unbelievable. david: they have an audience. the government will protect them. we don't like protectionism. it's going to happen. >> thanks for having me. liz: any time. thank you so much for joining us. neil cavuto, 8:00 p.m. on the immigration coverage. david: willis report is next. gerri: hello, everyone. i'm gerri willis. the white house pulling a fast one over the american people. but now, their lie exposed. the administration so eager last spring to tout they reached the 7 million mark of enrollments for obamacare. it turns out, that's not the truth at all. debbie, th -- tebby welcome to the show. the obama people overcounted the number of enrollees by 300,000. when they hit that 7 million number, it was a huge celebration.

this is the administration that promised transparency. what's going on here? >> yeah. gerri, thanks for having me. they appeared to double count the number of people who had dental coverage. those people were counted as those who had health insurance and dental coverage. it's a big problem. it speaks to the level of misleading approaches that the administration is taking. we saw recently in grubergate, that they were willing to tell not full truths when came to getting the law passed. in trying to promote the law and make it look good, they're relying on misleading approaches. gerri: we'll get to gruber in a second. i want to hang with the story. it came out just moments ago. darrell issa saying, the claim this was only an accident strains credulity. do you agree? >> again, i hate to go back to gruber, they've

lost a lot of credibility because of gruber. i think the gruber thing makes the credibility problem more acute. i was talking to a former government economist this week, he said maybe there's some intentionality. if you reduce that number by 400,000, you get under the threshold. they got credit for passing the 7 million threshold. they'll get credit by an increase larger than -- really? he wouldn't put it pass them. gerri: wheels within wheels. that's taking -- misleading people to a whole new level. (?) the problem is so serious that health and human services secretary is apologizing the mistake is unacceptable. i will be communicating that clearly to the department. she said that on her twitter account. i have to tell you, i don't know about you. you've spent a lot of time looked at

obamacare. we've reported on the lie, you can keep your coverage. you can keep your doctor. prices aren't going to rise. all of that turns out not to be true. at this point, i think there are so many people out there who are thinking, obamacare let's just get rid of. >> that's reflected in the polls. fifty-three to 67 opposed. and that's before the grubergate story hit. there's a lot of dissatisfaction with the law because people who lost plans. premiums continuing to rise. gerri: have you spent time analyzing looking at numbers around the cadillac tax. probably the best discussion of the cadillac tax, which is in obamacare, one of 20 taxes which taxes those really good health care plans offered by employers. one of the best did he dissipats was in your op he had.

you brought up gruber. his comments about the lack of transparency being a good thing for the administration. he was relying on the stupidity of the american people. how deceptive was this administration about the cadillac tax (?) >> we put out this report that you mentioned. the report had three main conclusions. one, the cadillac tax was done in an indirect way. number two, that it will hit more individual americans while they were claiming that it just hit companies. three, it will hit more and more meme over time. if you look at the gruber comments, he corroborated every one of our findings in saying we have to do this in a deceptive way and it will hit individuals and not companies and then it will grow and grow and hit more people over time so the revenue will be so great so we won't be able to get rid of it down the road. gerri: you've come up with an estimate of how much it will cost people. >> we've found a couple of ways in which it will cost people.

one, if your company reduces the amount of compensation you get in terms of the size of your health plan, then you could potentially see something like 6,000 reduction overall in the value of your health care plan without getting a compensating wage -- you could see taxes rise on you because the wages are taxable whereas your health insurance is not. there's a double hit going on there for the american worker. gerri: they've single-handedly put a knife in the back of the most successful program in the country that is the program offered by employers. they're making it less and less possible for employers to offer those programs and it's a darn shame. thanks for coming on the show. great to see you. from one intent government agency to another. nhtsa, the national highway traffic safety administration has failed to protect you from takata's exploding air bags. we talked a lot about this on the show. today in a senate

