carl icahn interest again. [closing bell ringing] liz: there they are. on this monday, filled with headlines, even before the markets opened, ashley, the bells close it out and ring on wall street. look and see how stocks finished up. listen, this is a beauty shot compared to what we started off with. ashley: no kidding. there is lots of red. oh, boy, we started down 179 points down on the dow. so much worse. s&p pouncing off technical support at 1977. nasdaq down a hair. russell 2000 down slightly. "after the bell" starts right now. liz: let's get right to today's market action. michael cuggino permanent portfolio fund president. he thinks the u.s. markets still have room to grow. lance roberts, chief risk

manager at profitable trading.com. large cap markets look good, there are some of weakness. cracks are there, fissures. buy an battle from the pits of cme. did people anticipate there would be acceleration of a rate tightening date next year? or was it the hong kong situation? look at comeback now. maybe it was nothing? >> yeoman's job. big selloff in the morning, then a fight all the way back. nothing really changed. can the central banks inject enough liquidity to make the economy better? will russian sanctions make demand and growth go down? the wildcard is asia. if they're having trouble in hong kong. china, a place for growth, that is really uncertain there. is a trend from september 18th. we set the high at 2011 on s&p. seems to be this channel developing. so every day we sell off a little bit. we save it. trend seems to be down. that is disheartening. bond market doesn't belief it.

below on the 10-year. -- 2.50. ashley: foreboding among investors. maybe because of these geopolitical issues. now we're adding china to the list. you say markets still have room to grow and reasonably priced? >> yeah. my sense is that investors, while all the stuff is interesting around the world and does bear paying attention, investors don't focus on it. they're focusing on fed and u.s. corporations and u.s. economic growth. there the u.s. is growing anemically but it is growing. the fed indicated i think there is long transition period of interest rates. crash wally rising rates are indicative after growing economy. economy is anemic enough they will not be able to move or that much regardless what they do. i think it will be a non-factor at some level although market rates could get volatile. with respect to stocks the market is trading along the lines of corporate earnings growth this year which is more realistic than the 20 plus

annualized returns past five years. s&p is reasonably priced right now of the it is not cheap but not expensive. some industry are good. earnings yield is favorable compared to bonds. liz: let me bring in lance. lance, i take anemia over tear gas any day. what you see in hong kong, is in a way reflective of many different types of protests that we're seeing all around the nation. it makes, it makes the u.s. and our anemic 4.6% growth, i will take that. would you say in u.s. equities and hide from the rest of the world? >> yeah, exactly. i don't disagree with what michael was just saying. the u.s. is growing which is important. it is anemic. but if you look at other countries around the world, eurozone, china, japan. those are all slowing. 40% of our corporate profits come from our exports. so, there is a risk to some drag on earnings end of the year.

small caps are sense testify to economic growth. we want to watch those signs. that deterioration, narrowing of breadth of market is certainly concerning. absolutely right, the trend are positive. bulls are still in charge. no reason to get excited here. but it is something worth paying attention. we haven't had correction of magnitude in a long time here. ashley: brian, let me bring you that. rising dollar put pressure on commodities. do you expect that to continue given state what is going on around the rest of the world? >> absolutely of the central bank policy around the world to make your currency cheaper. so we saw it in spades in the euro. crag drawing did compactly what he wanted to. -- marrow draghi. it makes our exports more expensive. if dollar gets more and more expensive, goods get less and less competitive. liz: goods get less and less competitive.

michael, if you're buying goods and becomes less competitive, then why are you picking fedex? fedex ships a lot of goods? >> because the u.s. economy is growing anemically and transports, healthy transports are a product of that economic activity. you know, i think the u.s. is the strong dollar is a function of the fed and interest rates as compared to the rest of the world central banks. it is a safety trade with the rest of the world has issues and we're relatively stable and the u.s. economy is growing whereas the rest of them are not. those are reasons to be in u.s.-centric stocks. fedex while they were global is a u.s. bet. transports have been pretty strong this year. we think that will continue through the holiday season. ashley: speaking safety picks lance, we have exxonmobil, proctor & gamble and utility select sector spdr etf. you couldn't get more safe, could you? what is that telling me that you're concerned to play it safe? >> it is simply a function, and liz and i talked about this some times over the course of the

last year. just right now, if you're worried about risk in the markets, our portfolios are still tilted across equity exposure across the broad s&p 500. we're starting to see deterioration, shifting money into safety safe haven plays. >> lance, dividend payers. dividend payers. >> absolutely. yield, 40% of your yield comes from, or 40% of your return comes from yield. so it is a big function of your portfolio and helps shelter downside volatility in the markets. liz: bri just get your sense of what you anticipate for tomorrow? it is 4:06 p.m. on the east coast. the markets have closed. what will, we have overnight. this becomes an issue. what if resilience in light of four or five negative headlines tell you? we got good data. ashley: we did. >> low inflation, all of that. >> yeah. >> economic data has been okay.

