there's crude in the 57-dollar range. you can see what a dramatic selloff that really is. gerri: the >> they get their wish those traders. ring the bell already. david asman, walk out a tough week here. adam: unbelievable. look at those indices. 1.7 on the dow. dow hit hard. all the indices under a full percentage point. liz: s&p falling down 32 points. nasdaq getting globbered. it is the dow jones industrial that has the worst percentage loss as david mentioned. we're talking you all the way through it "after the bell." starts right now. adam: again, the worse losses on most of the indices for two and a half years, on some of them for three years. it looks like it will

close below 300 on the dow. let's get right to today's big market action. remember, next week, we have the fed talking about what they'll do with rates. peter kenny is joining us. john buckingham. dan with the cme. dan, let me start with oil approximately oil is oil is the biggest mover. you remember eric, he can be seen on other networks as well as fox business. he said the following. let's put his opinion up. in my opinion, the oil move has been severe and awesome, but it has lacked panic. you will know panic when you see it. oil likely not finished until you see the panic puke catharsis. what do you think of that? >> he's right to an extent. the panic isn't fully there. there is panic. you don't have a market drop the way it did --

each the past few days with some panic in there. how much lower can it go? adam: hold on a second. i think you misunderstood him. he's saying we haven't seen the panic yet that the worst hasn't been yet seen. >> well, i find it hard to believe that worst has not been seen. we may see some more. but not the worst. i won't make a prediction. but if you ask me, i think we've seen panic in the oil market. it shows in these levels that we have. liz: you know what, you might see it more when hedge funds that are oil centric start to fail. that we haven't heard about too much now. are you hearing any chatter of companies going under that they have long bets they couldn't take themselves out of it. >> there's chatter. no specific examples as of yet. there are companies that will be harmed because of this. enough companies to make

everything collapse? i don't think so. there are large companies out there. it's going to be the smaller producers that took bets they shouldn't have made. it will have affect on the market. i think we're in good shape. if you net this out energy-wise, this will be good for us. adam: peter, what is the price of oil telling you about the economy? not only our own economy, but the global economy. >> well, it's telling us a couple of things. first of all, a lot of supply in the market. more supply is expected relative to demand. thirdly, some anemic demand globally. all that together is clearly putting an awful lot of pressure on petroleum. i don't think that that changes in the near term. we finish out the year with an awful lot of pressure on the energy complex. and i don't think that equities will find much of a leg up heading into year end without that

pressure being lifted from the market. liz: let me bring in john buckingham. john is chief investment officer. what were you doing today at al frank? were you buying when we saw the market dip, at least with the dow down 300 points. >> well, we were focusing on our long-term objectives and not making any changes to our portfolios. liz, you had me on the air on october 13 when the dow was down. we were 900 points lower on the dow than we are today. keep things in perspective. it's scary. but, you know what, stocks go up and down. you know, historically we have 10% corrections about every eight, nine months on average going back to 1920s. volatility is something people have to get used to. we thought they were used to in 2011. but we are riding through as we usually do.

focusing on long-term valuations. dividend yields have increased. think about the competition for investments out there. yield on the ten-year at 2.1. yield on my portfolio is 2.8. i think i'd rather own my portfolio for the next five, ten years. adam: down seven basis points today. this is the lowest yield, by the way. actually it's just -- yeah, now 2.09. came down one basis point since i i said 22.1. it's the lowest since 2013. next week, we hear from the fed. what will happen with you? >> you know, as far as the ten-year goes, absolutely there's pressure. that's because you have flights of quality going in there. it will probably go lower because people in bad positions there might start to flood to get out. adam: hold on. you said it's going lower than 2.09. could it go into the one's? >> it possibly can.

