little bit and dig myself out of my hole. liz: doubling down, gary b. great to see you. david: good stuff, gary. tomorrow will be the day the fed announces what it will do. i will join melissa for that announcement. liz: "the willis report" is next. >> hello, everyone i'm gerri willis. tonight a big win for us, team usa. opec over a barrel, gas prices plummeting, putting more money into your wallet much the market spent most the day into the green before once again turning negative after oil prices snap ad four-day losing streak, closing just shy of $56 a barrel. but looking ahead, what is the impact going to be on your portfolio and the broader economy? joining me now, doug holtz-eakin, economist and president of the american action forum. shane cider man, founder of bay ridge financial group, and moody's chief economist john lonski. great to have all of you here. shane, i will start with you. i want to talk about markets

first because it was a highly volatile day. we had swing of 346 points from high to low, big moves. why is the market so volatile right now? >> i think fear. fear drives markets. when you see russia raise that rate up six 1/2 basis that is pretty impressive. they're in a little bit of trouble. gerri: what you're talking about russia's national bank essentially took interest rates to 17% overnight. that was unstabling. but we had oil prices actually come down a couple of cents here. >> i think that that the next quarter will show up with the consumer. the middle class will benefit big time and small business own years john, let's get to that. i thought falling oil prices, we had them go up only a couple of cents today. i thought falling oil prices was good news for all of us, for consumers, country and economist. yet the market seems to think it is bad news. i don't understand. why? >> i don't either. i think the market is very fearful that price deflation might spread from oil to other industrial commodities though

that has yet to happen to any great degree. if you look at the performance of stock prices, industrial metals companies and chemicals are down sharply while retail shares are holding up quite is. >>ly. gerri: well, doug, look who out there, doesn't remember oil embargo much. opec controlling our fates. they're on their backs. russia is even groveling. why is this not good news? >> it is good news from the point of view of consumers. it is good news from the point of view from the fed tightening. all this takes inflationary pressure out ever the picture. it makes less likely fed wit tighten quickly. that means market should reward that. only downside you're oil producer in united states. incentives for production, higher expansion have diminished somewhat. most people think they can be competitive at these prices and by and large we should be fine. gerri: i want to show folks couple of numbers. relief at pump.

$2.52 a gallon. last year, 3.23. john lonski, back to you. at some point consumers will start spending. maybe not this christmas but next month. >> it has to help something. putting downward pressure on interest rates and lower mortgage yields than otherwise. right now the 30-year mortgage yield is 3.57%. latest trop in energy prices, drop in mortgage yields doesn't act as a spur in household expenditures we might be in more trouble than we actually think, that we care to recognize. gerri: shane -- >> john is right about that gerri. gerri: go right ahead. >> once a winter we have big spike in heating oil, that hurts consumers. this then helps as well. gerri: average household will save 362 bucks this winter due to lower oil costs and milder weather. shane, to you. we talk about black swans, what is the next bubble. can a black swan be both positive and negative? we usually think of it as being

negative. but oil prices, the way they have fallen that is one of the reasons the market is so unstable right now because they're surprised by that. >> absolutely. i think clients are going to, clients that have positions of cash they will be able to take advantage. when adjustments come in the next 30 to 0 days we'll see shakeouts. we'll do bar a began shopping. >> oil is the being black swan if the drop in oil prices is largely a consequence of slowdown globally that continues to deteriorate. gerri: can a black swan be positive? can it be something that is unexpected and surprising, positive or negative? >> 1998, oil prices fell yet the u.s. economy thrived. real economic growth 4%. real consumer spending growth, 5% or higher. i don't know if we'll see that again. most likely not but it is possible that the u.s. might be able to squeeze through what could be a very rough time for the rest of the world. gerri: doug? >> i think you and john said important things.

