tv On the Money CNBC July 6, 2019 5:30am-6:00am EDT
hi, everyone, welcome to on the money. i'm becky quick. high tech innovation could make things a lot safer soon. the richest man notiin the d has to live somewhere. if you'd like to see his newest home sweet home, we'll take you there. our jane wells has a device that's a real shot in the arm in the battle against bugs. >> got it! >> on the money starts right now. >> this is on the money.
your life, your future now becky quick. >> we begin with the summer travel season. it's in high gear. and america's roads and bridges are at a low point but when they're fixed, they may be a lot smarter than they are now and that will make them safer, too as we found out in our cover story. >> our roads getting a d on the most recent report card >> our transportation network is slowing in some ways, our economy and making it less efficient. >> the estimated impact by 2025, more than $2.3 trillion in business sales lost. more than 1.2 trillion in lost gdp. the nation ea's bridges gettingc
plus the study estimated there will be a funding gap of more than $1 trillion by 2025 half the money needed to fix our roads and bridges. and taxpayers will likely pay for problems one way or another. >> motorists on average send $600 a year on additional maintenance on their cars because of poor road conditions. >> reporter: drivers are expected and preparing byline the the roadway fiber optics and building a wi-fi highway that can connect with cars of the future at the end of u.s. 33 is the transportation research center where connected and autonomous vehicle technology is being tested to make it safer. the state also investing in smart lights like these, designed to send and receive data from vehicles >> warning, red leight ahead
>> ultimately, our goal is to eliminate serious crashes at these intersections. this technology has the ability to eliminate them. not reduce but ultimately eliminate them once the signals are outfitted with the technology >> reporter: fatal crashes have increased by 7% over the past five years >> the cost is billions and billions of dollars, and that's something we also can address by improving infrastructure >> reporter: the cost for families even greater. >> a loss of life can't be measured in dollar amounts, but the impact of quality of life can. by 2026 the report estimates that congestion on roads and other infrastructure will cost the average household a thousand dolla dollars, $5,000 per year
>> that collision. >> it was a prop, exactly. >> this is a long-term issue >> short term, people are in favor of raising the gas tax they brielieve that's a short-tm fix. it hasn't been raised in more than 25 years. more americans than ever are behind the wheel this summer during peak driving season how safe are the roads robinson claire, it's good to see you. >> good to see you >> let's talk about the things we saw in that piece safety innovations wi-fi, smarter lights at intersections. do you think those will save lives? >> it will save lives, but it ultimately comes down to the driver behind the wheel. the autonomous vehicle is that it would take the driver out of
the crash. we are optimistic on what autonomous vehicles can do, but we're a long way off >> gas prices are lower than three have been many years ago, maybe not as recently as they've been in the last couple years. how politically feasible is a gas tax? is it something that would be federally passed >> 30 states have already raised their gasoline taxes next year is critical. the fixing america's surface transformation act expires next year if it is renewed it needs a small increase in the gas tax of the unfortunately, the gas price has been a little higher than it has been it makes a little bit more difficult. >> what happens if they don't? >> they'll probably kick the can
down the road. there will be insufficient money to fix the roads and we'll have more problems. 33% of our roads are in poor condition. >> what do you predict in terms of gas prices for this summer? >> it depends on what happens in the near term. we've seen a couple factors that have led to higher prices. opec said they're going to continue their production cut back from 1.8 million barrels a day. we saw the fire in philadelphia. >> tensions in the middle east >> trade talks tend to have the opposite effect. when there's tariffs and what have you, there's less demand for gasoline but demand is way up so three factors say they'll go up, a couple factors say they'll go down. >> we're in what the triple a calls the 100 deadliest days of the year what is it
>> memorial day, holidays. we see fatal crashes going up. speeding, distractions, using alcohol while behind the wheel and we're seeing the increase of legalization of marijuana making the roads more dangerous >> has that had an impact? >> oh, absolutely. in the states where, technically, colorado, that is a big problem. we've done a survey of senior drivers. half of them say they are taking seven medications or more. that bodes very poorly for those drivers being out on the road and being safe >> what do you do in a situation where somebody is taking seven medications? >> we have an excellent tool called road wise rx. you can put in medication and it
will tell you whether it's dangerous. senior citizens may have multiple doctors prescribing medications and they don't talk to one another >> on that cheery note, we want to thank you for coming in >> let's go for a drive. >> let's go for a droive indeed whether you want to tour a city by boat, by bike or in the air, we have tips for the best education. we're going to take you on a tour of jeff bezos' new digs right now, let's take a look at how the stock market ended the week