if you remember back, in october when the previous guest was talking about it, we had yields spike down really fast. i think they went below one. that can happen again. i'm not worrying about that. fundamentally i'm happy with what we have. long-term fundamentals you have to look at. so far they're good. use this opportunity, if you have cash in your portfolio, to find stocks getting clobbered. they've been getting clobbered. liz: perfect segue to peter kenny. look at airlines. where temporarily one airline had to be shut down. airlines dropped like a rock. but people really like the airlines lately and so do you. would you buy on a day like today? >> oh, i love the airlines. i love the airlines for a variety of reasons. lower input costs in the form of energy. more people traveling, both in terms of business, which is picking up and vacations.

love the space. definitely got to take advantage of weakness. momentary weakness. great trade for quite a few quarters. still room in the trade. adam: energy. we've been looking all at halliburton, which is about half of what it was trading at a year ago right now. would you go for a strong solid company like halliburton, been around, has billions of assets all around the world, and the stock has been beaten in half, john? >> right. well, if you look at the energy space, you are seeing declines on par with what we saw in 2008. and i don't want -- i wasn't around in 1929. but we had a crash, that might be an understatement in the energy names. halliburton being one of them. we own halliburton, baker hughes. adam: would you buy more? >> certainly it's a

stock on our buy list. we're not buying more at present. we're adding in areas that are outside of energy, but may be exposed there. like a company like flour, something investors should take a look at. but i think energy is a great sector for investors with a long term time horizon to take advantage of that blood in the streets. as i like to say, some of the blood is on my hands. liz: you're disciplined. i like that. peter kenny, john buckingham. great discussion. adam: as we've been discussing oil falling to its lowest level since may 2009. low oil prices shouldn't go to all the credit. >> the oil refineries, i don't know for how long, jeff flock, you're live from exxon mobile joliet refinery. look at that. >> sometimes on live tv things happen. for those that don't think oil refineries are

good for the environment, i give you this picture of nature making peace with the oil refinery, the exxon oil refinery, one of the the employees feeds them carrots. there you go. all of us getting along. these refineries like this one have been kraingdcranking on all cylinders. take a look at how much crude these refineries have been processing. more than ever before. up 10% since october to 60.99 million barrels per day of crude oil. exxon mobile, by the way, that is the world's largest refinery along with shell and bp. they've all been cranking on all cylinders. phil tells us as we look at exxon, the whole sector has not done well. the bakken shale turns

out more gasoline than conventional crude. some are making mother more than their stated capacities. this may be why gas is coming down, along with the price of oil. where did those deer go? adam: you win the global globe for the best segue. a segue from the deer and the environment and oil business. >> i try. you can't make this stuff up, david. liz: and you didn't. adam: jeff flock. have a good weekend. >> speaking of oil, not all parts of the energy sector suffered the same. there is a certain order as to how the pain trickles down. could make you money if you know about it. adam: also, the strongest west coast storm in years pummeling california and oregon causing power outages, mudslides. head to malibu with the

latest. liz: and they're in bad shape. who could be the first to default? blackberry has found a brand-new ally, ford. and sony's pr nightmare gets scarier with emails insulting kevin hart. who will take the fall? that mor and more ahead. ♪

liz: oil was further battered this week following more than 12%, closing below $58 a barrel. adam: in our next guest, prices could drop further. not every energy sector suffers the same. andy, good to see you. i'm wondering, could the saudis, if they happened to, could they stop this price drop or has it gone too far? >> well, they certainly could stop the price drop if they announced they would cut production. the oil minister has reiterated they won't cut production because the rest of the members of opec would take advantage of the market share they leave behind. liz: andy, forget the saudis. what about our own rig

operators -- i know the term is not mothballing, but i guess shuttering their rigs. if there isn't a business, they want to bring the supply down. perhaps it's rigs. perhaps the refiners. will that bring the drop around. >> some are being idled. we saw one decline by 29. still at a high level. unfortunately, for the oil producers, we have a series of in terms of of invests that will increase production in the next six to 12 months. nowhere is that more apparent than the gulf of mexico, where these huge platforms like olympia are coming online will add hundreds of barrels of production over the next two years. adam: andy, we've been discussing for a while now whether it is supply or demand that's driving this. of course, there is a lot of supply. the saudis started by pumping more than the

