There is an epa gasoline mandate that is bad news because it divert crops from Food Production to ethanol and it could raise food prices too. That is bad news for drivers because higher ethanol means lower gas mileage. And aaa says too much ethanol could cause engine damage thats not covered underarranty. And thats good news for me. So thats the ad that is causing a big batle between two industry giants, aaa and the American Petroleum institute, api. It centers around a fuel additive we told you about on money. E 15. Both groupsaid it can damage cars if you use it. They created the commercial. Aaa isacktracking bigtime. They want the adulled. As they find it out what should you put in your car . With me is a president and ceo, jack girard. Jack, are you surprised by the moverom aaa . That is interesting, only people weve heard is small aaa group out in south dakota heavily infenced by the corn industry. Just yesterday the head of aaa testified in the house that e15 still a problem and likely auto manufacturers will not warranty their cars if they use that fuel that were now potentially being forced to blend, to provide to consumers. Melissa although, they have put out a statement and theyaid that aaa continues to have concerns about e15 causing confusion for motorists and potential r this blend to damage certain vehicles but apis ad campaign appears to focus on the elimination of the renewable fuel standard, a position aaa does not share and aaa was not consulted the regarding of use of its brand in this campaign. How do you respond to that . Well in this context, melissa, we dont suggest aaa supports the repeal of the renewable standard. Melissa but they say it makes it feel likehat. That the statements you put out saying aaa says ts can ruin your car and you shouldnt use it, they feel like their name is being used for something they dont agree wit. They dont necessarily think e15 is a detriment. A lot of people dont understand it can onl go inertain cars. Until there is clarity it shouldnt be out there. It is aittle bit different. Th are not exactly saying, kind of what you said th were saying . Well two things, melissa. They testified again just yesterday saying e15 is a real problem. In fact their public statements say it should b be pulled off te market until theres Adequate Research and testing to make sure it doesnt do damage to consumers specifically to cars. But the other thing i would add is we have not heard from aaa about this. So in some ways this is a lot of tempest in a teapo there are a lost other people out there th would like to drive a division between us, aaa and others but the reality is, were all expressing serious concerns about this government mandate thats going to push us in an area that will put our cars at risk, drive up consumer costs and potentially hav a lot of adverse impacts on consumers. Melissa we did ask aaa to come on this program and clarify their position and they decline the opportunity to do that. And as you said, 13 manufacturers have stated that the use of e15 may void the warranty coverage. I think aaas point is, they stand behind the use of the other ethanol blends. Theyre talking about e 15 b, e10 is a fuel now contaed in 90 of the gas that is sold out there. They dont have any p problem wh that. E85 is a fuel specifically designed for flex vehicles. They have no problem with that. So they feel like, it seems, that this idea of them being worried about consumers not understanding what e15 being conflated into aarger argument that all ethanol is bad. And i does with that, melissa. And threason i would, because it sound like were exactly where aaa is on thll issues. Melissa okay. E10 what we blend today, that has been approved for all automobiles. That is why it is being consumed in the market today. Unfortunately the governmt mandate pushes us through what is called thelend wallnd will now compel us to blend more han e10. That is where we and aaa share the view, this is not good for nsumers because crs have not been built to run on e15. In some ways there might be nuances of slight variation. Melissa okay. The reality is we all agree this is a problem. Melissa those in the Biofuel Industry attack a certain study a lot of people out there are using an point to that is differenfrom the department of energy study. It is by the crc. It talks about how dangerous e10 or e15 specifically are to cars. They say the proper control groups were not used. But you and other groups continue to quote this study saying it damages cars. How doou respond too that . One of t the great on ronnie, melissa, the department of energy and epa were original founders of framework and protocolwe used in tt study. What is interesting about it part of the doe assigned to work with us actually wrote part of that sdy. If some of our critics are saying it is not an adequate study or doesnt reflect clearly what the problem is, it is doe criticizing doe. The bottom line the study shows you put cars ad risk, the both fuel systems and durability of thighs engines iffyou use fue that have not been adequately tested. One other input here thats very important. The canimportant arrow sources board, california has never been viewed as a nonprogressive state, they have come out and said will knot authorize e15 until it is further studied and we believe that will take a number of years. So there are many people raising the same concerns we are. So thisis a real problem. Melissa thank you, jack. Thank you,. Messa we emphasized again, invite aaa to come on the show. We extend the invitation to them to clafy their position if th disagree with anything epi is sayg. Natural gas rig in the gulf of mexico partially collapsed it is still burning. It engulfed the rig after the gas well rupturelast night. There were 44 people on board. Th were all e evacuated before the fire began. The rig is owned by hercules fshore. U. S. Coast guard and firefighting vessels are scrambling to try t contain the blaze. Local Officials Say they dont believe the natural gas leak will be anywhere as damaging as the 2010 bp oil shell which