a the outset you said look, we've broken the back of opec and that is the surprise on the supply side. the fact that opec has responded to this is different from the past. saudis are pumping a lot of oil. they care about their market share. russia is in disarray. the other prices could be -- gerri: end markets of some of our products that. could be a consideration. that could be a negative for the u.s. but generally pretty darn good news. i want to show oil production because here is one of the big surprises. opec producing 30 million a day, the u.s. 12.6, russia 10.5. shane, to you, i mean look, there we are, number two, who would have, if you look at texas alone, texas is the sixth biggest producer of oil on the planet, just texas. that is not even where all of this frack something going on. >> i think it is wonderful and i think it will show up in the consumers pocket in the second quarter. but you should position yourself prior to the next couple of months. gerri: make a good point there.

shane, starting with how we should be positioning ourselves. what are you thinking about for 2015. >> i like consumer discretion and i like consumer staples like xly and xlp. gerri: john what do you think people should think about this coming year. >> i would move with caution at this point in time which means basically stand still. it is very uncertain outlook we have right now and hard to make a strong case for any type of financial asset investment. given the fact that stock market is fully priced and of course bond yields are very, very, low. gerri: what you're saying is the stock market is maybe fully valued. you don't want to be involved with. i know this isn't your thing, doug, what should americans be thinking about as they come into this new year? as you saw today, the people, the pros are making lots of changes in their portfolios this afternoon trying to figure out where to be. what are you doing? >> i think the number one thing to look at is the household

sector. if we see the household sector genuinely start to spend, not at 2, 2.2% rate but something moves up towards 3, 3 1/2% you will see much stronger real growth in the economy and translate into much my higher profits and equities look good. if that doesn't happen, i stay out in pond and ride it out. gerri: ride it out. okay, john? >> on that line, despite the drop in oil prices share prices of automakers are still down significantly for the year-to-date. they haven't benefited that much. the benefits are mostly flowing towards commercial airlines. as i said, retailers. gerri: bottom-fishing. shane you like bottom fishing? >> i would be cautious right now. agree with the guests. i don't like to agree with guests. i like to argue with them. >> i know you do. unusual. for that reason alone. google what? >> google took a hit. even apple has dropped down a little bit. like i said we're getting opportunity have to do some stock picking here. gerri: love it. there are opportunities out

there. doug, shane, john, thanks so much for being on. if i don't see you, merry christmas. >> thanks, gerri. gerri: we want to know what you think. here is our question tonight. do you think you'll be better off financially at the end of 2015? log on to gerriwillis.com, vote on the right-hand side of the screen. i will share the results at the end of tonight's show. during the show we want you to facebook me or tweet me @gerriwillisfbn. send me an email. go to gerriwillis.com. at the bottom of the hour i will read your tweets and your emails. but up next the battle over the internet giants is on. amazon and google set to wage war over shopping. who will come out on top this holiday season? stay with us. ♪ ♪

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thanks for coming in, brian. >> nice to be here. gerri: how big of a deal is this. will it happen yet? >> i think it could. big deal for google long term. a lot of what they have been trying to figure out, shopping is two things. it is searching for stuff and buying things. >> that is what i forgot in whole conversation. you see what you are getting an what wail pay and critical part of the whole process. >> a lot of more people are starting search practices ses for amazon, not google g anybody that occupies that search space in people's mind is competitive threat to google. they are trying to find way to introduce mechanicses in the process. gerri: there are two steps. there is research and actively buying, right? schneur is. gerri: when comes to that, amazon has the one-two punch we can get it delivered to you superfast. they have warehouses. they spent billions of dollars building warehouse, delivery

network all over the country and google doesn't have any of that. >> google doesn't have that but thing they have on that side is retailers that aren't amazon to find ways to compete more effectively with amazon. think about a partnership, google, if you're researching something on google, because all of sudden google is not selling it to you. gerri: all they want is search. >> they don't want to lose the search traffic to sampson. if they're, if it is easy to convert and in google environment as in the amazon environment the theory is, i think that you will be more likely to stay in the google environment. gerri: so from retailers point of view, i'm getting people to my online website and not to amazon net-net, that is good for me? >> right. when you look at online advertising today, you've got google which is wonderful online advertising and so is amazon. if i'm a brick and mortar retailer, last thing i want to do is advertise on amazon and leaves amazon and comes back to my website. gerri: for google, how does this change my experience? does it matter? >> generally speaking with

