today. i hope you made money today. tune in tomorrow, exclusive interview with the new jersey mayor. wait until you hear his story tomorrow. "the willis report" is coming up next year it dennis dennis: hello, everyone. attorney general eric holder vows to prosecute more people on wall street for the market meltdown. after five years is it becoming a witch hunt? while the other market may have been safe, dangers for investing overseas. here about the three cs. and find out why one liberal group is pushing to let college borrowers escape loan obligations by filing for bankruptcy protection. and why i think that is a terrible idea. we are watching out for you tonight on "the willis report."

tonight's top story, the witch hunt of wall street. attorney general eric holder making it clear, wall street is on notice and the feds are coming to get the big bankers. in a new interview, his department is planning on announcing a slew of new criminal cases and with us now we have an attorney who does a lot of legal work on wall street. saw this in a journal today, the tough talk from the attorney general said "anybody who has inflicted damage on the market should not be of the belief we are out of the woods because of the passage of time. if any individual or any institution is banking on waiting things out they have to think again." i didn't think inflicting damage was a crime, but what is going on here? >> first of all this has a feeling of a political move. it is not a genuine prosecution

in the sense something is wrong, we are saddened and shocked by it, this is a political move whether it is by the administration were motivated by holder looking to ratchet up a little bit of a legacy to when he goes back out into public life whether it is the private sector or into political office you want to be seen as a crusader. second, the democratic party is looking for some, this has a feeling we better throw some christians to the lions. you really get that feel you want to go pick on someone. why are they stirring up this argument? dennis: that is one thing i was wondering. i realize you represent big wall street firms that are going to talk your book and your sympathetic to their interest, but i never thought in all the meltdown there was rampant criminality. i thought a lot of these guys were reckless, clueless, greedy but i did not think they were

criminal. wouldn't these indictments have come down long ago? >> absolutely. but the fact is to a certain extent this wasn't a criminal enterprise. this was a program started ironically by george bush who has been motivated to get more into the hands of people who may not be able to afford them. remember, when all of this cleared out, there were a lot of reviews, lots of executives. two things went on, the focus wasn't remedied, salvaging us from economic collapse. the second was to look and see if there was the smoking gun. it wasn't throughout the industry, the entire mortgage debacle was not all bad. there was a genuine purpose of good behind it. one of the last reasons you get the feeling this is going to be a big mistake is because in

pandering to the populist who wants to see a head carried through the town square, we are fighting last fight. there were about 2000 referrals to the justice department of bank fraud. since '95 there have been about seven or eight per year. part of the reason is because they re-tasked people. there is a limited number of people working for these units of the government and starting about '95 they refocused on health fraud. now you can actually see we are going move all of those people back to banking, a crisis that has long passed and we will wind up with a health fraud problem. dennis: coming down with new charges, why new charges? >> you can build a record on i'm going after crime, going back to doing and before that.

the public is far more educated about this now. i just believe in people see this now, and look at it and say yeah, i know what they are doing. 90% will never happen, if there are convictions, most of those will get reversed. you get the play from going out and saying you are doing this and that satisfies the amount of people in the party. dennis: do you think though, capitalism is optimism monetized. business people invest in a feel good things are happening. when you get the feeling government is constantly knocking on your door to tell you what you are doing wrong, i feel this kind of compresses the desire to invest and compresses and hurts confidence things will go well. do you think this witch hunt actually hurts our recovery in any way? you seem to doubt that. >> not now.

things are on the right track. the economy will move and people discount this the way they discount other certain news. it is a stunt, action being taken, lot of hot air. we are riling up the troops. but ultimately it will not change. the problem is, speaking generically, doing it back then under the old law would have been sufficiently difficult. now the complexity of the law is such they do not understand it, it is hard to understand what is right and wrong. they did bad business moves but not to run a ponzi scheme. dennis: thank you for being with us, appreciate your time. you saw the stocks plummet in the final hour of trading on more fed fears would start

cutting back on bond purchases next month. that has led bond prices down and fueled a sharp resulting rise in the effective interest rates. is that great rotation out of bonds finally here? it seems to have begun. the question, where is the money going? let's ask miller. thank you for being with us. we had a couple of guests on last night. they all pretty much agreed the great rotation out of bonds has gone. a big amount had moved out of the bond funds yet again. what do you think? >> i'm looking at numbers through august running about if you take july, august and june, about 150 billion has come out of bond funds. the question is where is it going. we heard about individuals and institutions coming out of bonds and into stocks since the