hearing, nhtsa chief had to face the music. clarence, executive of the auto safety. ralph, a consumer advocate and author of unstoppable. ralph, i'll start with you. got a big apology from the folks at takata from the head of their global division. however, they might have -- they might have apologized, but they're not going to do what nhtsa is asking which is recalling all autos. what do you say? >> i think they have to. the media is on them. the congress is on them. there's a criminal investigation by the southern district of new york. us attorney. more and more is coming out. they had secret settlements with victims of these defective air bags in order cover up the information and keep it from going public to the media and to people around the country. so i think takata is

going to go bankrupt if they don't level on this. they will have to agree there will be other manufacturers of the air bags to replace them. they can't ramp up enough to replace 20 -- 25 million cars with air bags. they don't have the manufacturing capacity -- they can't continue to resist that. they have to come clean. gerri: they say. they don't have to ramp up the recalls, that they can cover it. which is, i think still in question. i want to turn to clarence, for a moment. in this hearing today, in front of the senate committee, we had a very graphic illustration of just how big this problem is. one of the victims was shown, and her injuries shown behind her in the photo. if you're watching the show and you have small children in the room, you might want them to go somewhere else. it's pretty greask. i'lgraphic.look at this. this is what happened to

this poor woman. shards of metal in her eye. she will never be the same. she testified today. clarence, to you. do people understand how serious this is. shouldn't americans be demanding new air bags that these fixes be made? >> absolutely. this is one of the most gruesomemost grewsome defects wn and particularly worse for women sitting close to the air bags. it's like a grenade going off in your face. he's absolutely right. gerri: ralph to you. big debate overt accelerant, used in these bags. the fear is that takata used an inferior product. do you believe that to be the case? what went wrong? what is the real culprit? >> they cut their cost. they got a cheap

compound. very sensitive to temperature changes. this problem does not occur unless there's a collision. so, number one. but number two, this is what happens when the media gets on the back of government regulators and hammers them because they think they're overregulated. it's the lack of quality control feedback by auto companies who bought these air bags from takata. where were their quality control engineers to spot this? gerri: last night we had on former nhtsa chief. joan, she said it's the fault of nhtsa. they don't think of themselves as the cop on the beat. what's the cup ability of nhtsa here? >> it's extreme. this is a defect that's been on the road since 2003. and nhtsa treats the industry as its partners. they're not its partners. they're the regulated industry. (?) even today, nhtsa would not step up and say,

we're going to use our authority and force takata and the auto companies to go to other suppliers, to make the air bags faster. so it won't take two years. because that's what we're looking at. we're looking at two years for a national recall to make enough air bags. >> the motorists when they get that recall notice from their dealer in their community. they have to get there fast. half of the motorists don't go down to get it fixed. and it's free. they have to get down there when they get that recall notice. gerri: but, ralph, i have to tell you, i can't see these air bags even being available. even if you do find other suppliers, they have to figure out how to make that bag for that particular make and model. this will take forever. in the meantime, people will be driving all over this country with these lame air bags that are dangerous. >> well, clarence is the engineer. clarence jump in on that

and how fast it can be done. >> it can be done -- you can -- if you put triple shifts on, work seven days a week, you can make enough parts for this in six months. but the companies today, honda said, we will provide loaner cars. we will give you a free rental car. consumers should demand. i don't want to drive this car. give me a free loaner or rental. gerri: there's an answer right there. that's the first time i've heard someone saying that. clarence i'll repeat it. if you know your car has a problem, you know you have these air bags. go to the the clear, say i want a car that i can drive tonight that's not one of these makes and models. we have those on our website, gerriwillis.com. you can go there. thanks so much for coming on the show tonight. we'll continue to follow the story. >> yeah, the story will get stronger legislation in congress so out of

tragedy can come an opportunity. gerri: a lot more to come this hour including your voice. your voice is important. we want you to facebook me or tweet me at gerri willis fbn. send me an email. at the bottom of the hour i'll read those. one state is taking matters into its own hands and filing the first lawsuit against gm over the deadly ignition switches. the man behind it general tom horn joins me next. stay with us.

