much he hates the fedd get your money fix. here is the willis report. gerri: i am gerri willis, on the willis report, senate passing budget bill cutting military pensions. we'll have reaction. >> and starting in 2014 it will cost more to get a mortgage. the new fees, january is d-day for fed, what will start of tapering mean for consumers? we're watching out for you tonight on the willis report. welcome to the wer willis repor, your heroes betrayed.

>> is this choice between keeping the government open and screwing all those military retirees circumstance is that the right choice? >> he has a point, outrage after congress forced our country servicemen and women to make another sacrifice. this time, to help country balance the budget, today's deal in washington would cap retirement benefits for many by tens of thousands are dollars, retired command or for u.s. navy, and editor. joining me now, how are people reacting to this. >> well, this is not good news for them. it will cost average enlisted retiree order of $80,000 over their working life, and cost average retired officer about $120,000. this is not viewed as a good deal, as you said, a breach of contract. gerri: i want to give you something representative paul ryan had to say about this,

which is, i found surprising, military retirement program serves a small minority of the force about 17%. it provides generous benefit with 40 years of pension payment in return for 20 years of service, he said that cuts should stand, you say? >> well, i say, i mean as a newsman, i am sort of agnostic but as a retiree, that is a breach of contract, there was a deal made that was one of reasons i walked through the front door and served, all those who served after 9/1 9/11 have n through a cruise ib else, of all places to find money it strikes the retiree committee as a bit unfair. gerri: pentagon spending in 2012. as newsman, i know you know that

government waste book was out we saw all indications of waste -- all kinds of waste, places that we could have saved money, study to find out why wives should calm town, $325,000, romance on the web government research research, $914,000, there are all kinds of wastes but we don't go for, that we go for military mentioned instead, people are outraged. our viewers are. tell me though, because you know here we are the holidays, a lot of people top give, what the is best way for americans to reward the people who represent them, and defend them every day? >> well, there is a bunch of ways that people can give to veterans, i think people would have to ascertain what it is they want to help with, with military widows ? families, military education? i say, do your homework. you know there are freight charities that -- great

charities like fisher house help with military family in terms of longing when their loved ones in of hospital, organization like iava, for education benefits and transition benefits for those who served after 9/11, then, veteran service like american legions and vp vfw do a lot. do your re search, mil militarym with a great listing of charities, and on top of that say a kind word do well by your neighbors who happen to be veterans. gerri: it is notable senator mccain tweeted they would remove this, from the budget bill. i don't know if it will happen or not but that is what he says your react? >> i think what you see what paul ryan said, about the logic that attitude, again veteran community is a bit suspect it will be removed.

you know, senator mccain is a veteran, you know we'll have to see how it goes. gerri: ward thank you for coming on. thank you so much. >> okay. thank you my pleasure. gerri: and now we want to know what you think, our question tonight, should we try to balance the budget on the backs of our heroes? log on to gerriwillis.com, i will share results at the end of the show. >> as you open your hearts and wallets to your favorite charities this holiday, our next guest has important tax traps to avoid, tom is a contributor or "wall street journal," is numbers me, tom great to see you, this is a great story we saw in "wall street journal" about tax traps, you need to do to make sure if you giving money away aree you are not getting stung by irs, giving away stocks that appreciated. >> a lot more people are doing it stock prices are up so sharply, but there are many pitfalls there knew your invest

am look a-- investment, look aso held more more than a year, consider giving those to charity, you get full market value and the deduction. gerri: like that idea. >> but do not give away @%ort-term gains, i see people do that, you only get to donate deduct your cost, that is not a good idea, never, never give away your losers, instead sell your losers, use those losses to trim your taxes. gerri: offset your gains, talk about some charitable donations. this was new to me, so, you need to show, if you hav have -- got something in reeurn for money you gave. >> a rule that says if you give more than $250 you have to get a receipt, saying whether you got something in return. such as sports tickets or a denner, if you don't, and you