beginning of year. year to date both bond and stock funds have positive inflows albeit much smaller now. but the real rotation has been out of those categories and into both money markets and deposits running about 150 billion into those two areas. my sense of it in here, there seems to be an imprint o impenee wall. going into money markets and deposits. i would almost say if you look at what has gone on in the classic car auctions and art auctions people are choosing to take the money out of the money market and by hard assets including cash real estate. so far we are not seeing any of it. dennis: we have a chart here showing in the past week 12.4 billion coming out of bond

funds, 3 billion coming out of stock funds backing up your theory there. you are a wealth advisor, if you tell your clients you should be in bonds, are you telling me to buy a 10-year treasury and hold it for 10 years or i should be in some sort of a fund and ready to trade out of it when the prices have been advantageous to me? should i block my mother the entire time in the bond? >> what i advise people is buying bond fund, my advice in there right now is to not go out and buy the 10-year treasury although if you are a pension fund or a corporate or municipal fund, it does and we're seeing those numbers measured that the pension fund is locking in the rate they are getting on long-term bonds and reducing stocks because it helps narrow the underfunded status of those funds.

take a look at the funds you own and make sure you're on dividend reinvestment because we have had the prices come down. if you are long-term investor the ability to compound these rates on the funds, equivalent of a treasury yield, talking about funds that have much higher rates depending on the specifics for the fund. it is a good time to keep your allegation in fixed income if you are a pension investor you're looking at being able to reduce the underfunded status by locking up longer-term bonds and pension funds. dennis: would you tell investors bond prices this year to date are down 3.4%. somewhere in the bond market a pretty big move. should the people use cheaper prices to put more money and go into bonds? that would be bad because it

means they continue to fall after i buy into those funds. >> according to various resources $3.8 trillion are in bond funds. we look at the 100 some odd alien, less than 3% of the assets in the fund. it is a large amount of money in motion here, but in terms of the total allocation to bond fund, it is still, i essentially take it to people taking their money out of the fund at this point and quite honestly look at buying real estate or other expenses. dennis: generally that would be a good thing buying a car instead of just another piece of paper. nicely done, thank you for being with us, appreciate it.

>> thank you, dennis. dennis: a lot more including where to invest overseas. we're looking out for you and your money. it was once a joke of wall street but facebook is on the rise so what is its secret? mastering mobile advertising. he will explain right after the break. ♪ my mother made the best toffee in the world.

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in fact, we've invested over $55 billion here in the last five years - making bp america's largest energy investor. our commitment has never been stronger. dennis: the facebook flop. member that ipo? stocks up over 5%, just this week as they have sold off, back over $38 ipo price. what is happening? the market loves it with the mobile ads. the ceo of a digital advertising company. thank you for being with us. nobody has quite gotten it right, it is all brand-new. tell us about what facebook is doing that has gotten it right. >> facebook is a tremendous market. each of them are active mobile

users. one of the reasons the stock took a dip post ipo is they could not effectively monetize the user base. dennis: they had no ads on it. >> and it was not necessarily the best experience. they created mobile first mantra and created a facebook mobile experience for advertising network for them. it was essentially two things. the first is they created an ad that resonated with the users. it is large, it makes sense in the facebook environment. looks like a facebook post and within the newsfeed. consumers took to it very well. the second thing they did base an industry trend is they made it very easy for advertisers to buy mobile advertisement. dennis: once you enable me to buy easily, i start buying more. >> exactly.

