Transcripts For FBC The Willis Report 20141120

This is the administration that promised transparency. Whats going on here . Yeah. Gerri, thanks for having me. They appeared to double count the number of people who had dental coverage. Those people were counted as those who had Health Insurance and dental coverage. Its a big problem. It speaks to the level of misleading approaches that the administration is taking. We saw recently in grubergate, that they were willing to tell not full truths when came to getting the law passed. In trying to promote the law and make it look good, theyre relying on misleading approaches. Gerri well get to gruber in a second. I want to hang with the story. It came out just moments ago. Darrell issa saying, the claim this was only an accident strains credulity. Do you agree . Again, i hate to go back to gruber, theyve lost a lot of credibility because of gruber. I think the gruber thing makes the credibility problem more acute. I was talking to a former government economist this week, he said maybe theres some intentionality. If you reduce that number by 400,000, you get under the threshold. They got credit for passing the 7 million threshold. Theyll get credit by an increase larger than really . He wouldnt put it pass them. Gerri wheels within wheels. Thats taking misleading people to a whole new level. . the problem is so serious that health and Human Services secretary is apologizing the mistake is unacceptable. I will be communicating that clearly to the department. She said that on her twitter account. I have to tell you, i dont know about you. Youve spent a lot of time looked at obamacare. Weve reported on the lie, you can keep your coverage. You can keep your doctor. Prices arent going to rise. All of that turns out not to be true. At this point, i think there are so many people out there who are thinking, obamacare lets just get rid of. Thats reflected in the polls. Fiftythree to 67 opposed. And thats before the grubergate story hit. Theres a lot of dissatisfaction with the law because people who lost plans. Premiums continuing to rise. Gerri have you spent time analyzing looking at numbers around the cadillac tax. Probably the best discussion of the cadillac tax, which is in obamacare, one of 20 taxes which taxes those really Good Health Care plans offered by employers. One of the best did he dissipats was in your op he had. You brought up gruber. His comments about the lack of transparency being a good thing for the administration. He was relying on the stupidity of the American People. How deceptive was this administration about the cadillac tax . we put out this report that you mentioned. The report had three main conclusions. One, the cadillac tax was done in an indirect way. Number two, that it will hit more individual americans while they were claiming that it just hit companies. Three, it will hit more and more meme over time. If you look at the gruber comments, he corroborated every one of our findings in saying we have to do this in a deceptive way and it will hit individuals and not companies and then it will grow and grow and hit more people over time so the revenue will be so great so we wont be able to get rid of it down the road. Gerri youve come up with an estimate of how much it will cost people. Weve found a couple of ways in which it will cost people. One, if your company reduces the amount of compensation you get in terms of the size of your health plan, then you could potentially see Something Like 6,000 reduction overall in the value of your Health Care Plan without getting a compensating wage you could see taxes rise on you because the wages are taxable whereas your Health Insurance is not. Theres a double hit going on there for the american worker. Gerri theyve singlehandedly put a knife in the back of the most Successful Program in the country that is the program offered by employers. Theyre making it less and less possible for employers to offer those programs and its a darn shame. Thanks for coming on the show. Great to see you. From one intent Government Agency to another. Nhtsa, the national Highway Traffic Safety Administration has failed to protect you from takatas exploding air bags. We talked a lot about this on the show. Today in a senate hearing, nhtsa chief had to face the music. Clarence, executive of the auto safety. Ralph, a consumer advocate and author of unstoppable. Ralph, ill start with you. Got a big apology from the folks at takata from the head of their global division. However, they might have they might have apologized, but theyre not going to do what nhtsa is asking which is recalling all autos. What do you say . I think they have to. The media is on them. The congress is on them. Theres a criminal investigation by the Southern District of new york. Us attorney. More and more is coming out. They had secret settlements with victims of these defective air bags in order cover up the information and keep it from going public to the media and to people around the country. So i think takata is going to go bankrupt if they dont level on this. They will have to agree there will be other manufacturers of the air bags to replace them. They cant ramp up enough to replace 20 25 million cars with air bags. They dont have the manufacturing capacity they cant continue to resist that. They have to come clean. Gerri they say. They dont have