The dow, nasdaq, as and become even the russell 2000, smallcap stocks dropping sharply. So, where republicans go from here . We will hear from one congressman coming up. For now, joining us, we have met he declared from americans for tax reform, the group that has played a big part in shaping gop attitude toward tax policy. Thanks for coming in the show. We have a lot of really surprising headlines tonight, but i want to start with this idea that the fiscal cliff is something, this is what the democrats are saying, that this is up to the president and the democrats. They say were not going to give the gop of voice. Our way or the highway. And of the president starts every speech saying out compromise, but the ins in a totally different way. Have you read this . Its interesting that you have democrats, leftists saying that they somehow have a mandate to fight taxes. Whenever theyre claiming. When you look at what happens, all that happened was the 2010 status quo was affirmed. So you still have the same president , but you also have an overwhelming majority of House Republicans who have pledged to their constituents, were not going to raise taxes. Voters went to the polls and reelected that majority once again. To say that the president some have had more of a mandate and the House Republicans to are all that up to buy back up for election. Gerri you make a good point. It was not a landslide. He did get the majority, but he did not get a landslide. That is absolutely true. Your boss, grover norquist, told me last friday, and i want to hear your view on this. The president is going to cave. The president will extend all tax cuts for everybody for at least two years. Do you agree . My boss is a smart man because i do agree with him entirely. Gerri come on. Theres a couple things. But one is that we have been here before. In 2010 there were looking down the exact same road and the execs and compromise that came out of that. The president is the one who signed those tax cuts back into line 2010. He has a hard position to be in because back when we were having that debate he told us the economy could not handle that kind of takes a crack alfa. In the Third Quarter of that year we were growing the economy this past quarter we have grown. They are growing at the slower pace, but now the president wants to tell a citizen of cover your assets for a tax hike. It doesnt make sense to the average american. Gerri the politics. I think you make a good point about whether or not this is a good time to raise taxes, but here is the real problem that i seek when you tell me if you agree. We dont really have a revenue problem. I dont know if you collected revenues, theyre going. Almost back to pre recession levels, almost back to the boom levels. So why do we have to raise taxes . Right. You hit it on the head. We dont have a revenue problem. We have an overspending problem. The deficit we have today is caused by the fact that we are continually spending far more than we taken in texas. The left likes to claim that we are under taxed because we have the least number of revenues coming in there we have had historically. We dont have the same amount of revenues coming in as we have in the past 50 years because the economy is so bad. People arent working. You cant tax peoples income when they dont have any. So you see revenues. 15 percent of gdp rather than the historical average of 18 . Youre absolutely right. We are edging back out. We need to be looking at our spending problem because if we dont get that under control we will never get to a point where we see what we need. Gerri cut down to what the president is saying. Hes going to extend tax cuts for everybody, the people earning 250,000 more. How much would that contribute to solving our problems with the debt and deficit . Very little. One thing, the pure numbers of all. He likes to talk a lot about math. Having the top two grades expired gives you 442 billion of the next two years, which is a lot of money, but its nothing close to the one that and a half trillion he claims it needs and nothing goes to the one half trillion dollar deficit is turning every year. If youre looking to see whether rest of that money is coming from, its the middle class. You must tell you he can get it all for people making over 250,000 year. The cancer. He wants to talk about nafta many stone up to it. The middleclass is going to be taking a hit as well. Gerri we have a long way to go. Everybody says they are in charge. My true belief is nobody is. Thank you for coming on. I appreciated. All right. Can both sides come together and get a deal done . Can we reach a grand bargain . Running me know republican congressman. Welcome to the show. You have been with us before. We were talking a little earlier about how democrats are trying to make the point that the president is in charge. He won the election. People voted for his world view, and now you have to do what i say. As seems to be what he is saying. How you respond . The fascinating world view. The president was reelected. So 750,271 people in my district that elected me represent their force. It did not elect me to represent the president s voice. So that is still my responsibility. That hasnt changed. Gerri i think a lot of people in congress feel like you do. How do we stand is that . You cant do it exactly the way the republicans