you're right, there is anemic growth in the u.s. i would rather be here than anywhere else. we'll watch the asian markets for sure. we'll see if there is loss of confidence. you buy stocks and bonds to hold dollars. not necessarily a currency trade, to get out of -- liz: is it weird, brian, is it weird that the hong kong, the hang seng stock market tanked but china's index managed to show a gain? what does that tell you? >> i think that is repatriation back to the mother land. we'll see. i think china will be smart. liz: good answer. >> they will not goof this up. this is economy driven by markets. they will not goof it up. don't buy dividend-paying stocks as substitute for fixed income. that is not equivalent trade. you're buying more stock exposure. a caution there. don't buy a 3% yield and sell your bond portfolio. you're doubling down on equity risk. ashley: michael, very quickly. hong kong aside, russia aside, middle east aside, what else will move the markets this week?

we have ecb thursday. non-farm payrolls friday s that of real interest to you? >> i think that data will correspond to what we've seen. next big issue is q3 earnings we'll get in a week or so and throughout the month. midterms coming up which may give some indication as to political and police call direction for next couple years. i think big trigger will be corporate earnings, whether revenue growth and earnings growth substantiate what we've seen in the second quarter. ashley: no kidding. 4.6% growth as you pointed out, liz. thank you so much. michael cue chino, lance roberts. brian battalion he will we'll see you in the future when s&p futures close. >> we want to show you a live picture of protests going on in hong kong. this is four a.m., folks. 4:00 a.m. in hong kong. we're watching as they battle and press for free and open elections. shutting down main thorough fares and business areas. all what is happening on the

screen is giving one company a big boost. its app was downloaded 100,000 times in the hong kong area in just past 24 hours. it is not the first time it has seen upticks during major turmoil. we have the ceo who is there live in hong kong. ashley: great story. free and open economy too. that is what they're trying to protect as well. hawks like dallas fed president richard fisher continue to pound the table on rising inflation, one billionaire investor says inflation concerns is thing of the past and something out there the fed should watch. wilbur ross, "first on fox business" interview? liz: what is he buying now? he is never scared to rush in. massive flight delays and cancellations from the nation's busiest airport still continuing. a long tale here. how much longer will this last? how are airports across the country responding? it matters to you and anybody that is traveling. we'll take you live to chicago o'hare's airport. ashley: domino effect.

do you agree or disagree with wilbur ross, should we be worried about inflation? facebook.com/afterthebell. we'll be right back. ♪ 3rd and 3. 58 seconds on the clock, what am i thinking about? foreign markets. asian debt that recognizes the shift in the global economy. you know, the kind that capitalizes on diversity across the credit spectrum and gets exposure to frontier and emerging markets. if you convert 4-quarter p/e of the s&p 500, its yield is doing a lot better... if you've had to become your own investment expert, maybe it's time for bny mellon, a different kind of wealth manager ...and black swans are unpredictable.

liz: texas shale oil producer posting big gains after reaching a deal to be acquired by encana corporation. ashley: let's head back to nicole petallides. i got so flustered. you're on the floor of new york stock exchange. take it away. >> right, interesting day. action in energy.