to ramp up the recalls, that they can cover it. Which is, i think still in question. I want to turn to clarence, for a moment. In this hearing today, in front of the senate committee, we had a very graphic illustration of just how big this problem is. One of the victims was shown, and her injuries shown behind her in the photo. If youre watching the show and you have small children in the room, you might want them to go somewhere else. Its pretty greask. Ilgraphic. Look at this. This is what happened to this poor woman. Shards of metal in her eye. She will never be the same. She testified today. Clarence, to you. Do people understand how serious this is. Shouldnt americans be demanding new air bags that these fixes be made . Absolutely. This is one of the most gruesomemost grewsome defects wn and particularly worse for women sitting close to the air bags. Its like a grenade going off in your face. Hes absolutely right. Gerri ralph to you. Big debate overt accelerant, used in these bags. The fear is that takata used an inferior product. Do you believe that to be the case . What went wrong . What is the real culprit . They cut their cost. They got a cheap compound. Very sensitive to temperature changes. This problem does not occur unless theres a collision. So, number one. But number two, this is what happens when the media gets on the back of government regulators and hammers them because they think theyre overregulated. Its the lack of Quality Control feedback by Auto Companies who bought these air bags from takata. Where were their Quality Control engineers to spot this . Gerri last night we had on former nhtsa chief. Joan, she said its the fault of nhtsa. They dont think of themselves as the cop on the beat. Whats the cup ability of nhtsa here . Its extreme. This is a defect thats been on the road since 2003. And nhtsa treats the industry as its partners. Theyre not its partners. Theyre the regulated industry. . even today, nhtsa would not step up and say, were going to use our authority and force takata and the Auto Companies to go to other suppliers, to make the air bags faster. So it wont take two years. Because thats what were looking at. Were looking at two years for a National Recall to make enough air bags. The motorists when they get that recall notice from their dealer in their community. They have to get there fast. Half of the motorists dont go down to get it fixed. And its free. They have to get down there when they get that recall notice. Gerri but, ralph, i have to tell you, i cant see these air bags even being available. Even if you do find other suppliers, they have to figure out how to make that bag for that particular make and model. This will take forever. In the meantime, people will be driving all over this country with these lame air bags that are dangerous. Well, clarence is the engineer. Clarence jump in on that and how fast it can be done. It can be done you can if you put triple shifts on, work seven days a week, you can make enough parts for this in six months. But the companies today, honda said, we will provide loaner cars. We will give you a free rental car. Consumers should demand. I dont want to drive this car. Give me a free loaner or rental. Gerri theres an answer right there. Thats the first time ive heard someone saying that. Clarence ill repeat it. If you know your car has a problem, you know you have these air bags. Go to the the clear, say i want a car that i can drive tonight thats not one of these makes and models. We have those on our website, gerriwillis. Com. You can go there. Thanks so much for coming on the show tonight. Well continue to follow the story. Yeah, the story will get stronger legislation in congress so out of tragedy can come an opportunity. Gerri a lot more to come this hour including your voice. Your voice is important. We want you to facebook me or tweet me at gerri willis fbn. Send me an email. At the bottom of the hour ill read those. One state is taking matters into its own hands and filing the first lawsuit against gm over the deadly ignition switches. The man behind it general tom horn joins me next. Stay with us. Gerri mini vans have a reputation for being safe and reliable, but some new crash test by the Insurance Institute for Highway Safety show otherwise. Here with more is russ. Thank you for coming on the show tonight. I have to tell you, i was blown away by this. You test for mini vans and only one passes. Tell us first, what were you testing for . Well, gerri, this is the small overlap crash test that the institute introduced in 2012, after research showed that about a quarter of the serious injuries and deaths that occur in frontal crashes are in these small overlap impacts. Thats where the front corner of the vehicle catches another vehicle on coming on the highway that drifts over the center line or hits a tree or telephone pole. Its a devastating kind of crash. There was a gap in crash testing. Gerri well, apparently so. You couldnt have that much more correct. So lets look first at the ones that managed to pass this test. Tell me first the mini vans that did well. Well, in this is group, the Toyota Sienna earned a high rating second highest. Toyota beefed up the front structure for the year. Its structure didnt hold up great. But taking everything into account, it performed reasonably well. We tested the honda mini van which was