want. You cant do it the way the democrats want. Is there some kind of middle ground . The frustration is that we really expected the American People to settle this during the election time. There was a lot of stalling. The president ial election will resolve this. A difference and that our president. We didnt. We have the exact same formula. It does not mean that we have to compromise and just go to the president and say what you want to do . We have the exact same principles. Gerri its a little like groundhog day walking upon the day after the election. The house and the same hands, said it in the same hands. Were getting some rhetoric that i think is way over the top. I want to read you what the aflcio president said about the fiscal cliff. Take with the media are calling the fiscal cliff, there is no fiscal cliff. Its an Obstacle Course within a manufacture crisis. Congressman, youre on the budget committee. What do you say that . There are three elements to the fiscal cliff, and its very real. One of those is that all the tax rates, the extended tax rates from the lowest of the highest for two years and expire. Every single americans tax rates go up. The second part of it is that all the spending cuts that we have, spending has increased its trillion dollars in the last five years. Gerri stimulus spending accually get baked into the pie. And now its permanent. Well, in 2008 with the tar but in 2009 with the stimulus about both of those were supposed to come together and be a oneyear anomaly. It is cover your assets. The third aspect of no one talks about, the obamacare taxes. As soon as the president s election is over that again. Soak those people making over 250,000, he wants to raise taxes, theyre already going up. Interest on Capital Gains, dividends taxes of a lot. Your payroll taxes all go up for everyone making 200,000 or more. The president wants to tax increases at the same time on the exact same group. We are saying thats insane. Gerri well put. Could be even more. Today on capitol hill throughout washington there is conversation about a carbon tax. A carbon tax. A lot of conversation about that in california. How real could that be . Thats not real. House republicans, i can assure you, will not go for a carbon tax to legislate through this. We have already been through the captain trade scheme. Even the democrats couldnt pass a gap in trade scheme to your four years ago. So i no their people trying to throw this out and say its another way to do it. That is of surged. Gerri the rumors are the republicans are being offered a lot of money, a lot of Campaign Dollars to get on board. I do not believe it would go for it because the basics are we are very, very close to being north American Energy independent. The tax formula we have right now, and the technology, those two arent providing is the closest moment we have ever had in the modern age of being completely energy independent. We dont need venezuela, north africa, the middle east. We are 21 to wait. Gerri apparently the Energy Industry did not give the president. Let me take it to a slightly different topic. The wall street journal reporting tonight that the fha has exhausted its capital reserves and that it will need a tax infusion for the first time in 70 years. We are talking another bailout year. Do you think we should do this . Is there any way around it . We need a massive restructuring. Fha, the same thing as the post office is dealing with fannie and freddie, one after another. This is the situation from his management for years and years. Assuming we can throw it in there. A couple of years ago fha was required to take on more of these bad loans. The compensating. Now we have the results of that. You also have at the same time the Federal Reserve buying 40 billion a month of mortgagebacked securities trying to prop up the housing market. Fannie and freddie, fha, and Federal Reserve trying to prop up the bad housing market. The American People need to get real reform. Gerri account is one consequence, but would you vote to bailout the fha . Right now i have to look and see how we can reform it. That is the key. Gerri we have done a lot of that. That hasnt worked so far. Thank you for coming on. Always a pleasure. Thank you as well. Gerri now we want to know what you think. Heres our question. Aflcio president says there is no fiscal cliff. Do you agree . Log on to gerriwillis. Com, vote on the righthand side of this green boughs of the results of the end of the show. Coming up, superstore sandy knocked out the stock market for a few days. A top government regulator has a plan to make sure that never happens again. Gerri to tell us all about it. The president and democrats are not telling the full story on taxes. Robert down the number they dont want to talk about. What makes the sleep number sre different you walk into a conventional mattress store, its really not about you. We have so Much Technology in our store to rely show the customers whats going on with their bodies. You can see a little more pressure in the shoulders and in the hips. Now you can feel what happens as we raise your sleep number settingnd allow the bed to contour to your individual shape. Oh, wow. That feels really good. At sleep number weve created a collection of innovations dedicated to individualizing your comfort. The sleep number