interviews, ceo of dow chemical, andrew liveris and pennsylvania governor tom could be bert. what did he do do get the jobs? very cool demonstration like bendable paint. david: i bet they want the corporate tax rate to go lower. melissa: i'm melissa francis and here is what is "money" tonight. it may be the biggest energy game-changer through fracking you probably have never heard of it. it is buried in the bottom of the ocean with more energy than anything on the planet. we'll tell you all about in just seconds. plus, who calls the financial shots in your house? oh, you think you do? your spouse probably thinks otherwise. a new study says that the divide between couples is wider than the grand canyon. we have details on how the power of money is impacting marriages anywhere. "who made money today?" there are not any roadblocks in their way to make profit. not sure who it is. stay tuned to find out. it is even when they say it

isn't it is always about money. melissa: tonight we start with a breakthrough, a possible energy game-changer that as i said you have probably not heard of. they call it, fire and ice. it sound kind of sci-fi. it is methane hydrate and it is a solid form of natural gas found in two places of the at the bottom of the ocean and deep below the arctic ice. but test runs have already been done to extract it obviously that is not easy. experts say it has more energy than anything else that exists. forget the fracking boom. this could blow all of that out of the water literally. here to explain and probably introduce the future of energy, richard charter from the ocean foundation and steven schork of the schork report. thanks for joining us. richard, let me start with you. what is the potential here? how powerful is this?

>> i would consider this a potential future energy source rather than a current energy source. it is worth studying. it is frozen water ice, crystal line modern ice with crystals of methane locked into ice. if we free those without con causing some kind of catastrophe, it would be a big deal. melissa: that sounds like a big if. if we could prethem without blowing up the planet that would be a fantastic thing. what are the odds of doing that? we're working on it right? >> this is something the oil indus has known about it for very long time. they have always been scared to death of it. it is something to avoided in the gulf of mexico. they have tried to avoided putting a platform leg, part of a drilling platform on a methane hydrate deposit because if it destablized, which the stuff tends to do, it could obviously threaten the structural integrity of the platform itself leading to something disasterous. oil industry stayed away from

it. now all of sudden it looks like it might extract methane, i.e., natural gas from it. melissa: right. steven, why all of a sudden we're focused on it? >> we're focused on it but it is more importantly resource starved countries like japan, asia, china and india who are heavily investing here n here in the united states 10 years ago. the old economic addage took place. high prices are cure for high prices. >> right. >> we had natural gas prices that were $15 a deck a therm. technology improved. we got the shale gas out now. right now natural gas is $4. you if you go to jop tan it is 15, $16 a decatherm. if you juxtapose with the disaster from fukushima and a drift away from nuclear generation, those btus are going to have to be replaced and yet japan has been the vanguard

of investing heavily in the methane hydrates located off the continental shelf off their coast. this is potential game-changer, the new shale for asia. melissa: richard, there is another reason beside the fact asia is starting to look at this because the economics are saying maybe this could make sense down the road. there is idea as the planet gets warmer these may be released on their own and that would be catastrophee. this is sort of harnessing this before it become as problem. is that a fair characterization? >> no. melissa: you disagree with that? >> this is not really preventative medicine. methane is far more powerful green house gas than carbon dioxide although doesn't last nearly as long in the atmosphere. over a pound of methane traps as much heat as 72 pounds of carbon dioxide. potency declines over time but over a century it is 25 five times more powerful than carbon dioxide. you don't want to accidentally or deliberately release a lot of this stuff into the atmosphere

right now. melissa: no. >> public health implications of that, global sea level rise, flooding, human catastrophes are a very real possibility. so you don't want to accelerate global climate change whether you believe in it or not. it's real and, we've changed the chemistry of the ocean. we don't want to accelerate that process. melissa: although that could be a different discussion. steven, as asia is barreling closer and closer towards this, is it a disaster for the environment? >> well it is a potential as richard said, if we do hit one of these deposits and we do have an uncontrolled release into the atmosphere, it is definitely is a threat but as you mentioned at the top of the hour, melissa, there are two sources. permafrost melting in the arctic a land mass that covers 20% of the globe. we're already seeing methane or excuse me the permafrost melted there. their estimates there are 950 billion tons of carbon trapped up there could potentially be released that methane into the atmosphere on a