great. Gerri you had some bad ones. Tell me. Really terrible. Including the nissan quest. One of the worst performers weve seen in this. Nissan quest absolutely collapsed the occupant compartment collapsed around the driver test dummy. It was so bad that the steering column and air bag were pushed into the dummys face. There were high forces on the dummys left leg and its right foot was entrapped by its gerri youre looking at this right now. There was so much collapse, the engineers had to collapse the driver seat out to rescue our crash dummy. Terrible performance. Gerri wow. The pictures are unbelievable. To remind people, what were talking about is a frontal crash, but on the side of the car a little bit. Its off to the side. Normally you test that front of the car. This is different. Lets move on to the dodge car avan. And chrysler town and country. What happened with this tests . We tested them as its twin. And, again, we had some major structural collapse. Not as bad as the quest, but the parts of the lower part of the cabin came backward toward the test dummy. And, in fact, on the left leg of the test dummy. Crash test dummies have tough skin. Much tougher than human skin. . in this case parts of the vehicle actually gouged the left leg of the test dummy. The parking brake pedal was embedded in the skin of the lower leg gerri we saw a picture of that. I want to show that quest video again. That to me is unbelievable. Somehow, these mini vans have had a great reputation all these years. This is the thing to get your family into and travel all over the country. I guess not. Well, its important to remember, gerri, that these mini vans do well in other kinds of crash tests that are done. This is a new test raising the bar for safety. And if youre looking for the state of the art safety in a mini van. You ought to be looking at the Honda Odyssey and the Toyota Sienna rather than these other vehicles that did poorly. Gerri i have to ask you that quest accident, that crash that made the whole thing into anna cordian. If that dummy were a real person, would they have survived. We dont know if it would have been fatal, but certainly seriously. Those leg injuries mean if it were a real person, they would not have been able to walk normally again after they recovered from their injuries. Gerri wow. Thank you for bringing us this important information. Well, weve got a lot of car news obviously. Up next, arizona is the first state to sue gm over those deadly ignition switches. Arizona attorney general is here. Another storm, it could bring the total storm in the buffalo area to around 9 feet. Well have the latest. Stay with us. Gerri more trouble for auto giant general motors. The Arizona Attorney general has filed a lawsuit against gm saying the car company purposefully put the public at risk by concealing safety defects. Tom horne. Welcome to the show. Weve talked a lot on the show about the defects about this ignition switch. Why are you filing this suit . How much money are you seeking . Well, were seeking 10,000dollar penalty for every violation which would be every sale of a car. We filed the suit because the case was brought to us several months ago i had people analyze it. They analyzed it and said this isnt a lawsuit worth bringing. They said this one, yes, theres a lot of good details here. The case is wellsubstan chicago aided. So we did request for proposals giving law firms a chance. Chose one. Chose the one that brought it to us and proceeded. Gerri so Something Like 48 attorney generals i think you might have at one point been part of that. Why go out on your own . Why is it important to do that . Well, the the attorneys general had a task force which we were a part of. They dont have a lawsuit at this point. They might in the future. When this case came to us. We analyzed it. The case is there. It seemed i my job was to protect the state of arizona. Gerri what youre trying to protect them from is not getting hurt from a crash, but financial loss. You maintain that essentially gm has reduced the value of gm cars on the road with this defect. Let me read you. I believe we can tell you what gm has had to say about this. Their response to your lawsuit is this. He misrepresents the facts to ensure the safety of customers. We intend to vigorously defend ourselves. What do you say to that . Thats what you would expect. You wouldnt expect them to say, we hold up our hands and surrender. You expect them to pursue it. Maybe there will be a settlement and maybe well go to trial. I dont know if youve had a chance to see the complaint. Its over 100 pages. Lots of detail in it. I think the most interesting part of the debate starts at page 35. We detail the individual cases. First one back in 2005, 16yearold girl named amber who her car went off the road. She ran off the road was killed. Other cases where people went off the road and hit a utility pole and so on. You have a family grieving for someone who is dead and someone who is injured. Gerri absolutely true. Youre not seeking damages on that basis. Right . Your suit is a totally different thing. Im not saying its i i illegitimate, but you have to prove they have lost value. Right . Thats part of the case. But really biggest part of the case is that gm misrepresented the safety of its car and it hid rather than disclosing the problem and having recalls which would have saved lives, it had those facts. Gerri your suit is very far going. Much further going than i understood. Yes, very wideranging. Gerri weve covered this and its basically seeking 10,000 per per car in penalties, which is provided under the arizona Consumer Fraud statute. Gerri thank you for coming on this show. Go right ahead. Finish your thought. I was going to say. Other damages we seek such as the lost property. 