gerri: mini vans have a reputation for being safe and reliable, but some new crash test by the insurance institute for highway safety show otherwise. here with more is russ. thank you for coming on the show tonight. i have to tell you, i was blown away by this. you test for mini vans and only one passes. tell us first, what were you testing for? >> well, gerri, this is the small overlap crash test that the institute introduced in 2012, after research showed that about a quarter of the serious injuries and deaths that occur in frontal crashes are in these small overlap

impacts. that's where the front corner of the vehicle catches another vehicle on coming on the highway that drifts over the center line or hits a tree or telephone pole. it's a devastating kind of crash. there was a gap in crash testing. gerri: well, apparently so. you couldn't have that much more correct. so let's look first at the ones that managed to pass this test. tell me first the mini vans that did well. >> well, in this is group, the toyota sienna earned a high rating second highest. toyota beefed up the front structure for the year. its structure didn't hold up great. but taking everything into account, it performed reasonably well. we tested the honda mini van which was great. gerri: you had some bad ones.

tell me. >> really terrible. including the nissan quest. one of the worst performers we've seen in this. nissan quest absolutely collapsed the occupant compartment collapsed around the driver test dummy. it was so bad that the steering column and air bag were pushed into the dummy's face. there were high forces on the dummy's left leg and its right foot was entrapped by its -- gerri: you're looking at this right now. >> there was so much collapse, the engineers had to collapse the driver seat out to rescue our crash dummy. terrible performance. gerri: wow. the pictures are unbelievable. to remind people, what we're talking about is a frontal crash, but on the side of the car a little bit. it's off to the side. normally you test that front of the car. this is different. let's move on to the

dodge car avan. and chrysler town and country. what happened with this tests? >> we tested them as its twin. and, again, we had some major structural collapse. not as bad as the quest, but the parts of the lower part of the cabin came backward toward the test dummy. and, in fact, on the left leg of the test dummy. crash test dummies have tough skin. much tougher than human skin. (?) in this case parts of the vehicle actually gouged the left leg of the test dummy. the parking brake pedal was embedded in the skin of the lower leg -- gerri: we saw a picture of that. i want to show that quest video again. that to me is unbelievable. somehow, these mini vans have had a great reputation all these years. this is the thing to get your family into and

travel all over the country. i guess not. >> well, it's important to remember, gerri, that these mini vans do well in other kinds of crash tests that are done. this is a new test raising the bar for safety. and if you're looking for the state of the art safety in a mini van. you ought to be looking at the honda odyssey and the toyota sienna rather than these other vehicles that did poorly. gerri: i have to ask you that quest accident, that crash that made the whole thing into anna cordian. if that dummy were a real person, would they have survived. >> we don't know if it would have been fatal, but certainly seriously. those leg injuries mean if it were a real person, they would not have been able to walk normally again after they recovered from their injuries. gerri: wow. thank you for bringing us this important information. well, we've got a lot of car news obviously.

up next, arizona is the first state to sue gm over those deadly ignition switches. arizona attorney general is here. another storm, it could bring the total storm in the buffalo area to around 9 feet. we'll have the latest. stay with us.

gerri: more trouble for auto giant general motors. the arizona attorney general has filed a lawsuit against gm saying the car company purposefully put the public at risk by concealing safety defects. tom horne. welcome to the show.

we've talked a lot on the show about the defects about this ignition switch. why are you filing this suit? how much money are you seeking? >> well, we're seeking 10,000-dollar penalty for every violation which would be every sale of a car. we filed the suit because the case was brought to us several months ago -- i had people analyze it. they analyzed it and said this isn't a lawsuit worth bringing. they said this one, yes, there's a lot of good details here. the case is well-substan chicago aided. so we did request for proposals giving law firms a chance. chose one. chose the one that brought it to us and proceeded. gerri: so something like 48 attorney generals -- i think you might have at one point been part of that. why go out on your own? why is it important to do that?