natural occurring basis. as richard said, that the warming of the sea temperatures could potentially melt the permafrost on the continental shelf which then would release the methane trapped underneath the sea which could then bubble up into the ocean and be released into the atmosphere. so market commercialization of this methane is one potential solution, capture the hydrate now. burn it as natural gas as a fuel and cut it off at the head before it gets into the atmosphere as a gas. melissa: richard that has been the conversation and thinking but sound like you disagree with that? >> well, in the past, for example the burr burr administration really doctor george w. bush made a very small commitment to move forward with meth tape hydrate experimentation and that continues to be the case. the reason as steve pointed out the price of natural gas in the u.s. let's face it north dakota

bakken shale oil drillers are flaring $100 million of natural gas a month. a third that they produce with their oil they are extracting. >> yeah. >> that flaring you can see from outer space and emitting green house gases equivalent to one million cars. so the idea that you can have a preventative intervention and extract hydrates basically, you need to look at geologic history a little bit. there's been some huge releases of methane, pretty much all at once when subsea landslide through natural processes became die stablized or mud volcanoes as they're called and release ad huge amount of methane into the atmosphere. we are not in a situation where we induce something like that to happen. melissa: absolutely. gentlemen, we've got to leave it there. thanks to both of you. we appreciate your time. >> thank you. >> thank you. melissa: i like that. on another kind of update on energy. modular nuclear power plants, new technology labs for plants to be built that only about 20%

of the size of existing ones and they're built underground. john roberts is in atlanta with more. john, not everyone wants this idea i'm betting? >> not everyone loves nuclear power and not everyone loves the idea that the federal government is subsidizing this. melissa, this could be a game-changer but depending who you talk to it could either be a economic boon or could be a boondoggle. we're talking about small, modular nuclear reactors. the company in the forefront of all this, babcock and wilcox out of lynchburg, virginia, insited us for a look at what they're doing. this could be described as a bite-sized nuclear plant. as you pointed out the less than 20% of the power of a normal nuclear reactor. they run 1200 megawatts. these run 200 megawatts apiece. it is similar to the size of a wal-mart store and they do cost a whole lot less than a traditional nuclear plant does, 1 to $2 billion, compared to

anywhere between 8 to $15 billion. the first so-called, mpower reactor may go along a river in clinch river in the tennessee valley area. this will be built underground. that is one way to increase the safety profile of this. difficult for a terrorist to attack something that is underground. they also have a number about passive and redundant systems built into this to protect against any kind of fukushima-like disaster. here is what one of the officials from mpower said. >> we analyzed events of fukushima as they occurred and laid it against the mpower design shortly after it happened. mpower would have ridden out an incident even as severe as fukushima. no detrimental effects at all. >> now the whole construction process of these small modular reactors is different as well, melissa. typical nuclear power plants are structures of byzantine

complexity. this incorporates one neat little unit made into a factory for good quality c economics oft to say mass production but multiple productions. it is replicable and put into a truck and trucked out to the site. that is the boon part. what about the boondoggle. that lies in federal subsidizing the industry for research and development. the federal government set aside half a billion dollars for r&d so farr babcock and wilcox has got en$79 million of this. this is unproven technology. it is really on the drawing board barely in the testing phrase. this led watchdog group, taxpayers for common sense to give the government a golden fleece award, we're sitting on the edge of this, us as taxpayers a nuclear solyndra that could leave taxpayers holding the bag. >> it just seems one of those things where we're throwing good money after bad. the nuclear industry is incredibly heavily subsidized. this is another way they're