10,000 per car. Awful lot of cars. Quite a major case. Gerri thank you so much for coming on the show tonight. Thank you. Gerri coming up, will contract negotiations stop west coast ports from operating . What will that mean for Christmas Shopping . Next, roofs are starting to collapse under the weight of all that snow in buffalo. More is on the way. Well have the latest. [announcer ]startupny. Its working for new york state. Already 41 companies are investing almost 80 Million Dollars, and creating 1750 jobs. From long island to all across upstate new york, more businesses are coming to new york. 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The lake effect snow bands have been sitting in the same area for a longer period of time, and when youre snowing at 35 inches per hour, you can accumulate the snow very quick over a short period of time. Gerri well, you say its been sitting there for a long time. If you live in buffalo, this must feel like an eternity. How much more snow is on the way at this point . Well, the city of buffalos been lucky because theyve only got how many times do you hear a meteorologist say this youre lucky because youve only got 11 inches of snow. Its orchard park and points on south, thats where they continue to get hit. Before this round two started here late last night, parts already had five feet of snow. So i think youre going to see reports anywhere from lack wanna toward orchard park, east angola, someones going to come in with over 70 inches of snow at least measured and, of course, all that snow, now youre starting i heard you report this before commercial youre starting to get roof collapses, and thats going to be terrible. Good news, though, hang on. Its moving south gerri that means it could hit me. Theyll get one to two feet. Gerri thats bad news, my friend. Its not going to hit you. Good news is, its going to be ending. Gerri quickly before you go, theres a bills jets game scheduled, and the nfl is tweeting they may move it. Have you heard anything about that . I had heard that that game is not going to be played in orchard park. Gerri right. Theyre either going to move theyre going to have to move it because, number one, you have the snow, and then logistically, its hard to clear it. I do want to stress, it is going to be warming up this weekend. The weathers going to be getting better, but when you get 57 feet of snow, thats a heck of a lot of snow to get rid of. Gerri it sure is. And i cant imagine the problems as it turns into water. Bernie, thanks for coming on tonight. Always my pleasure. Gerri and just in time for christmas, a go slow and possible allout strike at the countrys biggest ports. The union action in california has led to a huge backlog of ships unable to offload their cargo at the ports of los angeles and long beach. 40 40 of u. S. Imports come in through those two ports, and some retailers are already feeling the pinch. Jeff flock is in long beach and has more details. Jeff . Reporter it is amazing how much goes through here, gerri. You can see this ship right behind me, thats 4,000 containers on this japanese ship. Take a look at this one over here, thats even bigger. Thats cosco, thats about 10,000 shipping containers. As you point out, take a look at how big this port is. If we take an aerial view, you see the ports of los angeles and long beach, thats almost half of all the imports into this country right now. But the labor dispute involves 20,000 workers not only at these ports, but all the way up and down this western seaboard all the way up from tacoma and the port of seattle all the way down past here. The problem is that they dont have a contract. Theyve been working without one since july 1st. Its a lot of the guys that run these cranes up here. You talk about a slowdown, reports are that the union is not sending enough workers to operate these big overhead cranes to offload and onload this cargo. The International Long shore and warehouse union. Union says its not slowing anything down, but theyre very frustrated by the lack of a contract, and so maybe some of its workers are, in fact, moving a little slower. At any rate, it couldnt come at a worse time. These ships are getting bigger all the time, so theres more cargo coming through here and, of course, now its christmas time, and that is the time that its peak season. Gerri right. Reporter and right now one more thing i want to show you, theres a picture just offshore here. Typically, these ships come right in, not a problem. Take a look at whats happening right now. Theyre stacking up out there. They come all the way across the ocean, and then theyve got to wait to come in and offload. Not a good situation. Gerri jeff, quickly i want to ask you has most of the christmas stuff, the toys and the goodies, all of the stuff coming from china, has it already arrived . Isnt it in stores and warehouses already . Reporter i think its true to say that most of it has, but