i have a lot of advertisers that bought on the traditional digital pc. they made it easy for them to start allocating a lot of the budget toward mobile buying more as well. dennis: talk to us about the amount of time we spend on mobile versus the slice of the ad budget that is mobile. >> there is a well-known gap between the time spent, the consumers engaged with mobile and the ad budget. 12% of time spent in 2012 versus 3% of total advertising expenditure digitally in 2012 from a marketing standpoint. everybody's asking how is the gap going to close. the first is people need to recognize mobile is still fairly new. smart phones are about six years old, tablet is about three years old so in many cases we want to advance things as quickly as possible. previously with things like traditional digital you saw a natural migration to marketing

trend based on where they were. you will see that with mobile but how long is it going to take and what can we do to get there quicker? consumers are spending more and more of their time on tablets. dennis: what should facebook or other companies be doing? >> every company that has a media presence needs to be thinking about mobile. it is a good idea to take a page out of facebook playbook. dennis: it fits within the environment you already have going, right? you don't want to stick out there like a sore thumb. spiegel a lot of mobile ads you cannot even see them. they are small. make sure it allows advertisers to stand out. that is number one. number two, allow advertisers to buy it easily. we're working with that with undertone in a very efficient way be able to buy a pc mobile.

dennis: if mobile is doing it right, facebook is doing it right, how his twitter doing it so far? what is happening with other services? >> twitte twitter is a private y so it is harder to track their activity. dennis: with what you see, what do you think? >> there taking a page out of facebook's book. they have a sponsored tweet. native, it fits the environment and the make it easier for advertisers to buy across screens. rather than just thinking about mobile is where you will see a lot of companies that play. dennis: nice job, thank you for being with us. later in the show, should borrowers be able to declare bankruptcy to get rid of their student loans? we are talking a trillion dollars liability. and it would come from taxpayer pockets.

next we answer the question "how do you do that"? how to invest your money in the treachery of overseas. stay with us. ♪ ♪ [ male announcer ] staying warm and dry has never been our priority. ♪

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our visionary cloud infrastructure and global broadband network free you to focus on what matters. with custom communications solutions and responsive, dedicated support, we constantly evolve to meet your needs. every day of the week. centurylink® your link to what's next. dennis: a lot of turmoil overseas but some investment funds are slamming. how to get in and asked with red-hot investments after the break

dennis: attention investors, you'll kick yourself when you hear the returns coming out of some of these overseas equity funds. so how do you choose the best opportunities for your portfolio? three red-hot investments around

the world. the women's investment network. the author of the amazon bestseller, the abcs of money. let's talk. an awful lot of fear, protest and flames and a meltdown in india and there are some opportunities there. >> absolutely. when you see the overheated u.s. market and the 5% pullback we have had this month. these other areas start looking good. the three cs i want to talk to about are not inflamed. a few that have been oversold because of what is going on in other areas. chile, china and canada. dennis: let's start with chile. >> it is the number one copper producer to the world. materials have been hit hard. down about 18%. the country itself has 5%

interest rates, 4.6% gdp growth and it is more free than the united states. the index of economic freedom ranks at number seven, we are number 10. dennis: must be all the federal regulations to punish the banks in the wake of the meltdown. you have a couple of stock pic picks, talk about each of those. >> minerals, but they also have lithium. that is in every battery we use from electric cars. and ech is the chile fund. dennis: how come chile and not brazil? >> i like all of the fundamentals. i like the value and the growth. dennis: now talk china because china seems almost an old story

now but everybody worried about the big slowdown because they are only growing 7% per year. >> i like a sector in china. the internet sector. in 2012 and 2013 i named to chinese companies. the symbol is easy to remember, date. it got killed earlier this year because they did not think they had figured out mobile. it has become priceline as well. they figured out people like to order their travel on their mobile phone. they have been killing it. dennis: had to pick a controversial point to tell you i have heard it pronounced baidu. >> i like the returns nonetheless. we are on to canada. i like gold-mining companies. dennis: in canada? >> yes. a lot of the etfs we can have are about 60% in canadian

gold-mining. you can get good exposure to those two funds i told you about. psau and ring. gold has been killed, so again i am a value person who has good reasons to buy something. i think gold will rally as we get more and more concerned about the weakness in the gdp growth as to get more and more concerned of a potential debt ceiling and also as we wait to hear if they will downgrade us. dennis: i can't help but think u.s. stocks of the best investments in the entire world because our economy is far stronger than the other wobbly ones. your approach to the three cs, chile, china and canada, it is predicated i want to take money out of u.s. stocks and put it over there or diversify? >> i love the u.s. i love this country, we are so free. we innovate.

