counselor. will be be safe? we will see. h tonight on "the w" the spending fight in washington that threatens to shut down the government. is there any way at of this? homeowners rushing. we will break down the new rules set to take effect. and banks making record profits by charging you tons of these. tonight the map to keep some of that money for yourself. rio watching out for you tonight on "the willis report." ♪ the stories and more coming up. also tonight, we kick off our

special series on obamacare. i am calling it a user's guide to obamacare. all of your questions about the new law will be answered. this is a big week for health care. the biggest changes we have seen in generations, and it all happens this week as a new health care exchanges mandated by obamacare begin to open. who has to sign up? what will it cost? how will that affect your current health insurance coverage? all of those questions answered. all critical questions that we will answer over the week. it is your user's guide to obamacare, and if you have questions, e-mail me. simi a message out facebook, twitter. first tonight the clock is ticking. president obama's speaking moments ago lecturer republicans who were pushing the country toward a shutdown and calling for them to get on board with the senate spending plan. still, no compromise in sight in a few hours to go before the midnight monday deadline. a shutdown would be the first in 17 years. senate democrats earlier today

rejected any compromise with republicans. the speaker of the house said he refuses to give strong arms. >> that is not going to happen. gerri: debating whether not. with the latest and details, let's bring in a trader and editor for money news all smell of report an editor for the national review. boy, what a story today. and it continues. the house of representatives right now is debating to have a debate on the continuing resolution. we will bring you up-to-date on that as it happens. first to you, rich. i listened with interest to what the president was saying. it was a lecturer. one of the things he said is, one faction of one-party does not g to shut down the entire government. what do you make of that? >> i think the problem here with republicans is that they think they have the whip hand in this

siation because they believe if we reach midnight and they're is a set down inevitably given the way the press covers the sort of thing, given the typical political dynamic, republicans will be blamed the and they will leech away lever's literally by the hour. so harry reid has no interest in negotiating, the president has no interest in negotiating. they have an interesting lecture republicans and preparing to take the blame. gerri: cc this kind of thing happen and it is no wonder these two sides can't talk to each other. to you about the economic consequences. the president saying today that setting down the government for any amount of time with terror ranch into a recovery. what do you say to that? >> well, let's not throw a wrench into the recovery. he talked about how people are going to miss mortgage payments and car payments and things of that start.

the markets as the golan. the debate that the debate. what happens next. if 20 guys on the right kind of move the conference in their direction by threatening to bring anything he does down, why don't we try to do the same thing. threatening yes. we will see how it goes, but one other problem republicans have is that they are not united, not the house and not in the senate. if there is shut down you will see probably ten to 15 senate republicans blaming house republicans. again, that is what harry reid and barack obama are countg on and why they think they have the with and. gerri: i have to tell you, that is what we have seen in the past to republicans complained.

we talk about the economy, the markets. what will this mean for investors temecula packet the shutdowns. it is unclear performance over time. the market goes down at first but then recovers. >> historical that is what happens. a little bit of this book initially. investors fell off. stocks initially, kind of a knee-jerk reaction. when the dust settles stocks contind to rise. a little bit on the higher side of the valuations. cal little bit of a deeper polack. s&p 500, 1500 level buried after that we will see the up trend resumed. gerri: i love positive and upbeat news and it is not coming out of washington. if we were talking about the economy, but also d.c. i have to tell you, people are -- it is not just -- democrats are profiting off of the fact that the american people are just frustrated with this.

left, right, conservative, liberal, it does not matter. people don't want to you this. how will this play out? >> well, one scenario is it plays into the debt ceiling showdown. that is what the house initially wanted to happen because they tend to think a shutdown fight is not good for the party for some of the reasons we talked about. they have more leverage over a debt ceiling. the big picture, we also have the 2011, of very nasty negotiation where people said they did not like the above voted exactly the same players and to washington, house republican majority, voted barack obama again and of course we are seeing a replay of everything that we saw before. gerri: what is the impact on businesses, companies? >> you know, if the government shuts down for the most part it will be that big a deal. we will still get in and the economy will function just like ever has. the biggest thing is that we will lose a little more faith in the u.s. dollar. potentially heard of treasury, but the biggest thing that it

hurts his bringing our purchasing power in a bit more which is what will heard the main investor and just the republic in general. gerri: i look at this and what i am worried about is who gets hurt. the reality is this, social security checks are still yelling out. medicare, medicaid still gets paid. viejo benefits. the only people i was really worried about or service members. the people protecting s, standing in harm's way. the paychecks can get held back for an amount of time while this negotiation continues, but the senate is now saying, we're willing to compromise with you on that one small piece of this. ultimately is the impact that big? >> most of the things that people would consider the core functions of government or the most popular functions of government would be the national security stuff for the entitlements like social security which will all continue to roll. a couple hundred thousand so-called nonessential federal