business models battle fog are market share competing with one another, that will be generally good for consumers. gerri: maybe prices will drop more? >> more people will try to get more creative around it yes. gerri: when you sat down we were talking about pricing as a matter of fact. you were saying that from the consumers point of view, this plummet in gas prices because food prices dropped more at the same time. >> right. gerri: will there be drops in prices in other categories at the same time? >> there will be that in natural categories, in categories driven by innovation in electronic, right? online era accelerated that process. you don't have year or two of price maintenance you might v you have months or weeks as window. i think you will see that process continue to accelerate and yes, i think more transparent pricing is and more creative people are to go pricing, you will see prices hit a -- gerri: let me tell you, everybody is using apps that allow to you price compare. it is becoming so transparent now.

that, you always know where the best price is. >> i mean i bought, i just bought a tv for christmas. literally best buy has the price guaranty out there. i seen the tv literally the day before, when best buy's price is went up they went up at the same time. literally the day before it was lower. gerri: too bad. we'll learn to fight back. thank you. >> good to see you too. gerri: well, speaking of google, the world's most visited search engine is out with its list of the top search requests for 2014. topping that list, the late, great, robin williams. reaction to his death consumed social media in august as well as google. in the first few days after his suicide there was a six fold increase for the number of searches, car pay deem, willis's phrase in the "dead poets society." searches for words such as depression. other phrases making the list, the world cup, march disappearance of malaysian

airline three set of, ice bucket challenge and latter topping list of most searched. later in the show we'll be booking later in the show of housing sector. what will happen in 2015. what are the markets to buy in? americans love their bourbon, don't they? they are willing to pay big bucks for it. jeff flock is at a distillery in the heart of whiskey country where they are making the world's most expensive whiskey. wait until you see this. as different because i got a prescription for chantix. along with support, chantix (varenicline) is proven to help people quit smoking. the fact that it reduced the urge to smoke helped me get that confidence that i could do it. some people had changes in behavior, thinking or mood, hostility, agitation, depressed mood and suicidal thoughts or actions while taking or after stopping chantix. some people had seizures while taking chantix. if you notice any of these, stop chantix and call your doctor right away. tell your doctor about any history of mental health

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gerri: americans are thirsty for whiskey. demand for the spirit is booming and so are prices. jeff flock at the a distillery where they are producing the

world's most expensive whiskey. did i pronounce that right? >> no, you didn't. its michter's. but not tremendously well-known. not like jack black. in some ways they are making better stove. you said $4,000 a bottle that is what is here. the president of michter's, what makes that a 4,000-dollar bourbon or whiskey? >> celebrated sour mash. basically our master distiller willie pratt went through all ininventories and picked his very favorite barrels and put them together in very special blend. >> fascinating to be here. maybe we put up numbers on whiskey. we're back in the test kitchen right now this is distilled, like, i was saying you could see on some moonshiner, but maybe same size as that. pam, what am i looking at right here? >> this is fermented beer right here. >> this is where it starts?

into is it starts as mash. we put it in here and let it ferment for three days. it becomes fermented beer. it becomes 7% alcohol. >> it is bubbling. can i taste some of that. >> you sure can. >> i'll tell you, high-end, stuff, gerri that is taking off. get a little glass there. that is what they're doing at michter's, they're focusing on high-end part of the market. now that is, is, what do you call that? >> fermented beer. >> fermented beer. that is where it start. >> distiller's beer. >> you distill the whole thing down and goes through the still. how does that work? >> we'll pump it back over to the copper still. and vapors will come off into the vapor line. condense it in the worm coil. ultimately becomes white dog, white lightning. whatever you want to call it. >> maybe we try out some of that