collection, designed around the innovative sleep number bed a bed with dualair technology that allows you to adjust to the exact comfort your body needs. Each of your bodies. So whatever you feel like, sleep numbers going to provide it for you. During the final days of our semiannual sleep sale, save 500 on our classic series special edition bed set plus special financing on selected beds but hurry sale ends sunday. Youll only find the innovative sleep number bed at one of our 400 stores, where queen mattresses start at just 699. I took my son fishing every year. We had a great spot, not easy to find, but worth it. But with copd making it hard to breathe, i thought those days might be over. So my doctor pscribed symbicort. It heps significantly improve my lung function starting within five minutes. Symbicort doesnt replace a rescue inhaler for sudden symptoms. With symbicort, today im breathing better. And that means. Fish on symbicort is for co including chronic bnchitis and emphysema. It should not be taken more than twice a day. Symbirt may increase your risk of lung infections, osteoporosis, d some eye problems. Tell your doctor if you have a heart condition or high Blood Pressure before taking it. With copd, i thought id miss our family tradition. Now symbicort significantly improves my lung function, starting within 5 minutes. And that makes a difference in my breathing. Today, were ready for whateverwims our way. Ask your doctor abo symbicort i got my first prescription free. Or click to learn more. [ male announcer ] if you cant afford your medication, astrazeneca may bable to help. Gerri the president is convinced americans need to pay more in taxes, rich or poor. Here is what he said yesterday. Said think every voter out there understood that that was an important debate, and the majority agreed with me. By the way, more voters agreed with me on this issue then voted for me. We have a clear majority of the American People who recognized if were going to be serious about deficit reduction we have to do it in a balanced way. Gerri the president is confident, but let me tell you, come january 1st youre not going to be happy with the amount of taxes youre paying because its not just federal taxes that you pay. Take a look get these numbers from the heritage foundation. The middleclass taxpayer pays 25 percent of their income in federal incometax. Thats just the start. Then theres the federal Social Security and medicare payroll tax of 133 . You pick up five and a half . Your employer pays seven and a half. Add them up. Thats a 38 tax on a class families that goes right to uncle sam. Were not done. And this is just middleclass taxes. According to the tax foundation, the average state income tax rate on the middleclass is just under 5 . Some states dont have one, but we are taking an average. The total, 43 percent of middleclass income taxes. And i almost forgot, unless Congress Makes a move, federal income tax goes to 28 for middleincome tax. The bush tax cuts expired. Neither party has said they want that to happen, but in washington you never know. Also, the payroll tax will go to a 15 from 13. Did i mention, state, property, corporate and excise taxes. Probably not. All told, total taxes next year will go to almost 50 percent for the middleclass. The very group the president says he wants to protect. That means 0. 50 out of every dollar earned has to go to the federal government and state and local governments. Half of everything to an entity that did not earn that money and should not be entitled to all that tell. Unbelievable. You think most americans agree in think thats fair . I dont think so. All right. You heard what i think. We want to know what you think. Drop me an email. Gerri foxbusiness. Com. Coming up on the willis report, a superstar and sandy came and concord, but this test says wall street could have done weigh more to prepare for the storm. Commissioner bart chilton joins us. This story broke first on fox business, united flights experiencing delays after being grounded across the country by a computer glitch. Of raise fires one answers, and we get to the bottom of it. In a new study, Many Americans are clueless when it comes to their retirement savings. Our expert explains how to get financially on track for your golden years. We are on the case next on the willis report. And the optics industry in germany . At t. Rowe price, we understand the connections of a complex, global economy. Its just one reason over 75 of our mutual funds beat their 10year lipper average. T. Rowe price. Invest with confidence. Request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. Can i still ship a gift in time r christmas . Yeah, sure you can. Great. Wheres your gift . Uh. Whew. [ male announcer ] break from the holiday stress. Ship Fedex Express by december 22nd for christmas delivery. Gerri wall street under fire for its blackout during the storm. Is more government and regulation the answer . My next test explains in 60 seconds. Gerri a fox business alert for you. Attorneygeneral eric holder says that Bp Settlement is the latest debt and efforts to seek justice for the massive 2010 gulf oil spill. Bp has agreed to pay for it half billion dollars as part of the settlement. Bp also said it would plead guilty to criminal charges related to the death of a 11 workers, including manslaughter. Other