employeesurloughed for some amount of time, but the idea that that in and of itself is going to trip up a $14 trillion economy is just ridiculous. gerri: big, big, big, big. you were close. your at the ballpark. thank you for coming in. a great job. appreciate you being with us. and now we want to know what you think. here is our question. is a government shut down really a bad thing? log on to a gerriwillis.com, vote on the right hand side of the screen analysis results of the end of the show. more to come this hour. there is more going on, and it is not all in washington. our users guide to obamacare. find out who has to sign up, what kind of covere is available and if it will work. plus, for the 15th year in a row bank fees are on the rise. the details and how you can avoid these fees. stay with us. ♪

♪ gerri: every time you go to get

cash from your local atm you may notice that your wallet feels a little lighter. according to a new survey atm fees it and coming going up to% to more than $4, just to get your own money. isn't that annoying? overdraft fees have hit a record high, just over $32. here with more on the survey findings, senior financial analyst, greta mcbride. hey, this is amazing. these numbers only go one way. it has been 15 years now. they only go up. have you ever seen them go down? >> when it comes to overdraft fees the answer is no. it is gone up every single year that we have done a survey. and even atm fees, the atm surcharged, not customers when they get to another bank atm, that was up from nine years in a row. really the low hanging fruit in terms of banks that a looking for fee income, those are the areas where you're most likely to see it. gerri: us talk about overdraft fees, record high fees, 3220

looks to be average, up 3%. these are highly controversial. maybe you're in a store and tried to buy something this has been highly controversial. >> absolutely huge resort to that method of payment rather than incurring a 30 or $35 overdraft fees just for overdrawing your account with what amounts to a small dollar purchase which is why the option can send was passed a couple of years ago and again, for most consumerers there is no reason o opt in. your account balances that low you don't want to trick bid for a small dollar transaction. you want to take action and make

sure your are moving money from your savings account city can cover the bigger stuff like a car payment coming out tomorrow. gerri: people don't even realize they have signed up. that is, you know, ask if you want to have the overdraft protection, but most people don't pay attention. >> and that's part of the problem. mo people don't pay attention which is the same reason why there overdrawing accounts in the first place. that is the point for consumers. we have to be vigilant. we have to be on our toes, played -- pay close attention. online and mobile access. there is really no excuse not to have an idea of what is in our account, available, and set up lines of defense. set up a link between the checkingnd savings accounts of that you can cover any shortfall with your own money rather than the bank. sign up for e-mail, text alerts so that once you are below a certain level you have time to move money in there. gerri: that is a good idea. here is another fact i found interesting. only 30 percent of banks offer

free checking. there was a day when everyone had free checking. that time is not now, but you have good news. >> absolutely. rechecking is down, basically cut in half since 2009, but 97 percent of the accounts that we surveyed are either free or can become free and ofttimes it is something as simple as signing a for direct posit. in other cases it is based upon other accounts or balances that you have with the bank. the bottom line is even if your bank does not offer that standalone free checking in charge a fee, it does not mean you will get stuck paying for it. make sure that you can enact one of the fee waivers either through direct deposit or the other council have put the bank. gerri: raise the account limit always helps to keep your checking free. thank you for coming on this show tonight. eat to see you. >> thanks. gerri: and coming up this hour, a user's guide to obamare as we are just hours away from the start of the exchanges. we will breakdown of the big consumer questions and issues surrounding the law and all eyes

on the house floor as they debate whether to begin a debate on the continuing resolution to continue funding the government. all up in the air. we will continue to cover it. stay with us. ♪ ññññññ?z?z?çowówóv7

♪ gerri: coming up next, it is our users guide to obamacare. we break down what you nee

