty, you get the best rates, guaranteed. so with three ps and a swipe, you can book a great room for a great price. download hotel tonight free then sign up with promo code "deal" for $25 off your first booking. ♪ gerri: scamng borowing strugglingto repay student loans. that's what a new report from consumer watchdog is chaing to firms offering deb relief. some firms reportedl charging customers initial fees of up to 1600 bucks for services they could get for free. with more op this, senior vice president and publishers of

e-advisers.com. mark, thank y for coming back on the show. you know, i look at this, and i think here we go again. you know, we' seen these scammers just generally targeting people who have trouble with debt, but now they are smart enough to know students have accumulated a trillion dollars in debt going after thosefolks. what do you think of it >> >> is outrageous. they charge a fee for somehing the government provides for free, and the government provides onsolidation, income-based repayment, rehabilitation f defaulted loans all for fee. gerri: well,et's look at what some of the foks are doing because they are charging high fees for programs hat are free, as you say, selling a one-size ts all approach, the same answer for everybody, provi inaccurate information telli you things about the government programs that are ot true, discoaging borrwers from handling their open cases, and focusing o sales, not counseling. how did these, guess yo would say companies, typlly approach students and people with student loan ebts? >> well, some advertise on tv

@%th names that are similar to the federal overnment's direct loan program. you hear thse advertiments for services that the government offers, but it's as though these outfits provide th services instead of simply giving you he federal government income based repayment plan. gerri: do you have an example of a name? >> just try googling consolidation loans or debt relief, and you'll find dzens of them. they started poppingp in the last few yrs. gerri: unbelievable. you know, we try o avoid not talking about scms that, you know, you'd have to be stupid to fall for, but tismay not be anything that -- this may be a scam people could fall for because when you talk about students and deb they often don't know wh to o. what governme rogram are there out there for people who are in or their heads? >> wel, first of all, there's deferments and forbearances,

temporary suspensions of the obligation to repay the debt. you can consolidateith the direct loan program at loanconsolidationed.gov where the monthly payment is based o income oposed to the amount you owe. if you happened to have defaulted, there's loan rehabilitation programs and opportuny to settle for less than the amount you owe. all available for free from the federal government. >> all avaiable or free from the federal government. you know, a lot of people who wach this shw don't like te prrams because at the end of the day people don't repy debt owedded to the federal government, but for goodns sakes, don't get taken by a scammer; right? >> absolutely, and the -- i fau the federal government for not advertising the progam more. i mean, there's room for the scams to exist simply because the government doesn't ell borrors aout all the options that are available. gerri thanks for coming on and explaning thatto our vieers

mark, and we'll put he webses on our website, geriwillis.com so people know where to go. thank you. >> thank yo gerri: on to this day in business history. in 2003, the fifth harry otter book, "harry potter and order of e phoenix" was published, and amazon shipped ut more than 1 million copies, t largest stribution day of asingle ite in e-commerce history. wow. with 38 hapters long, it's the longest book of the sries, total of 55 million copiessld, and in 2007, the film opened to a worldwide five-day opening of 333 # million dollars raking in close to a billion dollars in all. the fih harry potter book, "harry potter order of the phoenix" published today, june 21st, that is,just ten years ago. think longer. two cents more and fashion friday. looking at the new line of clothes designed for little gis and their big imaginations. stay with us.

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♪ there's got to be better cards than this. [ male announcer ] there's better way with creditcards.com. compare hundreds of cards from all the major banks to fd the one that's right for you. it's simple. search, compare, and apply at creditcards.com. first round's on me. gerri: in fashion with owner of an online shop helping girls express individuality and

♪ gerri: in fashion tonit, kidswear with a twist. the online shop, polka dot, what? allows kids to design their own leggings with their own

personality. we have the ceo of polka do what. whht is it? >> well, it is a lekkings line for girls ages 2-1years ol and what we do is aim to empor creativity an instill self-esteem and give back at an early age. gerri: they are so cue. >> thank you. gerri: different colors, one leg is one clor, the other leg another color, it's sweet, and the kids pick what they want; r; right? >> yes, we offer a template for kids to go online and pick from a selectioof styles and colors and prints, and all the colors and prints are givenempowering names and personality traits so thy can choose on it based on who they thin they are. gerri: staed this at two years ago now? >> yes. gerri: on like right now, but the big success, your breakthrough is getting these duds on he boddies of celebrity kids. >> exactly.