world needed. we have the supply coming online from us producers. but then we have that slow down in china. the slow down in europe and japan. what is it more that caused the price drop, is it supply or demand. >> really a supply issue with production in the u.s. up over 60% over the last five years. that is overwhelming the amount of demand growth in the world. unfortunately the international energy agency for the fourth month has advised downward forecasts and that's adding to the pressure on the price. liz: didn't that happen in 1998 right at the time of the russia problems? boy, this is rededucts, isn't it. >> it seems it's happened several times in history. if you look back to 2008 and 2009, we had oil prices drop to $34 a barrel. and we could really see a repeat of that in the coming months. adam: thirty-four dollars.

my voice cracked at the thought of it. some people are seeing an opportunity. of course, the folks keeping their calm and have cash are buying into certain stocks that have been beaten down. i mentioned halliburton. these mega companies that are so influenced by the price of oil have been beaten down severely over the past couple of months. is now the time to go and pick them up? >> i would stay away from them. if you look at the exploration companies, capital expenditure budgets, they're what whacking 20% off that. there are better investments from the companies that benefit from the low oil prices. liz: such as? >> jb hunts. fedex and ups. who benefit from lower jet prices. and surprisingly, the convenience store operators like cst brands and case ease. when gas prices go down. people go into the c

store. buy candy, slurpees. high profit margins. liz: we'll put them on facebook.com "after the bell." adam: have a good weekend. parts of california getting blasted by rain and wind. strongest storm since 2009. liz: even though they need it, these conditions are brutal. things are looking a bit better. how is it heading your way. right? >> well, you know, this storm was a beast. it was slow, and it soaked the state, which we needed. and at four in the morning in malibu, we were getting drenched. that storm has moved on to the east. we did have flash flood warnings for santa barbara, ventura county. two people who are clinging to trees were rescued by firefighters. they were loaded into an ambulance. pulled to safety earlier today a dead body was

pulled from another river in orange county. now, up north in san francisco, they have more rain in one day than the entire year of 2013. they had 100,000 people out there without power. 10 inches of rain. that's a good thing. iin camarillo, the state got destroyed from one end to the other. >> the water leaves all this sludge and mud. >> even if you sandbag, the water is in the silt and sand and it comes up through the floor. >> this is a start. california gets 90% of its rain in december, january, february. because we got so much rain so quickly quarterback , a lotof it goes be ocean. runoff. the soil can only handle so much. the key is the snow pack. that's where we get most of our water here in california.

we got several feet in the sierras. 1 foot of snow in the la mountains. we'll chip away at it. we need 150% of normal. we're doing well. another storm next week. adam: great report, william. thank you very much. >> while many are starting to count blackberry out, don't. the company has found an unusual ally. we'll tell you about the detail on that next. >> healthy year for pricing markets. sales start. what will 2015 bring, particularly now with rates going so low, can you refinance? we'll be asking the ceo of the country's fourth largest retail company coming pick up. liz: outstanding student loan debt now topping $1 trillion. we'll talk to a country that'companythat's letting studs borrow at which cheaper rates than traditional

banks do. ♪

liz: a little shocking to see what we saw, and that's to see

the dow fall 300 plus points. the s&p for its part posting its worst week in two and a half years. we bring on the panel. fox business' adam shapiro. jarrett from profitable trading.com. gentlemen, right off the bat, the positives of lower oil are very obvious. there are sinister underbelly aspects that we're seeing right now. is that what hurt the markets today? >> i think it is. for the past couple of weeks, oil was seen as good. a positive tailwind. they'll buy more on the part of consumers. now we're worrying, hey, russia pulled in $300 billion in exports. and 60% inspector oil and gas. a lot of debt maturities. i'm worried they would have to pay to turn over that debt again. liz: will they default, jared? we talked about that in the 3 o'clock. russia could default.