occurred in the same area. No sheen is observed anywhere around this rig. Next on money, how much money do you need to consider yourselves wealthy . The results of a nationwide survey has been revealed. Amicans arnot shortchging their answers. Our money power panel weighs in on the eyepopping numbers. Detroits bankruptcy gets a green light to proceed. John stossel is here with what it will take to pull detit out of its financial abyss. More money coming up. Toxic chemicals and carcinogens are leaching into the environment. Its happening right where we live, work and play. Everywhere. Cigarette butts are toxic waste. Lets stop the toxic litter. Learn more at rethinkbutts. Org melissa waiting for the chips to fall. Our own Charlie Gasparino has been reportingt for weeks. Now the wall street journ is reporting that criminal charges for sac capital are coming tomorrow. The Justice Department is expected to charge the 15 billiondollahedge fund with criminal wrongdoing. It centers on alleged Insider Trading at sac from 2006 to 2008 but steve cohen, the head of sac,s not expected to Face Criminal Charges personally. One ominous historical fact to keep in mind. No major Financial Firm has ever survived cminal charges before. Of course, were going to bring you all the latest news on this case as it develops. So how do you define wealthy . Million dollars . 10 millionucks . Just having enough to pay your bills at the end of every month . According to new research from ubs the majority of investors say wealthy means 5 million with at least a million of that in cash. Ah, something to strife for i guess. When it comes down to it, wealthy means Something Different for everyone and a lot of it may be Just Perspective i think. Lets get some from our power panel. Scott martin, from united advisors and Jonathan Hoenig from capitalist pig and a fox news contributor. Welcome to both of you. Jonathan, let me start with you. 70 of people with Million Dollarin assets dont think theyre wealthy. What do you think about that . Melissa, a million bucks aint what it used to be. A Million Dollars today is really the equivalent of 750,000 if you go back to look at what a Million Dollars was even 10 or 12 years ago. We think off one Million Dollar, or one milli dollars. Hilariously remembered being this fantastic amount of money bu given how much the value of a dollar has fallen and prices have risen, a million bucks aint what it used to be, it is two, five, even 10 now is the new definition of what wealthy is. Melissa scott a lot ofeople tweeted in, and we saw a huge response on twitter about this and a lot of great answers from people. A lot of people said it very much depend whe you live. Thats the true, right . And perspective melissa, too. If you grew up and your parents had two cars and a summer home in cape cod and you went to a private school, whatever you associate with having a lot of money when you grow you probably dont feel rich unless you have that same luxury when youre an adult and i think yr comment on perspective is totally right. Dont forget, too, when the markets acts friskilyp or poorly you feel different about future value of cash and investments. Right. In 09 and 10, im sure people said a coue million bucks isnt going to be so great. Now that the market is getting better, jobs are coming back, maybe 2 million is looking better because the future value could be higher. I want to bri in psychologist jeff guard tear gardere will join us as well. Were talking about a lot about the dollar figure what the ubs stud focused, one million, five million. So much it as guys were saying is perspective. Is it about, you know, paying all your bills and at the end of the monthot feeling stressed about that . Or is it about having a more lavish lifestyle than how you grew up . At do you think . How do people feel . I think people have really changed their perceptions about wealth these days. Melissa yeah. I can tell you that i work with aot of College Professors where i teach a the college of medicine. A lost physicians and for them, wealth is being able to pay your bills, put your kids through college and no matter where the market goes, youre still comfortable enough to know that at some point you may retire, or, that you will have tenure or have a job for the rest of your life as long as you need it. So as long as you have access to money, to have the basic comforts in life, then you are wealthy. Liz jonathan, i mean a lot of people said that online as well that it was about, it was about family in the sense of being able to take care of your extended family. You know you have enough money for your kid. You know you can take care of your parents. Anding. Melissa, you are comfortable with that million, two Million Dollar level. I think what were talking about is really that what used to be called, fu money not worrying about ail about future. Th is what this notion of true with was. I think simply need more. The notion that people can retire on a couple hundred thousand dollars for 20 or 30 years at the rate prices are rising simply cant happen, we need more. Melissa scott, does the fu money really exist because you dont worry about what happens . Chances are your assets are not liquid. If the tide turned the way it did in the recession. You may have 10 million it may evaporate or 100 million and a ton of it may evaporate . Right. Steve cohen had forget you money too and im sure he is possibly a lile worried about it in a moment. Th funny thing, melissa about that survey, i couldnt believe this, four out of five investors surveyed are taking care of aging parents or adult kids. How about that . Melissa yeah. The point about taking care of family . That is another thing putting a lot of posttraumatic stress disorder on people because medicare, medicaid, the danger Social Security is in isnt exactly giving people a lot of confidence. Melissa at the same time, you want to keep perspective. Were talking a about a million, five million, median u. S. Household income is 51,000. So you would have to work 90 years in order to achieve the kind of