putting their hand out. hey, we've got a new way to survive, give us more none any of and we'll do it. >> the dinse says it is the -- industry says it is wave of the future if they can make it work. it could lead a lost american jobs down the line a lot of developing countries are looking for a clean source of power. not you lar nukes could be the thing to supply it for them, medical list -- melissa. melissa: john, thank you so much. i feel supercharged. let's do more. time for the fuel gauge report. bp superfund is nearly out of mon any of. they say the fund only has 300 million-dollar left in it. damage payouts are rising far higher than bp originally estimated. the company says a growing number of claims it has to pay are fictitious. jpmorgan is paying $410 million to settle charges with the government. it's a record settlement for the energy regulator. between 2010 and 2011 traders in houston were acaused of manipulating electricity markets in california and michigan.

but jpmorgan is not admitting any wrongdoing as part of the settlement. u.s. oil imports fell to their lowest level in 18 years. that is according to new data from the energy information administration. they dropped 13.2%. hitting 7.7 million barrels a day. next on "money," who really makes the financial decisions in your marriage? couples are just divide on their roles in this new study. they may as well be living on different planets. what the power of money means for your marital bliss. got to hear this one. plus, while detroit implodes, oakland county, michigan, is living large. it is literally across the street from motor city. the county executive behind the jobs-creating juggernaut joins us. don't go anywer. more "money" coming up. ♪ ♪

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♪ melissa: i've been dieing to do this one all day. it is our "money" talker for you. when you sit around with your friends would you ever admit out loud or maybe in front of your

spouse that you have the final say when it comes to spending money in your house? if you don't agree on a big purchase, say major home renovation, new car you would go out to buy it anyway? a new survey shows couples are totally out of zing when it comes to who is charge of the family purse strings. overvaluing their own contribution or drastically undervaluing their significant other's here to give as you reality check, fox family and "money" friends, charles payne, mercedes colwin. tony sayegh, who we love buu we couldn't fit you on the set. >> what is about that? cold in siberia. >> i know, i know. maybe i will let you go first. what i loved about this, is for example, when men were asked, are you the primary financial decisionmaker, 69% of them said yes but only 13% of their spouses agreed with them. there is a little bit of a disconnect there. we see this time and again in

this study. are you in charge of the making the decision. the person said yes, and the spouse said, i don't think so. tony what do you think about that, are you in charge? >> melissa, my wife and i make every decision 50/50. melissa: come on. get off the set! melissa: give me a break. >> my name is not tony. it is ward cleaver. we're the perfect american family. these statistics that come out of the poll do not shock me at all. i think there is natural oppositional relationship between spouses. when the husband thinks something, the wife thinks the opposite. when the wife thinks something the husband thinks the opposite. why should it be any different? we all know who makes the real decisions in the house and it is definitely the women. melissa: mercedes, do you make awe the big decisions? >> we had this conversation this morning with my husband. oh, this is such a cool topic. you make all the financial decisions. on what planet. i don't makes any. decisions. you do. no, i don't.

i don't make any decisions. >> that means no one is in charge? your house. >> absolutely. melissa: no one is driving the ship. >> i guess some. i think it is okay. melissa: are you in charge. >> you know what? i think a good wife will somehow figure out a way to have the husband think that he is in charge when she is really in charge. melissa: really. >> that is why you have the difference in the thing. i don't know what the art is how they do it. wife and kids are typically in charge. although, you could have switched it up a little bit said who makes the financial decisions and ho makes the spending decisions because when it comes to spending money my wife is completely in charge. melissa: oh. you think she is doing purchases and you're planning for the future, is that what you're saying? >> i feel like i'm planning for future. i feel like i'm planning for the future but she definitely, let me tell you. she has a direct relationship with ups and fedex. they are considered opening up a branch in the house. every time i come home, like the old "dick van dyke show," i trip over a box. occasionally --

