tv The Willis Report FOX Business June 3, 2014 5:00pm-6:01pm EDT
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absolutely crushing entrepreneurship in this country. >> we spoke to one dealer who described how 50 of his staff devoted at least some of their time to regulation compliance. back to you guys in new york. david: maybe gone a little too far. doug, appreciate it. liz: "the willis report" is coming up next. hi, gerry. we've been talking about auto sales throughout the show. you can't ignore it. but you're looking at new information on the rising death toll from gm's massive recall. gerri: we are indeed. the sales story very big indeed. rising toll on deaths. brand spanking new information, the response by gm to a lawsuit by a boy one of these cars the family maintains had a faulty ignition switch. the company maintaining, hey, it is old gm's fault, not the new gm's fault. all of us will continue covering this gm story. david: we'll be watching in fact. going to be watching right now. gerri, thank you very much. see you all tomorrow. gerri: thanks, guys. also coming on today's show.
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home health care workers. some are damaging background checks and could have criminal records. we'll investigate this dangerous loophole. also football legend dan marino joins a concussion lawsuit against the nfl. we'll have the latest on the case. new way to stop the airlines from losing your luggage. it may also stop thieves. and, we begin tonight with shocking revelations about the general motors recall. a new report says that at least 74 people have been killed in crashes related to the faulty ignition switches. now, that number is higher, much higher than the 13 deaths gm already acknowledged. joining me now to help make sense of this information, car coach, lauren fix. and attorney bob hilyard, who represents families of some of these crash victims. lauren, to you first. this is a reuters analysis of data. they have combed through lots of information. they bumped up numbers of people they estimate who died in these accidents.
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do they have it right? >> well, some of what we don't know, but i do think when you look at this report, it appears as though these are related. i haven't seen the reports specifically. i'm sure the attorney that is with us, this gentleman has looked through more of the reports that i have had access to but i think one of the things, if you've had a problem or no someone who had a problem that is ignition related or air bag-related highly likely it is related to the egg anything switch and that is of concern because it does fall on the old gm. gerri: interesting you say that because we do have some information about that tonight. the gm blaming old gm in response to a suit you brought on behalf of a young boy paralyzed in pennsylvania with an accident some years ago, they say because of a faulty ignition switch. what does it mean gm in response to the suit saying it is the old gm? is that the line they're going to maintain from now on? >> good afternoon, gerri.
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it seems to be even though their ceo directly represented to congress and to the senate that that was not going to be the case. i was stunned when i read that document today where they said, and i'm quoting, gm did not design this car. gm did not manufacture this car and gm did not sell this car. when in fact, it was gm. they're simply saying there is invisible line beyond which they are not going to be responsible for. gerri: that invisible line of course is the bankruptcy. they're maintaining that it is two totally different companies. that the old gm pre-bankruptcy is a different company than the new gm, emerged from bankruptcy but really hard to tell because a lot of the players are the same. i want to read you, we have exclusively fox business a response from general motors, gm. this is what they have to say tonight. general motors they say has taken responsibility for its actions and will keep doing so.
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we also have acknowledged that we have civic and legal obligations relating to injuries that may relate to recalled vehicles. that is why we retained kenneth feinberg to advise us of what options may be available to deal with those obligations. lauren, to you, what is your response to this statement, and, are they waiting for feinberg to make some kind of a public statement or give some kind of a report before they move forward? >> i think they really don't have a choice. i mean the first thing that happens when you're in a situation like this, that happened in the past, you need to have all the attorneys read through every detail and find out how they link together. you need a paper trail. and that at that point there will be a legal response. i think that, at this point to just make a frivolous comment from any pr agent or someone who represents gm would not be wise. it is best to say we're investigating it and we'll give you a real answer once they get the documents and they're able to do the same thing as any attorney would do, you would read through all the documents and connect the dots.
