tv On the Money ABC November 1, 2015 7:30am-8:01am EST
hi, everyone. welcome to "on the money." i'm becky quick. breakthroughs in modern medicine, from fighting cancer to what will help us all live longer? prescription for the fure. >> follow the bouncing ball. we talk to one of the most successful college coaches in the nation about building a team and lessons in leadership. the new way to calculate your credit skocore. will it make borrowing easier? and his books have sold more than 150 million copies worldwide. his popular stick figures are loved by adults and kids. we'll talk to the man behind diary of a whimpy kid. >> i wanted it to be a newspaper cartoon. >> "on the money" starts right now. >> from genetic testing for cancer to life saving advances against chronic illnesses. each year, technology brings news of medical innovations that save lives. with more people insured under
the affordal care act and better ways to detect and prevent disease, what does the future hold for medical care. the ceo of the cleveland clinic leads a $6.2 billion health care system. the future of medicine. thank you for being here. >> nice to be here. >> i i know that the cleveland clinic just finished up its medical innovations summit. has a lot of people wondering what new things do you expect to change lives in. >> one thing we have seen across the entire spectrumf health care is genomics, and predicting, and genomics in beginning to change how you treat diseases that are genetically occurring. and i think this is going to be a huge breakthrough. >> what does that mean to the average person on the s ttreet? does that mean you might find faster ways to cure cancer? >> i think we're seeing this already. we're beginning to genomically test the cancer and find out what drugs that particular cancer will be responsive to. we have seen amazing results of
that. >> these are thing you actually think could rapidly improve in the next year? >> i don't think there's any question about it. i also think we're going to start seeing prediction of where you are as an individual in your particular risk, and i predict today that some day all children are going to be genetically tested starting at birth. you want to know particular risks and how you can influence that going forward. i think it's a big opportunity. >> that would be huge, as a parent, i would love to see something like that. if you did know that, what kind of things would you tell them? >> for example, if you had a risk for colon cancer, you're going to want to start testing, doing colonoscopy early on in life. so there are many things, if you knew you had the risk for, that you would begin to do preventive steps. >> let's jump off on that cancer portion of it. there's a new study recently, new guidelines out there for breast cancer that suggested people should start later and go less frequently. there's a lot of confusing news
out there. >> i think the best thing to do is talk to your physician about this. some people are at higher risk of cancer of the breast, and then they should probably be tested earlier and more frequently. the most important thing is talk with your physician. >> okay, let's talk a little bit about obamacare and what's happened. this week, we also saw that the 2016 premium rates are going to be rising for a lot of people. i wonder from the affordable care act, what's happening with this and what can the average consumer expect at home? >> first of all, the affordable care act started o to do three things. increase access, improve quality, and wanted to reduce the cost of health care. so 13 million more people are covered. so access is improved. as far as quality metrics are concerned, but generally, quality has stayed the same over the last five years. then you move towards the affordability. and we've seen inflation rate in health care costs come down since 2008. last year, they were as low as
2.6% inflation rate. >> people say that's coincidence with the great recession. >> i don't think there's any question about that. it looks like this year probably inflation rate is going to go up 5%. that's probably as a result of more people being covered across the country and as a result, you're starting to see that the rates are going up. now, the unknown aspect of this is that there's now about 20% of people who are underinsured, so that if you have something terrible happen to you, you may only get 60% coverage of the medical costs. >> they don't have catastrophic care. that's a huge issue as a physician when you see people come in, the cost can rapidly skyrocket in terms of if you have something seriously bad happen to you. >> exactly. so what we need to do is we understand that there's going to be tremendous pressure on the health care industry to reduce cost. no question about that. >> this week, the world health organization, there was a study
that linked red meat and processed meat to cancer. what's your reaction to this? >> this is not new news. this has been going on for some time. and we understand that people are going to do better if they have less processed meat, less red meat and more fish, more vegetables, particularly more vegetables. >> do you eat red meat? >> i do, but not as big a diet as i did growing up. >> we also talked about drug costs lately. there are two drug companies that have landed in the headlines for raising prices at dramatic rates. is there anything illegal, nothing illegal being charged at this point, but is there anything the government can or should be doing? >> the question is, is the market going to te its action. are people going to get in and manufacture so they no longer have the capacity to raise the prices without competition? >> you're talking about touring, who cornered the market. that's a one off. >> and valiant, the same way.