>> i hear that credit card going, oh, yeah, charles? okay. take that credit card. make a few more purchases. there you go. melissa: my entryway looks a little bit like a ups delivery spot as well. fedex. >> what percentage is your husband's? melissa: i'm the acquirer for everyone. i buy for everyone in my house. if it wasn't for me, everyone in the house would be walking around naked, no shoes. who has a swimsuit for this? if i wasn't out purchasing i mean, people, we would have nothing. we wouldn't have any food! we would have nothing. help me out, tony. >> that is exactly what my wife always says. she make the decision because she is thinking about everybody equally. of course i'm thinking about myself or need at the moment. men have within major thing they should just worry about and that is what i worry about. feed the beast. bring home the money. let your wife redistribute it. melissa: wait a second. somebody has to clip that. >> that's it. >> the beast is not the wife. it is nut, lifestyle, house,

vacation. melissa: yeah. her said and i are bringing home bacon. >> you're lucky you're not studio, my man. >> is that why i'm out here? melissa: i think so. >> what do you think about that mercedes. my mom was a primary breadwinner. i'm certainly one of the primary breadwinners in my family. women are 54% of the workforce are woman. we're out there tony. >> i'm not saying you're not mercedes. i'm saying what men, look in those households it is fantastic. my wife went back to work. i think it is great. i'm not saying women shouldn't work at all it is fantastic. men who worry about their financial role i would focus more on delivering the goods. that's all him saying. >> take it one step further. what does it really mean? chars, you're someone always out there giving investment advice to help people grow their nest egg larger. if people like tony view the women as the spenders, and the men as the investors, which is kind of what you said too, that is not necessarily good for growing your nest egg into the future. maybe we need to be on the same

page if we're going to have to something to show at the end. day. >> i think maybe we should be on the same page. melissa: maybe? >> i have make maybe we should be on the same page. at wedding they collected money from everyone. as soon as -- melissa: really? putting it out there. >> new york kind of thing, right? got in the limo, she looked at him, he said, hand it over, stupid. from that day on he didn't get married. he got a supervisor. my point is, someone has to be in charge, right? no matter who it is. and i do think that role has shifted a lot over the last couple of decades. melissa: what about the family meeting where everybody gets together to make sure you're on the same page? >> oh, my goodness. wife and kids. can't beat the wife and kids together. when they want something together they're unstoppable. melissa: that was fun. i don't know if we fixed the problem. we had a good time. thank you to all three of you. tony, you're in trouble. >> i'm always in trouble. >> bring home some flowers. >> come up here, tony. we'll take care of you.

>> good toe sue guys. melissa: you know all about detroit being in shambles, literally across the road sits its mirror opposite. oakland county is one. wealthiest areas in the country. the county executive responsible for it is going to explain how he pulled all this off. maybe we can all take a few tips. do you ever have too much money? ♪

melissa: whether it is on wall street or main street here is who made money today. anyone who owns goodyear prior. the second quarter profit more than doubled. the grim economy in europe has been a drag for many big companies. goodyear says sales in europe are finally stablizing. the stock was up 9%. not bad. losing money today, bill ackman. the hedge fund giant made a

billion dollar short bet on herbalife last year. he infamously called herbalife a ponzi scheme, you remember that but herbalife's stock has been on a tear recently and topped estimates fork second-quarter earnings. reuters report, ackman losts, wait for it, $300 million on that short bet. making big money with really no effort, michael strahan, co-host of live with michael and kelly, selling his belleair mansion for $11 million. he bought it just a year ago for $8 million. sew made three million bucks. he didn't do a single renovation. not bad. all right, to detroit which is still not making money by the way. today a u.s. bankruptcy judge set october 23rd as the start date for a trial on any potential objects to the city's bankruptcy eligibility. but across the street from the motor city sits oakland county. it is one of the wealthiest counties in the country with a aaa bond rating.

