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tv   The Willis Report  FOX Business  December 22, 2012 11:00pm-12:00am EST

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gerri: hello, everybody. i am gerri willis. ten days until we got the fiscal cliff. president obama speaking moments ago, saying that maybe some time off will give both parties perspective to drink some eggnog, sing some careless, maybe reached the fiscal cliff deal. how speaker john boehner is doing damage control on their plan b mess. before heading out for the holidays. even as americans are facing more than $500 billion in tax hikes coming on january 1. with more on this, we have peter barnes, fox business sr. washington correspondent. what did the president have to say moments ago? >> john boehner did say that this wld be a cooling off
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period. maybe they would have some time to reflect here. the president said that he did speak on the phone to speaker john boehner this afternoon. he also had majority leader harry reid to avoid the fiscal cliff and figure out a passport. he said he is ready and willing to try t to get a compromise package done. all at once or stuff like that. but we'll have to wait until after the holiday. the president planning to hold out for the holidays, and congress is out for the holidays. the president saying that putting pressure began on republicans, house republicans, to least extend tax cuts for the middle class. that would be the step by scratch in transit approach and he is speaking to constituents back home who he hopes will give feedback to members of congress while they are there for the
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holiday to try to get them to agree or get back to the table to negotiate something. gerri: if it were up to me, i say that they work until they get their work done. thank you so much. have a great holiday. gerri: is back to the negotiating table. but have republicans lost their leverage? americans for tax reform, we have matti doppler. let's start with you. how much time can we spend spinning our wheels today we met nancy pelosi, making fun of republicans. a guy dressing up as santa claus. bringing 200 pounds of coal to republicans. distractions in such high taxes coming. what will it take to get these two sides together? >> well, we talk about distractions. we have the president telling us that we need some kind of
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cooling off period. this is a president that had two years with the democratic house and senate. and everyday come they woke up and did not raise taxes. so they really wanted to do this, if they really believe, they want their taxes to go up on earners making more than $250,000 tunnel were we waiting until the last minute? ten days before the tax hike said. it is a mystery that they are saying that this is an emergency one they had to two years they could have done before. gerri: okay, this is what plan b was under john boehner. if you make a million dollars one year you pay a permanent estate tax at 35%, not 50%. that will go into effect january 1. if plan be is a no go, what will
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plan c look like? by the way, i love your red jacket. >> the problem isn't this. the real problem is the guy who was visiting a obama in the white house just a few minutes ago. mr. harry reid. the senate has not passed a budget more than three years. the senate has not passed anything on the fiscal cliff greathouse have something with economics. all the senate has to do is pass something and they can go to a conference committee to get the whole thing ironed out. i think kerry reid and the senate and obama, because the democrats in the senate are doing his bidding, that is where the real obstacles to getting something done. >> there was a perception created that the vote last night
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would increase taxes. now, i disagree with that characterization. but that impression is out there. the number of our members who just really didn't want to be perceived as having to raise taxes. that was the real issue. gerri: in some ways he was talking about grover norquist. the man it is about this tax pledge where is the common ground there? >> the reason that we have a plan be now is because the houses are devoted to pass all of the bills.
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gerri: but how do you find common ground thee? them and that's what the speaker was trying to do. he was talking about the race there now. as you saw, the president and the house, where we go from here, we need republicans who are serious about cutting the size of government and decide they're going to do something to that ball forward. republicans need to use their leverage in those battles. gerri: it's interesting. grover came out with a plan on
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people making a million dollars or more. he does not wallow by the tea party. [talking over each other] [talking over each other] gerri: let's move on. i do want to talk about all this hotter in washington. she said republicans are like a reverse robin hood. taking food out of the mouths of babies and figures to give tax cuts for the wealthy. would you say that? >> first, she is obviously not a literary genius. if you read the robin hood story, robin hood was taking money back from the tax collectors and returning it to the people. so he was 700 years before the tea party even existed. nancy pelosi is not relevant.
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to be fair, there is a big automatic tax increase that happens january 1. john boehner is -- gerri: i don't think all americans have their arms around this situation. what would be the real change when these ax hikes going to affect? >> we are focusing a lot on these rate hikes going on. you are also looking at something that hasn't gotten a lot of attention, which is a slew of obamacare that are hitting on january 1. a lot of others are taxes that are going to get americans when they can least afford it.