this is what comes out of the still. that is what you call white lightning. what is proof is that. >> this is 103, because it has been cut to the barrel proof. >> that is what you put in the barrel. >> off the still, off this still it will be about 135. >> gerri, take a look. we talked about michter's not particularly well-known but becoming well-known because of quality of this stuff, even jack daniels, brands we know, american whiskey is growing crazy. >> there are fantastic brands out there. jock dan els is tremendous stuff. -- jack daniels is tremendous stuff. i have drunk it. we're gaining notoriety here and abroad in other country. >> they're making whiskeys be everybody agrees, are as good as finest cognacs and scotchs the world has. pretty amazing. >> pretty darn amazing. only in kentucky. can i tell you how happy you

look on the shoot? you look pleased as punch. >> there is some punch. gerri: where i come from, we have moonshine. have you heard of that? >> that's what i'm drinking. that is what i'm drinking right here. the white lightning. that is pretty much what that is. >> so you don't need much of that, i would just, you know, a little concerned about your future there in the near term. hope you're not driving later. >> good stuff. gerri: you are the bravest reporter i know. >> very smooth. yes. really tough. >> hey, jeff. before you go, quick question. >> hope to see this stuff really take off. yes? gerri: we know whiskey is big, bourbon is big. what else is growing, what is on fire decides your tummy right now. >> my tongue. those two are the top ones. spirits are huge. i had christmas party.

my daughter brought her friends. young kids that is what they're drinking. in our day we were drinking beer or wine. they are drinking distilled spirits. they have outstripped everything else. scotch, can needian whiskey and all the others. -- canadian whiskey. gerri: i love it, jeff, thank you. get home safe now. >> cheers. 10-4. >> that is a good segment. if rain drops that is and roses and whiskers on kittens are your favorite things like the song, well you're in luck but it is coffee and as we were talking about bourbon, get ready to pay more. according to deal news.com, some of our favorite things will cost more next year of the as we just saw the rising popularity of bourbon and whiskey is leading distillers to raise prices because they can. thanks to a drought in brazil, starbucks and other coffee shops are sending java prices through the roof. severe drought in california causing food prices from brief

to produce to rise. going to the doctor may not be everybody's thing, medical costs are expected to jump 7% next year. obamacare a big culprit there. you want to take a trip to get away from all the depressing news, good luck with travel and including air fare and hotel stays cost you more with falling prices. they predict increases in these areas more than 2%. possibly the worst news at all, the ebola crisis in west africa, as well as drought there, will send cocoa and chocolate prices skyrocketing. horrible. not all bad. butter prices will fall as will the price of smartphones. gas prices, they haven't hit bottom yet. coming up, the senate is trying to push through last minute legislation that could impact your taxes. we'll have a live report. housing one of the few dim spots in the economic recovery in 2014. so what does nist fifth have in story for us? -- 2015. we'll have two big names to talk

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appreciation for the last few years. gerri: stan, what are you seeing, and what are the real movers here? what really makes the difference? >> yeah. as rick alluded to, you know, we're looking for the appreciation over the next year to be about half the pace of this past year. so about 5-6% in terms of home values of the past, about 2.5 over the next year, big slowdown, and a lot of that's coming about because prices have been depreciating in the two or three years, and we've really needed them to moderate, and we're happy to not see that happening in 2015. gerri: one of those groups that benefited from the pace of prices going up, of course, were professional investors. it wasn't so much first-time buyers, are first-time buyers going to get their crack at the market this year, rick? >> first-time buyers have some headwinds. we don't have a lot of affordable inventory, virtually no new home inventory at the low end of the market, and there's