>> well, the -- the attorney's general had a task force which we were a part of. they don't have a lawsuit at this point. they might in the future. when this case came to us. we analyzed it. the case is there. it seemed i my job was to protect the state of arizona. gerri: what you're trying to protect them from is not getting hurt from a crash, but financial loss. you maintain that essentially gm has reduced the value of gm cars on the road with this defect. let me read you. i believe we can tell you what gm has had to say about this. their response to your lawsuit is this. he misrepresents the facts to ensure the safety of customers. we intend to vigorously defend ourselves. what do you say to that? >> that's what you would expect. you wouldn't expect them to say, we hold up our

hands and surrender. you expect them to pursue it. maybe there will be a settlement and maybe we'll go to trial. i don't know if you've had a chance to see the complaint. it's over 100 pages. lots of detail in it. i think the most interesting part of the debate starts at page 35. we detail the individual cases. first one back in 2005, 16-year-old girl named amber who her car went off the road. she ran off the road was killed. other cases where people went off the road and hit a utility pole and so on. you have a family grieving for someone who is dead and someone who is injured. gerri: absolutely true. you're not seeking damages on that basis. right? your suit is a totally different thing. i'm not saying it's i i

illegitimate, but you have to prove they have lost value. right? >> that's part of the case. but really biggest part of the case is that gm misrepresented the safety of its car and it hid -- rather than disclosing the problem and having recalls which would have saved lives, it had those facts. gerri: your suit is very far going. much further going than i understood. >> yes, very wide-ranging. gerri: we've covered this -- >> and it's basically seeking $10,000 per -- per car in penalties, which is provided under the arizona consumer fraud statute. gerri: thank you for coming on this show. go right ahead. finish your thought. >> i was going to say. other damages we seek such as the lost property. $10,000 per car. awful lot of cars.

quite a major case. gerri: thank you so much for coming on the show tonight. >> thank you. gerri: coming up, will contract negotiations stop west coast ports from operating? what will that mean for christmas shopping? next, roofs are starting to collapse under the weight of all that snow in buffalo. more is on the way. we'll have the latest. [announcer:]startup-ny.

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seen so much lake effect snow, the combination of the january-like cold in november going over the relatively warm lakes like they generally are this time of year. the lake effect snow bands have been sitting in the same area for a longer period of time, and when you're snowing at 3-5 inches per hour, you can accumulate the snow very quick over a short period of time. gerri: well, you say it's been sitting there for a long time. if you live in buffalo, this must feel like an eternity. how much more snow is on the way at this point? >> well, the city of buffalo's been lucky because they've only got -- how many times do you hear a meteorologist say this -- you're lucky because you've only got 11 inches of snow. it's orchard park and points on south, that's where they continue to get hit. before this round two started here late last night, parts already had five feet of snow.

so i think you're going to see reports anywhere from lack wanna toward orchard park, east angola, someone's going to come in with over 70 inches of snow at least measured and, of course, all that snow, now you're starting -- i heard you report this before commercial -- you're starting to get roof collapses, and that's going to be terrible. good news, though, hang on. it's moving south -- gerri: that means it could hit me. >> they'll get one to two feet. gerri: that's bad news, my friend. >> it's not going to hit you. good news is, it's going to be ending. gerri: quickly before you go, there's a bills/jets game scheduled, and the nfl is tweeting they may move it. have you heard anything about that? >> i had heard that that game is not going to be played in orchard park. gerri: right. >> they're either going to move -- they're going to have to move it because, number one, you have the snow, and then logistically, it's hard to clear it. i do want to stress, it is going to be warming up this weekend.

the weather's going to be getting better, but when you get 5-7 feet of snow, that's a heck of a lot of snow to get rid of. gerri: it sure is. and i can't imagine the problems as it turns into water. bernie, thanks for coming on tonight. >> always my pleasure. gerri: and just in time for christmas, a go slow and possible all-out strike at the country's biggest ports. the union action in california has led to a huge backlog of ships unable to offload their cargo at the ports of los angeles and long beach. 40% -- 40% -- of u.s. imports come in through those two ports, and some retailers are already feeling the pinch. jeff flock is in long beach and has more details. jeff? >> reporter: it is amazing how much goes through here, gerri. you can see this ship right behind me, that's 4,000 containers on this japanese ship. take a look at this one over here, that's even bigger. that's cosco, that's about