audited irs will disallow it get that receipt. >> you can give -- know give $50 to your alumni, and maybe to a dinner that year, years later, irs become after you say, not so fast. >> level is $250 or more for what they cause quid pro quo, make sure that the charity says that. gerri: you say some americans are tapping their ira, for donation. >> important rule, because it is about to expire, we have no idea whether congress will extend it if you are 70 1/2 or over you can tap your ira give $100 thousand directly to charity, then none counts as part of your adjusted gross income, it is tax smart move, and it counts for required minimum distribution for your ira. gerri: donor advice funds, what do you think? >> they are great, very convenient, and take care of the paperwork, you make a gift to a

donor advice fund, for example fidelity, schau. >fidelity,,charles schwab. >> th the big guys yes. >> last word, thinking about we want to give at end of the year, anything else to watch out for? >> here is one tip that a lot don't know. you top donate but you don't have the cash, you can charge it on your credit card as long as you charge it this year, you can can deduct it this year even though you don't pay until next year. gerri: thank you, tom, appreciate your time. >> good to see you. gerri: good stuff, for more tracks traps, to go off end of year tune to in willis report a week from today, christmas day, for an hour long user guide to taxes, 6:00 p.m. eastern. >> more this hour, consumer alert about a new form of paying your medical bill, if you are looking to get a mortgage in the new year, get ready to pony up

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for those without a perfect credit score or a large down payment. so could this move backfire and hurt the economy? joining me now "wall street journal" journal reporter nick, great to you have show, government putting a top spin on this by raising fees. >> have you federal reserve gone you know buyiig up millions in mortgage securities to keep rates now, now fannie and freddie monday night, really the direction of regulator say we want to increase certainties to raise mortgage races, we want to reduce footprint of companies in market. >> talk about how much it would raise costs. >> it depends on your credit score and down payment level you have. so really the hill consumers with -- hit consumer with score

between 680, and 760, they are good but not perfect. you are looking for up-front fee that could amount to a quarter point increase in your mortgage rate. gerri: we worked up one. ffees were up 2% of the loan. interesting. >> that is almost half a point on your -- half a percentage point in motorrage rates. >> kristine: that makes a big difference. >> a lead wind for houses market of wee we've seen some signs tht crazy activity has slowed down. gerri: we have got great housing starts today. >> permits are more reliable indicate or, they were more muted in the game, it is slow steady growth, housing starts,

it was a great number for housing started, i wonder if it was a anomaly. gerri: a head let me ask you, prices go up, stall out this fall in terms of sales of existing homes looks like a boom on is long in the tooth, you add to fact that interest rates are going up and government adding to, you say regulattrs, dimarco, making this happen, why? >> well he wants to increase role of private sector, their ability to compete with fannie and freddie. there is a view that private capital has been on the guideline because government is under pricing mortgages. concern that some folks raise, industry will fight this pretty aggressively, they do not like the idea of fees going up

because it makes it harder to sell houses, they will have less volume, they will fight it. it will be interesting to see if they can make argument that win the day with new regulator that was confirmed. gerri: the new guy, mel watts, a democrat from north carolina, he has been a fan of the housing market the way it was before the during the boom, that is to say easy credited, easy money, vigorous government involvement everyone should have a house, i know a lot of people don't want to see us return to those days, but is this the right medicine? this will stop consumers. have you had bankers call you say, nick year getting into market now because of that attract quarter point. >> no one said that, i think that fee increase may not be enough, i talk to team who said this is not helping the economy,

we're just concerned that it is too much, you know another straw in camel's back, but tension raise, everyone in wash was washington said he want government out of housing, how serious are we about having private capital back. gerri: let me ask you, we've seen big lenders, wells fargo a lot have ignored this building they have down sized this business, are they -- 2 they think they can make a buck? i'm shocked at degree they have abandoned this business, i'm not -- i think for consumers this is bad news, it sounds like they don't want to do business with us, i am wondering if tinkering at the margin will make a difference for them. >> they are dealing with lawsuit, and regulation, and cost from crises that have been put back on them, and so, it is