we've seen a lot of energy shares under pressure, but not this group. take a look here. aflon up 25%. the deal was 25% premium. so not a surprise to see aflon doing that almost exact jump. encana which is "enquirer," up 2.%. encana agreed to acquire the texas shale oil company for a 25% premium, 58.50. up on the close, 58.32. why are they doing that? this is because they want to move towards oil output in order to improve the bottom line. this in particular after we've seen natural gas prices that have been pretty low and this is one of the ways to expand the company. this is a move and some big moves for the stocks as well. back to you. liz: thank you so much, nicole. ashley: okay, the s&p future closing. let's back down to brian battle in the pitts of the cme to find out what they're telling us. brian? >> good day today, good fight back. two things will be driving us

tomorrow. one is the headlines. we're watching overnight and overnight markets and other is the calendar. we're getting end of the month. weird stuff can happen at end of the month. they may be counter cyclical or buying back and window-dressing at end of the quarter. watching headlines and calendar. liz: very important everybody right here, "countdown to the closing bell" and after the bell, that will be the moment that you see what happens with brian just discussed. ashley: thank you, brian. time for a quick speed read of some of the day's other headlines, five stories one minute. first upping harley-davidson recalling 126,000 motorcycles over a problem with the clutch that could cause crashes. the recall affecting model year 2014 touring bikes. that is liz claman's by the way. macy's planning to hire 86,000 employees for holiday shopping season, a 3.6% increase from a year ago. eu being says apple took illegal tax rates from ireland.

dublin denying claims. survey by bankrate.com, average fee for using out-of-network atm climbing 5% over past year to new high of 4.35 per transaction. overdraft fee surging to record high of $32.74. gopro will sell three new cameras on sunday. $500 protectional grade hero four, 130 entry level hero and $100 hero silver. that is today's "speed read." gopro. [buzzer] liz: we need to show you live pictures from hong kong, at now, 4:15 a.m. eastern time has refuse to dispercent. you're talking about tens of thousands of people at least right now. they are protesting what they say is china's increased political interference when it comes to electing leaders. of course they got used to under british rule having very, very

free elections. that is not happening. it seems to hit a important point. ashley: since 1997. you're right, liz. they have a slew of different candidates to choose from. beijing said we'll get two. we'll vet all the candidates. that sparked all of this. concern not only on political front but economic front as well that things could be changing in hong kong. such a financial center. liz: guess who invests at worst possible times or most disconcerting times precisely like this? billionaire investor wilbur ross. wall street follows him. he doesn't follow wall street. he is here next. he will share his concerns about that, about all kind of economic threats that he believes are much bigger perhaps than anything out there. it's a "first on fox business" interview. wilbur ross coming up. ashley: airline disruptions hitting travelers traveling through the chicago area area. we'll go live to the o'hare airport for the very latest what you need to know. liz: as we get ready to close

out the trading month, brian just told you that one day in october, that could, could yield big profits for the savvy investor. what day is that? of course we'll tell you when we come back. ♪ ♪ mr. daniels. mr. daniels.

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liz: here is the question about these pro-democracy protests? could they get worse? they're getting larger. they did heat up last night in hong kong after police used tear gas to break up groups of protesters in the city last night. antigovernment demonstrators turning to technology for assistance to get their message of protest out. they're flocking to one particular app. it is called fire chat. what it does. it allows users to send group

messages through a network does not, here is the key, does not require internet access or some type of cellular line that could be traced back to you. this means those messages can not be blocked by authorities either. joining us now on the phone is the ceo of open garden, the company that created firechat. you're in the hong kong. what were you doing there? >> i was on a business trip back from india, bangalor, and for some meets in shenzhen. at the frontier with hong kong and i, during the weekend started to see the number of ramping up of our application and what happened in the last 24 hours, we had like more than 100,000 people in hong kong creating an account on firechat. so i quickly realized it was because the protests and the students were using this

application to communicate and to organize on the ground. liz: this is incredible. have you ever seen 100,000 downloads in 24 hours of this thing? >> so, we have hints of install globally more than 100,000 in total that is very local. 100,000 people who signed up on that account in hong kong. liz: one city. >> we were having like, yes, in just 24 hours in one place. to give you an example the day before we were doing like only few hundred installs per day. liz: so why do you think this is so popular? is it because it can't be blocked or traced? of course it is protesters who are asking for more free and open elections, that at least one of these protester leaders sent out a group message sayings everybody, if you want to communicate, use firechat? why can it not be traced or blocked? >> firechat is using a technology that is called peer-to-peer mesh networking.