10,000 shipping containers. as you point out, take a look at how big this port is. if we take an aerial view, you see the ports of los angeles and long beach, that's almost half of all the imports into this country right now. but the labor dispute involves 20,000 workers not only at these ports, but all the way up and down this western seaboard all the way up from tacoma and the port of seattle all the way down past here. the problem is that they don't have a contract. they've been working without one since july 1st. it's a lot of the guys that run these cranes up here. you talk about a slowdown, reports are that the union is not sending enough workers to operate these big overhead cranes to offload and onload this cargo. the international long shore and warehouse union. union says it's not slowing anything down, but they're very frustrated by the lack of a contract, and so maybe some of its workers are, in fact, moving a little slower. at any rate, it couldn't come at

a worse time. these ships are getting bigger all the time, so there's more cargo coming through here and, of course, now it's christmas time, and that is the time that it's peak season. gerri: right. >> reporter: and right now -- one more thing i want to show you, there's a picture just offshore here. typically, these ships come right in, not a problem. take a look at what's happening right now. they're stacking up out there. they come all the way across the ocean, and then they've got to wait to come in and offload. not a good situation. gerri: jeff, quickly i want to ask you has most of the christmas stuff, the toys and the goodies, all of the stuff coming from china, has it already arrived? isn't it in stores and warehouses already? >> reporter: i think it's true to say that most of it has, but not all of it. and a lot of times, you know, they get stuff in, and then they've ordered additional stuff because they think or it has begun to sell more, and there's already in some areas shortages of toys. and, of course, you know, that's

key -- you know, the toy manufacturers want to be as quickly as they can and as up-to-date as they can in getting stuff over there, and that means it ships late, well, now we've got a problem. gerri: jeff flock, just in time for the holidays. thank you for that. >> reporter: merry christmas. [laughter] gerri: merry christmas to you. and when we come back, find out how you can double your nest egg, yes, doubling it, times two. and next, going around congress. the president promised to do it and now, well, he's actually following through for a change, this time writing his own laws on immigration. we'll have the latest. but first, here's your consumer gauge with the numbers that matter the most to you. we'll be right back. ♪ ♪

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gerri: all eyes on president obama tont as he delivers what many expect to be a run around congress. fox business' senior washington correspondent peter barnes joins us live from the white house

with the latest. peter, what can we expect from the president tonight? >> reporter: gerri, this is the big immigration speech in just a couple hours from now, executive actions are expected to focus on providing temporary, temporary status here in the united states for millions of illegal immigrants, mainly kids and parents, removing the threat of deportation for them. the migrant policy institute says that the actions will cover about 3.7 million undocumented immigrant parents of u.s. citizens now in this country or of formers who are working here with -- foreigners who are working here with so-called green cards as permanent residents. also 290,000 young people who came here illegally as kids will get some help from the president tonight, these are the so-called dream kids that we've heard about in the last couple of years, and there also will likely be changes to the

nation's work visa laws which are often a path to the green cards that are often a path to permanent citizenship. now, the administration says that this is not going to be about amnesty, that mainly these four million parents, for one, will be able to get the threat of deportation will be removed, they'll be able to get special working permits, start to pay taxes, get into the system as the administration pushes congress for action. >> the president does believe that individuals who are in this country should come out of the shadows, and they should get right with the law. that means they should go back to the back of the line, pay taxes, learn english. >> reporter: now, republicans, as you know, are livid about all of this, they're looking -- they say they're looking at legislation to try to stop it, possibly cutting the funding for it and even perhaps suing the president in court. here is the senate republican leader this morning.