valiant had two drugs which had been around for 50 years and they raised the price of those just think about those drugs that valiant does. we reduced our costs as part of our trying to make it more affordable, $10 million at the pharmacy. those drugs, the valiant manufacturers increased it $11 million. >> as quickly as you're cut costs, higher prices from the drug companies -- >> pharmaceutical costs rose 19% last year. >> wow. doctor, i want to thank you very much for being here. always a pleasure seeing you. >> nice to see you again. now, here's a look at what's making news as we head into a new week "on the money." if time feels like it's standing still, you might just be watching the federal reserve. the open market committee kept interest rates at near zero which is what most people expected, but they gave a strong signal the interest rates could rise in december if the economy
is strong enough. the dow climbed nearly 200 points. the s&p 500, the nasdaq, following suit. throw the markets fell at the week's end. the economy grew slower than expected last quarter. the third quarter domestic product grew at 1.5%. that's a sharp decline from the 3.9% rate in the last measure. it's the size and scope of the economy. walmart knows what it wants under ischristmas tree this year. they're asking the faa for permission to test drones to make deliveries to customers. they say they're redy to test as soon as they get approval. next on "on the money," she's got game. how one coach turned them around to a nearly undefeated record. lessons in leadership for winning on and off the court. >> later, the one number you need to know. a new way to calculate your credit score. what will it mean when you ask for a loan? we'll tell you. as we head to the break, look at how the stock market ended the week.
. there are often parallels between sports and business. fierce competition, achieving goals, recovering from failure, and of course, teamwork, are both critical in the sports world and in business. learning how to win in sports is similar to learning how to win in the boardroom. joining us is someone who knows an awful lot about leadership on and off the court. she's been named one of 50 of the world's greatest leaders by fortune magazine. courtney banghart. thank you for being here. when you started out, you inheriting a team that had never played in the ncaa. since you did that, you led the squad in five of the last six
years. how many of the ivy titles have you captured? five? >> i think it's five. going for six. >> how did you turn things around on such an incredible scale? >> i think the first part of getting the right people onboard, and in industry, finding players. finding people who are going to believe in great and recognize that's a journey, but great has to be the ultimate expectation. >> last year was a historic year. you went 30-0 as you were heading into march madness. that is amazing going undefeated like that. what makes for a good team? how do you find the good leaders on the team? >> the journey that is 30 games and having to win every night out is a combination of never being quite good enough and never being -- never also being too good. we really walk that line well. it was really keeping them in the moment and they did a wonderful job being fearless. >> how difficult was it not to think, oh, my gosh, we're coming up on 29? >> i think about 25. i said 30-0 is better than 29-1. that was a better story. and it was a story we're sharing
being in the ivy league, a truly academic institution that values the student athlete experience but the student experience. that's a different than a lot of other institutions. that was a story that gravitated so many americans to it, which is neat. >> you're dealing with people who are going to be the future leaders of america. >> yeah. >> how do you take these leadership lessons you're teaching now, how does that translate into the world of business? >> we're hoping we're teaching them to use their voice, to be a teammate, understanding their piece of the puzzle is critical and you're bigger than something biggen than yourself. individuals are really important. it's sort of like i'm coaching 15 individuals for team success in their journey and entrusting the process of their growth makes us really good. >> is that an accountability issue, is that spending time individually with each of them? >> probably moreso that, more being present to each kid and their needs, and some you have to teach them to use their
voice, some you have to teach to be more confident, some you have to teach nemto walk away from mistakes, some you have to teach it's okay to be fearless. i walk that line individually so together we are that combination of fearlessness, toughness, celebrating each other, being a part of something, but each piece has to fit in the mold. >> you talk about people who don't have enough confidence, who don't use their voice. is it different coaching women than men? >> no, not at all. i think when we get here, we really try to empower them than we want to be good early. it goes by fast. there's no -- there's no silencing ego. it's encouraging them to be great. we need them to own their potential and their opportunity. >> just in terms of what you, your path for getting here, this wasn't necessarily the path you wanted to go. you didn't start out wanting to be a coach. >> maybe it's also not recognizing i was a neuroscience undergrad and i went back and got my writing master's degree