phones can connect to other phones nearby. create as chain of smartphones and message bond from one phone to another. if there is no access to the cellular network or no access to wi-fi hot spot, message can keep on circulating and people can keep on communicating. >> a daisy-chain of smartphones. that is a perfect way of putting it. when you created app, you didn't intend to use it for protesters. talk about the genesis putting together firechat. what made you come up with it? >> we launched firechat as demo application to show out peer-to-peer mesh could be used and that is the new internet coming up. complete decentralization of the mobile network. we used that app to demonstrate the technology, quickly happened that there was a huge interest from people. it was meant to be more, interesting app to be used during conferences, large events

like we did during burning man in august. >> my god. it worked well in burning man. it is really working well in hong kong. are you worried, i have to ask you, you're in hong kong, you created this thing. sometimes police arrest people like you. are you worried about that the a at all? >> the application. i'm not worried at all and application is really a way to communicate like many other applications. what people do and how people use it, it is out of our control. liz: i know. i say that only because during the arab spring, i'm talking way back when egypt was enduring quite a bit of turmoil, google was what really spread a lot of the message about but where do you see this going? what other types ofthe works ri? >> so, what we are trying to figure out, what people were doing with the app. and, people use the application to organize and themselves, get

better organized to basically communicate whether streets are blocked and where the police is. and to organize on the ground. that is going to go, i mean everyone has a, in hong kong participate in the process has almost sign in with an account and so it is like network that can not be shut down. it lives by itself and once you have the application on the phone, nothing can be done. liz: a network that can't be shut down is probably really infuriating chinese and hong kong authorities. it is fascinating. you have very smart people working for you. are you concerned? are you worried about your own safety? what do you see out the window at the moment? i know it is about 4:25 p.m. >> i'm not concerned. the protests are centralized in send tall part of hong kong. everyone is disciplined. you would be blessed to see how everyone is trying to keep

everyone calm, even the police. officers are standing calm down, calm down. everyone is trying not to have this escalate. liz: to incite violence. let's hope it stays that way for now. he has created firechat. it is the app that becomes a daisy-chain of smartphones, peer-to-peer. completely decentralized network that can not be taken down. ashley: fascinating. >> incredible. ashley: in cairo, facebook was the biggest thing. you would see signs of facebook written on walls. when he was still in power in 2011 to shut the internet down. but wouldn't work. liz: wouldn't work with fire chat. ashley: very interesting stuff, liz. the federal aviation administration calling review of safety and security after agency facilities after a fire damaged key air traffic control center on friday. thousands of flights have been canceled. liz: from that day, jeff flock was at the airport, he is still live from o'hare. do aviation authorities know how

long it will take to get back to normal? >> they think two weeks that. would be october 13th. faa administrator said it might be longer than that. i give you anecdotal evidence. cancellations still. detroit, you're not going. fargo, canceled. houston, indianapolis, des moines, you're canceled. those are the anecdotal numbers on american board over here. overall at o'hare if we putnam members up, so far 429 cancellations. midway a few more. delays continue to grow as well. now a total of over 700 delays at both chicago airports. this whole thing has happened, guys, on a time when the weather has been about as good a sustained run of good weather that i have seen in chicago all summer. can you imagine what would have happened if this was in the midst of winter and snow? look at this. it is beautiful. fellow believed to be responsible, the contractor, brian howard, scheduled to be in federal court at this hour for

his first appearance. famously harmed himself. set fires. he is answering those charges, at least hearing those charges at this hour. i leave you with the airline stocks. the market down today a little bit. but airline stocks outstripping those losses. united down more than a percentage point. delta down about a percent 1/2. southwest and jetblue also down as well. obviously when you jeopardize the nation's air traffic control system, doesn't make investor feel very secure. liz: jeff, thank you so much. jeff flock at o'hare in chicago. ashley: talking about transportation. thank you, jeff. forget about electric cars. there a new wave of vehicles taking off that may be more eco-friendly and could have potential to save taxpayers millions. that's good news. we'll talk to a co-ceo of a company at the new shift of eco-friendly car wars. liz: it is not geopolitics or fear of rate hikes. one billionaire investor says there is hidden danger he is

most worried about, that could pose a threat to international markets. what is it? wilbur ross, coming in, w.l. ross chairman and ceo, in a "first on fox business" interview to talk about it. ashley: october comes with added bonus for investors. we'll tell you what it is next. ♪ "hello. you can go ahead and put your bag right here."

