on facebook says i don't the president can lead us away from a potential $125. about 107 now. cheryl: jo ling kent on "the willis report." the impact they will have on our wallet. jo ling: thanks so much. two big supreme court cases. facebook and aereo. it will have a huge impact of free speech and the internet. let's kick it off with facebook. the green to hear the case of a man sentenced to four years in prison for writing threatening messages to his ex-wife on his own facebook page. he says he is protected by the bill of rights, but is he? with us now, seth, thank you so much for joining us. we know what the local and federal laws are right now. the federal statute says whoever

transmits an interstate and foreign commerce and he can indication containing any threat to kidnap any person or any threat to into the person of another shall be fined under this title. what does it mean that the supreme court is hearing this case? >> this is a landmark case that will have a deep impact on how the constitution applies to social media. there is a young man from eastern pennsylvania that over social media through a couple communications allegedly threatened to kill his wife. attack young children. it is very serious but the bottom line as far as the legal issue goes is whether you look at the threat of physical harm through the lens of being objective, with people who read the message would think or subjectively as to what he thought. they say you have to go into my

mind and ask if i really meant that. the bottom line is this will have a deep implication on social media, social media communications. jo ling: this is one of the things he actually posted. there is one way to love you but a thousand ways to kill you. this is very violent language. what does this mean depending on the ruling of cores for companies like facebook and twitter that have terms that might be impacted? >> these are portals that are a gateway for the communications. i think it will have more of an impact on consumers than the carriers themselves. this is a trend that has been going on at only in terms of personal can indication's but business communications. going on at a time other courts are more willing to allow their

to be a withdrawing of first amendment protections for people who are also saying things on yelp or other social media avenues making allegedly false statements. people have to understand there is a landmark shift in social media and protections as the temperature increases the kind of communications sometimes of first amendment protection may decrease. jo ling: that is a service consumers pay a monthly fee to watch tv on the go. broadcasters say this is piracy and aereo is stealing their single for a profit. what are you expecting to come down from this case? >> it is a very interesting case. federal court is split. the appellate court in second circuit court have gone opposite directions. the source of the problem is the pace has done well beyond when the copyright act was enacted.

i predict aereo will have a problem, their argument is a persoperson-to-person agent of r in the cloud is something the spring court justices will fundamentally have a problem with. jo ling: how do you think that is going to impact if at all companies like netflix? >> at that point the communications world will be turned on its head because at this point if that happens companies like netflix and other companies that also have similar kinds of technology are really going to completely change the way technology and the way different streaming is delivered to homes throughout the united states but this will be a real uphill battle for aereo. to say they are just an individual antenna antenna thatt a dvr in the cloud service rather than a broad broadcaster will be for rebroadcasting, a

difficult argument for them. you can see how technology sometimes outpaces the state of the law. jo ling: so you are calling it for the broadcasters? >> yes, i am. that will have a fundamental impact on that technology. if that is the decision, aereo goes away and will not be able to survive. jo ling: thank you so much. >> you bet. jo ling: excited to come down as early as this thursday or later this month. turning now to a big business, a big deal on this merger monday. a huge deal, $43 billion hitting something very big along with this deal, the ability to move its head office to dublin, ireland, and escape huge ca corporate bills in the u.s.

looking at this situation, how it stands right now, is it a win? >> it is when we have is mrs. in the united states, they are penalized by the corporate tax code. we have one of if not the highest corporate tax rate in the developed world and we are really one of the only countries that double taxes income earned abroad. you're looking to acquire more companies or more bandwidth, whatever it is, you're asking yourself how can i maximize my profit, how can i continue to have a profitable business. the answer because of the tax rate is to move out of the united states. >> we can show you. the u.s. does rank very high. averaging 25%.

how much to state taxes have to do with this larger landscape of the tax debate for corporations? >> the thing you have to remember is unlike a lot of other european countries, we have a state corporate tax rate added on top of the federal one that adds five 27 percentage points on top of the federal tax rate for companies looking at their tax burden here have two layers they have to consider and that is why we see all of these decisions coming out of washington affectionately driving these companies out of the united states because with the corporate income tax rate and the fact if there already located abroad trying to bring profits back they will be taxed twice but new taxes on top of washington are starting to harm businesses. talking about a decision made by medical device maker a specific tax in the health care law, this tax is a tax on top of gross

receipts. not just what you pay to make a profit, it is what you make to pay when you make a sale. some of these companies of their operating on razor thin margins is still beholden to the huge tax and that is why they are making these decisions to try to survive. >> not only the tax code, but also others. there is a big amount of money that is could be taxed. $1.95 trillion of money overseas. if you compare that to 2013, that is up 12%. if you look at the trend, the discussions that happened not too long ago, what do you think in the rest of this year and the other big mergers? >> we need washington recognize the global economy.