not all of it. And a lot of times, you know, they get stuff in, and then theyve ordered additional stuff because they think or it has begun to sell more, and theres already in some areas shortages of toys. And, of course, you know, thats key you know, the toy manufacturers want to be as quickly as they can and as uptodate as they can in getting stuff over there, and that means it ships late, well, now weve got a problem. Gerri jeff flock, just in time for the holidays. Thank you for that. Reporter Merry Christmas. [laughter] gerri Merry Christmas to you. And when we come back, find out how you can double your nest egg, yes, doubling it, times two. And next, going around congress. The president promised to do it and now, well, hes actually following through for a change, this time writing his own laws on immigration. Well have the latest. But first, heres your consumer gauge with the numbers that matter the most to you. Well be right back. Hard it can be. How. To breathe with copd . It can feel like this. Copd includes chronic bronchitis and emphysema. Spiriva is a oncedaily inhaled. Copd maintenance treatment. That helps open my airways for a full 24 hours. You know, spiriva helps me breathe easier. Spiriva handihaler tiotropium bromide inhalation powder does not replace rescue inhalers for sudden symptoms. Tell your doctor if you have kidney problems, glaucoma, trouble urinating, or an enlarged prostate. These may worsen with spiriva. Discuss all medicines you take, even eye drops. Stop taking spiriva and seek immediate medical help if your breathing suddenly worsens, your throat or tongue swells,. You can get hives, vision changes or eye pain, or problems passing urine. Other side effects include dry mouth and constipation. Nothing can reverse copd. Spiriva helps me breathe better. Sfx blowing sound. Does breathing with copd. Weigh you down . Dont wait ask your doctor about spiriva handihaler. Twhat do i do . You need to catch the 4 10 huh . The Equipment Tracking system will get you to the loading dock. There should be a truck leaving now. I got it. Now jump off the bridge. What . In 3. 2. 1. Are you kidding me . Go. Right on time. Right now, over 20,000 trains are running reliably. We call that predictable. Thrillingly predictable. Gerri all eyes on president obama tont as he delivers what many expect to be a run around congress. Fox business senior washington correspondent peter barnes joins us live from the white house with the latest. Peter, what can we expect from the president tonight . Reporter gerri, this is the big immigration speech in just a couple hours from now, executive actions are expected to focus on providing temporary, temporary status here in the United States for millions of Illegal Immigrants, mainly kids and parents, removing the threat of deportation for them. The Migrant Policy Institute says that the actions will cover about 3. 7 million undocumented immigrant parents of u. S. Citizens now in this country or of formers who are working here with foreigners who are working here with socalled green cards as permanent residents. Also 290,000 young people who came here illegally as kids will get some help from the president tonight, these are the socalled dream kids that weve heard about in the last couple of years, and there also will likely be changes to the nations work visa laws which are often a path to the green cards that are often a path to permanent citizenship. Now, the Administration Says that this is not going to be about amnesty, that mainly these four million parents, for one, will be able to get the threat of deportation will be removed, theyll be able to get special working permits, start to pay taxes, get into the system as the Administration Pushes congress for action. The president does believe that individuals who are in this country should come out of the shadows, and they should get right with the law. That means they should go back to the back of the line, pay taxes, learn english. Reporter now, republicans, as you know, are livid about all of this, theyre looking they say theyre looking at legislation to try to stop it, possibly cutting the funding for it and even perhaps suing the president in court. Here is the Senate Republican leader this morning. If president obama acts in defiance of the people and imposes his will on the country, congress will act. Were considering a variety of options. But make no mistake, make no mistake, when the newlyelected representatives of the people take their seats, they will act. Reporter the white house says that the attorney general, eric holder, and the head of the department of homeland security, jeh johnson, have scrubbed the regulations carefully, and they believe that they are on firm legal ground with these actions that will be announced shortly. Gerri, back to you. Gerri peter, thank you for that. So what impact will obamas executive action have on american jobs, taxpayers, the economy . Were digging into the numbers with derek morgan, Vice President of the heritage Foundations Institute for Economic Freedom and opportunity. Welcome to the show, derek. I want to start with your expectations for tonight. Thank you. Gerri what do you expect the president to say . Well, i think he is going to say that about four million Illegal Immigrants will be given quasilegal status. He doesnt have the authority to give them full green