hi, everyone. welcome to "on the money." i'm kelly evans in for becky quick. blame the boomers, they're causing a housing bust and millennials have nowhere to go. our cameras went nowhere cameras have been before. it was noisy, slow, and a symbol of the '60s and '70s. now the vw microbus is back and better. the woman who got tired of getting ripped off when it came to her car. who gives how much and why? the most generous when it comes to charity and why it matters. "on the money" starts right >> announcer: this is "on the money," your money, y

housing market. there are so few homes to buy. baby boomers are staying in their home sweet homes, and this week's cover store diana olick finds demand has limited s >> reporter: baby boomer lorraine goldberg loves her five-bedroom suburban maryland home, loved raising her two sons here. >> they had shows, they had -- it was wonderful. >> reporter: and still loves throwing pool parties in her luxurious backyard. >> my friends come over, yes. >> reporter: but now she admits -- >> my neighborhood, by myself. i really don't belong in. >> reporter: her kids are grown and gone and she and her husband divorced. after nearly 40 years here, she would like to downsize to something more urban, but -- >> it's actually less expensive to stay here in metro than move into the city. i don't know what to do. i keep calling realtors and drivin

so i just stay here. >> reporter: realtor brook hiberger said she sees it all the time. >> baby boomers are really struggling with the decision to yo downsize becau there's not great options to downsize to. currently the trend is to live in urban centers. they want to be close to restaurants and shops. they want to have easy access to public transportation. but because the demand to live in these areas is so high, it's just become very cost prohibitive for them. >> reporter: baby boomers simply aren't moving. at least not at the rate previous generations did when they hit this age. by staying in their big houses longer, they are causing a crucial logjam in the supply line. those in smaller homes can't upsize, so they p putting more pressure at the entry level where millennial demand is only increasing. all that demand with so little supply just pushes home pric. baby boomers own almost 3.6

to trulia, a real estate website. goldberg has four of them. she continues to look for a new place, but she also visits her new grandchild on the west coast, leaving her big house empty for weeks at a the nation's home builders are focusing in on active adult communities to meet all that baby boomer demand, but those tend to be farther outside the cities, not exactly where boomers want to be. kelly? >> this hits close to home. diana, now that at um is here, do you think that means the sale of homes could improve or could it get even worse? >> reporter: actually, the fall is usually when we see more supply, after the summer doldrums. sellers say we want to get back into the market. unfortunately we're not seeing that now. and that is continuing to push prices even higher. >> eye opening stuff. diana, thank you very much. diana olick. the inventory of houses for sale is at its lowest point in four years, according to zillow.

with more reaction. thank you for being here. >> thank you for having me. >> how much of a housing shortage is baby boomers' fault? >> baby boomers have to live somewhere. but it's right that they are having a hard time downsizing and finding that available inventory. and so it's tough for people to actually move into their homes. and that is causing that disruption in the normal moveup market. >> so what's the solution? what can be done to fix this problem? >> well, you know, what it comes down to is we have two very large generations, kind of butting heads where you have millennials that are entering the market that are even larger of a generation than the baby boomers. you really just need more homes. we're currently dealing with 1994 level inventories, despite having 63 million more people so at this point, we have to build some more homes in order to accommodate all those people. >> i wonder, too, when we looked in new jersey, there's nowhere else to build. is it harder in northeast markets like that that are already s

to do to increase supply? what about out west? >> i think it really comes down to coastal markets that oftentimes are restricted by, you know, being on the coast where you have water and you can't expand anymore. i think the bay area is seeing the same problem, seattle is having this problem as well where it's hard to expand and we need to make the decision to probably build denser and build up to accommodate more people in a smaller amount of space. >> what's keeping builders -- we mentioned perhaps area constraints, what else might be keeping them from building more of these properties? >> i think a lot of builders will tell you they're having a hard time meeting the price point right now, given how expensive labor, lumber and simply regulation costs are. when it comes down to, you know, making the profits work on their end, they're going to build a home that's slightly too expensive for the entry level market. and when they do build entry level, oftentimes it's further out where near not

>> if this continues, does that mean that home prices keep going higher and higher? what about interest rates? >> you know, i think with efor the time being, we will continue to see the price pressures. we will -- i don't think we'll see a meaningful increase in the inventory anytime soon, which means prices will continue to be on the rise. once mortgage rates do rise, although i don't think they'll rise significantly anytime soon, we'll start to see a little bit of a damping sect but not enough to really make up for these problems that we're having right now. >> thank you >> thank you. now here's a look at whas making news. as expected, the federal reserve left interest rates steady at its meeting this week, though it did leave the door open for an additional hike this year and three more next year. janet yellen said it would start reducing its balance sheet. when the economy was i

straits they bought bonds. the fed will eventually reduce the assets by $50 billion every quarter. stocks had little reaction to the fed news. and were flat on wednesday after the dow and s&p 500 set records earlier in the week. and stocks were mixed later in the week. after the holiday season, it will cost more to ship via fedex. the company will be raising rates an average of close to 5% and there will be additional fees and surcharges on large packages. if you want to return something you bought on amazon, you don't even have to ask alexa about it. kohl's will offer amazon returns next month. they'll ship the items for free. if you pick up a pair of socks or shirts, kohl's wouldn't mind that at all. our cameras were allowed .here cameras have n and later, the billionaires who dig the