charges include obstruction of congress after executives lied about how much oil was spilled during the disaster. Holder says much of that money will be used to restore the environment in the gulf. Turning now to another topic entirely, the disaster that we just went through in the new york region, who could forget when the Worlds Largest economy ground to all as arcane sandy battered the east coast. Today is a market blackout marks the first time in over a century that was free throws for over 24 hours due to weather. My next guest says he is calling the industry reckless, proposing a solution to prevent this from happening again. The commissioner of the commodities futures trading commission, one of the biggest regulators in washington. What do you want to do . I thought this was bad news. I have to say. I know a lot of people offended, but at the end of the day the markets seem to be open. Thats right. And you hate to have these devastations of people moving money around when theyre is a loss of life and property they have been covering, and we all feel for that. But my job is to let markets. In the post september 11th world is seems to me that we have to have plans in place to assume that the worst will happen. The storm did not sneak up on us. We knew was coming and really it should be flicking a switch. Ghost a remote site, and you could continue trading. Obviously know when to be at the New York Stock Exchange, but electronically. Gerri they said they would do that after september 11th. What they did, field of dreams, if you build it there will come. What happened here is the New York Stock Exchange belted, but traders didnt come. They didnt do all the testing to make sure. They had the rain slickers and galoshes, but they did not try it on. Gerri today have an actual location not in manhattan . Is still in manhattan, but it should be more remote because you dont want anybody going into harms way during one of these things. The reason im concerned, it isnt just what is trading in equities. These are global markets, and a related to us of the futures markets on financial futures, they get shut down a chicago. People are impacted in london, shanghai. Its a mess, and we need to do better. Gerri lets back up five steps until people why its important for the market to be open. These markets absolutely are the grease that runs the economic engine of our democracy. When you have orders in and dont know where your money is and its all the for days, the markets in other places around the world a continuing to trade. You are in limbo, scare, in jeopardy. Gerri you want people to trust the market. Absolutely. Gerri the open helps. We have some any samples in the Financial Sector with problems, this or that, barclays, ms global, different banks doing things, the last thing we need is to put into the mix a concern about exchanges. Gerri all right. I want to move you to a different topic. Cftc, your organization, your Regulatory Agency suggested position limits for traders. This is important because of the flesh crash. Traders had been pemmican as a running amok. Major problems. Something michele, having big, big losses that affect all the markets. The cftc tried to stop that. We put in a rule. And we were mandated to do this. People can say whatever they want. This is something that i think a lot of people support. You put a cap on the amount of concentration that any one trader can hold in a market. I have seen them hold 30 in different markets like silver, crude oil, natural gas. Obviously if he saw that at one time he can push markets around. Cover said put a cap on it. We did tonight days before we were going to implemented a judge threw our case out through a case out that the financial speculators had taken against us. So today we are appealing that decision. It just happened literally may be an hourandahalf ago. I had not talked about the ad. Employees to be under shut to do it. I hope it sends a message the regulators will be pushed around with the biggest speculators in the world to have deep pockets and think they can just litigate us to death. Are going to go after them. This is about consumers. We talked about the men to their everyday about ensuring that they pay a fair price that does not have a speculum a premium for just about everything they ultimately purchase. Gerri prices, but also confidence. What has been going on in the marketplace is really attacking consumer confidence. The belief right now 10 percent of people in our recent survey said they had confidence in the stock market. Thats not good. Many people investing, not sitting on their hands. I can hear the dim roar from traders all of the country. Thats not fair. What kind of limits are you putting in place . Where the owners . 