san open question for 2014. are fewer people going to be in the space when fed removes stem less, and rates go up. >> nick thank you, you are the right guy to talk about it. gerri: thank you. just like everything else cost of home insurance is going up. at least in most states, which homeowners will be hit hardest? this list is tonight's top 5, number 5 oklahoma, state making this list due to frequency of tornados, number 4 mississippi, this state has been hit by 10 hurricanes. texas is 3, since 2005, suffered damage from 14 hou hurricanes. and number 2 louisiana, say the hardest hit by katrina. and number to one state with

highest homeowner insurance rate is you getsed it florida. average premium in sunshine state about 1900 bucks a year. that is neerly twice the nical average ofs anothe$978 a year. >> and later in the show, who said there are no more surprises? the fed making an announcement that few people saw coming. even the smart insider investors. >> next your credit card through your doctor's office this idea may hurt more than help you make your payments, don't go away. hi honey, did you ge e toaster cozy?

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gerri: a new crackdown on predatory lending practices in your doctor's was on the, you need to know about this vulnerable patients getting pitched medical credit card at end of their doctor's visit to help them pay for costly procedures that are not covered by insurance. john critic card expert joins me now, john, you know, just gets worse and worse, that is my -- i can't -- you know, these products out there. are just they are rip offs, you know, the coosumer product safety commission out there is aking don't do this don't take these out, i'm sorry not safety commission but consumer financial protect bureau saying this is a bad deal, do you agr agree? >> they can be a very bad deal, and the rob they can be bad deal because they be such antic

presentive deal, think of these offers, similar to the no interest in starr financing offers you get with a big box retailer, you want to buy a piece of furniture, flat panel television they offer no payments for 12 months if you open a store credit card with us, these are aim but instead of financing, flat panel television you may be tuning a boob drop or work under your highs, either stuff that is elective not covered by your insurance company or you may not have insurance at all, this may be your only other option you problem, i as with all credit product, devil is in details, what some consumer do not understand because of deception or because they just done get it was it if you didn't have full plans of car paid off by a certain date, interest would be applied retro active to date you took card out, that is not fair from and lending to consumers, i

was going to say, they added these guys. at care credit to their already impressive and growing list of lenders they flex their muscle and order them to payback a large amount of money. gerri: they are ordering them to payback a large amount, company in cross hairs is care credit, there are 4 million card holders, they are offered in 175 doctor offices including dentists, deferred interest, 26.99%, they will hand out a ton of dough, i mean a ton, 34.1 million, they refounding to consumers, you know, they are not only ones doing this citigroup does this wells fargo, i think it is because everyone is looking for a place it make money, in the banking business on consumer credit. >> you know, doctors love these, products, you know why in they

get paided ifly, so it is in their best financial interest, that push these cards to their patients because otherwise, they are waiting for insurance checks to show up, they may not get paid $100% of when they bill, deductible, consume are may have written a bad check, this way, if is a cash flow game, they get money immediately, then up to the lender to go chase down the consumer, for payment, at 26.99% that is a full 10 percentage points higher than average interest rate on a general use credit card, you would be better off, as a consumer to whip out your discover card, and flop it down, pay for it this way. gerri: john, we have to hit two more stories. one is a big sinking deal with senator warren, who wants, i want to talk about this, i know you are hot on this story, she wants to make tilling well, she

south rained -- she wants to make this illegal, she is outraged that companies are using consumer credit scores when they figure out who to hire. >> it is fair mongering, i am outraged about the weather, no one cares. i that -- this fear mongering, the sleaziest way to garner a vote that i could think of. credit scores are not used by employers, period. credit reports, which are different than the scores are allowed to be use per federal law, for decades, they are a valuable tool for muchers to use s to -- ers to use when deciding who to hire. gerri: i don't want them to have my report, why can they have my report? from my pry asy point of view -- privacy component of view. >> we're cherry picking the offended consumer, we're -- we didn't hear anything from the

millions and millions of employees who had good credit, their credit card helped to grease the skids and helped them get hired with less bologna, it is the squeeky we'll gets the grease. and think of the other, fennive -hings you do when you apply for a job, you have to go to a path room in a cup, and take personality tests. try to get in some of the boxes of those personality tests, they verify your. education, and your educational history. and you are worried about a credit report, that is being pennywide, and pound foolish. gerri: here, is something you may be inrested in. story breaking this afternoon from righters. breaking news -- reutters, unknown number of target corporation customers shopping over black friday weekend had