its population has popped while detroit's has plummeted. brooks paterson the county executive of oakland county. he says that they are quote everything the detroit isn't. welcome to the show. you have been in office for six terms. you've been one of detroit's biggest critics along the way. do you feel like you're saying i told you so now? >> i would never do that i don't know that i'm a critic i think i tell the truth and if you tell the truth about detroit, now you're a detroit barber. melissa: so what is it that you have done differently? >> if you look at detroit, their budget is almost 2 billion. that is a lot of revenue but their expenditures are 2.3 billion, 2.4 billion. they spent more than they take in. it's, the age-old problem. and in oakland, we're very disciplined. we check it every month. we do not overspend our budget. because of that we've had a balanced budget for at least 20 years that i've been there. we've been able to build up

surpluses and we, sitting on a pile of cash and we paid off our retiree health care for our, that is legacy costs you hear so much. we don't have it. we're debt-free. things are going well for oakland. melissa: you've done a lost things to try to attract and promote business. like what and what advice would you give to detroit to try to dot same thing right now and get business in there? a lot of peoplery sag that is the only way they can turn things around at this point is to attract jobs? >> in oakland, we came up with a program in 03, researched it in 2003, and kicked it off in 2004. we were trapped in the single business and all the eggs in automotive business, when it was gone 08 and 09. we lost 62,000 jobs in 2009. that's a lot of jobs for one county. we did some research. called the product of that

research eye merging sectors. we wanted to know what the growth sectors would be for high quality, sustainable that is the key word, sustainable jobs here 40 years from now. so we looked for those attributes we came up with ten sectors. purposely excluded automotive. health is number one. just off the charts. i.t. is number two. finance is there. and we nailed it. and what all turns out to be, melissa, the knowledge-based economy. hear so much about. i think we have every expectation right to play the knowledge-based economy. we have educated community. that's where we're going. melissa: if you were in charge in detroit right now, do you think that bankruptcy would be the best option because that's the big debate that's going on of course? is this a fresh start and a way to wipe the slates clean or does it make things worse? what is the best thing going forward for bankruptcy now? >> it was inevitable. it is the only thing they could do at this point. they had some options a few years ago but they ran out of options and they kept spending. they borrowed $100 million to

get current and thought they were living, high on the hog. but, that 100 million has to be paid back. and that chicken came home to roost. now they're 18, going on 19 billion in the hole. there is no way. now, bankruptcy, we could argue, i think it is the only choice they have but unfortunately people like the pensioners who worked for the city 25, 30 years. melissa: right. >> look forward to retirement, look forward to health care, they will lose their health care that is so unfair because they wean involved in the bad decision-making that got detroit to this point. they were involved in the corruption that just marched the whole qwami kilpatrick association. they were ones that have to pay the bills. melissa: brooks, thanks for coming on. we appreciate your perspective. >> >> i pleasure. melissa: turning from the motor city to the motor world, bmw just unveiled its first electric car. it is the i3. most innovative thing touted to come out of munich in a decade. most electric cars are not racing ahead in sales.

so what sets this car made of the pack? we have bmw's project manager for the design. thanks for being here. >> thanks very much for having me. melissa: there are fascinating things about this car. it has a carbon fiber body. it has a lithium-ion batter arery. you plug it in and charges completely in three hours. what are the economics for this car in particular for you guys? fiat, they lose $10,000 per car. there is obviously incentive from the u.s. government to buy it but you're selling this for 40 to $45,000. are you making money on the car? >> yes, i can promise you absolutely. every project we start with bmw has to make profit or otherwise we wouldn't be doing it. we have the convinced this car has potential to be huge on the market. it is not car but also the services around the car. that is why we invested clearly from 2007 until now. so of all the invests we're doing are absorbed on balance sheet. every single car we're selling

we're also earning money. melissa: when i read carbon fiber body and lithium-ion battery i think boeing 787 jetliner. i worry about the car. do you worry about any dangers with the battery or the design if. >> not, not at all. melissa: why? >> carbon fiber is one of the safest materials. melissa: what about that battery? >> it is completely different battery than you would have in an airline industry or something else. specifically, designed for the automotive industry. and of course since we do, take all respect and safety for passengers and for the other cars, we've all managed highly sophisticated system to secure the batteries and passengers. so that is just as safe as any other car. melissa: there's a lost competition in the space obviously. the tesla, really blowing everyone away. how does this car compare to that and what do you think of that competition? >> competition is always good. the more electric cars sold on the market the better it is for -- melissa: why? >> people start accepting electric cars to see it is just as flexible as normal to use,

