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tv   The Willis Report  FOX Business  February 21, 2013 6:00pm-7:00pm EST

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crown. a man has bought the bust expensive starbucks drink adverbs, $47.30. included 48 shots of espresso protein powder, to bananas, caramel drizzle, pacino chips, vanilla bean and a little sore how do you even survive tricky 48 shots? >> used to be my doctor. he said is a miracle. something about caffeine. things eventually they will discover is better than aspirin or into the presence. it is a great drug. levitt. but i begin to shake a leg 48 shots. >> it took him a couple of days to finish the strength. to be very did not drink all in one shot. you can actually go into starbucks it's her own cup and make a custom drink and they will charge you accordingly which is what this guy did. all these people now are going
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to go into starbucks and try to beat that record. >> real quick, decisive in the internet for long amounts of time because withdrawal symptoms similar to people coming off of the drug ecstasy. what do you think? >> having never done ecstasy, i can't compare it. but my computer crashed about two weeks ago. i got hacked and i have to say, i kind of felt some of those withdrawals. a little bit of panic until i could get the computer up and running. i immediately went to my ipad so i had access. a kind of get it. >> i read your book last summer. part of the project was i brought no electric devices with me. i had a fixed. >> i read her book and i was in ecstasy. >> even better. >> after read it again. >> fox legal column. thank you. always good to see you. that's all the "money" we have for you today. we will see you tomorrow. don't forget that great interview coming up next. ♪ gerri: hello, everybody. i'm gerri willis. tonight on "the willis report"
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one american ceo so fed up with french sleaziness he is refusing to buy a factory there. he joins me. and is the world really ending? more about this president not getting what he wants for once. this as the president ask you for $50 million to fix our infrastructure. is it really in such dire straits? i'll break it down. tonight on "the willis report." ♪ gerri: all that and more coming up later. first tonight, our top story, there is a big, big job killer tax headed your way. and talking about the massive obamacare tax which is set to us lamppost small business and consumers. starting next year obamacare will have posed a new $100 billion sales tax on health
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insurance. that's larger than the device tax in the prescription drug tax combined. my first guest says many small businesses will be forced to close the doors, and many private sector jobs will be lost as a result. take a look at this. he happen to live in any of the states to california, texas, like all of them, you could be hard hit. republican congressman of the louisiana joins me know who. his recent legislation, the jobs and premier protection act would stop the obamacare sales tax from going into effect. congressman, welcome back to the show. always good to see a. one to back a little bit because i think that there's some the obamacare taxes people get lost. this is a big one. thii is a sales tax on insurance thing -- $7,200 because of the
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simple tax. you say it will kill jobs. how? >> this is a tax that is going to have health insurance premiums for everyone. is going to cost premiums to go up. probably in the first year of family could actually see $500 higher costs and premiums and health insurance. you're right with your figure over the ten year time frame. so small businesses are getting hit from every different angle with cost. this particular obamacare tax is going to a be very onerous for small business owners. it is today at a roundtable discussion. all different sectors. gerri: i don't understand, congressman. you are saying this is going to cost jobs. why will people late folks of because of this tax? >> cost. it's going to be simply cost. gerri: burdensome and at the end of the day the estimates are that we could lose 125,000 jobs because of this tax alone. what do you make of that? >> well, at a time when we have
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sluggish economic growth and high unemployment in small businesses are struggling in this environment, this is a particularly bad it to them. if you take this coupled with the employer mandate, small businesses are dealing with the very uncertain environment. all of these things are going to lead to job loss. gerri: you have legislation that you are putting forward to stop this. i have to ask you. its candidate how we going to get rid of this tax? is one of those things that supports the bill. we can afford it already. if we stop billion all these taxes the cost will be so burdensome we will never get rid of the $16 trillion in debt. >> well, this tax along with the others in obamacare are basically being used to expand the coverage under obamacare, and we know that there are multiple problems with the implementation of this law. i think over time we're going to see is this new health what is going to collapse under its own weight.