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there a lot of tax increases are going to hit this economy hard. we need to be talking about what we can do. >> be one it looks like we will be in a recession. last night, fox news reported that a republican named mike kelly yelled into a microphone at an emergency meeting on plan b last night. he said really, we can't support our speaker. what is going on here? the big question is will john boehner keep his job? the house will be considered with the speaker should be. you think he will make a change? >> someone who thinks john boehner is big mistake was planned the -- it was actually
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stripping the conservatives down from their assignment. that was the signal that he was signaling with the establishment crowd in washington. a lot of people can forgive john boehner for playing the cards on the fiscal cliff. he really doesn't have a winning strategy. because one doesn't exist. but i think the conservatives trying to buy a little upset. right now, there is no big name out there willing to challenge it. gerri: it is an interesting question. it seems like yone who has that job is really hurting because everyone is all over the place. it is so hard to get them together. thank you both for coming on tonight, we really appreciate it. happy holidays and merry christmas, thank you so much reed thank you, gerri. gerri: next, many homeowners rushing to rush and to dump their property ahead of the fiscal cliff. dolly will join us after the break and dreaming of a white christmas and then there is this.
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coming up, how mother nature is putting a damper on things i always wait until the last minute. can i still ship a gift in time r christmas? yeah, sure you can. great. where's your gift? uh... whew. [ male announcer ] break fr the holiday stress. ship fedex express by december 22nd for christmas delivery.
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gerri: many owners turned over their properties this year ahead of the fiscal cliff. some buyers have been able to dig deep discounts this year. my next guest says that it is fast tracked like never before. dolly lintz joins me now. what is it about the fiscal cliff that is making people act so quickly? >> if you think about it, some sellers have purchase prices that they pay 20 by the years four.
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they are selling for six or eight or 12 million. think about that. gerri: holy cow. >> if the bush tax cuts are over and taxes go back from imagine the difference in the tax rate. it is humongous. gerri: we talk about people rushing to the year-end, what other kind of impact does that have? >> it's making everyone scramble on every part of everybody. the banks from everybody trying to get ahead of everyone else to get the closing schedules. getting all the paperwork in order. gerri: is every attorney throughout the country, every real estate broker -- are they running to meet this deadline? >> i'm talking about being on the phone at 2:00 a.m. and 3:00 a.m., all night. my counterparts in los angeles are telling me that they are in for the same thing. gerri: on a i kkow a lot of people are thinking about selling.
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obviously, the fiscal cliff is now in play. but they still can derail themselves. >> yes, i have been involved when it does. one of the big things is if financing falls through. gerri: what you see taking these deals are part? >> fincing is the number one cause. back in the headache. most of the appraisers are coming in under what they should be. so that's a nightmare. financing is number one above all the others. title problems, i have a title problem now on the house, or the title company is expecting the house prior to the closing, the last update was 1920. gerri: what i think is amazing is home inspection. there was a time when the market was go and people would find a
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way to sign there right away to home. some people said it's a big mistake. this is something that can blow up a deal. somebody find something that they just can't get fixed. >> what they should be doing is how much is it, really? what can you get fixed? set a dollar limit. 5000, 10,000, set a limit you can both agree on. does worry about it later. the deal closed. get over the buyers remorse and move on. i have people that have been in their homes 25 years. and they are like yes, i know that i will get this two or $3 million, big deal bonus here. but i love my home. i love central park. i have to keep moving them along. >> i think that's really true. quickly, what ec for 23? not just in new rk, but across the country. it is a big boom?