that may freak out the markets. >> yeah. and, again, listen, 30% of their gdp comes from exports. of that 70% is oil, natural gas. good for europe. really, really gad for russia in terms of profit. but the problem is: how long does this last? it's kind of like you went to the dealership. there's a car for $50,000. bought it for 20. initially you're excited. after you drove away, why did i get 30 off? now markets are adjusting. what could happen? i don't think russia defaults unless oil stays this low for a prolonged period of time which i don't see that happening over six months. liz: disappointing that we got one of the best numbers of consumer confidence here in the us today that we've seen in a long time. outpaced the expectations big time. on top of it, i look at this and say, wait a minute. why did the markets get

hammered so hard? could it be oil stocks are down? >> people are worried, not in the united states yet, but europe is headed towards deflation. they've already got it. no direction from the ecb about how to turn that around. investors are saying, you know what, europe is a mess. then you look at china. china may be consuming oil. the refinery run rate is at high levels. their economy is slowing down. this is a no-brainer. eventually we catch it here. liz: the ruble hit an all-time low at the us dollar. just clobbered. i have no sympathy for the russians. they brought the sanctions on themselves. you don't rewrite boundaries. if they default, venezuela might default. i don't want to get too wonky for our viewers, but this could spook our markets to the point where suddenly we're down to four-year lows. >> you're right. you hear that word default, takes you back to the greek drama that

happened a couple of years ago. the market might be pricing this in. we're about to have a debt ceiling debate in march. the market can price in if politicians can raise the debt ceiling again. liz: let me move to a big story that people ignored because of the market machinations. that is that ford suddenly decided, you know what, we're upgrading the info system to make it more like a smart phone. they dumped microsoft as their partner for of all cars, blackberry as part of the change. is this the beginning of blackberry's turn around. >> absolutely. no one ever questioned blackberry's software. it was their hardware they fell behind. more important, ford has acknowledged, as others, the touch screens are fine and dandy. people want dials. when you're driving, you don't have time to look at the touch screen. you need an on off button. you don't have time to

go through the scroll and screen. liz: jared, does this make blackberry a more attractive play? i have to disagree with adam. look at blackberry stock. it's done absolutely nothing. first of all, they're taking just the q&x software base. no one is going to get in a ford and say, this is powered by blackberry. they're not producing any goods or services that people want. their phones are dying a death. liz: it hasn't done anything. i see your point. i'm still a blackberry fan. coming up with the panel, leaked emails from sony's breach turning to a hacking scandal into much more major huge pr nightmare. that's not the only black eye for sony. >> the price you pay for college is soaring. leaving millions with student loan debt. we'll talk to the founder of one company who can help you manage those costs. also the market showing

signs of strength, the housing, will the market selloff affect sales in the new year? we'll ask the ceo of one of the largest real estate companies coming up next.

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i have $40,ney do you have in your pocket right now? $21. could something that small make an impact on something as big as your retirement? i don't think so. well if you start putting that towards your retirement every week and let it grow over time, for twenty to thirty years, that retirement challenge might not seem so big after all. ♪ liz: the sony have been scandals of feels like chinese water torture it took another embarrassing

turn as ct mail show a nasty emails and the changes between executives is this a sign that sony is in distress and somebody will lose their job? adam we know what happened with a angeles initially we could put up with what we reported on wednesday that is the vicious e-mail that they were making misdeed jobs movie and she wanted to use that for her movie and he said i am not destroying my career over a minimally talented spoiled brat said she did show this offer play for 80 months as she could go direct a movie but then another store - - star but then kevin hart is called a whole or because he asked for a little more money when asked for extra money to do

more work. >> somebody will lose their job but intel the interview comes off but then the people at the top are those that will lose their jobs. >> they do not have a p.r. strategy was so weak apology from the studios. but another e-mail was released and it shows that november 15, the head of p.r. was fired because he leaves husband was annoyed that she was not included in a hollywood roundtable. >> you see a byproduct of a company that is feeling because little and of the mobile device is the outgrowth of those feelings and it is the big concern. also the in this structure is not set up to properly handle this.