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i think at this point we know these ignition switches went out to a lot of vehicles and my concern is that i have talked to multiple people who say, i don't have a gm car when at the time they had eight brand and that ignition switch went into multiple vehicles over multiple years. until we go deep, deep into looking at all accidents that happened at the time, with ignition switch problems, with airbag problems and even collisions, we need to know before we can make any final conclusion. gerri: bob, sounds to me, lauren is saying have a multiyear investigation. i don't understand. how long can we wait and what do you say more importantly to this gm statement because they have said they have taken responsibility. have they? >> absolutely not and to answer the question you asked at the top of the hour is that number is wrong, gerri. it is way low. you know we are in the trenches. we're the ones getting the calls and we are investigating cases from potential clients and to date we have over 70 deaths that are related to the airbag failing to deploy in recalled
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vehicles where it was a deployable event. i promise you, that is just the calls my law firm has received, it is not even the tip of the iceberg. what gm hopes is what you just suggested. let's drag this out. let's hope for a different issue going on in the world so no one will look at gm as we quietly tell this little paralyzed boy, you're out of luck. we're sorry we did this to you but you don't have your day in court. even though there is nothing different about our company now, we have the protection of bankruptcy. which, by the way, if they lose that protection, because of the fraud, if the bankruptcy judge says, you don't get this protection, they have now bet the company on this one issue. if they lose, the company may not survive. gerri: is fraud a long shot, lauren? >> well, i think that the truth is that at some point gm will have to take responsibility which they already have for
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these ignition switches. and at that point we can't wait and wait and wait. you know, you're right, we have to get on this right away. unfortunately there has been deaths and many of these have been young people too which is also really sad although any death is very sad. i do think we need to get in on this. i think there needs to be a fund put together. the truth is, i don't believe because the way the bankruptcy was structured, there is really proper protection for the old gm. here is the big picture. when the old gm, has to pay the bills, it is going to be on you and i, the taxpayer. gerri: wow, okay. bob, do you want to respond to that quickly? we'll have to run but i give you a quick response? >> well there is a number of issues. the shareholders are going to wonder what is going on. the victims are certainly going to look at ken feinberg now and say, like my client, trenton buzzard, who is the paralyzed little boy, seems like the underlying message is, if you don't like what mr. feinberg
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offers, this is going to be your alternative. you will fight news bankruptcy and, what we tell gm we're prepared to fight that. gm, the fraud is not that long shot. gerri: all right. thanks to both of you, you guys. you both did a great job. lauren and bob, thanks so much. >> good seeing you, gerri. gerri: good to see you both of you. later in the broadcast we'll have the very latest on auto sales from jeff flock in chicago. we have more and more to come this hour including your voice. we want to you facebook me and tweet me @gerriwillisfbn. at the bottom of the hour i will read your tweets and emails. who is exactly taking care of our elderly and what are they hiding? new warnings from federal investigators on a potential security hole. stay with us. peace of mind is important when you're running a successful business.
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if you notice any of these, stop chantix and call your doctor right away. tell your doctor about any history of mental health problems, which could get worse while taking chantix. don't take chantix if you've had a serious allergic or skin reaction to it. if you develop these, stop chantix and see your doctor right away as some could be life threatening. tell your doctor if you have a history of heart or blood vessel problems, or if you develop new worse symptoms. get medical help right away if you have symptoms of a heart attack or stroke. use caution when driving or operating machinery. common side effects include nausea, trouble sleeping and unusual dreams. i did not know what it was like to be a non-smoker. but i do now. ask your doctor if chantix is right for you. gerri: is a criminal caring for your loved one? it's a shocking new report by a health and human services inspector general out. home health care workers for early derly and homebound are not getting vetted properly. that is what the report says. we have obik roy, manhattan institute. great to see you. this is deeply concerning
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because in about 10 states, we'll show awe map in just a minute, in 10 states, just about anybody can become a home health care worker. you could be a convict with a rap sheet as long as my arm and get the job. take a look at this map. tell me why people in alabama, connecticut, georgia, on and on, new jersey, are exposed to this kind of thing? >> well, it is clearly an oversight in those states and you should have certain background checks for people who are going into your home. someone coming into your home or home of a loved one, they have access to bank statements and valuables. there is lot of reason to be concerned to make sure those people don't have a criminal record. gerri: you brought up something in your comments to our producer i thought was very interesting. you say it is very possible that unions are behind this information coming forward. in part because they want to unionize these workers. have he already in some states? >> yeah. illinois, for example, there are