like conventional cars. so, we see the more electric cars are sold on the market it is better for the technology. the specific about bmw and the i3 there is no other car compared to this on one side true of bmw. i can promise you every joy of driving will be realized with that car as well. melissa: my twitter followers were very excited about this car. excuse me, they wanted to know about the range and the speed and all those specs. lay it on me? >> spied is very good with electric cars. i usually refer to things like electric car is light switch, always on or off. on the first, let's say 50 meters you're always the first on the next traffic light. melissa: what is the range on that? >> the range is between 80 and 100 miles on your average driving behavior. quicker you drive the less range but same with conventional car. and, it can be fully charged within, the first 80% of your fast-charging systems comes within the first 20 minutes.

so it goes really quickly. and it is more flexible. like charging or plugging in your mobile phone. so just makes it very simple and flexible. melissa: thank you so much for coming in. we appreciate your time. >> thank you very much for having me. melissa: next on "money," one of the biggest names in real estate is here with the real deal. why rent something now a better investment than buying. what? where will mortgage rates be in a few months from now? stick around for insight you can't afford to miss. "piles of money" coming up. [ jackie ] its just so frustrating...

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are you flo? yes. is this the thing you gave my husband? well, yeahyes. the "name your price" tool. you tell us the price you want to pay, and we give you a range of options to choose from. careful, though -- that kind of power can go to your head. that explains . yo, buddy! i got this. gimme one, gimme one, gimme one! the power of the "name your price" tool. only from progressive.

melissa: seem likes every other day we're hearing something new about the real estate market. today the case-shiller home price index soared in may. prices went up 12.2% year-over-year. largest gain since march of 2006 but it is not all good news. also announced homeownership hit an 18-year low. what is the deal? should you buy, should you rent, should you refinance? how high are mortgage rates going? here with all the answers and his predictions on the market, real estate guru and ceo of the agency thanks so much for joining us. >> thank you, melissa. melissa: what do you think about those numbers because it makes me feel like i don't want to go out and buy if i see prices exploding? you hear about situations where everybody is bringing everything to the table. it is all cash. things are not making it into market. there are bidding wars. that makes me feel like it's a bubble and it is overheating.

>> i think it is crazy. people should buy homes. why rent? it is the american dream to own a home. >> but why? you don't want to buy and have the price explode and you lose money. we saw that happen. how do i know that is not happening again? >> that's true. we've gone through a big recession. we're coming out of it and we're seeing, there is just very little inventory right now in the market. there is no inventory. such a lack of supply. >> right. that is starting to raise the prices. now, i personally think if you compare our prices compared to other cities and amazing cities, we're still low. i think, that you know, the u.s. is a safe haven. i think it is a great place to invest. i think real estate and your home is great place to invest money. melissa: bob schiller from the case-shiller index he was on home earlier today, he is said you're better renting. let's listen and react on the other side. >> lot of people are choosing to rent now, rather than buy. i think, they might be right. i think we've overemphasized

homeownership. it's a good thing for people in the right age range who want to settle down. but, there's lot of other people who have been buying homes because they thought it was a great investment and these people are changed their mind, maybe permanently. melissa: he is a yale professor. he has been studying this forever. why is he wrong? >> i think he is crazy. one. reasons why people are not buying strictly because we've gone through recession. there is not loft money in people's pocketbooks. melissa: true. they are renting instead of buying. i think buying -- >> that's an opportunity. go through the predictions for the next 12 months. you think there able developer boom throughout the country. >> basically i think that we're seeing a big boom right now in new york, florida and l.a. and i think that is just going to trickle down through the rest of the country. i think there is lack of supply on the market. i think we'll start to see more developing going on. melissa: we'll see an oversupply of rental properties. that makes me feel like i want