not much for them to buy. the other issue they've had to deal with, as you know, is that credit has been very, very tight, so a lot of people that typically would make up that part of the market simply haven't been able to qualify for a loan. they'll get a little bit more of a shot compared to the last few years competing with investors, but it's still not an easy market for your first-time home buyer. gerri: well, the federal government's going to stick their big nose into this, stan, and i know there's going to be some low rate mortgages out of fannie may and freddie mac. is that going to solve the problem or make it worse because maybe people out there who shouldn't be getting loans will be getting loans? we've seen this movie before, right? >> yeah, no, i don't worry about credit conditions. credit conditions are going to get a bit looser, but we're still not providing mortgages, people getting lower mortgages are not getting a free gift. they're paying a higher rate in order to get that lower down payment. but i think we are going to see

a lot more affordable housing come online, hopefully builders are going to start to build them, and we have a lot more millennials coming into the marketplace in 2015. we've been weighing for millennials to start buying homes because they've been delaying marriage and kids, and i think in 2015 it's finally going to arrive. gerri: well, from your lips to god's ear. i want to talk about mortgage rates because we've got the fed poised to raise rates here. what's the outlook? rick? >> oh, well, you know, gerri, i've been predicting mortgage rates are going to go up, so i'm just going to keep predicting that until it actually becomes correct. [laughter] gerri: come on, now, is this really the year? there are lots of people out there that say even now any rate increase isn't coming til the second half, and it may not even happen. bill gross famously saying this week, you know, there's not going to be any big change. >> i don't think we'll see a large increase, and i do tend to think whatever we see will be in the second half of the year.

but i think in order to get lending moving again one of the things we need to see are slightly higher interest rates. that'll encourage lending, it might even encourage private capital back into the secondary market. and with qe basically being sidelined now, i think there's an opportunity. the rogue element here is we don't know what's going to happen with oil prices, and a continuing depression in oil prices and energy prices could have a ripple effect on both housing prices and mortgage rates. gerri: do you agree, stan? >> i agree wholeheartedly that predicting future interest rates is a fool's errand. [laughter] you know, nobody's wrong as much as economists talking about interest rates. foremanally at -- formally at zillow, we know the fundamentals don't matter. all you need is a little disturbance by vladimir putin and weaknesses in china and europe and suddenly all bets are off. there's a flight to safety to

u.s. dollars, and that overwhelms fundamental elements. so 4.8 for the record but, you know, take that with, you know, you have that and a quarter and you can get a cup of coffee. gerri: i feel your pain there. it is hard to know what's going to happen next. quickly, your best guess at next year. rick, first to you. you say stronger buying, marginally so, stronger pricing. but how active will the level be in the marketplace? >> i think we're looking at a slightly better year than 2014. probably existing home sales largely flat, 4.9-5.1 million units, maybe about half a million new home sales. i don't think the supply chain or the labor force or the demand will jack up new home sales much more than that. gerri: unbelievable. interesting stuff. rick and stan, thanks for coming on tonight. great to see both of you. merry christmas. >> and to you. >> merry christmas. gerri: merry christmas to you. there's only a few more weeks

left of 2014, but, of course, congress is making that more difficult. the senate scrambling to extend expired tax breaks for both individuals and businesses. peter barnes is in washington, d.c. with the details. peter? >> reporter: hey, gerri. the senate is expected to take up this package of tax breaks this week, and these were passed by the house earlier this month. and a number of these collectively worth several billion dollars are for individual taxpayers who itemize their taxes. the first is that deduction for state and local sales taxes, second is that pretax parking and commuting account that you may get from your employer, setting aside up to $245 a month in that account pretax for your parking, carpooling and commuting. third is the deduction for tuition and fees of up to $4,000 for you, your spouse or your kid though there are income caps with that deduction. finally, there is the tax break given to homeowners who are