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several states where seiu, bin one of the big labor unions, convinced local and state politicians that require all home health care work remembers unionized. which means they get dues that are collected. that's a real pom. problem. sometimes a family member is carrying for a loved one and getting state or federal funding to care for that patient. if that family member is unionized, say $750 comes out of that person's paycheck to the union for no obvious reason. gerri: you know, just such an interesting way this whole thing works. our taxpayer dollars are out there too. in medicare is paying for a ton of this as well. one of the big problems in the ig report are agencies, home health agencies. what kind of issues are they bringing? >> just to step back on other thing about illinois. >> sure. >> one thing important for your viewers to understand, there is actually a supreme court case that is litigating, these union
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agreements that require states to unionize these people against their wail, and harris v. quinn, that we'll probably get an decision in june. on home health agencies it is the same thing, right? you want to make sure if you're using an agency to care for your loved one, that you know that agency's employees or their workers are, have been subject to background checks and they have the reputation and the service within the community that they're not engaging in that kind of activity. that their workers are not engaging in that sort of activity. gerri: what needs to happen here? because unionization, is not a cure, right? how do we make sure that the people in our elderly's houses taking care of them are not criminals or somebody that will rip them off or hurt them in any way? >> yeah, there is a balance. having background checks makes sense. you want to make sure criminals are not coming into your home to take advantage of your loved
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ones. at the same time you want to be suspicious of any extra licensing requirements that because all that does is drive up the cost of these services in a way that hurts taxpayers and benefits special interest groups. gerri: it can hurt regular families if they're picking up the tab, that's for darn sure. thanks for coming on the show, thanks very much. >> thank you. gerri: well a big story today, right? hall of fame quarterback dan marino making headlines. marino and 14 other former players filed a lawsuit against the nfl for misleading players about the long-term dangers of concussions. the ranks of plaintiffs against the nfl are growing upwards to 4,000. a source telling the "sun-sentinel" that marino is withdrawing from the suit all together. a nfl agent joins me with the latest. eugene, welcome back to the show. >> thanks for having me, gerri. gerri: what i don't understand about this, dan marino was a
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quarterback. do they get concussions too? >> quarterbacks like dan marino and brett favre, they take a pounding. gerri: they do? >> they do. gerri: what do you make the fact he was in the suit and out of the suit. >> even if he ultimately withdraws it adds more legitimate at this to the cause of the ramifications could be that the settle mane discussions could open up again. gerri: we have nearly 5,000 players suing the nfl. at one point there was conversation about some sort of a settlement, as much as $400 million. a lot of experts said that would bankrupt the nfl? that seems impossible. >> absolutely not. the last settlement figure agreed upon back in august was 765 million. gerri: okay. >> judge anita brodie rejected the settlement back in january. she said it was not sufficient to cover needs of affected play years wow. the nfl makes something like $6 billion a year. >> it's a drop in the bucket for the nfl. 0.5% of annual revenues.
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that is what the settlement amounts to you represent players. i assume you represent their point of view in this. is the nfl not doing enough to protect their players? >> the nfl is now. what the nf mr. did back in the '70s and 0's it is up to conjecture, what ultimately man out through the court of law or arbitration -- eight at this's. gerri: what is your view. >> they need to inform players as to the risks. there are protocols in place. players ultimately make the final decision with regards to what they ban to do. gerri: players know it is dangerous. they're the ones getting hurt. they're the ones getting terri the off the field for goodness sakes. so they have an idea what is going on. many of them are willing to take the risk, a, to earn the money and b, to stay in the game. so what is the long-term solution to something like this. >> the players claim, is fraud and concealment. that is, that the nfl knowingly concealed evidence it had about the long-term effects of repeated head trauma. that is the get get-out-of-jaile
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card for players. the class of players affected because there was fraud involved, concealment involved, the cba does not preempt the claims and they can be brought in court of law of the fact that a settlement was reached it shows me the nfl says there is some veracity of what they're claiming. >> here is what they're claiming in the marino suit. memory, depression, impulse control, impulsive think to anger, cognitive dysfunction, on and on it goes. when you get to know these guys too, and i met many of these folks who used to play and don't anymore, they have real physical issues and mental issues. >> they do. i have friend of mine that are retired playing, having played, 10, 12, 14 years in the nfl. they, their bodies do break down quite a bit. gerri: all right. lots of concutions out there. eugene, always good to see you. g up later in theu, thank you. show, coffee prices are about to get a, jolt. we'll break down what is going on with your cup of joe.