>> if president obama acts in defiance of the people and imposes his will on the country, congress will act. we're considering a variety of options. but make no mistake, make no mistake, when the newly-elected representatives of the people take their seats, they will act. >> reporter: the white house says that the attorney general, eric holder, and the head of the department of homeland security, jeh johnson, have scrubbed the regulations carefully, and they believe that they are on firm legal ground with these actions that will be announced shortly. gerri, back to you. gerri: peter, thank you for that. so what impact will obama's executive action have on american jobs, taxpayers, the economy? we're digging into the numbers with derek morgan, vice president of the heritage foundation's institute for economic freedom and opportunity. welcome to the show, derek. i want to start with your expectations for tonight. >> thank you.

gerri: what do you expect the president to say? >> well, i think he is going to say that about four million illegal immigrants will be given quasi-legal status. he doesn't have the authority to give them full green cards, but he can, as he likes to put it, shield them from deportation. but in addition to that, he's going to give them access to employment authorization documents or work permits to i allow them to compete for jobs that they cannot hold right now. gerri: i'm going to ask you what you think about the constitutionality of all of this, that's been one of the big debates on capitol hill, but my foremost concern right now is what's the impact on the economy? we have an economy right now that isn't producing enough jobs for americans. this has been the big stickler in the recovery, it's not strong enough to employ the american people. so what happens when we add another five million people in who are now legitimately in the country? >> that's right. well, with work permits, i think your going to see a shift from some underground economy type jobs to other jobs that maybe up

to this point only citizens and legal residents have competed for. so i think there will be a crowding-out effect there. but even more fundamentally and importantly i'd say in the long term, action like this and some of the other actions the president has taken is starting to really cause people to question the rule of law in our country. the president just a short time ago said he didn't have authority to do this, and now he's done a 180 and says that he can do it. it's really troubling to people to see the president really eating away at our rule of law. gerri: well, to your point, take a look at this "wall street journal" poll. 38% of people approve the executive action by the president on amnesty, 48% oppose. what do you make of the president's actions? does this abuse the constitution? is he abusing his power? >> he is. i think it's bad policy. but even if you don't think it's bad policy, consider the precedent. what the president is saying is because i decide who gets

prosecuted and who doesn't, i'm going to shield four million people from the laws. it'd be like if a future president decided that he didn't like capital gains taxes -- and i'm actually in that camp too, i think they're economically destructive -- but what if he said i've tried to work with congress, but they won't pass my bill, so i'm just going to direct the irs not to prosecute anybody who doesn't pay capital gains taxes? i think we'd all recognize that the president has usurped the power of congress in that situation, just like he's doing now with immigration. gerri: lots of questions about whether the president will be sued, what kinds of action the congress will take in response to this. but even the president himself many, many years ago said he would never take executive action on this very topic. what do you make of this sort of, you know, clash, this change in the president's demeanor on this very issue? >> he's definitely evolved. he -- not only on this issue, but on many others. just a short time ago as two

years ago after he did the first amnesty for the children, he said i've done all i can do. but now we find that somehow he's able to give quasi-legal status and work permits to four million people. it just doesn't make a lot of sense. so i think the american people are looking for a reaction from the congress. the framers were very wise in separating powers and giving them checks and balances, and now all eyes are to the congress denying funding foring to this illegitimate amnesty. gerri: derek, thanks for coming on the show tonight. >> thanks for having me. gerri: and to hear what the president is going to say about immigration, stay right here on fbn. his address at 8 p.m. eastern time will be hosted by our very own neil cavuto. here's our question tonight: does the president have the right plan on immigration? vote on the right-hand side of gerriwillis.com, i'll share the results at the end of tonight's show. and here is what some of you are tweeting me about our poll question tonight.

rick: does he ever have the right plan? i can't think of one thing he's done that's been good for the american public. gerri: well, in addition to following me on twitter and facebook, be sure to like fox business on facebook. and still to come, my two cents more. up next, we answer the question how do you do that with must-hear advice on "the willis report," how to double your nest egg. yes, we're going to tell you how to do that, double your nest egg. ♪ ♪ (receptionist) gunderman group.