we need to be asking our policymakers need to be asking how to entice companies to stay here, but entice companies to invest here. with financial reform, with all the spending and taxes coming out of d.c., companies don't see this as a feasible option to stay here or invest here. it can be used back in the united states because of the way the tax system operates if you are a company who wants to bring the money back you will be taxed twice. in a country in which you are based and in the united states trying to bring it back. they're going to ask why they want to have their profits subject to that double taxation. if we want to look at ways to entice job creators to stay here to have the economy growing we should be looking at how we impact corporate profits and make it a more welcoming environment for businesses and employers.

jo ling: there are still some reasons despite high taxes to be in the u.s. they have said the protection of intellectual property and major reasons like that which have a price take that is truly priceless. what do you think about that? >> absolutely. that it stays is still one of the greatest in the world. will they continue to stay as competitive as we possibly can be? right now the trend is to keep companies here using punitive measures you hear a lot out of washington about companies trying to keep their profits at least where they are now and not go lower. but also the protections that we offer employers and the opportunities we offer employers here have been shouldere shoulde the rest of the world. the question is whether or not that trend will continue and what we're seeing is a lot of decisions coming out of washington that seems to want to discourage businesses considering to invest and create

new opportunities rather than encourage them. jo ling: thank you so much for joining us. >> thank you. jo ling: a lot more for you this hour including your voice. be sure to facebook us and tweet us. what do you think of the show so far end of the topics we have been discussing. i will share your comments at the bottom of the hour. anticipation is building for the new smart phone but can the world's largest internet retailer redefine the game? we will (vo) rush hour around here

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jo ling: welcome back. the world's largest online retailer sets to introduce its first smart phone into as if they did not have enough devices. how does this hold up to apple and amazon? lame and now, editor-in-chief of digital trends. welcome as always, thank you for being here.

let's start with amazon coming out with this new smart phone. what do you expect? >> we were expecting craziness, frankly, from the rumors i have been hearing. 3d interfaces, this holographic crazy weirdness, who knows if any of this is accurate but it will shake things up. >> what are you hoping it will shake up? >> huge potential in one market that hasn't been tapped yet, smart phones for people afraid of smart phones and amazon can get into that introduced on the kindle fire tablet. i think for people who are afraid of smart phones they can tap in and say i don't know how to use this feature and amazon can answer you. obviously price will be a huge differentiator. we know they usually break even or come in at a loss to get people into the ecosystem.

jo ling: that is exactly what they have done, they have been relatively successful. what do you think in terms of payment rolling out, it really seems like he wants you to come home to amazon. >> absolutely. they have about 235,000 applications i think they said today, far fewer than from android and their competitors. jo ling: i guess that is debatable, i want to ask you -- >> i have been using windows phone for the past three weeks and it is the same scenario amazon customers are going to be in. a fun interface, it is a pretty darn good phone and kind of like living in a silo where nobody else is. i think amazon is going to have the same situation. jo ling: they are rolling everything out to make sure there are enough things to do.

comcast wants to turn your home router into a public hotspot. jeremy, there could be some public safety implications here. >> they are replacing the customer routers with a different router which had essentially created two networks. one has your lunch, the other is an open bucket. and a comcast customer can use the free one, yours is still safe and secure in theory. jo ling: is it a game-changer? looking at wi-fi everywhere. >> a lot of times on the network may be the signal is dropping a little bit, consuming more battery life, so having wi-fi everywhere will be great for people worried about battery life. and if, it is another reason to become a comcast subscriber over somebody else. now there is a security concern and they have to make it easy to turn off for people who don't

want it and should tell all their customers about it when they roll it out. >> i don't think you will be able to turn it off. >> you can always buy a different router which wouldn't have that support. jo ling: how do you think it will impact the merger if at all? >> if time warner care rollout similar routers and really nationwide wi-fi coverage begins to be a viable option. >> wi-fi is limited. you go to your mailbox you cannot get wi-fi. you have to connect your house and your neighbor's house but at the end of the driveway you still cannot get wi-fi. >> that is when you handed off to the 4g network. jo ling: speaking of good ideas, web md wants to collect your health data in one place.

i think your action might have some personal experience. >> being able to see health is awesome, but it has to be accurate data. recently told me it was so high my doctor recommended i go to the hospital. they use their machine and they say you are on 100% healthy, its wrong. that is the kind of stuff being pulled into these apps. that has to be 100% correct. i have a garmin monitor here that shows me how often i am taking steps, but even these wearables are not that accurate. otherwise forget about it. jo ling: he really can fall into it. what do you think the pushing the envelope? >> i am really skeptical about this one.