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when you have -- i think it's 21 new taxes in this bill. all of these taxes are now hitting business, families on top of what's going on which taxes in this economy. this is not a good thing. gerri: i want to take you back to something that you just said that i have heard before and i think is really interesting. you say obamacare will collapse under its own weight. how is that going to happen? >> well, i think that that tax burden is causing revolt. i think you're going to see a real problems with the implementation of this. states are having trouble putting these exchanges together other states are not going to do it. i think at every step of the way they are missing deadlines and the implementation. gerri: well, the compliance rate, i think it will be interesting to see you get someone in goes a long illness. you have been absolutely right. you know, we have been talking a lot about the different things that people have to do. h&r block and feels like they have to educate people on what they're going to end up paying because they realized that a lot
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of their customers who are low-income will end up losing there refunds because of it. there are so many unintended consequences. are you hearing from your constituents about this? are they upset? >> there are very upset. and this is a big cause of uncertainty.3 especially for small businesses. this is going to cause a big spike in premium cost for small businesses. is going to cause a spike for those families that are paying there share premier costs. this is not helpful at a time when health care costs are going up, the uncertainty is large for businesses and we are dealing with high employment in this country. >> i just wanted for one more factor in here. medicated vantage recipients, this the tax, just this one little tax of the 21 will cost them $30,500. almost $4,000 over ten years. there will be paying extra. it is just unconscionable, and i want to say, thank you for coming on, congressman. your former surgeon, doctor. you know what you're talking
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about. we appreciate your time. >> well, thank you. great to be with you. gerri: taking some much. well, speaking of taxes, we are just one week away from the most catastrophic event ever to happen in this country. well, at least if you believe the hype. the sequester will cut $85 billion from a federal coffers this year. that means the following could happen. this according to the administration. 800,000 of the suburban workers will be furloughed, meaning there will take a 20% pay cut. victims of sandy to be forced out in the cold because been awarded a half billion dollar cut. you might end up eating unsafe and unchecked food as the fda is forced to lay off food inspectors. travelers could wait hours and hours to get through security lines and airports. doesn't that already happened? the sec may be forced to stop their slaps on the rest because they're losing $100 million. maybe that is the right thing to do. immigrants will begin pouring in as boris security it's a billion dollar cut. again, hello, it's already
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happening. for criminals ought to run the streets thanks to a $724 million hit to the fbi. you might have to wait weeks, maybe months for the newest apple gadget because the patent and trademark office will lose a quarter of a billion dollars. all medical research at the national health institutes of health will cease to exist. the sequester will actually stop us from finding a cure for cancer. lots of claims. chocolate will be wiped off the face of the earth. disney villains will come back to life. we will be struck by a plague of locusts. all right. i made some of that up. does not true. really. of the top of my head. but the rest is really what people in this a ministration are morning will happen. here is the real story. this is what you should listen to. we will face an $85 billion automatic cut this year, but here is our projected deficit this year, $900 billion. do they really think a measly 85 billion is going to wipe out our entire economy?
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it's crazy. or does president obama want to get its way and raise taxes again? let's ask editor with the national review. why the hype? >> it is a classic washington strategy. they call it the washington monument strategy. whenever there is some sort of budget cuts, the things that you say you're going to be cut have to be the most visible and popular. you close down the washington monument immediately. barack obama is reading of the script. that's in the context of the budget. the cbo says this year it will be 85 chilean. it will be 42. gerri: i want to ask you about that. gerri: according to your reporting what the cbo that it will actually be half of the 85 billion, less than that. why? >> i think it just takes time for government to do everything. if you order them to do 85 billion they will get half of
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it done. so they say about 44 billion. that is one-half percent of the federal budget. so, look, this -- the whole sequester, it's stupid, was designed in a way to the crude and unpalatable to both sides. obviously a smarter way to do this. what both sides do is to sit down and give the administration more flexibility or figure out how to shifted around in accounts, but there is no reason that we cannot -- [talking over each other] gerri: absolutely not. just to show you some numbers. we're talking about, 85 billion, were they to get that much stuff , have a percent. this is nothing, the menace. we should mention here that congress and all of this is protecting their own pay, by the way. >> if we can't about 3%, we might as well declare a national bankruptcy right now. and, again, there is more intelligent ways to do this.