cards, but he can, as he likes to put it, shield them from deportation. But in addition to that, hes going to give them access to employment authorization documents or work permits to i allow them to compete for jobs that they cannot hold right now. Gerri im going to ask you what you think about the constitutionality of all of this, thats been one of the big debates on capitol hill, but my foremost concern right now is whats the impact on the economy . We have an economy right now that isnt producing enough jobs for americans. This has been the big stickler in the recovery, its not Strong Enough to employ the American People. So what happens when we add another five Million People in who are now legitimately in the country . Thats right. Well, with work permits, i think your going to see a shift from some underground economy type jobs to other jobs that maybe up to this point only citizens and legal residents have competed for. So i think there will be a crowdingout effect there. But even more fundamentally and importantly id say in the long term, action like this and some of the other actions the president has taken is starting to really cause people to question the rule of law in our country. The president just a short time ago said he didnt have authority to do this, and now hes done a 180 and says that he can do it. Its really troubling to people to see the president really eating away at our rule of law. Gerri well, to your point, take a look at this wall street journal poll. 38 of people approve the executive action by the president on amnesty, 48 oppose. What do you make of the president s actions . Does this abuse the constitution . Is he abusing his power . He is. I think its bad policy. But even if you dont think its bad policy, consider the precedent. What the president is saying is because i decide who gets prosecuted and who doesnt, im going to shield four Million People from the laws. Itd be like if a future president decided that he didnt like Capital Gains taxes and im actually in that camp too, i think theyre economically destructive but what if he said ive tried to work with congress, but they wont pass my bill, so im just going to direct the irs not to prosecute anybody who doesnt pay Capital Gains taxes . I think wed all recognize that the president has usurped the power of congress in that situation, just like hes doing now with immigration. Gerri lots of questions about whether the president will be sued, what kinds of action the congress will take in response to this. But even the president himself many, many years ago said he would never take executive action on this very topic. What do you make of this sort of, you know, clash, this change in the president s demeanor on this very issue . Hes definitely evolved. He not only on this issue, but on many others. Just a short time ago as two years ago after he did the first amnesty for the children, he said ive done all i can do. But now we find that somehow hes able to give quasilegal status and work permits to four Million People. It just doesnt make a lot of sense. So i think the American People are looking for a reaction from the congress. The framers were very wise in separating powers and giving them checks and balances, and now all eyes are to the congress denying funding foring to this illegitimate amnesty. Gerri derek, thanks for coming on the show tonight. Thanks for having me. Gerri and to hear what the president is going to say about immigration, stay right here on fbn. His address at 8 p. M. Eastern time will be hosted by our very own neil cavuto. Heres our question tonight does the president have the right plan on immigration . Vote on the righthand side of gerriwillis. Com, ill share the results at the end of tonights show. And here is what some of you are tweeting me about our poll question tonight. Rick does he ever have the right plan . I cant think of one thing hes done thats been good for the american public. Gerri well, in addition to following me on twitter and facebook, be sure to like fox business on facebook. And still to come, my two cents more. Up next, we answer the question how do you do that with musthear advice on the willis report, how to double your nest egg. Yes, were going to tell you how to do that, double your nest egg. receptionist gunderman group. Gunderman group is growing. Getting in a groove. Growth is gratifying. Goal is to grow. Gotta get greater growth. I just talked to ups. They got expert advise, special discounts, new technologies. Like smart pick ups. Theyll only show up when you print a label and its automatic. We save time and money. Time . Money . Time and money. Awesome. Awesome awesome awesome awesome all awesome i love logistics. How in argentina,rass change engineering in dubai, aluminum production in south africa, and the Aerospace Industry in the u. S. . At t. Rowe price, we understand the connections of a complex, global economy. Its just one reason over 70 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. Gerri well, Everybody Knows they need to be saving for retirement, but it can be hard to do. Most experts say you need at least a million bucks to retire comfortably, but very few people have saved that much up, so how can you start doubling your nest egg now . Irahelp. Com founder ed slot is here with his advice, and he is an expert, thats for darn sure. So i see these