♪ gerri: well, tonight we kick off our week-long special, a user's guide to obamacare, and there is no better time for recess tomorrow is de-day for t obamacare exchanges. this is a massive government undertaking, and the potential

complications are overwhelming. will even work is the big question? with more on this, former administrator at the centers for medicare and medicaid services under president george w. bush and one of the designers of medicare part b. welcome back to the show. the president says he wants to sign of 7 million people for obamacare. the exchanges' open tomorrow. it is the starting gun for nsumers and obamacare. is this thing going to work? >> i think that it is and it will be a lot more than 7 million. october 1st is not a. it is probably next august. gerri: why next august? >> some glitches. that is just going to happen. these are technical glitches. your insurance companies, called today and state tom sculley made steward 70 percent of poverty, they're going to get that wrong. politically emotionally that will go away. the issue is next summer how many feel it will sign up and how they will the program be and will it work? the issue to me is, that is a

helluva lot of money. gerri: i think your point is it will work all too well. people will grab on to free money because you get subsidies if you are at 400 percent of poverty. so people are going to sign up for it willy-nilly trying to get free money. companies are jumping on it because they get money as well. ultimately you think this will cause the american people too much. >> i think it is too big a subsidy for to many people happening too fast. you're a family of four, $94,500, you will get a subsidy to be individually is $45,000. that is 62 percent of americans. dollar -- daughter from a student 65 bucks a year, just graduated doormat, she could get free health care next year. gerri: she is not paying for college bills probably. [laughter] >> we pay for those. gerri: you have a special insight into this when you worked for george w. bush. you were medicare part b. your program, your rollout. that was a big entitlement

program. why did that one work in this one you're worried about. >> it may work better because it is more money. at walmart to reduce costs because it was for poor people, focused on poor senior severity plus drug benefit. the income stream and a lot less. democrats complain about the overall. no poor person. further up in the income stream. two under and 50 percent of poverty. big deductibles, co-payments, and you are strongly urge to get the generic drugs. the behavior was focused on poor people and the upper middle-class and wealthy people which is my complaint. way too big. if they had done this half the size i personally would not have anywhere near as big a problem with it. we can argue about how will work. the structure is a fairly midrange deal. this is kind of the midrange bob dole. gerri: you said at the top of the interview, we talked about

how there would be unintended consequences. i'm hearing from people inside the health care industry, not peoplen capitol hill. what is going to happen is that the health care plan being offered to americans who are working will look more and more like the obamacare plans. in short it will be more high deductible plans. more money on the table, more of a pocket cost. i don't want to pay more. >> it's not president obama. more and more employers, higher deductibles, higher copayment. you're paying more. and so that is not actually a bad thing. most republicans of for that. gerri: is in a better feel more money for preventive care? >> you know what, that debate is been going on for years. what changes behavior is when people have incentive in the game who are not poor to think about the cost and think about what they're paying for it until it actually goes to the doctor and think about the cost to get their car or house fix and there is very little incentive. that is one of the concerns be

way too many subsidies. gerri: sent to that point, social security, spiraling costs of medicare and medicaid across the board. name a program, food stamps, one in seven americans on food stamps. what happens to the cost of the program over time? >> it think we're collecting 65 percent of a we spend. i am a fundamental budget zealot and have a huge problem with this scope when you have $600 million in deductibles. burn it is unfortunate. a massive and seven program. morally it's nice, but should you subsidize 60 percent of america's health care? is out of control. gerri: thank you for coming on the show. great to have you back. great to talk to you. and later in the show, money-saving monday. news on reverse mortgages. the feds are about to implement new rules the you will want to hear aut. more of our users guide to obamacare with a look of the individual mandate.

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gerri: despite all the confusion and the glitches and the delays the individual mandate will begin tomorrow readier not. here to break it down and what that means for you we have dr. brooks and tom miller from the american enterprise institute and co-author of why obamacare is bad for america. what will happen tomorrow? the seat that will happen in? >> no. going into march 3rd in

terms of the individual mandate it only applies to coverage that was start the requirement on january 1st there is an exception for that with a gap of coverage of three months even then it does not apply. you to go almost until april before this applies to some one calendar year 2014. gerri: and most controversial part is the individual mandate requirement that every petty has some kind of health insurance coverage. everybody. there is the definition. individuals are required to have health insurance or pay a penalty. that this is a bit of a paper tiger? >> bween the age of 26 and 35 it does not pay for you to have health insurance because if you pay the penalty and that is if it

still cost more to have health insurance. with respec to the penalty because the affordable care act itself has a provision that specifically states section 51 long dash 15 o one they cannot be subject to any criminal prosecution or penalty for not paying the fine. gerri: they say on the one hand we cannot find new but the other one we can. that is one of the b.c. -- creasy aspects of the law that is 13,000 pages no wonder we're all confused. i tell people there are too many problems. they don't even know if they give you the right number. do you agree? >> most americans wait until

the final day of shopping season but that penalty has no teeth it is just a strong suggestion. unless you have a tax refund coming due for the next tax year you will not pay a penalty under this provision. gerri: the irs will police this and saying hiring over 10,000 people to do this. dr. brooks, what is the government mandating with these policies? >> the coverage is pride to include mammograms, colonoscopy, exa minations and subsidies for other evaluations and yet -- the actual cost continues to escalate in the insurance companies have to provide thes products while at the same time to make a profit.

