tv On the Money KOFY October 22, 2017 7:30pm-8:00pm PDT
hi, everyone. welcome to "on the money." i'm becky quick. why pulling up to the gas pump may soon be like listening to your 8-track. what's coming next-y and when we will see it. the college that comes with a moneyback guarantee. you don't pay unless you get a job. cybercriminals are going social. the new scam you need to know about. they steal money, hearts, and identities. and before you bring home fido or fluffy from a shelter, there's a lot you need to know. it's not o the dog's life. "on the mone >> announcer: this is "on the money." your money, your life, your future. now, becky quick. we begin with your car. instead of filling up your tank, would you rather just plug in overnight? companies worldwide are moving more quickly to try and energize
the electric car market, but is the demand there yet? phil lebeau joins us with this week's cover story on cars. is there a power surge ahead? >> reporter: what started with tesla picked up momentum with the chevy volt and nissan leaf is now turning into a surge of new electric vehicles. ford, volkswagen, and bmw all planning to sell more plug-in models, while volvo's new xc-60 crossover utility vehicle, a plug-in hybrid, is designed to meet the growing demand for battery-powered cars and trucks. >> this is an evolution and not a revolution. and we have made a few statements in the past, we at volvo. we have said by 2025 we want to have 1 million electrified cars here's why automakers are going green. china. leaders of the world's largest auto market want more of their citizens to plug in their cars, which would help cut pollution in big cities.
t banning the sale of new gas-powered vehicles at some point in the future. in addition, china already sells more electric vehicles than any other country, including the u.s. meanwhile, the cost of battery packs is dropping. make money on ike gm believe lower-priced models like the chevy volt. symbol they will break free or make money on the future vehicles. still today they're not really cost comparative. so they're more of a niche vehicle today. >> reporter: still, electric cars make up less than 1% of all autos sold in the u.s. so will more americans be ready to go electric when these new models hit showrooms? >> yeah, as i see the price point come down, it's something that intrigues me a little more. i haven't looked into it, but i can look into it because why not? >> i don't think i'm quite there yet. i like the concept. i don't know if i'm ready to embrace it myself. >> are you ready to buy electric? >> sure. yeah. yes. i'm ready to buy electric. >> reporter: while automakers
have plans to roll out more electric vehicles, keep in mind many of these will not be in showrooms until 2020 or 2021. and becky, at that time the key thing to watch is the price of gas because if it's still very cheap it will be an interesting choice a lot of people will have to make. do i pay more potentially to go electric or will i stick with the internal combustion engine and relatively cheap gas? >> huge question. phil, thank you so much. folks, electric cars are the future, but how long before the future is actually here? michelle krebs is auto trader's executive analyst. michelle, thanks for being with us today. >> thanks for having me. >> we know that volvo has said it's going to stop making gas-only cars in two years. you've got to wonder how far behind the other automakers are. and really the question is is the death of the internal combustion engine, is it imminent? >> i would not say it's imminent. there are some things that have to happen before we see this big surge to electric vehicles. the consumer acceptance is not
there. and they say yes, they're interested. they say that when we survey them. but when it gets right down to it they end up buying a gasoline engine. >> i was thinking about it when we heard from those consumers he was talking to on the street. my first thought was i forget to charge my phone sometimes. what happens if i forget to charge my car? >> you can't forget to charge your car. and that brings up another point. if you forget to charge your car at home, in most places except for california perhaps there isn't an infrastructure for charging just yet. >> i have seen some of these electric plug-ins when you pull into maybe a rest area or different places where you see a place to charge your car, and it's great right now that there aren't a whole lot of people that have these cars to plug in. what happens when consumers, more and more of them start to pick these things up? >> you know, it's a chicken and egg thing. when more vehicles, lrk vehicles g get out there there will be more infrastructure but we need more infrastructure in order to lure people into buying the electric vehicles. we're just not quite there yet at that inflection point. >> i have realized that they have made some pretty incredible progress from when we first
started talking about this, just how far you can get on one charge. and i guess that brings the question, what's the next technological breakthrough that's really needed to make it more realistic for a lot of people? is it a leap in battery power? is it a reduction in weight? what do you think has to happen? >> i think all of that. there's a lot of focus on the battery. bringing down the cost. bringing down the size s packag vehicles. bringing down the weight because more weight doesn't help your mileage. and then more range for those. the chevrolet volt that phil mentioned gets 238 miles on a charge. we'll see advancements in the range over time as well. >> one thing every time i've brought up some of these questions to people in the industry about some of these doubts about it, they say the place that you're really going to see it happen is in china and that's because china is just pushing the policy there. they are going to have electric vehicles that are 10e8sold. the government's decided that and that's a big issue. it raises the question whether the u.s. government would ever take steps like that and if
that's what would 250e8 take, sales, incentives picked up by that change the scenario here? >> we have tax incentives. already $7,500. the future of those is in question. but very different societies. china can regulate what people drive. we don't do that here in the u.s. california's trying to eliminate gasoline engines by about the same time frame that china's talking about, but we just can't regulate it. and the infrastructure's not in place. >> although phil brings up that probably the best point of all, in a free market society like this is going to be determined by which is the cheapest method? is gasoline really expensive at that point? is it really cheap? and maybe that is in the end what determines the fate of electric cars here in the united states. >> it's about the economics. and hence a person's life. does it make travel easier those are the things we see. any kind of new technology, those things have to be in place before there's full acceptance. >> michelle, t.