10 . You cannot control more than 10 percent of the market. We received 13,000 comments, and there are only and phil, 34th 40 and 13,000 that said 10 percent of the market was too low. You need to control more. It really is the concept of being able to have limits that most of the traders, the big banks to mike. We have thousands of letters from individuals, little guys he said, you need limits. The markets of being pushed around, at times, not all the time, by these large traders that all massive concentrations. Gerri i know a lot of people are concerned about this, of individual investors are staying, not investing. Interesting to see who works out. Time to come back and tell us how youre countersued, i guess, works. Thank you. Gerri president obama taking his first look at the devastation superstar sandy inflicted on new york city. He took a helicopter tour the above sections of queens and Staten Island ravaged by floods and fires. The tour included breezy point, Waterfront Community in queens where 100 homes were burned to the ground. Obama the net with people waiting in line at an Emergency Response center in s. I. One girl who said her house was on liveable told the president he should have been there a long time reel. Another man in front of his right, agreed saying, hes grateful for the visit, but wasted at happen sooner. Obama travel to new jersey on halloween with governor Chris Christie to be with Recovery Efforts there. Many cynics point to the claims that christies endorsement of obamas efforts was a turning point in the election this year. More to come. The latest on a nightmare for thousands of travelers today and next as president obama me to see as a big corporations. Small Business Leaders are feeling ignored and worried about the future. One of those leaders after the break. Tsk gerri breaking news for you, fox business can confirm earlier reports that federal Housing Authority has exhausted, exhausted its capital reserves. Now, this is the first time in 78 years the fha could require a taxpayer bailout. According to an independent audit the deficit is 13 and a half billion dollars, again, the fha in big financial trouble. Could require a taxpayer infusion. We will continue to follow the story. Meanwhile, the republicans and democrats are duking it out over the fiscal cliff. Small businesses are suffering from the big uncertainty, sitting on the sidelines. With more on this, michael whalen, president and ceo of heart of america group. Thank you for coming on the show. How worried are you about this fiscal cliff . Well, i just had a great pleasure of spending a multi our meeting yesterday with multiple outside accountants as they went through various spreadsheets showing step by step of how the fiscal cliff is going to let hit hard at america. We will create jobs right now, and all i can tell you is, it dont look pretty. Gerri how severe will it be . Will you actually have to get rid of staff . Does it just to lay your expansion plans . It diverts your attention. It certainly is going to divert money resources. Clearly. And next week i have two more fun meetings, one that will take a bunch of time on the state tax planning because they now believe that they should have 45 percent of Everything Else by create in my life and we will waste a bunch of time and money on that and then we will go into an allday meeting with outside experts on how obamacare is going to cost a company time and money. Its an onslaught. Gerri an onslaught and a triple whammy. Want to get through some numbers. The impact on Small Business. According to our east and young it will wipe out 7257 at 7,000 jobs. To reduce aftertax wages by almost 2 . Not only does it what about jobs, it also cuts wages. Top u. S. Gdp by over 1 . Well, microeconomic numbers i wont comment about, but right here in the heartland of america it will hurt, and it will hurt in a real way. I used to think that if we continue to talk on fox business and other places about how the passthroughs, Small Businesses like mine, taxes individuals which will hurt business creation, sinner later there would listen, but i think they understand, and i dont think they care. Its kind of like when he said he would raise the Capital Gains and even if it resulted in less revenue because its fair. Gerri how you feel because the president met with fortune 500 companies, met with procter and gamble, he met with ge. All these big company chieftains came in, not a single small what will it mean for employers like yourself . Absolutely it is going those four and a half million Small Business people that create the twothirds of the new jobs, they are all passthroughs, and most of us are. The taxes are all going up. As i said, if as Karen Carpenter once sang, it has only just begun. Lets move on to a whole range of new regulations that will cost us money and jobs. Gerri i hope youll come back and talk to us at each turn in this saga. We really appreciate your time. It is terrific to see you. Thank you. Thank you. Gerri coming up later, are you saving enough for retirement . New numbers to aim for. A computer glitch led to huge travel problems at one airline today. Can it happen again . Coming up next. [ engine revs ] [ male announcer ] the mercedesbenz winter event is back, no matter which list youre on. [ santa ] ho, ho, ho, ho [ male announcer ] lease a 2013 ml350 for 599 a month at your local mercedesbenz dealer. Gerri the latest developments in stories we have been following. First, more problems for the struggling post office. Reporting a record annual loss of nearly 16 billion, nearly 11 billion more than their loss last year. Postmaster general patrick on a house has a large losses cannot be sustained and has been urging congress to pass an overhaul bill allowing them to switch to five days a week mayo of reach. He also wants to be a will to reduce annual payments for future Retiree Health care. Meanwhile, in another story, a bankruptcy judge approved the sale of solyndra former headquarters. You have seen these pictures. Seagate technology. 