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small boom? doesn't creak along like it s in the past? >> my own gut is that creaks alon it doesn't get to be a real boom unless we have some policy changes. employment gets addressed, things like that. which still hasn't been done. otherwise, it's going to creak along. gerri: what i love about you is that you always say what you think. you don't dress it up. you don't try to make it look better than it is. you tell us what you really think. and i appreciate that. thank you for coming on, and have a great holiday. still to come, veterans are always on her mind, especially during the holiday. we will hear from one man going above and beyond. ani asked some familiar faces around the fox business network what they are asking for for christmas. you will hear some pretty funny stuff coming up next. copd makes it hard to breathe,
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[ engine revs ] ♪ ♪ [ male announcer ] the mercedes-benz winter event is back, with the perfect vehicle that's just right for you, no matter which list you're on. [ santa ] ho, ho, ho, ho! [ male announcer ] lease a 2013 c250 for $349 a month at your local
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mercedes-benz dealer. gerri: here comes christmas. what do you w
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gerri: it is the christmas season. i think you can tell a lot about a person when you ask them exactly what is on the christmas list. so we have asked some of our very own anchors your fox business what they are dreaming of this holiday season. there is what they told us. >> my dream christmas gift, and this is so beyoncé, 3-carat
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diamond studs from harry winston. >> a little bit more rest time. >> world peace and maybe used jaguar convertible. >> you have to laugh. i'm asking for a clean water filter pitcher. i do, i want better water. >> i'm happy to hang out with my brothers and sisters for christmas. >> the first thing i'm asking for for christmas is made service. the biggest thing about christmas is there is no better or wonderful president by giving great gifts to your 12-year-old daughter. i'm just loving it. here comes the i've had many. gerri: [laughter] why is it that men can never pick up after themselves? it's crazy, right? in talking to my cohorts here, i
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realized this. we are all getting back to basics is solid. it's been a tough couple of months. first, superstorm sandy. thousands of homes destroyed. one hundred people died in that event. devastation that many of us are still trying to recover from. right here in the buiing i'm sitting in, people who work here are waiting for homes to be rebuilt. enjoying the holidays from temporary shelter. then there was the newtown, connecticut, massacre. that has influence the attitudes of friends and families and people i know. the tragedy of that day just a week ago, in which 26 people lost their lives, 24 of them were children between the ages of five and 10. it hangs over this usually happy season. even so, i feel grateful this year. maybe more than usual for my colleagues here at fox. with my friends and my family.
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we live in a country that yes, has its problems. and we talk about those problems everyday on the show. but the bottom line is this. you wouldn't want to live anywhere else, would you? i sure wouldn't. we have freedom, we have opportunity, and many of us, most of us have a roof over our heads and a safe place to sleep at night. the icing on the cake will be wrapped in boxes under the tree. but it will be in spending time with family and friends. and we know that now this year better than almost any year that i can ever remember. that, my friends, is a true blessing. merry christmas. that is what i think. now we want to know when you think. here's our question tonight. what is the emphasis in your home this holiday season? giftgiving or things to be? go to, and i, and i will surelyesulted in
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"the tonight show." when we come back, if you want to help this christmas season, we have charity recommendations. stay with us.
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>> from our fox business studios in new york, you're again is gerri willis. gerri: connecticut officials are warning of possible charity scams in the wake of the sandy hook tragedy. here with what to look out for when donating, ken berger, a charity navigator, president ceo. i was shocke by this. to tell you the truth, bit appalled. what should people be looking out for and how difficult is it to identify one of these cameras? >> unfortunately it always seems to happen during these tragedies. well, a variety of ways to look
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out. one is, we have talked before about watching out for phone calls. more often than not stammers that way. people think that is the charity it does not mean anything. you have people on the street as for cash, and even if they came to view the charity you have heard of, cash is a great way for them to abuse you. there are a host of these kind of things. gerri: you say soundalike names. people will take the name of the tragedy and turned it into -- they're calling it a charity and it may be as camp. >> and create brad new websites all the time, thousands of them, spring of that sound like it is the right thing but turns out to be a total scam. gerri: the beauty of having you here is that your website rates charities, and you have come up with a list of charities that are valid, real, and could lead -- use the money. >> save the children is a 4-star charity with a safe space for the kids. trying to have a place for this kid to play while the parent
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gets counseling. a great organization with a great track record. gerri: donors jews. >> also for stars, and their way of doing things is there will approach teachers and schools. ensure that newtown teachers will be turning to them and apart -- suggest projects. people can read about and donate directly to the classroom. gerri: united way, but not just national. >> yes. they are convening a group of people to help decide where funds should go, and they will direct them to the real needs of local level as they are determined. gerri: american red cross. i think of them in case of natural disasters, but you say this is a good choice here. >> emotional support, mental health counseling, also helping the first responders also in the community. they are experts at crises and emotional support as well as physical needs be met. gerri: the national alliance for the mentally ill. i have to tell you, that is a smart one. >> you know, they are very interested in making sure that those kind of services are in