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it's a familiar airport security routine. shoes off, hands up for the x-ray, and, of course, long lines. but that's just what you see. what you don't see is just as important. an "on the money" exclusive, the second busiest airport, los angeles international. morgan brennan are in parts of the airport that cameras have never been, and here's what she found. >> reporter: we're behind security, inside hidden passageways at los angeles international airport. where the public isn't allowed. a multi-agency police operation is focusing on the people who work at the ai.

to find anyone deemed an insider . >> when we work this detail, we have zero tolerance. >> reporter: zero tolerance means something small could turn into something big. when you look around the terminal, what do you see? >> opportunists preying on the travelers. some kind of criminal element, something that sticks out that needs to be looked at a little bit more. >> reporter: it all starts at 9:00 a.m. at aviation police >> this is the only task force of its kind that does an operation like. at any major airport. >> reporter: teams of officers prepare to head out. captain tyrone stallings tells us there's a clear game plan. what do you expect to see today? >> well, we usually want to see a show of force, uniforms, high visibility in a certain specific area, and also, we want to address the insider threat. >> reporter: the operation has we see highly visible officers armed with rifles, as we ride up the

international terminal. it doesn't take long for something to happen. >> we're on our way. >> reporter: as we navigate elevators and restricted passages, we eventually wind up on the airfield. police are questioning this ramp worker. pulled over after a random i.d. check. it turns out the employee has an active warrant for a pending dui he's going to be arrested. likely lose his job. how real is the insider threat? >> i think that it's probably one of our top concerns. and we bring that to the stakeholders, airline security managers, and they're all aware. i think it goes hand in hand with some of the criminal activity that you may see at airports that we pay attention to. >> reporter: even what appeared to be potential low-level threats are routinely monitored. our cameras captured this in the international terminal. >> look at the knives that are currently outstanding right no

knives are all where they should be. a process that takes only a few >> great. looks like all the knives are all accounted for. >> reporter: officers sean foley said every single restaurant employee is trained about properly keeping track of cutlery. >> it's a very important process. >> reporter: experts say the tsa has done a good job of securing aircraft above the wing. a process that will certainly continue. but it's those insider threats, people that have access to cargo holds or airport terminals that are becoming a bigger and bigger focus of law officials. for "on the money," i'm morgan brennan. >> lax's security budget is more than $200 million through mostly airport fees. hey now, remember these vans? they're making a comeback. but with a modern twist. we'll tell you about that. and then later, changing oil and a what powers the digital world. communication.

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if you grew up in the '60s or '70s, the volkswagen bus captured the spirit of those days. now it's coming back. vw plans to roll out a new all-electric van in the next and our phil lebeau got a preview of what it will look like. >> reporter: it's a blast from the past, planned for the

volkswagen's buzz is an electric van hitting the street in 2022. >> this car is, for us, a rebirth of a great heritage. but it will also carry into the future the mobility with all the electrification and the sensors which will make the car fully connected and autonomous. >> reporter: volkswagen may pack the latest technology into the buzz, but they hope it will carry the spirit of the microbus, a reminder of when volkswagen was cool. these days, volkswagen image is far the passat or jetta are fine, many were diesel models caught up in the rigged emissions scandal. vw's image and sales in the u.s. have taken a a fact the company readily admits while trying to turn the page. >> it's a b

here. everyone knows the microbus, or the beetle from the old days. we made many mistakes here, but now we try to make it right from the start. >> reporter: sales are still down from 2015 when the diesel scandal erupted and for a brief time the company was prevented from selling certain models. now volkswagen is hoping to regain customers by rolling out a slew of new vehicles. many with electric for "on the money," i'm phil lebeau. >> when the electric mini bus comes out in a few years, her owner may want to have it checked out at a girl's auto she now runs workshops, she's the author of girls auto clinic glove box guide, which i'm already -- this has got me going. there's so much good s >> i like how

an auto air head. you quit a six-figure job at a company. >> i was an engineer. >> what was that like? >> i worked with great people. i made great money. but i was always looking forward to friday. i didn't feel like i was mak and so i know that i took a look at my life. i was an auto air head. i waited until the last minute to do repairs on my car. i always felt like i needed a guy to help me and that i was always taken advantage of. i was looking for resources online to help me. i couldn't find them. i decided i'm going to go back to school, learn how to be a mechanic and create girls auto clinic. >> what sets you apart, from the male ones. >> we hire all female mechanics. so we're staffed by females. we have a nail salon at the shop so you can get your hair and nails done while you're waiting for your car. really, we cater to women.