90 million. This after government objections surrounding solyndra bankruptcy exit plan, which gives taxpayers a little, if anything. Solyndra did receive more than half a billion in taxpayer money from the Obama Administration to build their california headquarters. Government lawyers appealing to stop the bulk of the money for mending of finance a private equity funds controlling solyndra. Those taxpayers just cant win. In another story entirely, United Airlines says flights are back to normal after computer problems disrupted its schedule today. This is the third computerrelated issue since summer. Tonight the Airline Still is and saying exactly what caused the problem. Here to help us find the answer, tom parsons, ceo of best fares. Great to see you. Here is what i dont understand. Dont these people have redundant systems, backup systems . You would think so. Im sure they did. The problem is, i dont know if United Corporation continental knows where the problem came from. Could have been an ax and an owl, but we do know over two years ago when this came about, united was running the platform of what continental was running, apples and oranges. Today we got was applesauce. Thats about it. It is not good for the airline that this happened. The good news, if there is any, they get it operational in two hours. Back in october the same thing happened to alaska airlines. There were down for hours and hours. Con there, during christmas one year. For five days. Could not get their operation backup. U. S. Airways and baggage and everything. Philadelphia baggage snafued. Gerri on and on and on. It is scary. It is scary if you are relying on these people to fly you across the country. I want to ask you this. It seems to me that because you had united and continental merged, its very possible that the glitch was caused by the merging of two different computer systems. To you think that had anything to do with it . Of course. I mean, that was the biggest hang up. Southwest and air tran today. This system that air tran runs on is a little bit modern than what southwest is. Southwest actually has a system that dates back to the 80s. And they are trying to get this. They are doing it very nicely, doing its soft. Probably still take another 1218 months to get those systems talking to each other. And then when that happens there will probably go on line. In the case today, i just think the frequentflier, they all get concerned when flight delays are out there. Gerri its more than frequentflier. I think a lot of people are concerned about safety now. You know, we need the computers to work to get us up in the year. If they are not working, are we at risk . I dont think today was anything to do with safety. The air traffic control. Those plans are not leaving the gate. The biggest problem today was trying to get passengers on the right place, no where there is seating and to the tsa rule. I dont think today there was one even iota of safety involved here. No planes polling of the runways. They could not put passengers on. It was a mess of seat assignments, flight schedules, and all works. Believe me, the airline is going to do what they can to be safe. Today they did the right thing. We shut down. Fix the problem. Once we feel its safe again and operational will start putting those him and the bad news is united and continental are the two largest airlines. I do think, we do probably i hate to see government get involved in anything, but they do have to have permits. They do have to be able to justify why they doing this and that, and someone might have to come and say, this is three times. How many more tries a you going to have . Gerri that is a very good question. As you say, it all came down to today. Now youre on the right plane . Can you get to the right plants under siege. Thanks for coming on. Always good to see you. Thank you. Gerri these outages, the third time this year. How does the airline rent on the list for those with the worst ontime percentages. United is number nine. That is the data we get last year. Here is tonights top five. Number five, american airlines. As if this company needed more bad press. Strikes and bankruptcies, that 28 percent of flights delayed. Uniteds partner, continental airlines. Ontime performance was seven to 7 in 2011. Number three, on by the same Parent Company is american airlines, american eagle. Nearly 24 percent of flights to not take off for arrive on time. Number two, atlantic southeast which now goes by the name express jet. A quarter flights on the late. And number one worst one, you wont believe this. This shocks me. Jet blue. You can get some great deals traveling and as lowcost airline, but its a risk 373 of flights on the new york based airline are actually on time. Meanwhile, united has an 80 ontime rate. Unbelievable. They get away with everything. Still to come, my 2 cents more on an interesting competition taking place in england. And are you saving enough money for retirement . We will have a look at how much should be in your bank account future. Ou confident for the gerri is your retirement account weighing down your confidence . We have the magic number tissue for and new tips for your nest egg into minutes. Gerri just how steep as the price of confidence . According to a new wells fargos survey, 250,000. Americans with that kind of cash in their retirement account said it will be just fine in their golden years. Retail retirement director. Thank you for coming in tonight. The Tipping Point is 250,000. Is that have more to do with reality or just confidence . Confidence. 