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ashley: investors should be cheering the arrival of october this week. according to ryan dietrich, at see it market, october is traditionally, get this, the best performing months of stocks during the second year of a presidential cycle. keep up with that. the month has gained 3.35% on average since 1950. liz: best opening in labor day when there wasn't a thursday involved. not only is october the best month overall, it also has the best five-day stretch to own stocks. what are those five days? buying the close, write this down. buying the close on october 27th, has returned an average of 1.7% over the next five days. that is the most of any other week of the year. ashley: october 27th. liz: by the close. ashley: while fed hawks say inflation is biggest economic

worry, one wall street billionaire says the structural headwinds make inflation concerns a thing of the past. there is much bigger concern that needs to be addressed. >> what is the one hidden danger we should fear most? how could it impact you, the investor and your money? joining news "first on fox business" interview, will lure ross, w.l. ross company chairman and ceo. honestly, wilbur, i saw this, everyone will want to know because you're a tried and true gutsy investor that wall street follows. you don't follow wall street. whether acceleration of rate tightening, if it is not what is happening in the middle east and not in hong kong, what is this big fear you have? >> i'm not totally frightened of it, if something bad happens most likely deflation than inflation. >> give your definition of deflation to people. >> prices going down. security prices. asset prices.

everything, borrowing rates negative. liz: talk about the domino effect why that is is a negative thing? >> i think it's a negative thing because we don't really know how to cure it very well. there are plenty of cures for inflation. tighten money, raise interest rates, we've been down that path before. curing deflation has japan has proven many, many years is a lot trickier. very hard to push a string. you can tie a string in knots, cut it. pushing a string gets irregular. ashley: with that in mind, wilbur, how are you playing this? >> we're doing the same general thing we normally do. namely things idiosyncratically distressed. that is why we went into the bank of cypress. we organize ad group that put a billion euros in the bank of cyprus a couple weeks ago. i came back from there a week

ago today. liz: why a couple weeks ago? this was the banks in cyprus almost went under and caused more, terror in europe? >> sure. liz: why now? >> what happened to the bank, cypress is one of few countries that has more deposits than loans, one of the few european countries. they had to look for new places to lend it. grease a next door neighbor, they made a lot of bond and loans and that turned out not to work too well when the greek default came. until then the cypress banking system was very, very healthy. we like teams with one-time problem. as you digest the problem, should get back to more normal situation. in this particular bank has about a 1/3 market share in the country. so it's a lot bigger than any of

the other banks f you're buying a big bank in a small country, you're buying a warrant on that economy. ashley: fascinating. we're talking about banks. coming back to this country. how concerned are you on financial regulation and how that impacts your balance sheets with your investments in mind? >> part of why we're mostly buying banks not in the united states. we haven't bought a bank in the united states in some years because i think what the politicians are doing, like they usually do, they're dealing with last year's problem and perhaps creating next year's. i think deflation could be caused by in part overregulation of banks. liz: those that don't know wilbur he tend to go in when there is the most fear. real distressed. you went into greece, with a gas mask on, talking to us by phone, i said wilbur, are what are you

doing? how did that trade work out. >> it is only a couple months old but it is doing fine. the greek government did a very good thing in preparation for the asset quality review of the european central banks. of all the european banks. they agreed to make the deferred tax, deferred tax credit from the government. that makes it a real asset and stores up their balance sheet. liz: did well with coal. did well with steel. what is the next stateside investment you're thinking of making? >> we're doing mower and more in shale gas. we think shale is wonderful phenomenon for the economy. because they haven't approved all the export permits yet, because a lot of infrastructure hasn't been built, this actually a glut of gas. so we have this strained situation. goss is a little bit over $3 per mcf in this country. in europe it is 12 or 13.

asia it is 14 or 15. eventually that will kind of equalize that somewhere in between. liz: if your plan works out and somehow. ashley: it does. wilbur ross, w.l. ross chairman and ceo. thanks for being here. liz: please come back, thank you. electric power not the only potential game changer in alternative fuel for the auto industry. the co-ceo of a company at the forefront of the energy revolution will tell us why another fuel source that is related to what wilbur just talked about, could be the fuel of the future for many cars out there. maybe even yours. ashley: tens of billions of dollars could ultimately drain out of pimco after the abrupt departure of bond king bill gross. will the money flow into gross's new firm, janus capital? perhaps not. details ahead. ♪