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♪ ♪ gerri: well, everybody knows they need to be saving for retirement, but it can be hard to do. most experts say you need at least a million bucks to retire comfortably, but very few people have saved that much up, so how can you start doubling your nest egg now? irahelp.com founder ed slot is here with his advice, and he is an expert, that's for darn sure. so i see these numbers all the time, 48% of boomers are not on track to afford basic expenses in retirement, and a third of americans have no savings at all. it's astonishing to me. but yet if you are diligent about setting aside money and doing it all the time, over and over and over again, can you double your savings? >> easily. everybody knows, i feel like the

guy on geico, you know? everybody knows that. [laughter] if you keep putting money away, the thing is, you have to do it. and the best way, everybody knows that, take it off the top. pay yourself first. do it on automatic so you can't say, no, not this week, no, not this month. and the earlier you start, the better off you are. gerri: absolutely. >> the greatest money-making asset any individual can possess is time. gerri: yes, i totally agree with that. >> the more of it you have, so you have to capitalize. gerri: it's all about the time and value of money. as we learned in business school, i totally sign on to that. what's interesting though, people think if i'm going to try and double my money in ten years, i have to have a huge stock allocation, 100%, 90%. no. >> no, that's dangerous. if you get too aggressive too late, that's too dangerous. you can't have 90% in your 60s and 70s for the market hoping for that big hit. what if the big hit's the other

way? gerri: one we were talking about in the break is taxes. you say that's something people really need to think about. what do can i need to know? >> the difference between tax-deferred and tax-free. it comes down to one little word that can mean a lot, and that's where your doubling can be. that little word is "yet. identities tax deferred means you won't pay tax on it yet, but you will. tax-free means you'll never pay tax on that money. you have to start building tax-free because that grows the fastest because it's not eroded by taxes. it's a big difference, example, between an irs and a roth ira -- ira and a roth ira. if you had a million dollars in an ira in retirement, depending on the tax rate, maybe it's only worth 600,000. if you have a million in a roth, it's a million. gerri: you do pay that up front, you do pay the taxes. >> you give up a relatively small deduction up front to have tax-free income for the rest of your life.

and theoretically, it only works in theory. people say, well, you could have invested that money. nobody ever invests a tax refund. i know from dealing with people when i used to do more taxes. as i was preparing their taxes, oh, where are we going to spend that -- [laughter] gerri: all right. i have to ask you another question before you go because we talk about this all the time. >> yeah. gerri: and i try to tell people, look, you have to save and invest. i know things went awry in 2008, i know things got wacky, i know it scares you to death, but you've got to put the money down. >> right off the top. a roth irs contribution, 5500, 6500 -- gerri: end of the year. >> do it. gerri: ed, it's good to see you. thank you so much. good to see you. we'll be right back. ♪ (holiday music is playing)

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surrender a nine-year prison term. he was convicted in february and will was called by federal prosecutors the biggest insider scheme ever. that includes companies developing alzheimer's drug. the nonpublic information, $275 million. he has been ordered to pay nearly $9.5 million in fines. and so justice has been served. that is my "two cents more". and president obama making plans to fix the immigration system what do you think? does the president have the right plan? 2% said yes, 90% said no, no, no great and obama laying out his executive order tonight, special

coverage will be hosted by neil cavuto followed by a special edition of stossel at 9:00 p.m. eastern. that is it for our "willis report." "making money" with charles payne is coming up next. have a great night. charles: you are watching "making money." president obama will will deliver a national primetime address at a p.m. announcing that he is bypassing congress and will take unilateral executive action on immigration and he will provide work visas for 5 billion illegals and this is going to get ugly. peter barnes has breaking news. i understand you have details about what president obama is going to say tonight? >> yes, the president will announce executive action that will help to delay deportation and provide temporary legal status for mi