never realizing that coaching would be a vocation. i realized it's so much more than the round leather ball. i'm not sure my parnldz or some fewers understand that, but the magnitude of the responsibility we have is profound at this level. >> what moved you the most over all? is there a story, a moment? >> i defended -- i turned 29. i defended my thesis, i did a support leadership thesis in graduate school and i got a call from the princeton graduate director and i thought, i have been applying to any number of things wonderi what is next after my masters. it was something else almost believing you're ready, ready to try this. i knew being the best me was what was princeton was hiring. i'm committed to that. i hope today is the better version of m than yesterday. >> thank you for joining us and thank you for the lesson. >> thanks so much. >> up next, we're "on the money." a new way to figure out your credit score. will it hurt or help if you're trying to get a loan. >> later, how this wimpy kid
worthiness. sharon epperson joins us on your money, your future, and your new credit score. why is this happening now? >> there are so many people who lack credit or who have gone through hard times and they're not able to get credit. this is way to look at other types of things, not just looking at if you pay your bills on time, which is a big part of your credit score today, but other types of information, looking at your cable bill, your utility bill, your checking information, how often you move and the size of the menthe payments you make on your bills. all that will factor into the new scores as well. >> i can understand how it would help some people who are in a situation where, look, i don't have the credit history that other people have, but are there people who are going to get hurt by this? there there could be. this is why it's so very important to get your report, your credit report, from annual credit report.com and check it out, make sure there's no errors and you have to go through your cable bills, make sure there are
no errors there, and be pretty vigilant in terms of paying those bills on time. it's really important, but it is going to help people, about 60 million people who don't have credit. >> if you fail to pay a bill on time, let's say for one month, there are times i have been away and haven't seen bills that have come in, maybe i paid a week or two on accident, is that going to ding me or do you have to do this over a period of time? >> let me point out these are new scoring systems that are being introduced slowly and nothing is in effect yet, but yes, this is mng you have to pay close attention to. if it's only one time and you have been paying on time for many months, many years since you had a credit card, you know what to do. you call up, you say i was out of town. this doesn't happen. >> i never do that. >> you should call. sometimes they'll say we'll make a note of that. and so it won't go on your credit report. it is also better to call. it's probably the biggest piece i want to tell people. when you have an error on your credit report, if it's something
you think is going to impact your score, make sure you contact the credit bureau and let them know. when will the new scores be available, and will companies look at both scores or do you get to pick? >> they're being introduced perhaps the end of this year or next year. they're still going to be on the same range that we have now in credit scores of 300 to 850. lenders, some lenders may look at a couple different things. this gives them another option to look at for you. and they're not clear yet which lenders are going to use which scores. >> let's hope the lenders look at our higher numbers. not our lower numbers. >> exactly. >> sharon, thank you. >> sure. up next "on the money," a look at the news for the week ahead. >> and he's one of the most successful authors in the world. how this children's book author turn of a wimpy kid into a business success story.
for more on our show and our guests, go to our website. and you can follow us on twitter,@onthemoney. here are the stories coming up that may impact your money. more earnings, visa reports, as do media titan cbs, time warner, disney, and facebook. on monday, the ism manufacturing report for october is out. monday also marks the start of open enrollment for the affordable care act. on tuesday, we get october auto sales numbers. and on thursday, you better pucker up. chocolate maker hershey begins selling deluxe kisses.