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liz: following bond king bill gross's departure on friday to join janus capital, so dramatic, wilbur was saying surprising you didn't have no compete, pimco suffered $10 billion in withdrawals over very short period of time but this may not be the end of the outflows. some within the firm predict at least $100 billion will flood out of pimco. shares of janus capital down

today, the company saw a surge of about 40% on friday, following the news. but janus wouldn't only one benefiting from bill gross's departure. investment firm and major rile of pimco, double line capital, saw the biggest inflow of the year on friday. it took in hundreds of millions of dollars, according to ceo. he says they saw between 400 and 500 million of net inflows following the news of gross's departure from pimco. hey, money wanted to find a different place to invest in fixed income. ashley: it found it apparently. all right, there are nearly three million heavy due trucks on the road in the country. i'm always stuck behind one of them. they used 53 billion-gallons of fuel. more companies are looking to cut fuel costs and emissions. liz: how will that be done? a houston-based company helping major corporations including ford and general motors doing just that. we have bock lukefair, nat-gas,

cng solutions co-ceo. bob, look what you've been able to do. we wanted to share that with our investor viewers to talk about what could well be a sea change coming up. talk about your company and what you do. >> sure. at gnatg solutions we provide vehicle conversions for fueling and vehicle for private fleets. we're seeing the world has 18 million natural gas vehicles on the road. here in america we have only 140 to 150. when you ask the question why on earth are we so far behind the rest of the world given as your previous guest described, the glut of natural gas available in the u.s. market. liz: right. >> $3 an mbtu what he was citing. that is 45 cents per gasoline gallon equivalent at the wellhead. it is incumbent upon us to start moving some of our big transportation fleet over to natural gas where we can run a lot less expensively and a lot

cleaner. ashley: bob, almost the chicken and the egg situation because you need the infrastructure. i'm sure you hear this all the time. yes, all this is wonderful. if you don't have enough stations available to fill up on the stuff what is the point? do you have to make that investment to get that infrastructure in place so that more trucking companies, more clients will come to you and say, we need to jump on board? eventually we'll have big savings? >> sure, what we've done, what we've seen is three different solutions to the so-called chicken and egg problem. first one we're seeing 1500 stations across the u.s. by the end of this year. so there is more public fueling stations out there than ever before. the second thing we do private fueling solutions. a lot of fleets are route fleets. they have a local route. they're driving in town and we can put a station set up to their city gas line. third thing we do, most all vehicles we put on the road are what we call multifuel vehicles. they run on both gasoline and cng or run on a blend of diesel

and cng. if natural gas runs out you run on traditional fuel that. gets rid of range anxiety and one of the big showstoppers for natural gas vehicles. the other thing nice about this you can do it on existing vehicles or on new vehicles. you don't have to replace your entire fleet. liz: that is what i want to ask you. you can do it on existing vehicles. aren't there some regulations, this government makes it difficult to do a lot of good things, if you have a regular car you can't actually convert over the engine unless you jump through major regulatory hoops? how easy or difficult is it to convert a car to nat-gas? >> we, all of the systems we use are epa certified systems. you're correct. it takes some going to get through the epa certification process to insure that the vehicle is clean or cleaner than the original vehicle. but there are wide, wide variety of epa certified systems available for most trucks. we focus on the truck market. that is where it makes the most economic sense as opposed to

small sedan market where you're not burning that much fuel in the first place. liz: great to have you. ashley: very good to have you here. bob, thank you so much for joining us. really appreciate it. more and more vehicles switching over. liz: please come back as that happens. thank you, bob. it could be former aig hank greenberg's big moment. will he convince a court the insurance giant was a victim, not a beneficiary of the government's massive bailout of the firm in 2008? we take you live to washington, find out what happened on day one of this landmark trial. ashley: and, it is a bird, it is a plane. no, it is a drone but not any drone though. we'll show you why it is so small, get this, it can be carried on your wrist? how cool is that? we'll be right back. >> hi, everyone, i'm gerri willis. coming up on my show at the top of the hour, billions of dollars pulled out of pimco after bill gross leaves. is your money safe? should you be making changes to your invests? that is just one of our big

consumer stories coming up on "the willis report" in just a few minutes. ♪

ashley: it's a battle been brewing for years. 300,000 shares holder of aig in 2008 and 2009 are part of a class-action suit alleging that

the government bailout of the company violated their constitutional rights. liz: more than $40 billion is on the line in this case. peter barnes in d.c. with the details. taxpayers are the ones really on the hook including the former ceo hank greenberg. >> they could be the ones on the hook though, liz, that aig warned under terms of its bailout it might have to reimburse the treasury if the government loses this case but who pays? that will not be settled for years as this titanic battle between feds and former aig ceo hank greenberg finally went to trial today. greenberg as you mentioned is seeking $40 billion in damages from all shareholders what he says is a bad bailout. greenburg has superstar lawyer david boies arguing his case for him. here is boyce arriving at federal claims court. he is the tall guy on the right for opening day of the trial. there are plenty of star witnesses scheduled to take the