now here's a look at what's making news as we head into a new week on the money. for the first time ever the dow jones industrial ave closed above 23,000 this week. the index touched 23,000 on tuesday and then closed above it on wednesday, driven in part by strong earnings from ibm. the dow took just 76 days to climb those 1,000 points from 22,000 to 23,000. the nasdaq and the s&p 500 also setting records during the week. stocks closed higher on friday. we don't usually talk about weekly unemployment claims, but the number of americans filing to collect benefits fell to its lowest level in more than 40 years this week. 222,000 americans registering to collect those benefits as the impacts of hurricane harvey and irma faded. weekly claims are in part a predictor of the unemployment rate and the number of americans who actually hold jobs. and you'll probably be digging a little deeper in your pocket this year for your little ghoul or goblin. the national retail federation accepts consumers to spend a record $9.1 billion on costumes,
cannedy, and other scary stuff this halloween. that's an increase of more than 8% from last year, and that's enough t anybody. up next, we're on the money. we've all heard e-mail scams from a nigerian prince. now there's a new worry from that region you that may not have heard about yet. the most vulnerable victims may be among us. and later, a startup that's offering students an alternative to college and they won't charge you a penny until after you land a job. right now take a look at how the stock market ended the week. liberty mutual stood with me when this guy got a flat tire in the middle of the night, so he got home safe. yeah, my dad says our insurance doesn't have that. what?! you can leave worry behind when liberty stands with you™. liberty mutual insurance.
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man, businessman. said that richard needed -- couldn't get hold of his office in england and i just needed $2 million to help the local population for rebuilding the caribb paid it. >> that's from our interview with billionaire entrepreneur richard branson earlier this week on cnbc's "squawk box." by the way, his friend never got that $2 million back. if it could happen to one of his friends, it could happen to anyone. scammers are constantly changing their tactics to try and get your cash. andrew day has the story of a new nigerian crime ring which is stealing hearts to try to rake in millions. >> m.j. fell hard for a man who called himself sam west. >> it was like we knew each other. >> reporter: he said he was was not who he said he was. >> i felt really embarrassed. >> reporter: we found the real sam west, a former government agent whose name and location were used in this scheme. we're keeping his identity secret. >> it stil lif
years later. >> reporter: m.j. and west both victims of a mull million-dollar nigerian crime ring. according to prosecutors operating in the u.s. for years. >> nothing would h nigeria for these crimes because it was americans who were their targets. >> reporter: the scheme uncovered all the way here in gulfport, mississippi. after n.j.'s online boyfriend sent her a box filled with cell phones and told her to ship it to africa. that's when she called police. >> that one phone call took down this massive fraud network. >> reporter: department of justice attorney conor mulroe and mississippi district annette williams. >> we're a small branch office in mississippi. everybody's like what the heck are you doing in mississippi with this stuff? >> reporter: what the team discovered loads of other victims across tyf and girlfrie. >> 360 e-mail accounts. >> reporter: a virtual network of american e-mules as they describe them.