monitoring their steps a little bit of data. if it is about your health and serious conditions, you should leave it in the hands of your doctor. jo ling: would you use it? >> is wanted to see what it looks like. i have seen some cool stuff. samsung had their open health platform to check your blood alcohol levels, that is really cool. you have to be very cautious. plus web md is just using this data some way. it is my health, leave me alone. jo ling: thank you so much for joining us.

we will definitely have you back very soon. later in the show the city of chicago versus the donald. why donald trump's name is causing a major controversy in the windy city. driving into a gray area of the law. it is more regulation of i do the driving and what should the regulations even look like? we will discuss. (mother vo) when i was pregnant... i got more advice than i knew what to do with. what i needed was information i could trust on how to take care of me and my baby. luckily, unitedhealthcare has a simple program that helps moms stay on track with their doctors and get the right care and guidance-before and after the baby is born. simple is good right now.

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jo ling: your smart phone may have to get a little dumber when you get behind the wheel. the department of transportation's looking for

congress to given the authority to regulate navigation devices and we're talking about smart phone apps as a way to combat distracted driving. is this going too far or is this necessary? to help us answer that, from kelly blue book. thank you for joining us. so what exactly does the department of transportation want to do here? >> similar to what we see with -- navigation systems that can only be operated or change or maintained when the vehicle is at a complete stop, what they want to step in and do is have the same functionality on mobile applications like google maps, apple maps that says it will be shut down in essence unless the vehicle is completely stopped and can be inaccessible when a vehicle is in motion which be difficult for them to maintain for technological respective. jo ling: also difficult to establish a standard of across the board. why do you think they're trying

to get in here? is it really about distracted driving, are there other goals in mind here? >> it is about distracted driving. with so many distractions on our phones whether you talk about texting, checking the map, there are a lot of things that can keep us distracted. that is true of passengers, changing the temperature of your car, missing with radio, a lot of things keep us distracted. we lost the phone down and if you are a passenger, you will lose access to your device which is going in the wrong direction. jo ling: 71% say they sent text messages while driving while it is one of the obvious reasons for distracted driving. 78% say they have read a text while driving. from where you sit, texting and driving, navigating while driving, are these the same level of distractions? >> i think in some respects

there are some similarities. for instance, i will admit i use google maps while i am driving but not while the car is in motion. i set the destination, get every thing set up and i am off to the races. i can send the audio through my bluetooth device. it is not an issue, but the driving you are texting, looking down at your phone, typing, it is the same can be said as if you are trying to set a waypoint. my suggestion is to not touch anything while the car is in motion. especially for young drivers who think they are invincible, how do you get them to put the phone down without a hard ecological restriction on their phone? jo ling: the obama administration is a proposed transportation bill, it has not been passed yet, has not been signed into law. very important point of discussion. how does this impact the growth of companies like google or

waze? >> it limits growth. lightly what they will end up doing is putting something that has be some sort of a balance where you will have access, just won't work when the vehicle is in motion. how do the sting was between the driver and a passenger, that is very difficult for them to work through. take a heavy-handed approach and say you have to be in airplane mode or vehicle in motion mode, i think it is potentially limiting the growth of some of these companies like waze that have their focus exclusively on in vehicle functionality. jo ling: the consumer side of things, how much does it cost to get an in car navigation system although a lot of these things are dropping in price they are still very expensive to have that installed or have an ipad put in your car is very expensive.

it is free to download at a very low cost, how do you think this is going to impact the american driver? >> that is the other piece that is critical, a lot of these navigation apps, you're going to spend $1000, 1500, 2000, oftentimes these are bundled in with more expensive technology offering technology packages so it is very expensive to get these options put into your vehicle but most of us walking around with an android device, it will have a native application that supports mapping so it is a cost-effective way of keeping your maps and navigation's handy. and more cost effective way to do it if you are responsible, if you're not changing directions mid-route, you would be okay. jo ling: we're getting breaking

news on general motors. due to the ignition issues. jim has a record number of issues this year. >> they were up to 14 million vehicles before the latest announcement. i think it is a positive effect shalshowing gm is committed to y flushing out all of the demons from their closet at the moment looking through every new campaign to make sure the possible defect is being recalled an address in a timely fashion. they are going vehicle by vehicle, year by year to find out what are the issues that have to be addressed and they're taking care of it saying there is bad publicity, so be it, it looks like they are committed to making sure the vehicle today and in the future will be safe for the long haul. jo ling: returning for further

testimony on the recall situation. thank you so much. >> thank you very much. jo ling: we want to know what you think. do you use your smart phone while driving? logon to gerriwillis.com and vote on the right-hand side of the screen. still to come, the conflict in iraq is deteriorating rapidly. how will it impact your portfolio and your wallet threat home? we are covering your assets next.