it is the industry problem. >> and brian touched on it is industrywide we will see more. go to companies like cisco systems our checkpoint software. those that will help to prevent these attacks. we saw that with target, a bank of america, a jpmorgan and anyone is susceptible. liz: here is another blow through no fault of its own but microsoft x box outsold police station and a reverse the negative trend and:judy has the number one spot for sales and they're still trending lower. so what you do? >> but electronic arts and

activation to their risk but apple caught the profit from every game sold and now their marketing on a larger screen sizes but now they've stopped and i think is the next radio shack there's no fundamental reason that you need to go to games stop. liz: that people lead to huge trade in their old games and that is their business model. >> no i do think it is us sell but i do like electronic arts and activation even though there were rough numbers. >> candy crash came out with a new game. >> i would not count them out. liz: don't forget at division. good to see you and a lively

discussion. david: we focus on stocks but a good year for housing market. the stars are up an existing home sales are up 2.5% in medium home prices -- median home prices are up so what is ahead 2015? the ceo of the nation's fourth largest real-estate company has big exposure here in the northeast good to see you. when you mark -- will get a market day the worst days since 2013 comedy worry how that might affect the housing market? >> i am pretty sure with the housing market it will be the year of the millenials. if you notice this year the highest performing sector was at the high end.

it was kind of slow ended is usually a busy market but baja with the recession and the student dead and the job market was not great they were this low was sector. now with 3% 91 let's mention freddie mac has announced economic guaranteed loan at 3 percent down payment. some people are worried we could slip back into the battle days. >> right. they're doing it differently >> you have to show that you do pay your bills. these people have good jobs and could afford to make the payments but those 20 percent, that it is a lot.

david: we have seen the 2014 market come down. 2014 is not bad but less. this is my guesstimate. you will see a 5% depreciation. by the end of 2015. david: the 10 year yield came down tremendously but you think it will go up? >> it is what is sustainable growth. >> it will not go up to% per year. whether it is the single motor it will not go -- home

owner but sustainable growth is what you want. >> the u.s. dollar is becoming more valuable. but the appreciation of the dollar in and use the less of that. >> but with boarders that is another thing. you will continue to see that. david: even though the dollar is stronger it is much more expensive. >> people are afraid to keep money in their countries. >> finally the rental market was pushing up against the buyer's market.

to rent a place said manhattan is out of sight. how does that affect the sales market? >> is high and those millenniums -- the millenials they were holding off because of downpayments so you will see that. so that rental income and cheap but you will see awas healthy rental office. david: good to see you. happy holidays. liz: the cost of college tuition has risen at more than $26,000 per year of

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>> student loan debt valued at $1.1 trillion but the deadline for college applications approaching we thought we want to help you in and your family better manage the cost to what we have the founder and ceo of a company that helps families origination and to manage their loans online. but first what i found interesting it is the private stallone sources government is the delinquency rate is less than half of what the government's student loans are? in it there is a distinction varied little underwriting. david: so i will focus on its. the government does not do

as good a job people pay back the loans? >> the underwriting is based on need if you look at private their underwritten based on credit scores the ability to pay. then you see the default rates for what they are. david: and it is a 3 percent vs. three - - 13. liz: by design they go to more qualified people. >> so we are transforming local communities into on-line vendors agree partner with them and the people to render the on line decision in some a. so a bank that will work with us with the on-line credit application before they render a decision will allow the consumers to sign

those documents. david: the rates are super though closer to the one levels right now. incredibly low rates is a lot of refinancing of student loans. >> probably around 10 million students are out there with student loans in excess of the interest-rate to be refinanced as easily as 5%. to the local credit unions and community banks allows students to refinance average's 5% if you think about it it is about 45. think about the interest-rate savings on the $50,000 loan is $12,000 with interest expenses. liz: is it fair to say many of these will never get a