trapped by this romance scam and other methods. and she says those mules were then 145ird by the entire nigerian organization. >> do you have somebody thi mo this package for me? and they'd say sure. >> reporter: investigators say the victims unwittingly helped carry out a bunch of moneymaking schemes like cashing fake checks and shipping goods bought with stolen credit cards. and ultimately wiring the laundered money back to africa. >> it probably moved through four different hands before something went overseas. >> reporter: investigators spent years tracking down the criminals behind the con. and that's when they found the real sam west. unknowingly mixed up in this scheme. >> i was overseas on a government assignment, got a call from my wife that someone had come onto our property looking for me. >> reporter: and she wasn't alone. other victims sent letters. all in love with a man they never met. >> they were asking why didn't i hear from you? what do you want me to do with
the clothes, with the laptops? >> reporter: and the nigerian crime ring was recently taken down with 12 pleading guilty and three others found guilty at trial. four are still at large. for "on the money" >> just when you thought you'd heard it all. you know, west africa is the new hotbed of online scams. the region's criminals are estimated to have stolen $2 billion just in the last year. up next, we're "on the money." higher education without the high debt. a new one-year course that offers a fast track to your career and lets you graduate debt-free. and later, it's national adopt a shelter dog month. what you need to know before what you need to know before bringing home
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that moves you forward. the one and only cadillac escalade. ( ♪ ) as the burden of student debt rises, there are increasing questions about whether a four-year degree is really worth the cost. adam braun is the founder of mission u. that's a new school that offers a debt-free education, and it only succeeds if you do. adam, thanks so much for being here. >> thank you. >> let's talk about this. it only succeeds if you do. meaning how do you get paid? >> sure. so at mission u when we accept a student we fully invest in that student. they pay zero dollars in up-fro tuition and throughout the year there's no attributed cost until they have completed the program and are earning at least $50,000 or more at which point they contribute back 15% of income for 36 months. >> for three years you're going to pay that 15% of what you make, anything o top of
$50,000. what it if it takes you ten years before you get a job that's making 50,000 snds. >> you have up to 48 months of deferment. in any money you're not making 50k or more you pay us nothing. and the total lengs seven years. if you get to seven years and you're not making at least 50k the contract ends and you don't owe us anything. >> so if i don't get a job i'm not going to be paying you anything. >> when i met my wife she had over $100,000 of student debt. without even being able to create a bachelor's degree i saw the crushing burden that creates in someone's life and wanted to do something about it. >> how can you teach people in one year what they think normally takes four years to do that? >> in one year at mission u you comple you do just in total hours across two years of a traditional college which is essentially what you would spend on your major before we ever started recruiting students we were speaking to laefrds industry, great companies like spotify, uber, lyft, all partners of ours, and the learning is
incredibly tied to what is essential to thrive, both soft skills, hard skills and technical skills. >> so i'm not going to be taking classes like insect and man, wine making or liter correct. we offer data analytics, super high growth industries. many industries. and the backe year is accredited, nc though, and that would make some people nervous about whether they're going to be able to get a job coming out. where would they be getting hired? and i can't ask you for a track record because you're just starting out. >> our foundational belief is the most important cl ine marke recent job, do you have work experi third is an embedded internship with a great company or organization. as part of you that end up completing the program with a robust set of actual references. i've never called a professor to say hey, how does this person actually work in their latest job? i call someone they've worked with. >> where did you go to school? >> i went to brown university. >> so you went to an ivy league. did you think it was worth it? >> at the time the cost
structure was incredibly different. the cost of college has exploded in the last ten years. i'm real grateful for the educational experience i received there but we have 4,000 registered colleges in the united states and there's not a lot of price sensitivity to the outcome of the student. what we're seeing is a tremendous amount of students that are looking at that length of time they're going to spend at college, the associated costs and sayier value that can be attained. >> i've got a 1-year-old who i think i probably want that 1-year-old to get the same experience i did. you've got twins who are almost 1. how about you? would you send them through a model like this? >> absolutely. i want my children to experience, you know, some coming of age, and i think that that can happen outside of the bounds of a four to six-year traditional undergraduate. i want them to also have really relevant experiences that are going to help them build the life and career they want. and in many ways i'm building mission u so my children can attend a place like that. >> but if your kids say daddy, i want to go to brown? >> if they can get into brown and if the cost structure makes sense, then i certainly wouldn't hold them back from it. >> thank you so much for being here.