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entitlements should not be totally off the map of the question of mandatory spending should not be at the question, but if we can do this, we can't do anything. gerri: it is a test, the first test, can you cut. of course, even as we are talking about this, this would be a horrible thing, also out there asking for 50 billion for air for structure spending. so, this makes no sense to me whatsoever. you think we have to save money? we don't want to save the money. you want to spend more money. there is a limit to the money at the end of the date. >> a $16 trillion economy. $42 billion cut this year going to affect the economy one way or the other. ♪ what is interesting. no matter what happens, the public continues to blame republicans. president obama, 31%. the right answer in my view. 11%. i said when the mall.
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-- i say i blame them all. it is the president and republicans came up with this idea. >> republicans want to blame obama for it, but they voted for the darn thing themselves. it is always an unfair fight when you are in congress fighting the president. he has the bully pulpit. no one ever likes congress, but particularly don't like the institution now. ratings are 11%. republicans are constantly in budget showdown is facing an uphill fight. in this case, though, the advantages if nothing happens, which seems likeliest for the time being, at least a budget cut will occur which is very rare in washington. gerri: you think this will actually go through? >> it will go through. on march 1st a sequester will happen. what happens after that -- gerri: we should have a big party. taking your word, you saved it does not go through, if they kill it, that means we will never be able to cut again. but it does go through and we do manage to pare just a little bit out of the budget, that is really good news.
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>> at least a start. hopefully it will go back and figure out a more intelligent way to do it. republicans should not agree to put it off or to put that spending back because if you delayed, the history of these things, we have seen this with various medicare cuts stimulate demand usually the next year and a year after that and then it just never happened. gerri: delayed. the pure research survey. 49 percent said do that. 40 percent said let it happen, which is a shocker. at the people are getting on board. they want to see this budget cut , but when a smaller federal government. as eric. gerri: let's hope so. gerri: do you want to be suggested? how you can cut your retirement plan costs by nearly 80 percent coming up later in the show. and the president is pushing for more spending on roads, calling and broken. there is a major flaw in his push. we will tell you all about it next. ♪ [ male announcer ] when you wear dentures you may not know
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♪ gerri: bridges, highways, and roads in this country are so broken, so sorry, only radical solutions will suffice. that is what our president says. he says spend 50 billion of our taxpayer dollars to fix it. >> tonight i propose a fix it first program to put people to work as soon as possible on our most urgent repairs, like the nearly 70,000 structurally deficient bridges across the country. [applause] gerri: a new report does not agree with him. the libertarian research foundation called recent says the nation's highways and bridges are in better shape than they were 20 years ago. the report measured infrastructure on seven different criteria. let's start with those bridges. according to reason, the percentage of bridges that are deficient in this country is down, not up, from almost 20% in 1989 to under 24% in 2009.
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now, that is far from perfect, but better than the past. likewise to the proportion of urban interstates that are in poor condition is down as well from six and a half percent in 1989 to five and a half%. the percentage of rural interstate highways and in poor condition is under 2 percent, just one -- just under 2% in from 6 and a half% in 1989, as you can see. about 2 percent is not exactly cause for boosting our nation's debt. now, here is a really interesting point. the report concludes that when it comes to highway infrastructure, money does not tell the whole story. states has been the most money profile did not necessarily enjoy the biggest improvement in the seventh performance measures so, for example, california spent twice the national average but showed improvement in just two categories. in statements to show improvement across the board, despite spending less than the national average. no, that goes to show you when they -- when it comes to
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infrastructure money is not the answer. money on infrastructure as a way to bail out the economy. that did not go so well. run this? >> she already was not as shovel ready as we expected. gerri: exactly. shell already was not a shovel ready as we expected. there is a lot of infrastructure improvements that is not the predictable. it seems like the president should remember that. still to come, anddamerican ceo in paris tells francis bureaucrats and soon as he is fed up because the workers are so lazy. next time he tells you about a brand new retirement plan from charles schwab unveiled in 2012. one year later it was not everything it was promised. stay with us. ♪ all stations come over to mission a for a final go.