numbers all the time, 48 of boomers are not on track to afford basic expenses in retirement, and a third of americans have no savings at all. Its astonishing to me. But yet if you are diligent about setting aside money and doing it all the time, over and over and over again, can you double your savings . Easily. Everybody knows, i feel like the guy on geico, you know . Everybody knows that. [laughter] if you keep putting money away, the thing is, you have to do it. And the best way, Everybody Knows that, take it off the top. Pay yourself first. Do it on automatic so you cant say, no, not this week, no, not this month. And the earlier you start, the better off you are. Gerri absolutely. The greatest moneymaking asset any individual can possess is time. Gerri yes, i totally agree with that. The more of it you have, so you have to capitalize. Gerri its all about the time and value of money. As we learned in business school, i totally sign on to that. Whats interesting though, people think if im going to try and double my money in ten years, i have to have a huge stock allocation, 100 , 90 . No. No, thats dangerous. If you get too aggressive too late, thats too dangerous. You cant have 90 in your 60s and 70s for the market hoping for that big hit. What if the big hits the other way . Gerri one we were talking about in the break is taxes. You say thats something people really need to think about. What do can i need to know . The difference between taxdeferred and taxfree. It comes down to one little word that can mean a lot, and thats where your doubling can be. That little word is yet. Identities tax deferred means you wont pay tax on it yet, but you will. Taxfree means youll never pay tax on that money. You have to Start Building taxfree because that grows the fastest because its not eroded by taxes. Its a big difference, example, between an irs and a roth ira ira and a roth ira. If you had a Million Dollars in an ira in retirement, depending on the tax rate, maybe its only worth 600,000. If you have a million in a roth, its a million. Gerri you do pay that up front, you do pay the taxes. You give up a relatively small deduction up front to have taxfree income for the rest of your life. And theoretically, it only works in theory. People say, well, you could have invested that money. Nobody ever invests a tax refund. I know from dealing with people when i used to do more taxes. As i was preparing their taxes, oh, where are we going to spend that [laughter] gerri all right. I have to ask you another question before you go because we talk about this all the time. Yeah. Gerri and i try to tell people, look, you have to save and invest. I know things went awry in 2008, i know things got wacky, i know it scares you to death, but youve got to put the money down. Right off the top. A roth irs contribution, 5500, 6500 gerri end of the year. Do it. Gerri ed, its good to see you. Thank you so much. Good to see you. Well be right back. holiday music is playing hey i guess were going to need a new santa the music builds to a climax. more people are coming to audi than ever before. See why now is the best time. Audi will cover your first months payment on select models at the season of audi sales event. Visit audioffers. Com today. [annits working forny. New york state. Already 41 companies are investing almost 80 Million Dollars, and creating 1750 jobs. From long island to all across upstate new york, more businesses are coming to new york. They are paying no property taxes, no corporate taxes, and no sales taxes. And with over 300 locations, and 3. 7 million square feet available, theres a place that is is right for your business. See if startupny can work for you. Go to startup. Ny. Gov. To build something smarter. Some come here to build something stronger. Others come to build something faster. Something safer. Something greener. Something the whole world can share. People come to boeing to do many different things. But its always about the very thing we do best. Gerri jail time for a crooked wall street insider. He had until midnight to surrender a nineyear prison term. He was convicted in february and will was called by federal prosecutors the biggest insider scheme ever. That includes Companies Developing alzheimers drug. The nonpublic information, 275 million. He has been ordered to pay nearly 9. 5 million in fines. And so justice has been served. That is my two cents more. And president obama making plans to fix the immigration system what do you think . Does the president have the right plan . 2 said yes, 90 said no, no, no great and obama laying out his executive order tonight, special coverage will be hosted by neil cavuto followed by a special edition of stossel at 9 00 p. M. Eastern. That is it for our willis report. Making money with Charles Payne is coming up next. Have a great night. Charles you are watching making money. President obama will will deliver a national primetime address at a p. M. Announcing that he is bypassing congress and will take unilateral executive action on immigration and he will provide work visas for 5 billion illegals and this is going to get ugly. Peter barnes has breaking news. I understand you have details about what president obama is going to say tonight . Yes, the president will announce executive action that will help to delay deportation and provide temporary legal status for mi