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not pursue coordinated artillery effort in iraq. so what is the latest? >> the president just returned here to the white house from his trip to california about 15 minutes ago and the first thing he was going to do was made with his national security team to discuss all the options the president has that the team has been reviewing of a possible military action for additional diplomatic action and we know two things down from secretary of state john kerry, one is the use of drone strikes is definitely on the administration's agenda for iraq and second, some kind of possible diplomatic alliance with iran is also on the agenda, however the state department ruling out any kind of military cooperation with iran.

jo ling: also looking at higher oil prices across the board here, peter. obviously that will potentially impact gas prices. does that play of the calculus of these decisions in washington right now? >> that kind of thing always does. i did ask national security council today for the latest on the iraqi oil supplies and as you know, the president said friday so far the administration is not seeing any disruptions, the national security council spokesperson telling me this afternoon the administration continues, the white house continues to watch that situation, and i also asked what about the potential use of the strategic petroleum reserve if there's any interruption and iraqi oil supplies for losing 3.5 million barrels per day of oil per day, and the official because in the libyan crisis you president did cap the strategic

petroleum reserve for 30 million barrels of oil when the libyan supplies were cut off and the spokesperson today telling me the administration is of course watching all of that but has no change to announce a strategic petroleum reserve policy at this time. jo ling: peter barnes, thank you so much are joining us live from the white house. we are covering this with our panel here. aaa sandia's weighted violence will guarantee higher gas prices at home so we are covering your assets with rob morgan for the associates and the ceo. here with the onset, the managing director, chief strategist, also a former professor in beijing. welcome to all of you, thank you for joining us. my first question here is what do you think of the escalating crisis and the impact on the market?

>> obviously it is of some concern here. oil prices could certainly go higher. at the same time these are sunni insurgents iraqi government obviously the iranians are shiite government, so it is not like these rebels are getting funded by iran, which would certainly be trouble some. this is probably something that will be resolved in the not too distant future. but it could certainly spike higher if the violence gets worse. speak with the crisis in ukraine and syria may be shuddering a little bit the day of and obviously hitting new highs. what would have to happen for this negatively impact the

market or will this not be an issue? spiegel the supplies coming out of iraq where the problems exist today, 310,000 barrels a day certainly already compromised. you would really need to head south for the shiite controlled terminals, that is the real crux of the issue. and then you can see prices move above 120. until that were to occur, you're cap is 120 on the high side. talking brent crude. jo ling: let's talk about the trading partners here. china has voiced some interest not getting involved. jo ling: sinc what is your taken

that? >> through all kinds of instability and all kinds of uncertainty it has remained unstable in that range. within the united states this has always trailed that because of the new oil in the united states. in some cases the united states is insulated a bit from this by the revolution and it is still important to realize oil prices in real terms are quite high. historically. they are in real terms comparable to what they were at the peak of the iranian crisis in 1980. the world has kind of got used to that, but still a headwind against growth in core regions like europe or asia. not so much an effect on the united states with more energy reserves. jo ling: we have a break to take. a lot more with our panel coming up including an unlikely group

weighing in on the minimum wage debate in this country. here is your consumer gauge with the numbers that matter to you and your wallet. we will be right back. ♪

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nothing can reverse copd. spiriva helps me breathe better. does breathing with copd weigh you down? don't wait to ask your doctor about spiriva. jo ling: welcome back. our panel of experts are back with me. international monetary fund weighted into the minimum wage debate. during the review of the u.s. economy. liz claman interviewed imf director in a first on fox business interview. here is what she had to say. >> in the short term there may be some jobs lost but when you look at the significant increase of income, we believe in the long run it will be net positive for the economy and for unemployment as well.

jo ling: i want to go first to rob morgan. tell me, what do you think of that, do you agree? >> i don't agree. i do agree that jobs are going to be lost if we have a higher minimum wage, but unlike her, think it is a long-term phenomenon. i think higher minimum wage is a job killer. if you are managing a payroll in aggregate and the ceo of a company is saying we ought to keep costs down, you'll find ways efficiencies getting rid of people. i disagree with that. jo ling: david, what is your take on this? >> i would also disagree. a little business experience would support raising the minimum wage as a way to increase the workforce. i think it is consistent with ben bernanke dropping money from helicopters.