great -- paid back? and people will forever be beholden to these companies? there has to be an answer from a government level. >> with the average amount of debt the student has it is $20,000 at graduation. they're average income is 40,000. if you get past back -- pass the big number of how much that they have verses urging potential it is still a reasonable trade. and look at the surveys on the end, somebody could make with their college degree it is an excess over $1 million so it is a reasonable trade. but the challenges to make sure students shop appropriately for the schools and degrees. liz: are you ignoring the fact we went through a huge recession but the students were having a difficult time to find a job. >> it is a big issue looking

at unemployment. but college costs continue to go up. liz: redoing the ipo? >> we will adjust that platform and possibly then. david: good luck. we appreciate you coming on. oil closing at dulles prices made 2009 the energy secretary says would he think is behind the drop. liz: the dow posted the worst week in three years after another 300 points today. what will drive the stocks next week? david: the number one thing you need to watch next week. coming up. d a luminous protein in jellyfish, impact life expectancy in the u.s., real estate in hong kong, and the optics industry in germany? at t. rowe price, we understand the connections of a complex, global economy.

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liz: a jam packed news day on fox business today. here's a look back at today's highlights. we'll start with spencer abraham on what he thinks is behind this massive drop in oil prices. >> i think it's the demand story. ideally as the price goes down, there will be more activity generated by that. more consumer spending, the sorts of things typically leading to demand increasing. let's face it, a large part of the world in economies that haven't been growing very fast. i think that's contributed to the situation. >> i think you have to be brain dead to sell

apple stock right now. other things out there, the really big idea that's going to make impact over the next several years, even the next several decades is called the internet of things. the internet of things is the revolution of billions of wireless sensors that will be built into everything. and it's changed the strategies in terms of future growth for companies like ge. cisco, and intel. companies that haven't had a great few years with their stock. that they have a lot to look forward to over the next several years. adam: you can catch these on foxbusiness.com. liz: and what a week for the markets. what should be on your radar next year? let's bring in brian. >> you know i'll be in the malls the last week before christmas. we'll have a language change. it's going to be very important that she

guides the markets correctly off that language. we've gotten used on these statements from the bernanke area. >> we had anthony on. he and jamie dimon think you're wrong, that there will not be a language change. why do you think there will be? >> i would push back. just because the jobs report. retail sales above planned. it may not be a drastic change, but one word is drastic. liz: blasted expectations. 89.5. came at 93.8. forget what happened with the markets. we have improving data here. does that put yellen in a tough position though? she has to raise rates. europe is weak. china is -- >> this is why this is the most significant conference of her chairmanship. she has to say we're not raising the rates significantly or quickly. also, she doesn't want to derail anything. when the market is selling off because of

the lower oil prices. she's in a tricky spot here. adam: remember, she as ben bernanke claimed they're not influenced at all by what the market does. they're influenced only by the unemployment figures and the value of the dollar. you do not take her at her word on that. >> they are. very correct. because they're data dependent. language changes. adam: when they see the market drop as it has this week and today. does that influence their decision in any way? they say no. >> it's always been hard to believe that. it's more the data. liz: super saturday. that is that last shopping day before christmas. give me a line on that. what do you think will happen? >> i think it will be as hard on black thanksgiving. shoppers, they shopped. lower gas prices. they're seeing people shop the higher areas of their stores. it ends on a good note.

adam: good come back in stocks? >> a rally in dollar stocks. maybe like walmart and target. i think people with lower incomes have more to spend. adam: good to see you. jams a lot in a little bit of time. willis report is next. have a good weekend. liz: bye now. gerri: hello, everyone. i'm gerri willis. it's a bitter pill for americans to swallow. the rising health care costs affecting everyone. 43 million of us have unpaid medical bills. 43 million. tonight, we'll give you solutions to lowering your family's health costs. joining me now, dr. jeff rice, ceo of health care blue book. remember that name. and doug hersh. jeff, i want to start with you. we want to talk about rising health care costs and what americans can do about it. tell us why costs are rising so much and so