why not have a little heat in the three cs as well. dennis: i love you for saying that. thank you for being with us tonight. time for a look at stories you are clicking on tonight on foxbusiness.com. stocks closing lower today after the federal reserve signals it is still on track to slow the easy money program. lower after several retailer staples american eagle posted disappointing forecast. hewlett-packard comes out with an 8% slide in revenue for its third quarter. reporting pc sales continuing to decline. it is $27.2 billion in revenue for the quarter down from 29.7 last year. are you ready for some football on youtube? google has been in talks with the nfl.

the lease contract with direct tv for the sunday ticket package expires at the end of the fall 2014 football season. walmart getting rid of the $5 entry fee for the holiday layaway program the same time bringing back in dollars fee it eliminated last year. interest freinterest-free progrf september 13. those are some of the hot stories right now on foxbusiness.com. coming up, a serious solution to our nation's oil dependency. and next, a solution to the student loan crisis that could have dangerous consequences. we will explain and get your reaction t. at a dry cleaner,

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♪ >> from the fox business studios in new york city, it's "the willis report." ♪ dennis: $1 trillion. i'm not talking about our federal deficit. and talking about the amount of money that we owe in student loans. it is so big of a crisis, 7 million borrowers are currently in default on both federal and student loans. now a new report by the center for american progress says it has a solution. bankruptcy. should this really be an option for student loans? let's bring in a co-author of that report. thank you for being with us. please make your case. >> thank you, dennis. investors in america made a bad bet. they have bankruptcies. americans to invest in themselves are education and find out that they have a high interest rate loan or are in a program that is giving them a minimum wage job and a graduate should have the same option to

get a fresh start. dennis: didn't we at some point tighten up the bankruptcy laws? we wanted to stop people from being able to adjust file bankruptcy and walk away from credit card debt? debts that they themselves accumulated on their own free will. >> we tightened up the laws a lot, but the laws on student loans are even tighter. basically you have to prove certainty of hopelessness in order to get rid of your loans, basically that you will never be able to work again, make money again. whereas if you have the credit card debt, gambling that, you have a shot in our current bankruptcy system. dennis: personal question for you, do you have student college debt? >> yes, i do. dennis: how much? >> that i'm not at liberty to say right now. dennis: none at liberty to say. here is the thing, you borrow that money. he decided to invest in your college education. why is it now exactly that you should be allowed to get out from under it entirely without even looking back? >> i'm glad you mentioned that.

our strategy keeps the current bankruptcy laws for good laws that were taken out for good programs. so you have a degree where borrowers are expected to make more than minimum wage. a decent interest rate, all the right provisions there that can show that you will repay the loan or they're is a good chance you will. the current law doesn't change. borrowers to have bad loans to my interest rate loans or are in programs where a lot of graduates are not doing much better than minimum wage who would have access to bankruptcy. dennis: but whose fault is that? i mean, if you took out $100,000 in college loans because you wanted to study philosophy and french poetry and then have of hard time finding a job as an expert in those fields, isn't that your fault? how come we are supposed to let you bailout of that? >> we all have to do what we can to keep costs down. at think everyone is motivated to get an education today, work hard, find a good job. more expensive than it is ever been.

stevens borrowing more and more. is not a students. parents and grandparents to have student loan debt. even social security checks can be garnished if the parents have not paid them. dennis: i have been stuck with their relatives student loan. i'm having to pay on it because their relative is sent. yet i don't feel like i should be allowed to adjust file bankruptcy. we have our government in the past four years when the federal government took over the college loan market under the obama administration, $407 billion in new loans went out. the affected the fall rate, the government itself says it's about 22%. that's more than twice that default rate on credit cards that in the banking melt down and we gave $854 billion in loans to the big 19 banks and it paid it all back plus interest, people complained of moral hazard. if you bail these banks have your there was just continue to take more risk.

are you creating moral hazard? if you bailout people who took loans knowingly so they can go to college and now just want to walk away? are you creating a whole new kind of moral hazard? >> i not think so. they've been making a good-faith effort to try the replay. the circumstances just aren't there. the other pieces, parents and students the to have cleared information, truth in advertising. what kinds of outcomes they get. dennis: is the bank's fault. here i am going to college. and so down that i get tricked into taking some bad loans. how about a bar of the money and now i have to pay the price. >> we all have to do what we can. when does recognize that some of

these loans are going to be repaid. the situation right now, maybe they will be a little bit more careful about the student loans they're making. colleges will do their part to keep costs under control. dennis: the whole reason that the college costs went up is because federal money handed out willy-nilly without credit checks among without making sure you even enrolled. and when a supply of dollars floods the market the prices go up. now president obama is out there say he lost to keep costs down. don't take over the federal loan market. it's a bold proposal. should bankruptcy protection be an option for student loans? log on to gerriwillis.com and vote on the right hand side of the screen. we will share the results of the end of the show. when we come back, the teeth --

key to turning this economy around. the planted accelerate job growth.