i appreciate it. >> my pleasure. u for having me. up next "on the money," a look at the news for the week ahead. and guess what. it is adopt a shelter dog month. we tell you what you need to know to make the homec they really appreciate the military family, and it really shows. we've got auto insurance, homeowners insurance. had an accident with a vehicle, i actually called usaa before we called the police. usaa was there hands-on very quick very prompt. i feel like we're being handled as people that actually have a genuine need. we're the webber family and we are usaa members for life. usaa, get your insurance quote today. that's why a cutting edgeworld. university counts on centurylink to keep their global campus connected. and why a pro football team chose us to deliver fiber-enabled broadband to more than 65,000 fans. and why a leading car brand counts on us to keep
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on wednesday the durable goods orders for september hit. we'll also be getting a read on the real estate market when new home sales are released. whether you use them for decoration or food, you should go out and get some pumpkins to celebrate national pumpkin day on thursday. then friday we'll be getting the first reading of the third quarter gdp. and history buffs, take note on friday. on that date back in 1904 the first underground line of the new york city subway opened. each year more than 3 million dogs enter shelters nationwide. this month is national adopt a shelter dog month and organizations like the aspca are running campaigns to raise awareness and encourage animal adoption. if you're thinking of adopting, veterinarian dr. katy nelson as well as her friends kermit and joanie are here and they're going to give us some tips on how to make it a success. >> absolutely. >> thanks so much for being here, doctor. >> of course. and i mean, how can you turn down an opportunity to go on tv with puppies? >> exactly. these are beautiful, beautiful puppies. >> yeah. these guys are available for adoption at the aspca's adoption
center in new york city. this is kermit. he's a 7-month-old little poodly mix we think. and then you've got joanie. she's about three months old. you need some gear when you bring them home from the shelter. >> like what? just to be able to bring them in and be ready to go. , exercise, and where o think are they going to be in your home. obviou a very comfy and wonderful bed that's going to be orth piedic and comfy for their joints. talk to your veterinarian about whether a harness is more appr a leash for your pet. i really like harnesses especially for smaller dogs because you don't on their neck, it's hard for their little trachea. and then obviously toys, grooming, your bowls. all of these fun things you need to have at your house. >> what's the biggest surprise people have? >> there was a study that was done you guys actually published in april that was talking about they surveyed pet owners and asked them how much do you think it's going to cost to have a dog for its entire life?
and people guessed around $6,000. but what actually the research turned out to be was anywhere from $36,000 to $42,000 for the lifetime of a dog. so that's why having pet health insurance is something that's very important. pets' lives rian i've seen it because people aren't able to afford a $5,000 emergency surgery but if you have pet health insurance and you know 80% of that is going to be reimbursed for you it makes it a little easier to think about, well, we'll still be able to put food on the table for my family as well. >> speaking of food, you see commercials all the time about what's best for your pet. and it's got to be a little confusing. what would you recommend? >> it is. i'm someone, i actually steer away from the kibble-type foods because i feel like we are trying to get ourselves away from these high-carb diets and get more toward a healthy natural fresh type of diet. and that's really what i believe is best for our pets as well. and there are a lot of food choices out there but you can -- you don't have to make your own but you can find a
fresh natural healthy food in the pet store that's going to be better pet than something that's highly processed. >> it's okay, baby. we see what's happened with the hurricanes and maybe that's a reminder that people should have an emergency plan for their pets as well. >> look about 90 miles from where you live and make sure that if there is some sort of a situation where you're in the need to evacuate know where pet-friendly human shelters, pet-friendly hotels, where all of those are, and the recommendation is to have at least a couple of weeks' worth of medication and food on hand for your pet just in case need to pick up and go. joanie is having people want to adopt her for sure. >> the dogs you were going to bring got adopted yesterday. this is a time when people are really walking in and picking these puppies up. >> it's a great month. as you said earlier it's aspca's adocument a shelter dog month. they have a great hashtag, find your fido. so if you are out there with your little rescue dog and you want to take a picture to hashtag that, the aspca is doing
that for all shelters across the country. it's a great time for people to find a pup to come home and make part of their family. >> dr. katy, thank you so much for joining us. >> absolutely. >> and kermit and joanie, thank you for joining us too. >> you're superstars. >> good puppies. that's the show for today. i'm becky quick. thank you so much for joining us. next week, facial recognition. it's the technology that replaces passionwords aworde a ? l talk about it. each week keep it here on "on the money." have a great
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