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this is for real this time. step seven point two one two. rify and lock. command is locked. five seconds. three, two, one. standing by for capture. the most innovative software on the planet... dragon is captured. is connecting today's leading companies to places beyond it. siemens. answers. ♪ gerri: a major cost-cutting retirement move could tack on six figures to your final estate the most bang for your buck and 60 seconds. ♪
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♪ gerri: well, if you 110 add six figures to your retirement, listen up. charles schwab of index fund retirement plan is designed to lower investment costs and simplify investing. it is now one-year-old, so we are checking back in to see the results. joining me now, head of schwab retirement plan. thank you for coming on. that at year. i want to start with how we kind of messed this all up because so many people are disappointed in their retirement savings, their retirements. just one in four participants is on track to meet savings goals. 87 percent say they don't have enough money to retire. you know as well as i do, there is a lot of disappointment out there right now. >> there is a lot of disappointment. yet there is optimism. the system still works. and i think if you focus on a couple of key variables, number
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one, you have to participate. then you have to be mindful of all the expenses involved. many of the expenses are in the asset management fees trying to drive down those fees can make a big difference. gerri: and let's get right to that because this index goes right to that. if you are using all index funds you can really drive down your cost big time. explain that to us. >> sure. with index funds you have the lowest possible cost in the marketplace for the underlying mutual fund. we have used all index mutual funds, and we have been able to drive down the cost of about $15 per $10,000 invested. alternatively, plans typically with active managed funds, mutual funds, they're going to be pain probably about 75 or $80 per 10,000 invested, so a significant drop in the cost, and that puts money right in the pockets of employees. gerri: to the tune of $115,000, you're saying. >> that's right. gerri: if you are investing in
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the next wednesday and seven of money to have an additional $115,000 in retirement. this is so important fees are. but don't think you concede enough. people don't realize, you know, most of us, the funds that we picked, so what. a little bit of this and a little bit of that. if you can significantly reduce or fees overtime, you have such a much better chance of having better returns. >> you sure can, and it is lowering the fees, but then also, taking advantage of advice, and that is where we have seen with our new offering in one year, a princeton about 90 percent of the employees are taking advantage of professional vice. so it is really the combination of that lower fee on the asset management married up with excellent professional management. that is where you get the most mileage out of your retirement. gerri: tell us about the advice component of the program. >> sure. if you think about the level of deprivation that is available from the employer says, the
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record keepers received, a very rich in data such as aids, salary, savings rate, even the account balance. we can use that data to build up portfolios that can create a glide path and a risk profile of property for that individual. much more appropriate than just looking at age which is common in a target date fund. gerri: that makes a lot of sense. you know, i am reminded of what paul samuelson once said, the very famous economist. he said, investing should be as exciting as watching paint dry. if you want excitement first go to las vegas. i think you underline that point well tonight. thank you for calling on. the procedure time. >> thank you. gerri: coming up, high and appliances get high marks for performance. i will ask consumer report. an american ceo in paris that up, fed up with the socialist countries work ethic. he is threatening not to expand his business there. he will join me next. ♪ great, everybody made it.
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for a body in motion.
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gerri: the french as fleming criticism. the three are were divested in the consider -- after this deal of an american tire company leaked in which to describe the day the french plant like this. they get one hour for breaks and lunch, talk for three and work for three. i told this to the french union workers to their faces. they told me it's the french white to which the french unions and government responded : the comments themselves insulting, skating, and sank the psychiatricward. here with his side of the story, maurice taylor, ceo of tight international. mr. taylor. thank you for being with us. we really appreciate your time. i know it has been a whirlwind.
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i want you to respond to some of this criticism. i will read a comment from the french industry minister. he was pretty hard on you. he said, your comments which are as extreme as they're insulting reflect a total ignorance of our country. can i remind you that titan, the company you head, is 20 times smaller than michelin, the french technology leader with a global reach and 35 times more profitable. that shows the extent that titan could have learned and gained enormously from a french base. how do you respond? >> well, the minister should do his homework because michelin has been closing factories. they are investing a billion dollars in the u.s., and, you know, he can't be living in the past, and he is. member to, he leaked the letter. the whole thing, exactly what you said about the -- what the french workers said is what they said to me when we did the interview. and i did it with ten unions.