their credit card also, could stolen in an extensive breach of u.s. retailer security. dow jones reporting this wednesday as well. and wow. you know you try to get it all done, and you get your credit card information stolen, john? >> thank god for faish credi fat billing act, it limits you to cap of $50, if you see anything on your card that is suspicious report it, you have to pay a grand total sum of zero dollars. you are in the clear. gerri: thank you, john, have a great christmas. >> thank you, mirrory christmas to you. gerri: all right, coming up, if you are buying obamacare coverage, you will get attract time to pay. new news. and fed says ready to start tapering, what does that mean for you, details coming up, we'll have latest from washington stay with us.

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little bit, fed announcing its decision to reduce 85 billion in stimulus by 10 billion starting in january, here with details fox business peter barnes. >> hello, we're not sure if this was an early christmas present from fed or a lump of coal but they pulled trigger to tame erring this quantitative easing. fed said that economy is getting strong enough. it is retreating enough for it

to start in january. scale could back the multibillion -- trillion dollar bond buying program that the add 3 trillion to its plan sheet. wealthy deuce by $ 10 billion a month, program was designed to help hold longer term interest rates down for mortgages and other loans because the fed will keep purchases going for now, it says they will still vice help stimulate the economy. >> we intends to maintain a highly accommodative policy, nothing we did today was intended to reduce accommodation, we will be buy, ag set at a high rate, and increasing and holding our balance sheet holding to the assets, our guidance today we string en to make clear we are expecting to keep rates low. well byion point that unemployment below 6.5%. >> that helps keep rates down on

business loans, auto lone, credit card for example, and it said today it will keep fed funds rate near zero, well past the time the unemployment rate hits 6 1/2%, a stronger commitment than it made before, and that could mean low short-term interest rate for those loans until 2016. according to some economists. >> peter thank you, we got to cover his last press conference ever, thank you. >> thank you. gerri: happy holidays. >> you too. gerri: all right, so, stock market soaring over fed's announcement, s&p 500, and dow closed at record highs but to what does tapering mean for long-term? here is weigh in greg mcbride, senator initial analyst for bank rate.com, i will talk about what mark -- market did, we taught it would be a hajj sell off, instead they zoomed.

>> a couple things have you from perspective of new traders and investors, tapering was not new, you had today keep are not only vote of confidence in the economy they could start and start modestly, but also fed is now changed their language with regard to short-term rates. so you know i think investors say see the best of both world, but we have seen this before, market does one thing, in afternoon after the fed announcement, then. they wake up next day, and market does something different, i think that you know, long-term, fed will be dialing back that will be i think less influential on long term interest rates, you will see a slow grind higher in mortgage rates. >> so we could have a sell-off tomorrow? i was calling today, been over this market for so long, people got clarity on what the fed was

doing they were happy about that. they had an answer to their question, but you make a good point by tomorrow they may have a different idea. >> or next month or whatever, because at some point they will keep pace going, or pick up pace, that is the type of uncertainty will unnerve investors. >> peter, just said something i thought was interesting, consumer rates will stay low until 2016, but my experience with the is, that markets get out in front of something like, they ramp the stuff up they know that you know those are pressures that is where they should be. >> some cases you mortgage rates, slow grind higher, fed dials back, economy improves, for the other loans that pegged to short-term rates, home equity lines of credit, you will not so eye change in advance. because they are pegged to prime rate, savings -- >> all right, before you get there, i want to break some

down. in particular mortgage rates, housing market, it looks like it could be stalling out, we don't know. a huge ramp up in prices that is discouraging a lot of first time buyers, now rates inches up. you know, we talked about fees that fannie and freddie are putting in place, you put this on top particular hurt housing market. >> it, slow the progress, recovery that we've seen, i don't think it will derail it as long as the economy continues on a positive trajectory, despite higher motorrage rates what gets people to buy a house? they are confident about their job and financial situation they have been improving. gerri: slowly. >> but when mortgage rates were at 3.5%, people were not buying houses because nobody wants to buy a house when he economy

stinks. >> a quick end of the year in. >> close to 5 1/2%. >> shoot, i hate to hear, that i like the lower rates. thank you for coming on. have a very merry christmas. >> thank you. >> when we come back, a warning for visitors, protect their portfolio from -- for investors protecting there are perspective in losses. ♪