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the air chambers. introducing the sleep number bed now with sleepiq technology. it tracks your sleep patterns and tells you how to adjust for... a good night's sleep, a better night, and an awesome night. so what sleep number adjustments make the difference? try cranking it up? adjust it down? a little bubbly? or nix the late night flicks? wait, you'll know what works, cuz sleepiq™ technology tells you. and all you have to do is sleep. which is easy. only at a sleep number store, mattresses with sleepiq start at just $999.98 because everyone deserves a great night's sleep. know better sleep with sleep number. gerri: say good-bye to lost luggage. some airlines are developing new technology that would allow passengers to check the whereabouts of their missing passion. how would this work? here to explain is the president of air fare watchdog.com. george, welcome back to the show. okay, how would this work? >> basically, gerri, we're going
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to have these high-tech bag tags that will have gps enabled and you will be put them on your bags and using your smartphone you will be able to track your bag anywhere around the world. we may even see some luggage that has built in gps tracking as well. gerri: sounds expensive. who picks up the tab? >> airlines lose millions of dollars a year in lost bag charges. the government requires. that they pay $3400 for even delayed bag. it costs $100 to reunite somebody with a delayed bag, once it is found. so it does cost the airline something. we don't know exactly hoyle will be pay forge this. might be passengers will buy these tags. they might be quite cheap or under $30 eventually once manufacturing gets going. maybe airlines will give them for free because it won't save them money. gerri: here is why it would save them money. they have to pay $3400 on
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domestics flights when a bag is lost or stolen. that's a lot of dough. paying 30 bucks for a gdp tag -- gps tag might make more sense. is that a large proportion of the total or not so much. >> depending which estimates you believe, one in ever 150 bags or 3% of all bags are lost or misdirected, so it is quite a few. gerri: so, but do you consider that a big number is what i'm asking? because 26 million to me, sound like a very big number. when you look at it in comparison to the total amount, it is maybe not that much? >> well, depend, if it is your bag that's lost. yeah. then it's a big number. even though paper bag tacks that they use, by the way which have been here since the 1930s, it is really time this industry steps up and, increases their
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technological know how, even those, paper tags cost airlines a lot of money. not like paper tags are free. but tags which are issued every time. these bag tags, gerri, these new bag tags are permanent. airlines don't have to keep on printing them every time you send a bag through the bag check. it will save airlines money. gerri: that is very interesting. i was thinking this is another way for airlines to raise my air fare. we give you that gps tag for your bag. of the add another 100 bucks to that. the you say no, it might work exactly the other way. i think your other point is very interesting. paper tags, on all bags we have when we fly, coating for airport, lax, wherever you're going, old school and really old school and it is shocking that hasn't been upgraded. >> a lot of things about the
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airline industry haven't been upgraded. their computer screens are upgraded and planes are not, it is technologically backward industry. a lot of reservation systems were developed in the 1960s. this will be a great leap forward. i imagine not-too-distant future we have permanent bag tags we program ourselves. track our bags and use smartphones to program them. we'll enter destination city ourself, rather than even relying on something else to enter the destination. a lot of bags are misdirected because airline people send to it the wrong city. gerri: i respect you. i know you know what you're talking about. air fare watch dog.com. big website. i don't know if i will be programing my own bag. i can't even program the satellite tv right now. thanks for coming on. good to see you. >> it will be very easy. gerri: it could happen. things could improve. george, thanks. >> thanks. gerri: now we want to know what you think.