stand starting next week including the principle architects of aig bailout, former fed chair ben bernanke, former treasury secretary hank paulson and paulson's successor tim geithner. in the courtroom, bois said the government illegally seized aig in the bailout a grab that violated shareholder rights to just compensation. the bailout terms he says were a lot tougher than those for bailed out banks. and that at its peak, the government owned 92% of the aig but the government's lawyers argued today that the bailout saved aig from bankruptcy which benefited shareholders. without it they would have been wiped out. this trial is expected to last six weeks. ashley and liz. ashley: a little bit in the weeds but ultimately a very interesting story. peter barnes, thank you so much. appreciate it. liz: wearable computer business is on a role and one investor taking it to the next level by combining a gopro and a quad copter, to create the first

wearable drone. you won't believe what this thing looks like. we'll show you how it works when we take you off the desk. ashley: supercool. warning for all of you 2015 corvette stingray car owners. one of its things may be illegal to use in six states. what is it? we'll tell you next. ♪ mr. daniels. mr. daniels. look at this. what's this? clicks are off the charts. yeah. yoshi, we're back. yes, sir! ♪ more shipping! more shipping! ♪ [ beeping ] ♪

sometimes they just drop in. always obvious. cme group can help you navigate risks and capture opportunities. we enable you to reach global markets and drive forward with broader possibilities. cme group: how the world advances. when folks think about wthey think salmon and energy. but the energy bp produces up here creates something else as well: jobs all over america. engineering and innovation jobs. advanced safety systems & technology. shipping and manufacturing. across the united states, bp supports more than a quarter million jobs. when we set up operation in one part of the country, people in other parts go to work. that's not a coincidence. it's one more part of our commitment to america.

liz: time to go off the desk. wearable devices are the latest trend in tech but there is a new device taking wearable to new heights. are you watching? how about a wearable drone? researchers at stanford university have create ad wristband that turns into a quad copter that can take photos and videos, and then return, right

there, to the wearer's wrist. ashley: look at that. >> it can be controlled using timer or some gestures. the prototype caught attention at intel's judge make it wearable, 50 grand in money. ashley: very cool. if you have a corvette you may be breaking law would you realizing. it comes with a new feature to record vehicle data and allows drivers to record performance this includes a camera microphone. you can analyze driving skills and find out what the parking attendant is up to when the car is parked, "ferris bueller's day off." that is where you can run into issue. gm is warning corvette drivers using so-called nanny cam feature could be illegal in state's consent before they are recorded. gerri: my car? >> that is true. liz: busted. we asked you if awe guy owe are

disagree with wilbur ross the billionaire of w.l. ross & company. should we be worried about deflation? chris told us on facebook, inflation has been skyrocketing four years but really deflation, prices dropping wilbur is concerned about. ashley: another japan. liz: that would lead to several lost decades. ashley: that's right. liz: that is what wilbur is worried about. number two thing to watch september consumer confidence number set to be released 10:00 a.m. eastern. economists expect it to rise marginally from the august reading, it was highest reading, remember this one a month ago? since july of 2007. ashley: number one thing to watch tomorrow will be the july s&p case-shiller report on home prices set to be released 9:00 a.m. eastern. economists expecting a gain of 1.1%. index has fallen for two straight months. been very difficult to get a handle on the housing market because it has been one step forward, one back it seems. liz: either way those numbers tend to move markets. we don't know what will happen

overnight in honk congress. fox business is on it and foxbusiness.com is on it and "willis report" is next. she will be on it. ashley: have a good night everyone. ♪ gerri: hello, everybody, i'm gerri willis. coming up today on the show, think you may want a financial advisor but don't know how to go about finding one? we've got some help. brute it will hit on the field has many questioning the decision-making of michigan's head coach. we have the latest. spending $5, five bucks at the atm we'll have a look at new report on high banking fees. "the willis report" where consumers is our business starts right now. gerri: well the big consumer story today, investors yanking as much as $10 billion from the world's biggest bond fund manager after the resignation of its founder bill gross friday.