88 percent of these respondents is a more than 250,000 set i feel like it will be will to have the kind of retirement of want. Gerri whats interesting, the majority of workers say they guess the percentage they need to put away. People who have more money had been planned. Is that because the more affluent can afford a plan or theyre just more keyed and . What is interesting about this survey that we did was that twothirds of the individuals who have saved 250,000 or more in investable assets have a Household Income of 150,000 less. Does not the one percenters, not what we would consider wealthy heiress. They have been able to achieve what week considered a fallen levels of saving. 71 percent of them. Saving more than is typical. Gerri commoners, getting a plan is something that you should do. To has the most confidence . One of the things we have been reporting on a lot, so many people out there dont have a lot of confidence, specifically in the stock market. Very worried about it. Udc having confidence in the market and feeling like they can be in the market and not worry about it . 2,002,000 level seems to be a point at which over half of them said i have confidence in being in the equity markets. Conversely only onethird of us to have a lot less money are interested in being in the market. They tend more to be in the cds, money market. Fixed the low rate environment. Tolerate the volatility of the stock market. Gerri its interesting to hear people talk about the money. Mean that by them what they expect. A lot of discussion, entire books written on the magic number. What do you tell your clients . What does was hard to tell its clients about determining their own perfect number for retirement . Its an individual thing, just like health care. It depends on how healthy you are, what age you want to retire, how much you save, how much to think youre going to need or have. A very individualized written a personal plan. Talk about how much of want husband and retirement. Thats where you deride how much should be saving of what my number needs to be. It is not a onesizefitsall. Gerri u. S. One interesting question in this survey. I have to hear the answer. Would you be willing to take a reduction in Social Security and or medicare benefits to help the country move forward . About half of them said no. [laughter] im not interested. Not interested. Gerri everybody i hear from say, i pay for security. I put that money and. It sounds like its consistent. Gerri its a pleasure to me you. Thanks for having me. Gerri will be right back with my 2 cents more and my answer to the question of the date. The aflcio president says there is no physical f. Do you agree . [ male announcer ] at scottrade, you wont just find us online, youll also find us in person, with dedicated support teams at over 500 branches nationwide. So when you call or visit, you can ask for a name you know. 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The sleep number collection, designed around the innovative sleep number bed a bed with dualair technology that allows you to adjust to the exact comfort your body needs. Each of your bodies. So whatever you feel like, sleep numbers going to provide it for you. During the final days of our semiannual sleep sale, save 500 on our classic series special edition bed set plus special financing on selected beds but hurry sale ends sunday. Youll only find the innovative sleep number bed at one of our 400 stores, where queen mattresses start at just 699. Iran Richard Trumka saying to reporters today that there is no fiscal cliff. He calls it a manufactured crisis. Men wrote to us inside as if we needed any further evidence that humans have been a cancer on this country. Aaron also agrees. Of course, there is no fiscal cliff in the unionize. We asked the question on gerriwillis. Com. 95 said no. Only 5 said yes. Log onto gerriwillis. Com for online question every weekday. Surely right that obama couldnt have asked for anything more dramatic to get the american focus off of his libya debacle. It was only a few more days before the election and he milked Hurricane Sandy for all its worth. And randy agrees. My heart goes out to people in the northeast. Its funny that i didnt see the president in iowa when they had a horrible weather a couple of years ago. People suffer there, too, but not important enough to make him the center of attention. Joe from texas says as an insurance adjuster, insanity to one to explain just what kind of coverage the insured had to set the time they need help most. Most people have no idea how their coverage works. They expected to be fixed, but sadly not all losses are covered. Gerri commuted a great job. Send us an email at gerri foxbussiness. Com with your questions and comments. And an annual competition. The competent liars have five minutes to convince the judges with an untrue story. That is my two cents more. That is it for tonights willis report. Dont forget to catch the show. If you can catch us live, dont forget to record us. See you back here