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here is our question tonight. have airlines, have they ever lost your luggage? log on to gerriwillis.com. vote on right-hand side of the screen. i will share results at end of tonight's show. a self-selected group could respond to the question. is it too soon to know if the tags will give airlines ability to keep track of your luggage? which airlines are the worst. top airlines mishandling bags, according to the department of transportation. they use the span of the start of the year to march, that is the time period we're talking about. flying in at number five, express jet airlines. that airline miss handled 53,000 bags. express jet among two other airlines with highest rate of canceled flights. number four, united airlines. a little over 71,000 passengers bags mishandled. delta comes in at number four. luckily for the airline its passengers had one of the lowest rates of flight cancellations. so that means less, fewer lost
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bags. number two, american airlines, 115,000 bags mishandled. and the number one airline mishandling passenger bags is southwest airlines. the airline mishandled 159,600 bags. the best airline for handling passengers bags? it was virgin airlines. the airline only mishandled 1500 bags. next, you sound off what matters to you at the bottom of the hour. i will read your tweets and emails. smucker's about to give you a sucker-punch to coffee drinkers. why the price for your morning cup of joe will give you a jolt and jolt your wallet. ♪ [ male announcer ] whether it takes 200,000 parts,
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hey, coffee drinkers. we have some bad news for you. well the leading coffee roasters iis increasing the cost of their packaged coffee. phil, what is the story here? i feel like all my food prices are going up, not my coffee too. >> they are. you and i have talked about this a four. it is the environment. it is the drought that is in brazil. similar to produce in california. what is interesting about this is coffee is very different because so many of us rely on it. the price will go up. craft with maxwell house will also go up. the only place it will not go up yet, i emphasized yet, starbucks, people like dunkin' donuts because the cost of their coffee and ingredients is really only 10%-15%.
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and they buy on the futures market because of their volume. we will see a lot of tricks happening when it comes to coffee. gerri: this isn't something i can do without, i need my morning cup of joe, that is for sure. apparently they make coffee too. what are the labels to use? >> they're big label is folgers, as a matter of fact. three or four companies control the coffee in the country. smuckers, crafts, you have starbucks and gree green mounta, which are the k-cups that are out there. it is growing by leaps and bounds. you will see their price increase as well because of all of the packaging.
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number one, you're probably going to switch brands, get a roast that is a little stronger so you can use a little less on those packages themselves is look for 100% arava cover, that coffee coming from brazil that is terrific blended with the booster which is a different type of being with traits and stick them a less, so read the labels carefully. you will see the quantity in those cans be reduced. gerri: tell me, as a consumer, what is my best bet for getting the best coffee at the best price? >> number one, know what you like. a lot of people don't like starbucks because it is bitter in case.
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it can get through the milk and sugar with th whip cream and so, number one, know what you want. it is really the water quality, not the coffee quality. when you think about it, 94% of it was water. use the best water possible. don't make a full pot if you will only use a half a pot, and shop around. look to the deals at starbucks, dunkin' donuts, not only in the supermarket, but in their own stores and don't forget about the dollar store. great deals on product it discontinued or a product is eliminated. melissa: you really are the supermarket guru. thank you. >> thank you. gerri: good stuff. that is interesting. news about auto sales.
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u.s. auto sales took off last month hitting the highest monthly total in nearly seven years. here with more, fox business is jeff flock joining us from chicago. jeff: we expected a good month, we did not expect a fabulous month. that is pretty much what it is. almost across-the-board a couple of bummers. gm leading the pack. dublin what analysts expected it to do. ford was up. pretty much everybody had a good month. there was additional selling days in there, five weekends, memorial day holiday incentives, but the stock followed that today against a market. gm, ford and toyota up on the day. the folks who sell the cars.