dennis: americans are sitting on and natural gas gold mine. a vast resources lie at our fingertips to break a dependence on foreign oil. yes the hollander is the co-founder of the fuel freedom foundation, a nonpartisan, painted dedicate a break in the addiction to opec oil by removing barriers to competition. he joins me now. we have met before. he basically made millions of dollars in tech.

you know what it's like to be in a country surrounded by a whole bunch of countries that a you. we have been paying billions of dollars for oil from countries that hate us. is there a new moment for us to fiially be able to chase this? >> i think so. there is opportunity that finally we have the resources. in the past everybody talked about solutions that were sometimes more expensive. over the last few years will has become so expensive and natural gas so cheap. we can actually use products that we made from natural gas to replace oil or gasoline. dennis: the total u.s. oil bill is about 700 billion per year apparently. half of that is foreign, have local production. of course local production is actually up which is good news. but you think the answer lies not in producing more oil. the biggest answer is natural gas. explain. >> well, it's wonderful that we

are having more oil, but consumption, 20 million barrels a day. we produce only ten. then we went down to 5 million barrels per day. the last few years, above seven. we are far, far away from 20. so there's really no way to get to a -- to get away from oil by drilling more oil. we can do better, but not get away from it. on the other hand, we have plenty of natural gas. we don't know what to do with it. we are flaring natural gas. dennis: burning of natural gas. so much that they can't even make use of the. >> exactly. and if we just took that natural gas and put it into our transportation sector we would have come much cheaper gas for everyone to drive. dennis: it turns out to even know it is a carbon and medieval energy form, it releases a lot

less heat than oil does. i believe that in 2012 to one. our carbon emissions in the u.s. fell to 20 year levels, not seen since 1992 simply because of the free-market. utilities switchover from coal which burns dirty and not over to natural gas which is an amazing thing. what i can't figure out is why our own federal government is not more excited about natural gas and fracking and why and said we're constantly wringing our hands and listening to hollywood and green activists who want to shut fracking down. >> you know, i'm kind of trying not the discount as a much because every government toys reaction delay. as you said, a presence in the last 40 years never got us off oil. i know think it's any particular government that has a monopoly of out a stay addicted to oil. what is interesting is we have a great opportunity right now. we have tons of natural gas.

his to give you an example, $7 billion worth of natural gas could replace $29 billion worth of gas if we just open the market. dennis: and want to make sure. repeat that. repeat that again. what to do to say? >> natural gas, $7 billion of natural gas could replace 20 billion. dennis: it's that cheap. $7 billion in natural gas can replace 20 billion in oil. loving at. 29 billion. almost 30 billion. loving and spread. why are we drilling more. what can you guys at the fuel freedom foundation to to encourage more? >> the problem is not so much the drilling. we are flaring it. we're already having too much natural gas. the key to open it, the

transportation market to other fuels is the pump. today you don't have a choice. you can choose between gasoline. i want to choose the drink gasoline, at the mall, methanol which is, by the way, a fuel made of natural gas that can be sold effectively. want to see more fuels and choices upon, many made from natural gas, they from garbage or anything else. we don't want to choose a solution. we have a greater opportunity would natural gas. and if there are available at the pump i can assure you people will pay cheaper prices. dennis: if only we could get some of these federal rules of the way that make it more difficult to offer this choice. it is even illegal for carmakers to let you do that within your own car. they have to close up to make gasoline. nicely done. appreciated. >> thank you. dennis: still to come, one of the top economists in the

country will be here with his three easy ways to accelerate job growth in the u.s. get us back on track. that's next.