>> do you just have the one location? >> i'm in philly right now. i would love to expand. i have women all over the country saying, when are you coming to houston, when are you coming to chicago? i wrote this book to kind of be able to reach as many women as possible. not just with our services, but we offer a lot of resources so they can be educated with our cars. >> why do you think there are still so few women who are auto mechanics? >> it's just the stereotypes in our culture for men. i'm an engineer and i was an auto air head and i didn't think i was going to understand it. we subscribe to those stereotypes, women and men do. it will take a lot of representation, women and men seeing girls working on cars, seeing girls selling cars for them to believe that something that women can do, and do very well. >> i hav of car questions to ask. >> yeah. >> i'm an auto air head. what are the three most important things anyone should do to take care of their car? >> you definitely want to be changing your oil promptly. that is the most important thing you can do for your car.

intervals. know your tire pressure that's supposed to go in your tires, the proper operating pressure. it should be 33 psi. if you take care of your tires, rotating them, proper air pressure and do the alignment, they'll last 50,000 miles. >> what should you know in buying or leasing a car? >> understand your driving and saving habits. do you beat up a car? do you save money to set aside for repairs? do you have a pst, your primary care technn or your mechanic? if you're not good at taking care of your car and saving money, you do not want to get the bmw, you may want to get a toyota or after-market warranty. people just think about cost of the car for insurance up-front, but what is it going to cost to maintain it and can i afford it. >> there's lots more. good information in the book. >> yes. >> thank you so much for joining us. >> thank you for having me, kelly. up next "on the money," the news

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do your holiday shopping on thisus.ason introducing the monumental gift shop at mgm national harbor. just use your m life rewards card when you play now through november 7. the more you play, the more gift bucks you'll earn to redeem for monumental gifts like jewelry and electronics. come in today and play to earn your private shopping event for the holidays. play to win. win to shop. the monumental gift shop at mgm national harbor. now through november 7. this is monumental. now, here are the stories coming up that may impact your money this week. on tuesday we get a real on real estate, which tracks home prices in 20 markets around the country. we'll also see how many new homes are sold in the month of august. on wednesday the durable goods report for t

is also released. and another indicator of the economy comes thursday when a final report for the second quarter's gdp comes out. coffee lovers take note, friday is national coffee day. make sure to check your coffee shop for any brewing. as the saying goes, charity begins at home. but that hasn't stopped the ten richest americans from donating more than $70 billion over the last 17 years. robert frank joins us to reveal who gave and how much. robert? >> kelly, this was the chronicle of philanthropy. they created a generosity index where they looked at how much the top ten billionaires gave since the year 2000 as a ratio of their wealth. the number one on the list, i thought, we all thought would have been bill gates. but in fact, warren buffett was number one giving away over 70% of his wealth. $46 billion of that sort of $65 billion, $66 billion fortune t

a little late in life, but he's by far the number one on the list. >> in a way that doesn't surprise me. we know he's a big philanthropist. what were some of the surprises throughoutanalysis? >> bill gates came in number two. one of the sort of quirks of this is they dated it to the year 2000. so bill and linda gates gave a lot of money to their foundation when they created it in the 1990s, so that money doesn't count. they contributed about $18 million to bill and melinda gates, actually more than twice that. 20% of his fortune. the other big surpri is michael bloomberg was number three. we don't hear a lot about kind of him as a mega philanthropist, because gates and buffett are so huge. but he's given over 10% of his fortune. the number one surprise was that, jeff bezos, the

summer. he's given only $68 million, with an m. i think when you look at everyone else on that top ten list, it's a standout. >> here's the question. because he does -- some would say his support of the "washington post" is effectively a charitable move. is that part of where he's coming from? or is he like warren buffett, he was criticized for not doing things and later in life did a splashy thing obviously? >> people i talked to close to bezos said blue origin, the space company he founded, which is funded with billions of dollars of his own money is a for-profit enterprise, is part of his philanthropy, along with the "washington post." we don't sort of consider that a gift in a traditional sense. but those are two things that he would argue are solving mega social problems that really, that that's what the point of philanthropy is,

not-for-profit. he's coming to it later in life. he's in his 50s. you've got likes like mark zuckerberg, the guys who are younger pledging a lot to philanthropy now, maybe not focusing their time on it. but basically saying, look, at some point we've set up this foundation to do a lot of good. >> i have a feeling down the road he'll have a big surprise for us. >> i think so. >> thank you. that's the show for today. i'm kelly evans. becky will be back next week. thank you so much for joining us. next week, there's no such thing as a free lunch. why are new york city students getting daily meals at no charge? each week, keep it here. we are "on the money." have a good one, and we'll see you ne

good morning, america. this morning, the president versus the players. donald trump doubling down in his attack on nfl players. refusing to stand during the national anthem. the league firing back. >> fired! >> the president also courting controversy with nba stars. lebron supporting rival steph curry. >> it's not something i can be quiet about. >> as protests spread to a new field. plus, what will happen today on football sunday? show of strength. american bombers and fighter jets buzzing north korea as the country's foreign minister lobs insults at president trump. leavinging traditional diplomacy far behind. desperate situation. this dam in puerto rico expected