underwater on their mortgages and whose bank forgives some or all of their debt in foreclosure or loan restructuring, and you were just talking about housing with your last panel. historically, the irs has considered any forgiveness of any kind of debt income to you and, thus, taxable. but after the financial crisis and that terrible drop in home prices, so many people were underwater and had problems with their mortgages that congress excluded mortgage debt discharges from taxable income. now, all these, by the way, are only retroactive for 2014. back to january 1st of this year, congress will have to do all of this all over again for 2015 or pass a major tax reform bill. what are the chances of that? gerri: you know, these are important elements. i've got to tell you, education, transportation, this is in real people's lives. why is this the last thing on their agenda this year? this just fries my shorts, i've got to tell you. they're not looking out for us

down there. >> reporter: well, you know, and what happens is that these things don't get wrapped into the tax code, and as a result, they're generally renewed from year to year, and so as they do these annual renewals of these things -- and for business, for example, it's the research and development tax credit, and it's faster expensing, writeoffs for investments and new equipment. but the research and development tax credit, you know, that's always been year the year, and then as this bill goes through congress every year, it gathers more and more, you know, moss. [laughter] or as the stone is rolls through. and so all these other provisions get added on, and they are addressed year to year. politicians on both sides say it's not going to get fixed unless there's major tax reform, a major overhaul on the tax cold. gerri: i don't know if we should hold our breath for that, peter. [laughter] >> reporter: not for 2015.

gerri: good to see you. and now we want to hear from you. as the volatility heats up with the economy with just a few weeks left of 2014, we're looking ahead to next year wondering if you'll be better off. here's what some of you are tweeting me. rick writes this: you don't know what pitfalls might happen this year, but if it's as good as this year, yes, i will. here's gary: i won't be better off unless the democrats are out of the white house! john says this: it seems everything's going up except salaries. no, i won't be. income's a big part of. in addition to following me on twitter and facebook, be sure to like fox business on facebook. and here are some of your e-mails. responding to a legal topic, here's what we recently covered, parents, mom and dad, should they be forced to pay their child's college tuition? jerry writes this: although they should assist if financially able to do so, it should not be mandatory. the judge is wrong. and jim from new mexico agrees:

a kid turns 18, they can figure out how to pay for college themselves if the parents don't want to pay. and hugh from florida says: i'd say absolutely. no i think parents are responsible are raising their children and getting them through high school. we love hearing from you. send me an e-mail, gerriwillis.com. and when we come back, we're looking out for you and your money with the ceo of better manipulate on the rising -- mint on the rising trend of row bow advisers. and later, singer lou reed. first, here's your consumer gauge with the numbers that mean the most to you. take a look at those. the stock market numbers a little down. ♪ ♪ she's still the one for you. and cialis for daily use helps you be ready anytime the moment is right. cialis is also the only daily ed tablet approved to treat symptoms of bph, like needing to go frequently. tell your doctor about all your

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gerri: when it comes to aning strategyt seems -- an investing strategy, americans aren't doing so well. 40% of americans are not, not

investing at all, and what's most disappointing is who is missing out. here to explain is john stein. john, we'll get to your company this just a minute and what you guys do, but this is surprising and shocking. 40% of people putting no money aside. why is that? >> it is shock ising. and a lot of those younger people are not saving because they're scared about what might happen in the market, they've seen the recent past, and they've seen all the turmoil in the markets, and there's not a lot of confidence in the future. gerri: i see this -- >> and some just don't have any money. gerri: well, there's that too. we haven't seen incomes improve, people are getting a break on gas prices, but food costs are going up, so you're kind of caught in a vice grip, i think. what needs to happen to improve people's confidence in their own ability to invest and save and build wealth for themselves? >> if you look at the last five years, we've actually seen a great run-up in the stock market. people just haven't seen that translate into real incomes, and young people aren't getting

higher paying jobs. think for people to really start saving and investing more, they need to be making more money. there are tools that can help you save a regular amount each month like betterment and do that in an automatic mated way that makes -- automated way -- gerri: all right, i've got one more question about confidence because there's always a disconnect between what you see the market doing and what your investments return, you know? it seems even if you're buying an index fund, it doesn't seem as good as what you're hearing reported that the s&p 500 did. why is there that disconnect? >> so a lot of people these days are diversified internationally, and if you're following all the news, europe hasn't been doing as well as domestic stocks, emerging markets aren't doing as well. the u.s. has had the biggest runup in the world, so we look at our portfolios, and it's hard to keep up with the s&p when the s&p is the best performing asset class out there. gerri: right. so if you're diversified, by definition you're not getting market returns because you're following many markets.