to be a renter then. if there is oversupply, prices will be low, is that true? >> that is true. developers are having to build rental properties. easier to finance them. they're just building rental properties. so i think we'll start seeing a little built of an oversupply on that. melissa: interesting. mortgage rates, you think they're going to rise to 4.875. that is very specific. >> you know, i like to be specific on my predictions. i think we'll start seeing a slight increase of mortgages over the next year. and, you know, right now when you can borrow money at rates we can borrow, why rent? why throw away that money? i understand the whole bubble effect and everything but i think we're going, i see it long. >> one thing in your favor, if mortgage rates are rising and prices are rising at the same time, that kind of makes you feel like you want to transact now. >> that's right. there is a fear right? a fear everything is going to go up and you will not be able to afford later. also if you rent, you don't really do anything with your home. it's a lifestyle decision. melissa: real house husband,

thank you for coming on. we appreciate your time. >> thank you. melissa: next on "money," tables at a newark, new jersey courthouse were trembling today. two stars of the "real housewives of new jersey" are charged with 39 counts of fraud and face 50 years in prison. would they have been caught if they were not on tv? that is what i'm wondering. we dig through all the trashsiness and get answers. at the end of the day it is all about money. ♪

>> average shopping day for me varies. i could spend a few hundred, a few thousand. depends what i find. i love clothes. i love shoes. i love handbags. i love jewelry. melissa: ouch. maybe reality tv star teresa giudice should have been a little more discrete about her lavish spending. "real housewives of new jersey" cast member and her husband joe getting hammered with 39 charges of fraud. the classy couple filed for bankruptcy a few years ago. they never stopped flaunting their outlandish extravagant lifestyle on national television! smart?

they could look at 50 years in prison. 50. how many other people are doing the same thing but they're just not in front of the tv? trial attorney richard roth joins me now. if you have a client and they filed for bankruptcy. for example, they say that the clothes they own are worth average, whole family of $3,000, do you then advise them to go on tv and say i spend thousands? i mean it seems like there wasn't a lot of good thought. >> it is beyond stupidity. beyond stupidity. $700 for apparel jewelry. melissa: everything is fake. everything she wears is fake. >> she claims she had was unemployed when she sign ad contract to be on housewives. following year she was unemployed. just really stupid. i don't know how, i'm assuming she didn't have a lawyer. i can't imagine a lawyer advising her you're on national television. tough be employed. melissa: is it normal for people to downplay in their bankruptcy filing what their assets are and they just don't get caught because they're not on television? >> it is normal to downplay them if they're downplayable.

melissa: that sounds like a white lie. what is downplayable? >> for example, a copyright. a copyright is asset you don't know how to value it. a business, you may not know how to value but a house, there are things you carnival you. not to mention the fact she engaged with bank fraud with four or five different banks. they filed false w-'s it, false pay stubs and lied to banks. joe the husband, apparently failed to file stocks five years and making over million dollars a year. that is stupidity. melissa: they say it's a federal crime of loan application but they were talking about juicing their income so they could get a bigger mortgage. a lot of americans did that, no? >> americans did that. melissa: yeah. >> now, in light of what has happened with the banks fiasco, banks are very tightly scrutinized and they check everything out. they check out references. check out tax returns. melissa: do they really? there was something called a liar loan. people got very comfortable with that that is one of the reasons i wanted to do with this segment. forging of w-2s is insane.