so over the next eight years the cost of health care for families for private health insurance will go up $7,000 under the affordable care act. gerri: that is the expectation / the number of americans, talk about the number of services, what do you make of that? what is the impact on corporate policies? >> the is a couple of tears there is a new requirement to increase the cost of providing health insurance for employers particularly small employers. and the way that they could dodge those into private exchanges even the skiddy plan. the stages require a higher level of costly coverage. but the mandate does not require very much but

minimal and is essential coverage and that is a much senator requirement so there is a lot of ways to buy something that would qualify under the individual mandate and not be as extensive as the exchange plans. gerri: day you agree? will health care get better or wse under obamacare? >> to your first question i do agree. new york state had between 75 and $85 per month but what does that by? we will have to see. most positions are looking to be employed by hospitals i am not sure a position under a time clock will also provide the same level of service as in the past. gerri: are the positions being squeezed? at the end of the day we know we don't have enough doctors to go around also the likelihood to keep your

job are pretty low. >> we're stimulati demand the government is not good at increasing supply. and with the higher cost that does not match what people need or willing to pay for and what doctors can provide. said to have a mismatch in the collision ahead. >> that is right on target with a propensity wth political solutions are applied to health care solutions for things not to work. when you basically tried to squeeze the supply-side without doing anything to the demand side then inevitably the cost will go up. field the way to control it is people have to have some

expense in the game. gerri: will put. a business school answer to my question. among the glitches there is the broken promises like these made by president obama. >> if you like your health care plan you can keep your health care plan. gerri: especially not true where consumers won't be ableo keep their health care plan. that is the top five. number five, south carolina the second biggest insunce company nounced it was leaving because of obamacare leaving $20,000 -- 20,000 people without the plan. number four maryland plans were canceled impacting a 13,000 pple. number three, a connecticut. many consumers are left behind in number to misery

across covers 79,000 and has ended the partnership with the state's biggest hoital system. number one california. 50,000 or 54 percent of residents will lose their plan under obamacare and this was followed by united health and blue cross. new york, new jersey, iowa, the list goes on. as obamacare continues as we op for business we will be life. you will see that. what a government shut down weeds for you did your investment? informational reverse mortgages. stay with us. @áh%h%k%k%k5

gerri: last week we told you about the fha is seeking 1. 7 billion from the treasury to cover losses from defaulted mortgages. the reverse mortgage did here with details, a jordan welcome back. but people don't know with these reverse mortgages are a and it is exactly as it sounds. >> you have to be 62 years or older and you are tapping your home equity with a mortgage they you get the money as a credit line or as of lump-sum and if you pay the loan back the draft pavements and do get the money now but with the refers payment it pays as you go. gerri: instead debate pays you. it is highly controversial

levy we seniors were taking its bid to jeff but there are new rules that people need to know about. >> starting today the new rules. the borrowers will undergo a credit check. gerri: how did it be possible they did not have a credit check? >> they thought they could take it so that you need to be sure you can pay your property taxes also to borrow 15% less fees and in the past and only 60% of the credit lines see you could get less money they want you to have some equity over not going to the atlantic city. >> a lot of seniors have the

size dawn misunderstanding what message but if you get a reverse mortgage you do not give the house to the kids. >> exactly. you have no other assets to tap this should be your last resort. your kids should understand the money goes to the parents and they cannot inherit the value of the house down the road also to make sure you pay off the regular mortgage. in the right circumstances it can be good so their ads the ec that places will sell your name. gerri: it is of the generator. >> watch out for that. >> my favorite is smart money reverses.com but they actuallydo not give it to

the government as many places to. >> still to come stocks dropping all but certain the government will shut down. what does that mean? and our all-star panel is next. any last requests mr. baldwin? do you mind grabbing my phone and opening the capital one purchase eraser? i need to redeem some venture miles before my demise. okay. it's easy to erase any recent travel expense i want. just pick that flight right there. mmm hmmm. give it a few taps, and...it's taken care of. this is pretty easy, and i s it works on hotels too. you bet. now if you like that, press the red button on top. ♪ how did he not see that coming? what's in your wallet? how did he not see that coming? customer erin swenson ordebut they didn't fit.line