let's talk about betterment for a minute because you have a solution for people who are looking for advice but don't want to pay an arm and a leg for it. >> that's right. we're an automated investment service. we're the largest in the country. we're growing at about 300 new customers a day, we manage over a billion dollars. and people come to us often at the recommendation of a friend or family member. they tell us about their goal, i'm saving for retirement or to build wealth, and based upon those goals we create portfolios and manage them for tax efficiency, better decision making and low cost. gerri: are you doing that with a human being on a telephone line? am i filling out forms? how does that work? >> it's online. we have live customer service support seven days a week, 365 days a year. but most of the advice is there as ap online tool, and it's automated to make sure you can continue making good decisions over time. gerri: i think people just want a backstop. they may not feel like they've

got to have the most elaborate plan in the world at the age of 25 or 30, but early on you just want to make sure you're driving inside the lines. >> when you're just starting out, it's especially important to know that you're saving enough for retirement. we'll tell you a number, how much you need to save each month, and that's really all you need. that's the most important thing you can be doing when you're young. gerri: the scary number. [laughter] it's great to see you. the web site is called betterment. good stuff, thank you. >> thank you so much. gerri: and time for a look at stories you're clicking on tonight at foxbusiness.com. 3m is looking ahead to 2015 saying it's on track to achieve its long-term financial targets. the make per of post-it notes is raising its dividend by 20% first quarter of next year. chrysler has changed its name effective immediately mostly impacting corporate and financial communications and will go largely unnoticed by consumers. chrysler cars will still bear the chrysler badge, and fiat

cars will bear the fiat badge. health insurance is stepping up for consumers giving them more time to pay obamacare premiums trying to avoid any upcoming problems. insurers say they'll also act promptly to clear up any double billing of consumers who have switched plans. let's hope so. and t-mobile will now let customers carry over their unused data allotments. customers would be able to stash what they don't use for up to a year. the program is only open to customers on simple choice plans with at least three gigabytes for a smartphone or one gigabyte for a tablet. and those are some of the hot stories on foxbusiness.com. still to come, my two cents more, and next, a big day for music fans as a list of the newest members of the rock and roll hall of fame. including this group. take a look at joan jett, there she is right there. ♪

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♪ ♪ gerri: the rock and roll hall of fame today announcing the late list of inductees. among the music honorees, joan jett, lou reed, green day. but some rockers left off this year's list are also causing quite a stir. with us now, john jorgenson with the "wall street journal." welcome to the show. i just want to run through this list to start with. so i want to hear your comments. lou reed on the list for induction. what do you make of it? [laughter] >> lou reed, so nice they inducted him twice. already a member of the rock and roll hall of fame through the velvet underground, now for solo work. gerri: green day? i'm a little mystified here.

[laughter] >> definitely one of the polarizing names on this list. this is the first year the band is eligible to be in there. 1989 being their first official release. got in there. so i guess if, you know, 199bands can have reunion tours already, they might as well -- [laughter] gerri: oh, my gosh. stevie ray vaughn, that's a good name, right? makes me feel better. >> certainly a long time coming with that one. people felt he'd been slighted in years past. gerri: and his band, double trouble. here's my favorite one, okay? and this is no surprise, i'm sure, joan jett and the blackhearts. she was rejected by 23 record labels when she was trying to start her career, finally went out, formed her own label and that's what happened. listen to that. >> yeah. i mean, joan jett, she essentially wrote the theme song for the rock and roll hall of fame. [laughter] you know, just pretty much the essence of the genre and what she's done. even now she's still out there