those are double the size of regular kisses. and on friday, the big number of the week, we're going to find out how many jobs were created last month when the october jobs report is released. >> how does writing a few best sellers help y sell bos? jeff kinney is trying to figure it out. stick figures and humor that make up kinney's series diary of a wimmy kid have sold more than 150 million copies around the world and led to feature films. diary of a wimpy kid old school is out october 3rd. i got to ask him how he started his career. >> it started as a failure. i wanted to be a newspaper cartoonist. i worked at it for years and realized i didn't have the chops and skills to make it. i thought how can i get my cartooninize to some sort of format that people will read? i decided on books. i came up with this character, greg, and spent eight years on it before i brought it to an editor. >> it's amazing in that i
understand the appeal, but what's crazy to me is it's been translated into 45 languages. it's all over the globe. this is a universal issue. how did you tap into that? >> i have no idea. i ask myself that all the time. sometimes i sit across from a kid in madrid, spain, or maybe brazil. we don't share a language or a culture, but we share these stories. that's what we have in common. really, it's that we have childhood in common. it's a universal language. >> are you this character? are you him? >> he's the sum of my worst parts and amplified, too. i have lots of faults and flaws and greg is sort of a manifestation of those. >> what happens to greg in the latest outtake? >> in the latest book, greg actually, his town goes unplugged, electronic spree, and greg as a modern kid has a hard time adapting. >> that's also an adaptation to you. pop trop caw is a part of you. >> yeah, i'm raw raw books and
turn off all electronics and then i'm like, oh, yeah, i have this other life as a digital person. i have a pretty good balance across the spectrum. >> you're not even joking. you have opened an independent book store that is really two different personalities on either side. why did you open this small book store? you opened it in massachusetts in a small town. >> in plainville. it's called an unlikely story. it was really a realization of a dream. there was an old market there from the 1800s, and we had to take it down. then we built up this really nice three-story colonial and put a book store in it. it's great. people are coming from miles around and even overseas to visit this store. it's so cool to see people walking down the streets, kids holding a book in their hands and looking really happy. that's nice. >> most people would say, opening an independent book store, you're about 50 years too late for that. amazon, you look at everything that is happening. do you think, first of all, is it mng you can make a profit on, and second o of all, is it becae
it's a book store or your book store? >> a combination of everything. book stores usually tend to run at 2% to 5% margin, so you're not going to get rich off it, but when you look at my town and all of a sudden this small town that's choked with traffic and police details. it makes me feel like there is a need for this. it's not -- they're not there for my books. they're there because of books, because they love books. >> do you feel that battle still taking place, though? you have poptropica, pushing video games, the independent book store and books made into movies. you're a muimedia guy. >> there's a lot of dissonce in my life, but i learned to adapt to it. >> do you think you'll ever write a book that has a different character? maybe a girl character, maybe do something like j.k. rowling where you go and write adult books now? is there something that appealed to you in that? >> i used to think i was an adult author. i wrote diary of a wimpy kid as
a nostalgia piece, looking back. >> it applies to adults, too. >> you're the audience i was striving ngr, but i found out i'm a kids author. i'm going to stick with kids. >> jeff, thank y very much for coming in. it's really a pleasure. good luck with the book. >> thank you again. >> thank you. that's the show for today. i'm becky quick. thank you so much for joining me. next week, student dent keeps soaring. find out the best path to get the student loans pai off. keep it here. we're "on the money." have a great weekend and i'll see you next one.
good morning, america. new overnight, crash investigation. what brought down this plane packed with tourists. terrorists claiming responsibility. did they really shoot it down? the huge debris field and the terrifying implications. our aviation team is on the case. horror on halloween. a gunman opening fire on a street in colorado springs. >> shots fired. shots fired, possible shooting in progress. >> three people dead. the shooter taken down in a fierce gun battle with police, why did he do this. killer storms. tornadoes blasting through texas. this apartment complex, a mangled mess. roofs torn apart. >> just like a train went through. >> and the relentless rain swamping streets, over a hundred high-water rescues.