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that is what is in the factory. there are two factories there. good euros them both. the one factory, they are not closing. they have tried for four years. when they announce they were going to close the passenger car side of the plan also makes agricultural tires. it is the highest-paid workforce probably in france except for the industrial work force. gerri: let me interrupt you for a second. because i am curious. you know, you're pretty harsh in your criticism. you say they don't work very much. what is the atmosphere like inside that plant? i mean, is there an urgency? you have the sense that people are trying to get the work done? getting to work? >> no. gerri: work ethic. we are here to get it done. >> absentee rate is 16-20%. and what is behind it, in answer to your question, you walk in. they get an hour for their lunch
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and other breaks and everything. that is paid. seven hours is the day. and then they work about three hours and then the other three is like a beauty shop. they're socializing. and the reason being, they would like you, the union thinks you should hire more people. i mean, that is the union's mentality, and it is also part of the french government. gerri: now, we were told, mr. taylor, that the union initially ask you to guarantee them lifetime jobs. >> they did. and i said to them, i will guarantee -- i don't even know, but i'm going to put tens of millions of dollars in this land? i says, number one, i expect you to work six hours if i'm paying you for seven. and if we do that then you don't have to worry about your employment level because we're going to keep going. but i guarantee you a minimum of two. and the whole thing is -- here is what is funny.
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we have a factory in france. and those french workers a great. it's over on the west coast. of course, the minister did not do his homework, and he probably did not write the letter. gerri: why did you release your letter? why? because it is real simple. number one, they were getting beat up with a steel mill that was going to close. first-ever going to nationalize it. then you have a layoff of thousands. everything that they said they would do has gone south. and you have to remember, no, this is a socialist. then what happens is could your mouse they're closing teeseven ounces their clothes in that plant, not trying to sell. good year runs it. i don't own it. i have nothing. so they announce they're going to close it. so the french minister, i will call up and have them come in. i spent four years over there talking with these false. and so he kept hounding. i was in australia. we bought a couple of companies there.
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and i get back. he sends me this personal letter, which is no different when the other minister of industry was there. gerri: and drop them back. and the whole thing just totally blew up. >> well, he thought -- he thought that he would lead to this up, that he could take the american. my comments about the work, which was true, and twisted and, you know, get some heat off. well, if the full did anything he would know, i have a history that i don't walk away from any battle. so he walked into it. no he's trying to run around. the joke is, why doesn't -- he leaked it. what is somebody else can. well, wait a minute. why are you making a deal with could your? gerri: they did not want to be there either. tommy tune what kind of reaction are you getting? we know what the french are saying. all kinds of things.