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those big auto groups did well in terms of stocks. pushing 3%, so a lot of good news there. individually who was a winner, who was a loser? fiat partnership looking better and better all the time. maserati reintroduced, selling a lot more cars than they ever did before. it is really taking off. for the brands that did not do so well, chrysler the brand which is a small group of the overall company was down 22%. vw and many had bad months. vw has been on a bad one as of late. it has been a tremendous month and better than anybody expected.
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gerri: those are just amazing numbers. i guess the consumer is back. we have been focusing on the gm ignition scandal, we expect reports the company this week. do you know what day we will get it? jeff: we don't know the exact day. we thought gm sales will finally be impacted by this, and of course they weren't. the former u.s. attorney here in chicago hired by gm to put a report together. we expected as early as this week. we really expected soon. that is when we will know in terms of impact on sales. gerri: thank you for being with us today, good to see you. it is your time in the show and we talk about what you are interested in, we read your interest, your e-mails and your
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tweets but first what you are treating me about your poll question. have the airlines ever lost your luggage? all of the family luggage never arrived to our vacation. sounds familiar. and only take carry-on. that is good. and yes, we remove it. i had no clothes to wear the first day of high school. all my lost luggage. if it happens it should be dramatic and that is dramatic. jim posts i bugged them for three weeks, no results, so i filed a claim with proof of the value for most items. in three days i had my luggage, it had been held in frankfurt, germany, the entire time. on and on and on it goes. here are some of your e-mails on the veteran care. mary from florida writes yes, offer vets a private health insurance plan. let them have a choice to
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continue with the health servi service. the cost to the government would be no greater or probably less and they would not have to wait on the health service. good point. our vets should have access to any doctor, any hospital and any medical service whether they are inpatient or out. expenses should be covered 100%. the va scandal with this regard is just a taste of what is to come when the government controlled health care plus you cannot fire a civil servant, they just get moved around. we love hearing from you. send me an e-mail, go to gerriwillis.com. up next, or the etf costing you money? a warning the etf are underperforming the very market they seem to be tracking. and here is your consumer gauge with the numbers that matter to you. check it out. we will be right back. we're moving our company to new york state.
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gerri: index etf is advertising a cheap way to make money in stocks. they can also cost you. they underperform the very market they are tracking. with more on this, jonathan hoenig. great to have you here. this is annoying. i thought it would try the index in the portfolio. i figure we would get the same performance, but we are not, why? >> you may be buying a fund that tracks the index but you are not buying the index itself. there are costs and risks with any investment even index fund, one of which is the expense with a lot of competition. the other is a tracking error. widely owned and widely traded, there can be variability and tracking between various etf.
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one may be a couple of tenths 8% below, double tense% above but they don't attrac track the indx itself. gerri: take a look at that, different, that is not the same, it is supposed to be the same, but it is not. it has an expense ratio involved as well. what should you do about it, if anything? could this drive people away from an etf? i am not getting what i am paying for. >> they should thank their lucky stars. you were paying 2.5% for mutual funds, so these small variances in return have to be put in the context of what the mutual funds charge to begin with, which is in most cases half a percent. even if you bought the stock themselves, the cost of getting in, getting out would be quite high.
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you have to put this in context the cost of investing in the index funds is lower than it has ever been which is why something like this, like commodities, leveraged funds, inverse funds. that is where the fees, expenses have to pay more close attention. gerri: morningstar once did a survey that shows you can invest in almost any fund and the difference in your performance is largely what you paid in fees. the other thing that matters is the devil is in the details. one story today show on the s&p index outperforming the wilshire index so it is not just who is running the etf, it is what specific index you are tracking. you really need to know. >> now more than ever individuals can tailor their exposure exactly how they want it.
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so if they want more large cap, small cap, dividend oriented, you can tailor your portfolio down to the last $100. a great opportunity to look at the indices and the etf and model a perfect portfolio for you. gerri: a lot of people are now hesitant to be in the stock market after the debacle we saw several years ago still worried, still concerned. is this a way to tiptoe back in? >> etf is exchange traded mutual fund. they are by and large the same thing. etf offers intraday trading so the ability to get in and get out. gerri: you can say that with a mutual fund. >> if you're looking five, 10, 15 years old, a traditional open ended mutual fund is a better bet. very small amounts of money
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often times 100-$200 a crack for no fee whatsoever. that is still about $10 wherever you look. thank you, gerri. gerri: still to come, my two cents more. and hiking interest rates sooner rather than later. what does this mean for you and your money. we will tell you after the break. stick with innovation.