th vacations are supposed to be relaxing and stress free, but when it comes to finding and booking activities, that's not always the case. one company making it easier is called peak. joining us to explain how it works is peak's co-founder so peek, p-e-e-k gives you a peek into what things you can do when are you at home or traveling. >> we find it incredibly difficult to find things to do and i'm one of those people who wants to explore a new city or town, and the whole process of spending hours on time and figuring out what might be fun
to do and hours on the phone contacting those places. so i ended up starting a business and getting into it that way >> it's a great idea i went on a site to find things to do in new york and found things i've never heard of, like a delaware river rafting trip where you get to stop into a brewery. that's cool but not as easy as it sounds. >> when we started the business it was easy to see the consumer problem. the things you mentioned it's really hard to find things to do. what we realized it's difficult for small businesses we went to small businesses who said we're struggling to make this migration online. we know consumers are finding us on mobile phones and expecting all this stuff but we don't have the technology to be able to run our business so we ended up moving our business for the tour operators. that's a lot of our focus,
giving them online booking tools but help them get better reviews. >> i've heard people refer to it as the open table model where you can get a restaurant reservation. they were dealing with a lot of small businesses, too. >> yes as well as ways to help consumers find them. >> one thing that's important is you have reviews built online, but you know these are real people it's no situation like yelp, where maybe you're trashing your competitors. >> yeah, we've collected 800,000 verified reviews across 20,000 activities we have every single customer who leaves a review we've ensured went on that tour. that means that our verification system is very important and the average rating is 4.8 stars so the quality is high as well >> what are some of the most popular things people are doing? >> it depends on the time of year, lots of watersports.
things that range from swimming with pigs. >> what? >> all the way to taking great boat tours >> back up swim with pigs >> you can swim with pigs in the bahamas. >> that is so random >> all sorts of animal encounters one of the things we've recognized is people don't want to wait for a holiday or big vacation they are saying how do i bring fun experiences into my every day life one thing we've seen is people going on food tours in their city, taking their kids to learn how to rock climb. we're seeing more of this every day adventure, not just a vacation has our fun wrapped into it. >> it's again called peek.com. thanks for coming in >> thank you so much up next, we're on the money. amazon canceled plans for its new york headquarters, but bezos is still buying an apartment
there. the entrepreneur who's making a killing, killing flies. (danny) let me get this straight. after a long day of hard work... ...you have to do more work? (vo) automatically sort your expenses and save over 40 hours a month. (danny) every day you're nearly fried to a crisp, professionally! (vo) you earned it, we're here to make sure you get it. quickbooks. backing you. na blend of quality probiotics. and fermented whole food botanicals, expertly curated to naturally support your gut health every day. go with align whole food blend. from the pros in digestive health.
>> when you step off the elevator, what is your first experience size does matter >> reporter: you're getting an exclusive look inside amazon ceo's jeff bezos' brand-new penthouse. before the richest man in the world paid $80 million for this unit plus the two apartments below, we got an exclusive tour with broker nikki field. the sprawling 10,000 square foot pepts house alone has five bedrooms, including a massive seven-room master suite. >> the master bathroom has a priceless view of the empire state building from the master tub. >> reporter: when we toured it, the master was furnished with a $5,000 bentley dog bed one level up is the sunlit lounge just past the $23,000 glass fooz ball table is a 5,000 square foot wrap around terrace
a private elevator to the next level reveals a private lounge and more outdoor space >> this is what we refer to as view envy. >> now here's the catch. by closing on this deal before july 1st, bezos avoided the new mansion tax in new york city and saved $2 million, proving the richest man in the world always likes to save money. >> don't we all. >> what do you think appealed to him about this location? >> this is a nondescript pre-war building in the flat iron, which is not a glamorous neighborhood. it has privacy, that first floor has a wall around it >> i noticed that. >> so that parapet allows him to be outside without having prying eyes or photographers be able to see you. that's rare and unusual you get that view. and also the private elevator,
so it's a good privacy brilding. >> plus the foosball table >> and you're block away from whole foods. a look at the news for the week ahead and the guy who's making millions by getting those pesky flies to buzz off. i want one >> there's one fly in there. >> it has to die sses with spray. try new clean freak! it has three times the cleaning power to dissolve kitchen grease on contact. it works great on bathtubs. and even stainless steel. try new clean freak from mr. clean.