♪ dennis: where are the jobs? despite the national

unemployment rate inching down, 28 states saw their jobless rates actually rise. or will it take to put america back to work? joining me now, moody's chief economist. thank you for being with us. i guess an obama official would say that the biggest reason job growth isn't there is because there is not demand. companies don't have to hire more people to make more stuff. you say other factors are playing a key role. >> we don't have any demand because we don't have enough in terms of quality jobs. good paying jobs. this is been the worst recovery on record as far as the growth of real income is concerned. real incomes are growing by just over 1% annually on average since 2009 which compares with what? three and a half%. it's horrible. and were the reasons for this? the demonstration focuses too intently on redistributing

income, on regulation, on taxation. the administration seems to be of the opinion that a private sector does not know how to create jobs. it's government that knows best. dennis: what can we do exactly? >> we have to shake up the system somehow. you had a guest on earlier that was speaking about energy independence as it relates to natural gas. great idea. if you can produce more natural gas, not only do you make more jobs and the resource extraction industries. about manufacturing, you're going to reduce the trade deficit. you might become an exporter of energy as opposed to an importer that helps to stabilize inflation, all types of good things would happen to the u.s. economy. dennis: one fast fix for job growth would be to unshackle the energy industry and let them grow. >> in other words, ease the regulatory environment.

dennis: give us another. >> regulation. financial reform. we now have a situation where the fed has gone out of its way to keep interest rates as low as possible. yet we still find that many businesses and consumers have problems accessing reasonably priced credit. and in part this is because we have yet to finalize what the regulatory environment will look like for the banking industry. worse yet, we have created a situation where small banks, these community banks are facing very costly regulatory burdens that are inhibiting their ability to supply credit to small businesses that otherwise would create jobs. by the way, those businesses that employ fewer than 50 people are responsible for 36 percent of private-sector jobs. dennis: what about obamacare. all kinds of new rules for how many employees you have and whether they're part-time or full-time.

>> is it worth it? this will be one of the costliest health insurance programs ever when you take a look at the number of jobs that it might be destroying, never mind the number of jobs that it prevents from being created. dennis: energy regulation, financial regulation, obamacare regulation. what about this other thing, the explosion in benefits. in new york basically on welfare with benefits you can get the equivalent, earn more money than at $21 per hour job which is the average pay for a starting teacher. >> that said. if you discourage people from workiig, especially younger people, they're never going to go out there and fully develop their talents. their ability to become a valuable contributor to society. dennis: that's right. and getting into that minimum-wage job, most people don't stay there for very long. this is really well done and bluntly told.

appreciate you being with us. thank you. >> my pleasure. dennis: we will be right back with the answer to our question of the day. should bankruptcy protection be an option so that you can get out of your student loan debt? ♪ to makthe call. to treat my low testosterone, my doctor and i went with axiron, the only underarm low t treatment. axiron can restore t levels to normal in about 2 weeks in most men. axiron is not for use in women or anyone younger than 18 or men with prostate or breast cancer. women, especially those who are or who may become pregnant and children should avoid contact where axiron is applied as unexpected signs of puberty in children or changes in body hair or increased ae in women may occur. report these symptoms to your doctor. tell your doctor about all medical conditions and medications. serious side effts could include increased risk of prostate cancer; worseninprostate symptoms; decreased sperm count; ankle, feet or body swelling; enlarged or painful breasts; problems breathing while sleeping; and blood clots in the legs. common side effects include

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♪ dennis: earlier this hour we talked about a report by liberal think tank that says bankruptcy should be an option for student loans. what do you think? here is some of your posting on the show's facebook page. yes, if you can't get a good job after college within five years, yes, absolutely. broglie disagrees. absolutely not. i borrowed 125,000 in principle and paid it all back. the last set of loans or at 11 1/4. these entitlement babies will never give my sympathy we also asked this on gerriwillis.com. 13 percent said yes.

87 percent said no. you guys are ttugh. be sure to log on to gerriwillis.com for our online questionnaire really take. that's it for "the willis report". thank you for joining us. have a good night. see tomorrow. ♪ ♪ lou: good evening. thank you for being with us. barack obama often mocks the foreign policy of president george w. bush. as president himself obama cannot escape his mounting foreign policy follies. and he and his administration and the american people are now bearing the embarrassing consequences. former egyptian president, president obama held for some from power more than two years ago. to the was ordered to be released from prison. he is to be released within 48 hours. his release is another slap in