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>> more e-mails for french people. in fact my will "you want. he says, you know, the americas rescued us in 1944 from the nazis. i hope the french people, you can rest u.s. to the prosperity now. i got that from a freshman. gerri: wow. and i got more letters -- >> i get more letters from friends business people. i got them from the brits, the italians, and the germans saying the same thing. we are glad somebody told the french, you know. gerri: they sure do like the criticism. i have to tell you. gerri: that me ask you this. he warned that france is losing its industrial base and another five years there won't even be able to make tires there. do you think this country, the u.s. of a., is headed down the same road? >> i was asked that earlier today, and an going to give you his answer. all you have to do is look at -- i am a detroit boy. so you just look at the
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automotive. you have a uaw, gm and chrysler went bankrupt. ford didn't because they borrow a lot of money. nothing happened with the uaw. they have a monopoly. they use one against the other. so what is going to happen? the administration should have done steelworkers, you got gm. chrysler, you are with the teamsters. uaw, you can stay with ford. mix the around. but now they have a monopoly. that is why the educational system sucks. okay? yell, look at it. that is where it went. gerri: you think it is unions better at the end of the day causing all these problems? >> well, what happens is management bins to them. if you look chrysler and the guys that were drinking, the guys that were smoking. gerri: we have shown that video. gerri: >> we have seen that video. >> they go to arbitration. press the fired them. an arbitrator, which is the same
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our trade that comes back, his livelihood is the union. give them another chance. it's like you're in new york. it's like teachers, you know, give them another chance. and that is the problem. gerri: i have to ask you this. unions do provide some services for their members. the to bargain for better pay and better -- >> i agree with that. what happens is, if you look, that is fine. but when you look, and i had a fellow that -- he was on dope, cause an accident. but that goes -- it goes to arbitration. you have to give him another chance. you know, you can't have that if you really want to have a safe environment. and that is what is wrong. but the unions, and to the union's demand that deal with the teamsters, they don't have a choice because of the law. the losses they have to. well, there should be some laws
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changed, just like dos. public workers, built their dues the most vicious never be is ten bucks. let the members vote. members don't have a chance to vote on their dues. their representatives. it's like congress supporting, you know, oh, they're your representatives. give me a break. gerri: will you ever -- i have to wrap this up. are you ever going to put any money again into france? >> you never say never, dear. ♪ gerri: spoken like somebody who wants to keep all his options open. thank you for coming on tonight. i hope he will come back again sometime. fascinating comments. we are a big fan. just amazing. it is so rare that somebody in this world says something that is actually honest and heartfelt and we appreciate you. >> and then restart a war. thanks. bye-bye.
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gerri: here is our question tonight and the answer to our question of the day. you is more productive? french workers, congress, or kindergartners? log on to it's not a trick question. vote on the right-hand side of the screen in a share the results of the end of the show. when we come back, the attack of the zombie foreclosures. it's a real thing. i will explain. "consumer reports" create some of the most expensive and i and the plant is out there. are they worth the extra dough? ♪ [ male announcer ] i've seen incredib things.
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♪ gerri: and in what could be a sign of an improving economy americans and spending more on luxury goods according to the wall street journal. here's a look at some high-end high-tech appliances.
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"consumer reports" senior editor daniel declare ago. thank you for coming in. appreciate your time. we are going to get to the good stuff, starting with a 5200 blunder. no, you tell me this retails for what? $450? i can get a blender for 50 bucks. why would i buy this? >> two words. hot steel. okay. the blaze on this machine spend so fast that the friction alone can actually heat seal which is something we tested. many very nice tortillas soup and about five minutes it had eat up to 140 degrees. that is something that your $50 -- gerri: second put on top of the stuff and get the same thing. >> you will spend an extra five minutes which is the point. gerri: it must be something else that i can do in a conventional blender. >> it is incredibly versatile. hamas, milkshakes and those kinds of things. in greek cheese. you can just -- you can put a whole orange and there along with some other ingredients and it will make --
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gerri: choosing is popular. if you're telling me is a great juicer, maybe that makes sense. >> incredibly versatile. you can get all sorts of ideas. gerri: let's go on to their kirby's century a vacuum. no, this is over a thousand dollars. 1350. does it run itself? that's what i want to year. it gets up in the middle of the day, runs around the house in queens of all-out. >> it is self propelled. it's a 90 year-old brand. very vulnerable. what you're really getting there is peace of mind. in our surveys this is the least repair prone vacuum. so it truly could be the last vacuum you ever buy. gerri: lhasa last. >> and it as a fantastic job as well on carpets and floors. gerri: i hope so at that price. >> yes. >> really have would say is the peace of mind. gerri: let's talk aboot the weber grill.