gerri: if i learned one thing from the fashion segment, it's getting to celebrities is key to succe for fasion designers. how did you do it? >> definitely. i workedded with a wonderful pr company inl.a. called good ar studios able to se my products to all the celebrities, and just by luck, i got a google alert tha halle brry, her daughter was weari our unique and sweet leggings, and lu was wearing our awesome and sweet leggings here. just by luckgot lucky, and it was wonderful. >> reprter: your background's in advertising, but what surprised you ababout running a business that maybe you had not encountered before? >> what was challenging is i started this alone. i, you know, did everything my myself. i didnhave a team or partner to srt with. it was me runni to factories, fulfillin all he orders, and doing all the finances an fixing web errors on te site if there were any, handling customers, and so it was challenging doing this on my

own, but i have a team now to rely on and work with on a dayo-day basis. gerri: that starup is difficult. you were ding something interesting making goods overseas, and ext year, everythinis going to return to the u.s. for manufacture here. why? >> we really elieve in made in america product, and, you know, obviously, supporting j growth in u.s as well. the great thing about it, you know, the first two collections wereone in the u.s., a what i loved about that was the fact i went to the factory throughout the whole process, touch, feel the fabrics and correct things as we go. you know, it was tough dealing with international factories with the language and the time diference and all that, so this is gret. gerri: you need to be right there and know exactly everything that's happening. >> exactly. gerri: another interesting thing is lunchbox. >> sure, 10% of the profits o to lunchbox fund, a nonprofit organization based in south africa and provide dail meals

to school children in a-risk areaa in south arica. what, you know, how it works is five meals are provided to these kids in these schools in south africa for every pair of leggings that are sold. gerri: that's fan tas pick. now, what is, you know the next stage for the company? are you goong to make tops now? wehae leggings, what's next? >> well, we started wiwith leggings only as you can see, and now with the great response received from parents and children and celebrities, we are gointo be expading to tops and dresses as of next year, spring/summer 2014 #, expandi into the retail market and hopefully do some retail overseas in south afri agin, where the charity is based, and personally expanding the polka dot web family. gerri: you are pregnant. congratulations. >> thank you so much. gerri: on your company, and good luck with the family. >> thank you so much. gerri: fun to see what you are doing.

peopleill get a kick out of it p >> definitely, thank you, appreciate it. gerri: thank you. we'll be right back with my two cents more and answer to thhe question of the day, do you invest with your head or your heart? ith yr head or your heart ♪ alec, for this mission i upgraded your smart phone. ♪ right. but the most important feature of all i.. the capital one purchaseraser. i can redeem the double miles i earned with my venture card to erase recent travel purchase d with a few clicks, this mission never happened. uh, what's this button do? [ electricity zaps ] ♪ you requested backup? yes. yes i did. what's in your wallet?

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gerri: a fox business alert fo you now. the food network announcing it will not renew paula deen's contract amid the controversy surrounding the admission of using racial slursn the past. the announcement coming about an hor after deen posted online e first of two videotaped apologies to try to repair that mage. it all came out as a result of court documents for discrimination lawsuit filed last year by a former employee revealing deen admitted tousing the "n" word saying, yes, of course, but it's been a very long time. the contract with he network airing three hows featuring the

66-year-old's chief exres at the end of the month. well, after a two-day stock plunge, stocks are much more stable toay moving between small gains and losses, so do you invest with your heart or like yesterday wih your head like today. we asked the question on gerriwillis.com, and 9 said heart, 91% said heart, huh, okay, i believe you. california writes just discovered your show, keep up the great work, and i'll continue to watch. thank you, wade. ik from new york says to solve the overdraft free, don't overdraft. use a crdit card, small balance in the checking account, and as you write checks, transfer that to your savings. simple, he say david from pennsylvania agrees. easiest way to avoid fees on the debit card, have the bankset the account so if you attempt to use the debit card without the money in the account to cover transactions, the transaction is denied. wouldn't that great? just do it that way. once i did that, i never had the

fee again. we love hearing from you. e-mail me. finally, you may be breathing a sigh of relief after the dow industrials ende higher tonight. well, 40 points higher, pain may only bebeginning, and that's because thyield on the ten-year treasury was up 4 pois this week, a lot. thatis a bigest rise since 2003 a decade ago. the bond story may wel e the bigger issue for mostof us consumers. you know, we can sit out the noise on stoc gyratios, leave the worry to prfessional aders, the ones who make the money onthe gyrations, b you an i, we can't ignore higher rtgage rates. whher you are underwater or eager to buy, higher rates could hurt the housing recovery helping the broad economy. one eport this week had individual investorshrowing in the twel on 17 # billion in bond fund investments. before you give in, reember this, the high education ever mortgage rates according to

freddie ma back i early october of 81. 18.6%. hey, things could be worse. that's my two cen mre. that's all for tnight's willis report. have great you.