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place and are advocating. gerri: counseling. what else? >> a lot of it right now is self-help groups. people who come together, families of people with mental illness and suffering from a tragedy. they provide a lot ofself-help support as well. gerri: correctly, is the government doing anything to stop this? skimmer's no there are people out there right now scrubbing checks to people who are only taking their money. >> if you ever hear of these and he's certainly should contact your state attorney general. unfortunately there is a lot of bad stuff that goes on and their ability to oversee it is difficult, but they will prosecute if they find out. gerri: watch out. those are your words of wisdom. the website is called charity navigator. even if you want to research any kind of charity, the rate them and really looked at the bottom line. thank you for coming on. >> thank you so much. gerri: all right. from helping those in newtown to
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helping our military eurozone. i'm joined by executive vice president and chief of staff at the u.s. thank you for joining us. we wanted to a happy story in the charity area, and you are providinthat tonight. i know everyone has heard of the uso, but the adult think everyone knows exactly what you do. help us understand. >> it's great to be here tonight, and thank you for having a sign. a uso was founded over 70 years ago by franklin delano roosevelt with the expressed purpose of lifting the spirits of troops and families. now, while we tend to focus on our constituents, which is our 2 million military members and are several million family members, we focus on, to a large degree, for groups that need us most. at think everyone would recognize these. deployed troops, those that are serving in harm's way, taking caref and protecting the freedoms that we enjoyed elite. the second group that we take care of and focus on other
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families of the deployed and particularly those that have had to deal with multiple the bonds. we also focus on our wounded, el, and injured service members as well as families of the fallen. those are the people we were kardashian and not to take care of. gerri: we were just showing pictures of your many good works, giving people a sense of what you do. there is also the big problem, veterans can't find jobs. counseling of veterans. tell us what you are doing to help people get back in the work force after they served in the military. >> we really focused, wounded elementary just initially in state at. we have been taking care of this particular population ever since after world war ii, we continue to stay focused on this. we have a wonderful partnership with an organization called pyre heroes u.s.a., and what we have done, we started back in 2011 with only ten pilot programs, and we have grown that over the last two years to of very
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significant presence to where we're going to do about 90-100 workshops in 2013 to basically try to get our wounded and injured service members, those are coming back and looking to reintegrate into the work force back in a meaningful job. absolutely. gerri: so important. operation enduring care, not enduring freedom, but enduring care. tell us about that. >> our largest campaign ever to take care of our wounded, el, and injured. three components of our campaign . the first one is to help build two centers that will be co-located with the hospitals, the new hopital at the fort and the new hospital at the bethesda we will have to facilities that are there to take care of the needs of the wounded. as you can imagine, awfully difficult to be in a hospital room for possibly a two years while he recovered. one of our major projects is
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within the entering care campaign to build these two centers to take care of their needs. in addition, we are raising funds to develop programming that will help the loan did, al, and injured recently transition of away from the battlefield going to the civilian sector. we worked hard to identify the six domains that every service number will probably have to era go through as they journey back into their communities. gerri: how can we help you help the troops? >> well, this is the biggest time of year with regard to fund-raising. we generate 40 percent of our annual resources in december, and the way we can help is to donate to the u. s go. we have a website. love to have people and more about it. gerri: that's easy.
11:38 pm from the true perspective -- troops perspective what do you think they're most concerned about? >> particularly those that are deployed are concerned about the loved ones back, and maintaining that connection with them. it is hard at this particular time of year to be away from them, as we all know. millions of americans will be traveling to see there loved ones, they don't have that opportunities to do so unless we have a lot of programs designed to basically connect those service members who are deployed back with families so that they can share in some holiday experiences. gerri: great work. appreciate your coming on. if you're looking for a great organization that really helps the people who serve us every single day and even on the holidays. thank you so much. have a great marry christmas and all the week. >> thanks for having us on. gerri: coming up, look at the winners and losers on wall street in 2012 and gift cards this christmas don't just have
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to be for your favorite retailer. how your gift may help somebody go to college. ♪ the boys use capital one venture miles for their annual football trip. that's double miles you can actually use. tragically, their ddy got sacked by blackouts. but it's our tradition! that's roughing the card holder. but with the capital one venture card you get double miles you can actually use. [ cheering ] any flight, anytime. the scoreboard doesn't lie. what's in your wallet? hut! i have me on my fantasy team. what's in your wallet? hut! you know it can be hard to lbreathe, and how that feels.e copd includes chronic bronchitis and emphysema. spiriva helps control my copd symptoms by keeping my airways open for 24 hours.