the idea is to get my directly into the economy as quickly as you can by handing money to people who will spend every last dime, that is the keynesian model of let's get things going, spend every dime, don't, discourage savings and decreased consumer spending. philosophically i have issues with that and from a very practical or pragmatic standpoint i think it is going to be an inhibitor to long-term growth. jo ling: i want to know why do you think imf director got involved in this, what was the recourse? >> this seems to be the way the economics profession is shifting. i don't, number one it won't change the debate what the imf does or does not do. and i will not break with the rest of your panel and disagree. really the wages are weak and that is a concern in the economy for driving the consumer economy

but that is a symptom, it is not the underlining cause. globalization, technological change, these things cannot be legislated away. raising the barrier when you have unemployment, raising the barrier at the entry-level i am not sure that is really the solution. jo ling: we have other information out of this report she provided, growth forecasted at 2% from 2.8% this year, the fed should keep rates at zero for longer than the mid-2015 date. rob, what do you think of the interest-rate situation there has been a lot of experts saying we should expect an interest rates change coming early next year. >> i think this part of what christine nygaard said is really just reconciling the forecast of what the fed chair said in her last testimony of congress did saying we had to slow down, and so the fed or the imf is

ratcheting back to growth based on that and yellen said the rates would stay low longer. they would raise rates when unemployment got to 6.7%. jo ling: it sounds like janet yellen is in no rush right now. what kind of advice are you giving your clients right now? >> we still like stocks here. the economy continues to heal, stocks aren't terribly expensive, the retail investor as yet to get back into the market. the beginning of the year as of the s&p 500 would go to 2000, and i am sticking with that. >> i think our concerns is we are in an artificial environment

with not only the fed, but the ecb, bank of england, bank of japan, manipulating rates lower on a global scale. difficult to judge how much risk there is. when your benchmarks are all manipulated lower, how does investor behavior and what does that do to asset prices? generally your discounting on one side creates inflation of asset prices on the other, something that riza is uncomfortable. all's well, we will see higher prices. if they ever, i don't know when they will, but then you see significant downside, this is the artificial environment that has us concerte concerned.

has us concerte concerned. >> terms of corporate governance and also in terms of some of the activities alibaba is involved in. i am interested in learning about their finance activities, this is actually spun off a couple years ago and a controversial move, but still there waiting into the rough and tumble of chinese banking shadow banking system. they could be geniuses, they could be false. i am not really sure. they could end up dominating a very lucrative finance space or they could be walking into a minefield where there is all kinds of unseen risk. even though it is not part of it, it is a concern and i think investors should take a close look at it. jo ling: we are hoping to get a

little more information. they are expected to ipo and one of the most important ipos later this year on the new york stock exchange or the nasdaq. thank you for joining us today, it was great to have you, thank you for joining us. and coming up, there is a lot of hot air in the windy city tonight. to manhood never have never been accused of being humble are fighting over what is or what is not a tacky ego trip. i will have everything for you next. so i can reach ally bank 24/7 but there are no branches? 24/7 i'm sorry- i'm just really reluctant to try new things. really? what's wrong with trying new things? you feel that in your muscles? yeah...i do... drink water. it's a long story. well, not having branches

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jo ling: oh, donald trump he is in a fight with chicago mayor rahm emanuel, they are battling it out tonight in the windy city, they are battling over a

sign, jeff is out there with the story. >> reporter: i hate to side with either of these men but i think that truth and i side with both. take a look at the sign here, outside trump tower. chicago parts of chicago and the mayor think it is too big. it is gareish. mr. trump says not so much, look at one columnist from chicago tribune, said it burns this offends this swollen outsideer has lifted his leg to mark his territoryy on on our skyline in such a prominent way. i didn't like the sign, i thought it was the too big, you agreeed to come on and tell me where i am wrong. >> i think a few ladies in your studio love the sign, i think that those remarks were strong language to use, we guarding the sign, but beauty is in the eyes

of the bo holder. >> reporter: it is bigger than most, wrigley building next door with no sign. >> the chicago tribune building in proportions to that building our sign is small. >> reporter: donald trump has never fired. >> you never yet, he has been great to work with, he built a fabulous building thaing that ds justice to the fabulous car, fab arc techure in chicago. chicago. >> reporter: he is a good guy, but battle goes on here, i tell you, i think what is going on happen is, he will ban the mayor will ban other signs like this, and donald trump will have the only big sign in the city. it could be. jo ling: jeff thank you, we'll watch that donald debate, and we'll be right back.

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