when they're talking about lying on loan documents to make their income look better so they can get a berg loan, didn't half of america do that and that is how we got in this huge financial crisis, turns out you could go to jail for that? >> absolutely. that is one of the reasons why we got into that. banks double-check and triple check. melissa: do they really do that now. they do. i applied for a loan six months ago. they're very tough. they do check and people are out there that did this this is extreme. this is beyond extreme but people women not necessarily tell their income. melissa: how extreme is it? as a lawyer, they rack up the charges here, are they going to jail or is this, you know, sort of been hyped in the media and they will make a deal and not go to jail. >> i think serious jail time. melissa: really? >> 39 counts. millions of dollars of bank fraud. we have lawyer fraud. we have fraud in the bankruptcy application which is a false statement. we have fraud in not paying, not filing irs tax returns let alone to paying tax. they will go to jail and go to

jail for a long time. melissa: teresa giudice is going to jail? >> new show. housewife of the pen. melissa: she knows how to make a buck. she will turn it into a franchise. richard, thank you very much. >> thank you. melissa: next up on "money," your dream car is nothing but dollar signs for car thieves. we have a list of the most stolen luxury cars in america. is yours one of them. you may want to go check the lot while on break. that will be coming up in spay change. you can never have too much money. [ male aouncer ] the mercedes-benz summer event is here. now get the mercedes-benz you've always dreamed of. but hurry...because a good thing likthis won't last forever.

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♪ melissa: it is time for a little fun with "spare change." today we are joined by "spare change" titans, the crowley and adam shapiro. you are titans, without question first up, as it the san diego mayor has not caused enough of a ruckus in the city for a sexual harassment claim, he now wants the city to pay his legal expenses for the claim. what nerve. the key -- city council is meeting on how to proceed. i mean, the taxpayer is going to pay to defend them against the groping that he did not taxpayer dimes allegedly. >> cojones and then there are brass cojones. this guy really has a brass cojones. when he says he wants the city council to pick up his legal fees defending this case, he's talking about the taxpayers of san diego who he has insulted

and is respected every day he has been in office if these allegations are true. women have come forward and said he wanted me to come to work without panties. >> the definition of chutzpah. i mean, he said -- melissa: a lot of good living here. >> as the taxpayers to pay for this. ammine, go away. he's been there what, eight months. melissa: i don't know. all right. this one is for adam. grand theft auto and luxury grand theft auto. thieves ticket up a notch and go for high-end vehicles. the number one, they target is mercedes-benz c class. i mean, it seems to be at the top among thieves. the s class and number ten, buying a mercedes. it was like mercedes. >> i was disappointed because i like jag wire and it was not even on the list.

melissa: to the breakdown as soon as you get in? but. >> not anymore. they are amazing cars, but we don't have time to defend. was really surprised. i was thinking audi would be up there. what they're doing in styling and house gorgeous. melissa: you are seeking this in as serious direction. >> is cars. some things in life are serious. >> there probably jacking mercedes because they're readily available. you see a lot of them on the street. it can probably be turned over for a pretty good price. >> that old ad. the ford against the mercedes. melissa: and everyone is likewise. it is no surprise that most requested book by guantanamo bay high-value, meaning most dangerous detainees, has been a car ran. want to take a stab at what took the holy books place recently? none other than the 50 shades of gray. a surprise?

where it. >> the terrorists being held at guantanamo bay with no access to women or pornography or anything else would be requesting these not that we should be furnishing them. the world stop terrorists. i don't think they should have access. melissa: al was surprised that we were fresh in this as an extra part. >> they offer to translated, but they all wanted to in english. they have been reading in english. >> the government is now saying that is one of the upside, they are reading these books in english. these are the world's top terrorists. wire we giving in these books? that is the story. melissa: that and the stolen mercedes. all right. i have learned a lot. you want to come over here? c'mon. c'mon.

he's too shy. come on. come here. here we go. all right. that is all the "money" we have. come here. you will see you back here tomorrow. here comes "the willis report." ♪ gerri: hello, everybody. i'm gerri willis. tonight on "the willis report" social security disability payments skyrocketing. the entitlement program is broke the new report says most people getting a federal disability check are fully capable of working. also, the obama administration is frustrated with the rate of economic growth. and new fakes. just change how we measure the economy. >> cut our deficits by nearly half since i took office. gerri: the inside scoop on the woman who sued her credit reporting bureau and $118 million. the case could be a big win for all of us. we're watching out for you tonight on "the willis report." ♪