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[indistinct chatter] [kids talking at once] [speaking foreign language] [heart beating] [heartbeat continues] [faint singing] [heartbeat, music playing louder] ♪ i'm feeling better since you know me ♪
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♪ i was a lonely soul, but that's the old me... ♪ announcer: this song was created with heartbeats of children in need. find out how it can help frontline health workers bring hope to millions of children at gerri: team -- i know. you're still struggling with those last-minute gifts on your christmas list. i know i am. instead of giving that same old gift card, we have a different kind of one to tell you about tonight, when you can use to help pay for college education. joining me now, ceo of grand save. i think this is an amazing idea. tell us how it works, just the basics. >> into having me on the show. so, parents register their child on grad save, and they can fill out a description.
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the upload a picture, and then you can share their dedicated url with friends and family. friends and family know that they can contribute directly to a child's savings plan. gerri: it really starts with mom and dad who set this thing up. it is away for everybody to give to the kids' education. i think this is brilliant, and until you why. here is how much to a spin on holiday cards. what a waste of money. i mean, look at that. you have not know much money -- how much money never even gets used? but if rickey use that money instead for something that is really needed linkage among the school. it seems to me to be just eight such -- much more debt idea. you factor in the idea that the cost of college is just going through this guy. the earlier you start the better it is. >> absolutely right. experts agree that earlier eighth child get started with a
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savings account, even a higher likelihood they will have of going to college. a family that saves for college under a savings account, the child has a four times higher likelihood of going to college. the count is under the child's name in seven times more likely. gerri: tat is amazing. the me give you a couple of numbers. the rising cost of a college education, tuition a private nonprofit four year colleges of 60. at public 4-year institutions up 104%. so boy, these costs are going right through the roof. if you want your grandkids, your cousin, your own kids to have even a chance, you have to get started fast. as a practical matter, how do you make money on your end and offering this? how does it work? where the fees? >> sure, there is -- we are actually going fee-free for the
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holidays. the holiday inn specials. the rest of the year we actually have a small processing fee added to the gift giver. it is 399 up to $100. gerri: does not bad. >> and so we're actually looking to, as the company sought of gross, we are looking to then make money from actual advertising partners and financial institutions, which would like to reach these parents, which are obviously very interested in college savings. gerri: for someone who wants to give in this way to of family members, divided natural gift card that can put into a stocking? and i read-upon that and put more money on it later as time goes by? >> that is a set the right. friends and family are really looking for the meaningful gifts , they can do it two ways. they can do a physical gift card like one th is mailed out to the address of there choice or even that is already very near the holidays we can choose to do
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an electronic verrion. gerri: all right. >> as well -- so, say grandparents can also choose the auto pay option. they can say for $29 a month for the course of the next year, said to give to junior for next year. gerri: i like it. and so 529 plan, and that's a great way to set aside money tax free for the education. it grows over time. hopefully junior gets good enough parade so that they can actually go to college. thank you for coming on. i hope it goes well. >> have a good night. gerri: thank you. wow. well, here is something you're going to want to hear about. nothing puts you in a better mood than a great christmas movie. with holiday season in full swing, these types of movies a being watched all around the world, which brings us to tonight's top five from the highest grossing holiday movies of all time.
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the list is a little surprising. number five, santa claus, the santa clause released in 2002. number two, all confused, the santa clause number two. released in 2002. romantic comedies starring tim allen. made more than 1,309,000,000. the original the santa clause, the prequel to number five also starring tim allen. more than$144 million. number three, alf. love it. two dozen three american christmas comedy starring will ferrell as buddy the else who goes to new york city with hopes of getting his dad off santa's not als. number two, the polar express based on that children's book of the same title may more than $183 million over its lifetime and the number one highest closing holiday film ever, how the grinch stole christmas from a holiday classic according to some, but not the original animated movie with boris karloff, the movie remake in
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2000 with jim carrey. $260 million. let me tell you this. bin crosby is rolling over in his grave because the best holiday movie ever was white christmas. i watch it at least twice every season. love it. have you do, too. still to come, my "2 cents more" on christmas angels. despite the uncertainty, wall street seems to have a good year and a lack of some of the one is next.