doing her thing. gerri: bill withers. >> bill weathers, definitely a testament to what you can do by putting out a really amazing, solid body of work. and a long time ago. and, essentially, you know, what he did with that piece of work years and years ago -- because he doesn't produce music anymore -- is what put him there now. gerri: took a long time to get to him, that's for sure. we have bawl butterfield, blue -- paul butterfield? blues band? >> also maybe a bit of a head scratcher for people who don't necessarily know that artist and band, but the influence there and that criteria of being an influential act certainly applies to paul butterfield. definitely a conduit to a lot of the blues music of the 1960s, and they backed bob dylan at the newport folk festival, you know, a seismic moment in music history. so that alone might make them qualified to be in the rock hall. gerri: all right. so ringo starr getting an award as well. are you surprised it took them

this long to give him his own award? what's your reaction to this? [laughter] >> i guess i am surprised now that i think about it. of course, the beatles, you know, might as well be there on the first day. but apparently, all the other members of the beatles are already solo inductees for the rock hall, so i think if ringo even noticed that he was missing, he might have felt slighted -- [laughter] so this definitely certainly corrects the record. from an interview i read with him today in "rolling stone," he seemed to have not realized he wasn't in there until someone -- paul mccartney, possibly -- told him he wasn't a member of the rock hall. gerri: that's funny. we've got a really interesting list of snubs including bon jovi, deep purple, chicago, willie nelson which shocks me. who do you think is the most deserving person who's never gotten in? >> i mean, the funny thing about the rock and roll hall of fame is the building's shaped like a pyramid, but they probably should have shaped it like a

punching bag. every year these nominees come out, and it ignites all these debates about who should be in there, who's deserving, who shouldn't. rap music, for example, is always a controversial thing for the rock hall. there's a handful of rap artists who are ip ducted in the rap -- inducted in the rap hall. nwa was nominateed for its second time, but too dangerous in retrospect, and they did not get inducted this year too. so, i mean, you could pick anywhere on the list and come up with some big snubs. gerri: i wanted to tell people who's been inducted a lot. that's always interesting too. does eric clapton have the most inclusions here, the most awards? >> yeah, i think that he has three, and if that's the case, i think that puts him at the top of the list. you know, it does seem somewhat confusing to have these sort of multiple induction cans. eric clapton, of course, he was in cream, so cream gets inducted. but, of course, his solo work is

also influential, it stands on its own separate from the group work too. this year sting was nominated to be an inductee, but he is already a member of the rock and roll hall of fame through his work with police. so, you know, some might say who needs, you know, maybe we should give these awards to people who don't necessarily need to double up on their -- gerri: i want to get on that committee. how do i get on that committee? is it hard? [laughter] >> it's a secretive thing. i mean, it's actually, it is, you know, every year it's another topic of debate, you know, who's actually doing the selection here. they say it's a membership of about 600 or 700 journalists, people in the industry who have influence who make the final votes, but that's, that original nominating, original nominating process is a little bit mysterious as it is for all these things including the grammy awards, for example. gerri: john, thank you. fun stuff. enjoyed it. >> my pleasure. gerri: and we'll be right back. ♪ (holiday music is playing)

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♪ ♪ gerri: that was 80% no. that's it for tonight's willis report. thanks for joining us. don't forget to dvr the show if you can't catch us live. good night. charles: i'm charles pavin, and you're watching "making money." stocks moving 350 dow points off the lows of the session. unfortunately, though, we ended down 111 points. a roller coaster day of sorts, it all goes back to the russian ruin. it absolutely crashed -- ruble. it absolutely crashed. so what's next for a desperate putin and what's next for desperate investors? buckle up and stay tuned, we've got the answers. right now let's go to nicole petallides on the floor of the new york stock exchange. nicole? >> reporter: charles, was there a ticket for this ride? wall street's ride today was wild. we were up over 200 points, down -- the whole, by the way, top