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she thinks it should happen sooner rather than later. do you see that happening and what impact would it have? >> quite frankly of fed fund rate is set by the federal reserve and so the discount rate. this does not trade in the open market. they want to push it higher. we are seeing positive with the lower rates. we see the low discount rate. gerri: is the economy strong enough to sustain higher rates >> absolutely not. i don't know what they're looking at because they have negative gdp, huge numbers of people out of work. we can say whatever we want, they are not getting better in the right direction. they are in the wrong direction. i don't know what this lady is thinking. gerri: consumer sentiment was a little better. i am trying to build a case.
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and it is not easy. consumers are facing flak income, things cost more. higher inflation, getting squeezed in the middle but you saw auto sales through the roof. what is happening? >> because yo he can borrow for almost nothing. the goal of the government is to have the economy grow. guess what, we are at zero, jerry. gerri: we have never recovered from the 2007-2008 debacle. we have pumped every taxpayer dollar we can find into this economy. we have tried to build highways. the list goes on and on, absolutely nothing has happened. >> put me in charge because i
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will cut taxes across the board, stimulate the economy and we will see things grow. gerri: francis raising taxes, individual states are raising taxes, people leaving california because of taxes. >> we have stagflation. there is no question, i don't know why anybody doesn't start talking about it. slow economic growth, high unemployment and rising prices and the only way to cure it is to cut taxes. we will continue to get what we are getting which is a big zero growth in this country. gerri: it is so funny, people forget by technical measures this is a very long recovery. it may have been disappointed, it may have been sluggish but this has been a long recovery. we could go negative for more than one quarter. do you think that could happen? >> without a question.
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anything that is going well. gerri: last year was real estate. >> i will say that. i don't disagree with you, that is going well. from the true economic measures, what are we doing to get the $800 billion of tax shortfall we are not. we will continue to see the middle-class squeeze, slow economic growth and would not shock me if we saw a really low gdp number in the second quarter. gerri: we have 5% of the population. the most productive people on the planet, we have to fight our way out of this, we have to start a new day. >> we have to hit the control alt delete button on every lived on up until now and start new. if we don't change our policies, it won't happen. gerri: we have to do more than
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hit alt control delete. always good to see you. we will be right back with my two cents more and the answer to the question of the day. have the airlines ever lost your luggage? you retire? then we gave each person a ribbon to show how many years that amount might last. i was trying to, like, pull it a little further. [ woman ] got me to 70 years old. i'm going have to rethink this thing. it's hard to imagin how much we'll need for a retirement that could last 3years or mor so maybe we need to approach things dferently, if we want to be ready for a longer retirement. ♪
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on everything you purchase, every day. don't settle for anything less. i'll keep asking. what's in your wallet? gerri: how the airlines ever lost your luggage? we asked the question on gerriwillis.com. more than half of you. 47% said no. log onto gerriwillis.com every weekday. finally, gm must be thanking their lucky stars rehab on. up 13% versus 17% for the industry, that was good news, right? last night's gm lawyers were defending the company against a suit from a pennsylvania boy who said he was paralyzed in an accident caused by faulty ignition switch. they say the error was made by the old gm. now the gm run by the current ceo.
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it raises questions if they will use that argument in the future. i wish they would stand up and take responsibility. have a great night. charles payne is next. charles:'s night on "making money." consumer spending more per day than any time since 2008. but the only way this will last is to make the fed dream come true. the pros and cons of the virtuous cycle. the old rule, sympathy for the post 50 crowd. easy for anybody to follow. and great responses last night including one touting the lower of chief stock. one of the biggest mistakes people make. let's go make some money.
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