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♪ gerri: despite today's market sell-off my next guest is bullish on the last five trading
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gerri: despite today's market sell-off, you saw that, the dow falling triple digits on renewed fiscal cliff years. my next guest says she is bullish on the last five trading days of the year. joining me now, equity management telerate kramer, the offer of the little book of big profits from small stocks. an interesting read. welcome. >> thank you. gerri: all right. we had a little sell-off today. people are nervous about the fiscal cliff. you say we will trade at. >> i've seen the financial stocks, which are a very important indicator of the market. they have been very strong, and living today. we have seen some nice follow-through from companies like goldman that finally have been able to get above key technical levels. also there is no recall when addressing. the window dressing is the group , loss on wall street among the money managers say let's get
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that market really strong for the end of the year. we want to see nice numbers, and gerri: you guys do othing and fundamentals anymore. it's amazing to me. >> you're right, and that is part of the problem with the street, but those two are bottom-up fundamental analysts, we really like the guidance that we saw that came out of it. many of these industrial multi complex companies that are very importaat inicators. gerri: like it when you talk but companies like those, because those are real companies. illinois tool works, fundamental company manufacturing, doing all the right stuff. i want to get you, though, to an interesting list that came out in fortune, the best boxer 2012. and we ask you what you made of the list. these are stocks that did well this year in the market. you were bullish on bank of america, bearish on sprint. tell me why. >> bank of america, all of the financials will go up. it is inevitable that yields will rise, bond prices will to
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drop which improves the margins and helped the banks. ironically it will make a big difference with earnings, and bankamerica has a much of the litigation behind them. in terms of sprint, just simply because sprint, ticker symbol s, has been able to make its acquisition of clear wire and even fix up the balance sheet, owning all this new spectrum, this spectrum does not matter if it's not on mobilizes. plus, we all remember then sprinted nextel merger. bottom line, they all go for verizon or at&t. that natural tendency. they are up against a really big mountain. gerrii you're not happy with that. you have made some stock picks arrest including intercept. goldman, morgan, to finance as yet talked about. apple, up 25%. they have come down here. lots of questions about them, but you are a bull. >> i was a bear when it hit the top there.
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apple is fundamentally a cheap stock at this price. we see incredible growth of apple itunes presence in more than 59 countries as well as -- gerri: international expansion. >> and it will make a big difference in earnings, january 22nd. apple does not have to do much to surprise to the upside. the stock is going to take off. gerri: that me ask you, these companies and tech sectors that are so hot ultimately those products become commodities and we have already seen companies trying to emulate the success of the iphone, ipad. are they going to have a long window of performance art you think will be cut short? >> it depends on apple tv. that is going to be the key determinant. we might have this double effect of, that will be the new innovation because you're totally right. that has always been my issue with apple. one day these technology companies, your point is well taken. they become the monetized.
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the margins shrank. we don't see a lot. >> the competitors command. not as much differentiation. however, the retail stores, the itunes, international expansion, plus this apple tv, whenever announcement might come out, i think we will see some positive things come from apple in the near future. gerri: it would not be the first time. thank you for coming out tonight. always great to see you. have a great holiday week. >> to youtube. gerri: all right. we'll be right back. ♪ ally bank. why they have a raise your rate cd. tonight our guest, thomas sargent. nobel laureate in economics, and one of the most cited economists in the world. professor sargent, can you tell me what cd rates will be in two years? no.
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if he can't, no one can. that's why ally has a raise your rate cd. ally bank. your money needs an ally. can i still ship a gift in time r christmas? yeah, sure you can. great. where's your gift? uh... whew. [ male announcer ] break from the holiday stress. ship fedex express by december 22nd for christmas delivery. you know how painful heartburn can be. for fast, long lasting relief, use doctor recommended gaviscon®. only gaviscon® forms a protective barrier that helps block stomach acid from splashing up- relieving the pain quickly. try fast, long lasting gaviscon®.
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♪ [ engine revs ] ♪ [ male announcer ] oh what fun it is to ride. get the mercedes-benz on your wish list at the winter event going on now through december 31st. [ santa ] ho, ho, ho! [ male announcer ] lease a 2013 e350 for $579 a month at your local mercedes-benz dealer. ♪ gerri: finally, well, you don't have to live on the north pole to help those in need this holiday season. there are two stories of want to tell you about that will warm your hea.


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