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weber summit. gerri: 70 gas grill for $2,500. >> a lot of people are grilling year round. if you want to do that you need quality construction, and that is what this is. gerri: everybody wants to grill in the wintertime. you don't want to just grill in the summer. and a stand it is -- has a light in the head. you are grilling light, which happens. >> that's great. that's a nice and on. the rich history. gerri: i love that. >> yet. gerri: i don't know. $2,500 is a lot of dope. less talk about the generator because everybody in the northeast has been thinking about generators. you have this generator retelling for 3200. you can spend absolutely anything you want to one a generator. it's amazing to me their range in price point. >> it's incredible. the interest, as you say, remarkable. this is a standby generators. really worth investing in
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because it automatically turns on. gerri: if your power goes down it comes up. >> if your way, out of town, you know your power will stay on. your water pump will keep going. and it runs on gas, natural gas or propane. we all have images of people standing on line trying to guess whether portable generator. and not going to have to worry. you're not alone. so you're not going to a need to worry about that. gerri: can we talk about the farmer or built-in refrigerator? $8,700. >> sure. gerri: that's a lot, but you can get water out of the front door which i always appreciate. >> which is unique in the built-in category. they flush with the counter. there streamline. that is really what you're paying for. gerri: and japan >> you certainly are. gerri: you like it why? >> allow the bill tends don't actually perform as well. inconsistent temperatures that can be extremely inefficient, so this is an exception. gives you the look.
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it's a real presence in the kitchen. actually will keep your food fresh as well which is important. gerri: very important. thank you for coming in. "consumer reports" test the stuff. they're not guessing. they have a concrete idea. still to come, "2 cents more" on an interesting retell fight brewing. and next, the zombies of the new thing but it is also a scary new trend in foreclosures. we will explain after the break. ♪
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gerri: detectives as of foreclosures. how come this summer's are haunted by debt that just won't die years up to then move out. tito's next. ♪
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♪ gerri: believe it or not, there are countless power is out there getting hit with debt that just won't die. there are called zombi foreclosures, and they're coming back to haunt homeowners long after they moved out. joining me now, executive vice president of carrington mortgage holdings to be great to see you. i cannot imagine anything worse than getting a letter from a bank telling me i still owe this piece of property and zero a ton of dough on it. how often is this happening? >> you know, it's hard to speculate, but it is probably happening at least in the thousands, if not tens of thousands. it is not a hugely widespread problem, but it is a very real problem for people that find themselves in the situation. gerri: out you not know that you owe this money? how was it possible as a consumer not have any idea that you are on the hook? >> well, the way typically works is a borrower becomes delinquent on alone, gets a foreclosure
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notice from his or her lender and decides to leave the property because they figure that a foreclosure is inevitable. they leave before the bank actually executes the foreclosure. what happens is the bank takes a look at the property, decide it's not worth the effort of foreclosing on because it is not worth enough and they stop the foreclosure proceeding. the borrower is gone and has not left affording address other is no way to reach them. it is a mess. gerri: the irony of that is a lot of homeowners stay in those houses that did not even live there free for years despite the fact there were not paying a mortgage. >> that really is the irony. i recently saw a case where woman was fighting to stay in the home she it now may depend on for years. >> it takes over a year on
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average. states like new york and new jersey, florida, it takes three years. very rare. this is a good reason not to do that. if you're a consumer hands stay in the house. gerri: keep all your ducks and, for goodness sake make sure you read your mail. thank you for coming up tonight. pga your time. >> thanks. gerri: all right. well, you know what's coming up sunday. oscar night. tomorrow will be looking ahead to what we can expect the stars to wear the red carpet. we will look back as of the recent hits and misses. yesterday we should entertain the weekly's picks for the best pictures of all time. casablanca came out on top. some of you had your own thoughts. yupiks been heard from 1959, lawrence of arabia from 1963 and the godfather to from 1975. the original about father was number 21 of this just a bit.
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tonight, as of mcfarland is set to host the academy awards, a vw put together the list of the best coss of the last 20 years. it's tonight's top five. the comedian did exactly what was expected and verbally attacked everybody in the room, including jewish law. number four, the guts to host, billy crystal set the standard for other house to follow in his been the master of ceremonies ten times, including last year. telling jokes. and number three, u jackman in 2009. the song and dance man was not short on charisma, talent, charm, and just overall cuteness. this year he's the nominee. number two, allen did generous in 2006. this funny lady had surprisingly only hosted once. so far. her light hearted take was memorable. the number one best oscar host, steve martin. the three-time most is pure perfection on stage. we share birthday, august 14th
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