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gerri: talk about a flurry of headlines the threat of a government shut down at midnight tonight then the

debt ceiling cycle looming should these shenanigans change so you invest? joining me now is our senior portfolio manager. martin, and david, ceo of mcilvaine the financial group. bob, what is your biggest concern what is going on in washington and the impact of the market? >> the one where it is uncertainty. that is what we have got with a government shutdown. what does this mean for the debt ceiling? how much noise will there be does it do intermediate dage that is frail to begin with? those are the questions investors face. gerri: in addis boehner is headed to the lectern he said sometng that is news breaking we welcome back and

the you know, but looking at the list of things that will be cut and it just doesn't sound that important to especially if you consider that service members it is one idea both the house in the senate can sign onto. is cutting government that bad of idea? >> it is never a good a deal because we rely on foreigners to invest in one of the reasons why our interest rates are so low apart from the fed of course, that the chinese are big buyers of the bond and the dysfunction in washington makes us look like we are italy. it drives to the confidence factornd if the politicians keep this up

there lapierre of fairly day minimus app economic event even if only two or three days. gerri: i don't fade we will be mistaken for greece for other countries but is a shot down a bad thing? what is a lesson learned from the last time? >> 8was a different context we had credit growth and a roaring bull market that was moving at a quick pace. evertime we had a speed bump greenspan was there t guarantee that prices would go higher. we don't have that same uptrend today and looking at the same economy it is not as robust as it was in the trend will be reinforced by this the environment.

this'll be the debate the next couple of weeks. >> what will the markets take more seriously? >> the shutdown of certain services are shutown for a period of time and well that is an convenience with a marginal negative effect we can undermine confidence. the debt ceiling is more of an issue because it deals with how repairer bills? and was just mentioned the confidence of the foreigners that invest. let's hope we don't have the problem. gerri: if we have to ask anybody is permission it is probably the chinese. [laughter] getting down to brass tacks what should i do with my money? >> is a little bit of praise as investors have to realize since the market has climb to the wall of worry it has

run up to 50% with all the rest through appointments first said german election and then the syrian mess then the fomc meeting so what investors to own what they have or and to what degree? and the investors focus on things they can control part we don't have control over the macro environment but the types of businesses we by and the price we paid for them. we're still finding opportunities in the united states but frankly the list of good candidates has narrowed. so to us that is the more important metric and whether or not the guys inn3 shington d.c. get their act together. gerri: they are so bad a that. it has ben bond bond bond for a long time now it is

down dramatically what do i do differently now? >> in 2011 it is a cautionary tale we surprised the market with a debt downgrade and you have that potential here with a recipe and which looking critically at our current state. if you look at the gse flows in terms of treasurys you have an outflow from our foreign central-bank they are already having in finding problems with the way we conduct our business. then you will begin to see something that is just a trickle today but with that in mind i would raise some cash to be cautious thinking bonds are not adequate diversification for weakness. if you hope that is enough to diversify you may find on

the front. >> interestingly segue out of that but the vix index a measure of volatily, people our nervous, does this get worse ? especially with everything coming forward? do you see more volatility in the market? becker suspect as long as we talk about but the mix will continue to rise and all three of this is mentioned that we are abou to report earnings they will be okay but not great. the uncertainty is pretty high my guess is we will do consolidation. i would not run away but i would be cautious but i take my time. gerri: washington is also wrote -- running in our

portfolios and have sought. think you for joining us. time to look at the stories your clicking on fox business.com. taking a nosedive jay with the threat of a shutdown that mitt seyhan the first time it had shut down in 15 be a secret muchtter ipo longer according to some reporting the filing will be made public this week with the debut before thanksgiving. it may also like please list the shares on the new york stock exchange and not the nasdaq. and a holiday season hiring 83,000 seasonal workers up nearly 4% last year. the seasonal workers in redistribution in the centers and on my film centers and with that oil

spill litigation has resume say that they misled and with held the amount of oil slick leaking from the well but the attorney says it is monday morning quarterbacking. we'll be right back with $0.2 more. would the governrnment shut

gerri: we just heard from our sources president obama and speaker boehner spoke by telephone in amir told there was no breakthrough for the impasse to use the two sides in the house is expected to vote tonight whether not to go ahead with the spending bill for the government and we will watch this with the latest. while they blame each other

with the government shutdown is that a bad thing? >> shouted down maybe we can save some money. maybe you even get some things done? we also ask the question 20 percent said yes and 80 set on busy percent said no and finally the president this afternoon says the looming showdown is having real affects real people. social security evil still be pai on medicare your doctor will see you. the only thing i was worried about is the payment of service members the troops were threatened and that is not right for the senate seems agreeable to a fixed and in other words, i am not sure the impact is that

great but the american people will blame republicans. that is my $0.2 more.