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gerri: another obamacare deadline is getting changed, america's health insurance plan, board. industry's industry biggest trade group circ pending deadline to pay first month of obamacare plan premium until january 10, instead of new year's eve, with more on this.

scholar at manhattan institute. oh, vick great to have you, it seems that if obama of twisting arm of insurance industry, any hard ter would have broken it already. >> yesalready. >> yes. >> yes, very aggressive and an unethical way, they are changing the rules of the insurance industry to bail themselves on ut. gerri: is that why they agrees? >> insurers had a different incentive, they are looking out for consumers being realistic if consumers cannot enroll they lose business. they want to make it easier for consumers to sign up. it is unethical for administration to force insurers to do that,. they said, we'll run out of business if you don't do what we want to protect us from political blow back, that is wrong. gerri: i think that insurers are trying to lock after their own interest nerc ten -- in extendis

deadline, but in reality they don't have a private business any more, obama carry really changed the fundamental nature of the, a state regulated utility. >> in particular with regulated exchanges, the administration has turned it that way, people in administration who are in charge of running these are hostile on the industry, they don't know how business works, they see the industry as something to be tolerated rather than supported. gerri: interesting and dead on, what you see as a reporter when you cover some of these, insurance departments, state by state, they don't trust the insurers, they don't want to work with them, we're starting to see some of the state run health care plans, saying, you know we may not go with the president. which is ironic they are part of the government, and insurance companies are not. some state plans are saying we may not go along with that.

>> they are -- not everyone is doing what they are suggesting but, the reason where ahip did this as a group, they wanted to make it as much as standardize system, so they know if they do take on patient, everyone most of competitors will do the same, some will be out liars, because they don't' to lose money, but i think that many will because it is a way of saying let's got screw each other over. >> i think a lot of people trying to get through this boa constrictor, there is a big bulge. how are they going to be able to close the deal by january 10? >> by january 10, we know for certain more people will have lost their coverage due to obamacare than gained it. it. gerri: that is ridiculous. >> maybe overtime the numbers even out but for every the first

quarter it will be pretty bad. gerri: by law you are required to have coverage but you can't get it. there is no money. >> insurers are terrified of an individual going to their doctor, and having an illness, thinking i'm covered, here is my bill insurance company, insurance company said we don't have a record of you. and insurer is worried they will get blamed, that is one of the reasons why thigh took these steps. >> what do you think, we don't have a lot of time left, net-net, the first quarter? >> it will be disruptive, a lot of people will be unhappy, this is a small slice of insurance market, for people who shop it was coverage on their own who urine insured today, it will go

off in second half of next year when people on employered sponsored plans finds their rates are going up by 20, 40 first that is right before the election, this is just a small portion of the market. gerri: so much more to come on obamacare, thank you. >> thank you. >> and wow. well, while white house and insurance industry keep delaying obamacare, irs is delaying your tax returns my friend. if you want to refund, forget about it taxpayer eager to get refunds wait 10 days to file, irs said now that government shuttdown that is what they are blaming has forced it to delay tax filing seen until january 31 instead of 21. normally the 1. said that shut down ino, inrepresented programs and testing done. in message to fbn, h&r block said they are head toy make the