money a lot of people in the survey who are ubs weah clients say, its not big dollars. Its not wealthy. It is also out of touch survey, right . There are people out there in the audience watching thring tomatoes at screen right now saying thats crazy, right yeah, i agree but i think what other people are look at is the fact that theyre able to own homes or own some properties. So as long as theyre able to sit on those properties, will them to their children, they see ttat as a form of wealth also because there will be a generation of people who are not going to be able to buy a home or, if they do, theyre not going to be able to have that vacationome. Melissa yeah. Melissa, thats it. If wealth means not having to worry, a lot of my clients at capitalistpig. Com who have 3 or 4 million they worry wh the economy gets tough or economy goes south. Even millionaires clip coupons and fill up with regular gas or put off major purchases because of the state of the economy even two or three Million Dollars is not that kind of dont worryoney it has been in generations past. Melissa scott, i will give you the last word, wealthy, what should it mean . That is big responsibility for you to t to answer that question. Go. Ill say. The filters are going off here. Ill tell you, listen, wealthy to me, i dont mean to make this personal, ft, shelter, say love in your heart. I feel pretty wealthy. And health. Health is important melissa ealth to enjoy it. Otherwise if youre dead it sure doesnt matter. Ill say 25 million. Ill go on the record with 25 million. Melissa 100 million. How about a Fun Television show . That is a wealthy to me. Great panel. It is our money question of the day and i loved all of your answers. What do you u consider wealthy. We had a lot of good once from people who spend their days golfing on country clubs and private jets, that is wealthy, that would be nice, thanks, jack. To wealthy is rich and having nice stuff and not worried about anhing. Wealth i generational. That is true. My favorite. Anyone fortunate enough to call you a friend. Guy, tnk you very much. We want to hear from more of you. Follow me on twitter at melissaafrancis. I spend too much time on it during the day. Join me. Coming up detroit get as green light to move full speed ahead on the bankruptcy filing. Here comes the hard part. John stossel is here with a special report on how to clean up the mess in motown. Plus when wehought Lance Armstrong couldnt sink any lower, oh, boy, is he proving us wrong. He thinks the government should do something with te 120 milliondollar lawsuit against him. I dont know what that was supposed to say. When you hear the reason why, your head might explode. Dont go away. Do you ever have too much money . Whether on wall street or main street here is who made money today. Everyone who owns apple. It just had its about es day of the year. Strong than expected seas of iphone have some thinking apple got its groove back. The news sent apples stock climbing 5 . Very nice. They needed that. Meanwhile losing money today, anyone who owns caterpillar. It slashed outlook for the year and more cost cutting will happen in 2013 t also report ad 43. 5 drop in quarterly profit. Cat primarily blames poor demand from the mining industry. That sank cats stock about 2 1 2 today. Hmmm. Winning a 500 milliondolr makeover chicagos wrigley field. The City Council Approved an overall to the 99yearold stadium. Did you know it was that old . In a rare move tese days the cubs are funding the entire renovation with noaxpayer help. It includes a 5700 square foot jumbotron. Of course there is also going to be a lot of new spots for advertisg signs. Got to pay for tse renovation, right . It was big news that president obama was makg a speech about the Economy Today but its probably fair to say that there was no newsn what he said. Typical rhetoric. Blaming politics for getting in the y of a Real Recovery and reminding us to stay focused on the important stuff like unemployment. Thanks. Ffx businesss rich edson is live at the white house with more. Rich, there must have been some meat in there somewhere, no . Well, it was very general and this is the first in a series of speeches and the white house didnt exactly give us a preview of this, making us believe wed get much knew here. The president did say over the next several weekse would put out some specifics. We didnt get that mu to look at some of the president s proposals from just this speech. He called for green energy spending, infrastructure projects, job training programs, higher minimum wage, all things he called for before. When it mes to inaction in washington he put it on congress . I will Welcome Ideas from anybody across the political ssectrum. But, i will not allow gridlock or intion or willful indifference to get in you are way. Exactly with will change . Whats the point . What is it going to accomplish . Probably got the answer. Nothing. The president is just about to deliver a similar speech in missouri. Then tomorrow he head to jacksonville, florida, part of a economic roleout which will roll into the debt ceiling and government funding negotiations that will pick up this fall. More fun for you, thanks very much, rich. Thats right. Maybe president obama should have spoken in detroit today. The legal battles are heating up. The court ruled the motor citys bankruptcy file something entitle towed protection from state lawsuits challenging the filing. Labor unions were trying to block the bankruptcy fearing their Retirement Benefits would be slashed. Overall the city has more than 18 billion in longterm liabilities. John stossel has a special report on detroit this week. He is here more. Welcome back to the show. Thank you. Liz so what is it like there right now . What did you find in your special repor . Well, its a wonderful place, maybe, to start over. We found homes selling for 1500. That is month rent for a lot of people. Melissa yeah. So, maybe melissa a whole home for 1500 . A whole house melissa is it a house you would want . No. It had good bones. Nice hardwood floor