here are the stories coming up that may impact your money this week. on monday we'll see how much credit card debt americans have with the consumer credit report for may. on wednesday, the open market committee will release its meetings from the june meeting on thursday we'll get a read on inflation with the consumer price index, and it is also national mojito day. and then the consumer price index for june will be released, that measures inflation for wholesalers. if you are like me, you hate the pesky flies that show up every summer our jane wells is locked and loaded to give this invention a shot >> hello, i'm lorenzo. i'm the inventor of a bug asought. >> reporter: a guy who never graduated high school is killing it killing flies. >> i was a weird kid i didn't like flies. this is where you pour the salt
in >> reporter: okay. 57-year-old lorenzo created the bug assault. a stun gun filled with table salt last year he sold $27 million worth. >> there's one fly in there. >> reporter: it has to die >> there he goes >> reporter: lorenzo started thinking of creating the bug-a-salt gun over 25 years ago. >> i dropped out of school when i was 16 i think, and i moved to oxnard and just surfed for like three years. i was a wallpaper hanger it was something that let me have my own business, and i was good at it for some reason >> reporter: in 2009, he came back to the idea of a fly gun, maxing out his credit cards to make a prototype and sending $70,000 from his wallpaper profits and more from an angel investor >> i went with that prototype in
2009 and stayed for two months working with a toymaker. and i'm just sitting in the hotel, looking at this thing that i've done it's ready for the world, but i have nowhere to sell it. i have no. >> reporter: you have no plan? >> no plan >> reporter: he chose salt as buckshot to keep food safe near any flies he might be shooting at and a-salt doesn't blow the fly to smithereens indy go go put it up >> it's doubling every hour. and i'm freaking out i think i raised $575,000. and we couldn't ship, so we had to return all the money. >> reporter: there were a lot of bugs to work out in the product. and, a control freak by nature,
he had to learn to manage other people the customers say the product is addictive. >> they always say we don't have enough flies to shoot, so we decided to leave the doors and windows open now they want flies tocome in. you take the shot. >> got it! >> i only stunned it because this was a two-man job >> the idea is so good i couldn't let it go >> i think i should clarify something. when he said he had to return some of the indy go go money, it's because he got a bunch of international sales, and they were not equipped to do that he had to change his chinese supply chain when he improved the product. and a lot of it became defective. so he had to gather all that back and fix it. he's always trying to perfect the gadget, like the pink camo
version. >> i've had this thing for five minutes and i'm already addicted i almost put one of the camera operators' eyes out with the ricochet but look you shot that fly, and it only stunned it i notice he likes salt because it doesn't make the fly completely blow up and i thought why not? and then i realized you don't want it in your food all over the place. >> exactly >> gross >> does this work on just flies or other stuff too >> it can work on other things for me in particular, i said what about spiders because that's how i feel about spiders. lorenzo doesn't like to shoot spiders. he has a whole thing about charlotte. >> i'm kind of okay with that. i took a lightning bug out i escorted out of the house this morning because i like them, too. but flies, i'm all in favor of it how much does this thing cost? where do you get one >> it costs about $40. you can get it anywhere, amazon,
online it's pretty easily available i can see why people leave their windows and doors open it's like -- >> me too. i'm already shooting at windows and video screens. they're going to kick me out of here soon. i love it, one of your fantastic finds. i'm buying one for sure today. thank you, jane. that is the show today, i'm becky quick. thank you so much for joining us next week, flipping burgers. there are a lot of non-meat alternatives out there, but are you likely to find one at your barbecue this summer we'll talk about that. each week we're here on the money. have a great one and we'll see you next weekend
hey, there tim here stuck around for the big show here's what's coming up. ♪ up, up and away >> delta shares have been up, up and away this year and mike khouw and his co-pilot think the sky is clear for earnings next week they'll lay out the trade. plus the dow hit a new record this week, but there's a handful of it stocks sitting on the bench. >> the kid is an l 7 weenie. >> take a chill pill, smalls, because the chart master