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gerri: have you heard. do you open a leveraged etf they could bring in huge returns quickly but they could also do damage to your portfolio just as fast. what should you watch out for? joining me now jerry. thank you. you know, i don't know if everyone knows about these investment but they amplify return of an index, and use left rook to 2 it. this to me sounds dicey? >> i do not use them, i know people that do use them, you have to recognize it comes down to pick your poison, etfs that move two times the aim, if something dropped 10%, you and you lose 20, there are triples out there, you have 3 to 1 leverage, all i can tell you is be very careful, some of the inverse -- etfs don't move in

sink, because they change on a daily basis it does not keep up, are careful, know what you are getting into. gerri: they use deadins report thees and 45tives in and cases to get their mojo going. you are talking about a lot of movement, up and down, top leverage etf year-to-date. pro shares, unbelievable up up 134%, another one here, 1 5%. unbelieveable. but that may not be your leverage, you may have bought say pro shares. short-term, and look at those returns, losses, of 90%. check that out. huge volatility here. you say a word of warning, should people play in this at all? is it worth it?

if i can get a return of 134% this year i would love that. >> i have to decide who you are, and what you are about. it you have top represents where market moves 1% in a day, you move 3%. hey, god bless you go at it, you are margins yourself 200%, not for me, it could be for somebody else, i think if is for people who watch market carefully pit stops in place just in case, moves again them but overall, you know etfs are great thing use the single ones, and don't worry about the rest. gerri: you say forget leverage, i want to show folks how much more of leverage etfs exist in 2008. sense return growing like top see out there, maybe have you a better idea. tonight now that federal reserve is put a time frame on when they get rid of their stimulus, do have you something you think

that wow? i think people should invest in this? >> all i can tell you, fed is not getting received stimulus, this talk about tightening is a joke. gerri: really. >> they went from 85 to 75 is absolutely meaningless. there is 0%, they are still printing, remember when government starts something they never end it, i think they are going forever. gerri: give than is there something i should invest? >> >> well, market strong here, it looks like will break out again, we're in seen 18 strength, i think -- seasonal strength, i think we'll rally into january, mo doubt that this mole -- 90% of bull market has been fed driven this year, earnings are up single digits, market up 25 to 30, valuations are getting stretched there will be heck to pay i don't think it is yet. >> thank you, gary, merry christmas. >> right back at you. gerri: we'll be right back with

my two cents more, should we try to balance the budget? on the backs of our heroes? stay with us. [ male announcer ] my client gloria has a lot going on in her life. wife, mother, marathoner. but one day it's justonna be james and her. so as their fancial advisor, i'm helping them lo at their comple financial picture -- even the money they've invested elsewhere - to create a plan that can help weather all kinds of markets. becausthat's how they're getting ready, for all the things they want to do. [ female announcer ] when people talk, great things can happen. so start a conversation with an advisor who's fully invested in you. wells fargo adsors. together we'll go far.

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th helps me, and my guys, make better decisions. i don't like guesses with my business, and definitely not th our health. innovations that work for you. that's health in numrs. unitedhealthcare. btu a final effort by senate republicans to halt pension failed as the full body passed a controversial budget bill just under two hours ago. should we try to balance the budget? here's what some of you are posting on my facebook page. sandra says no, they need to step back, take a deep breath, thank god for our heroes, and pray. because their paychecks will be cut when they lose their jobs. and cutting the politicians pensions past and future. maybe they will realize that they really screwed up. we also asked this question on gerriwillis.com. 5% said yes, 95% said no way. and finally tonight, managing your money well is all about

making priorities. and once again, we see congress failing to make responsible choices with our taxpayer dollars. the budget passed by the senate costing pension increases by 1%. and it sounds like very little, but it could amount to $80,000 over 20 years. it's not the first time that we have been down this road. earlier this week we told you about the waste in washington, documented in the 2013 addition of tom coburn waste book, romanne novels, man cave's for government workers, 1.5 billion. you get the picture. spending on things we definitely don't need and ignoring the things that we do. that is my "two cents more." that's every "the willis report." had a great night and we will see you back here tomorrow ♪ ♪

lou: government reserve chairman ben bernanke announcing tapering of the fiscal program will finally begin next month. and wall street celebrating the news with an almost 300-point rally on the dow jones industrial. ben bernanke is a popular fellow tonight. i am lou dobbs. ♪ ♪ ♪ lou: good evening, everyone. ben bernanke announcing that they will reduce the bond program by $10 million in january. while saying that the paper will continue further measured steps at future meetgs