What he said was women were not good at math and science is. I understand what he said. Melissa i110 to be explicit. Okay. Thank you. But that does not have all lot to do with making monetary policy. Think of the alternative. She is a woman. Immediately they feel that if they can get rid of summers she is next in line, she is of the liberal. Known for her medal to the panel lat. Do we really want her in charge of the money supply . Gerri i do not think that people dont like larry because of to say about women. I think those comments have been largely forgotten. But one senator said we need a consensus builder. Also concerned about whether he plays well with other children. Frankly, i have interviewed the man twice in the is brilliant. No doubt about it. A fantastic economist, very knowledgeable, very persuasive, but he likes everyone to go along with him. That is correct. The second part of my answer would be that he is the economists none of us want to have dinner with. Because he always comes to a quick conclusion as to who has the superior intellect and the room. The thing about mr. Summers, a very good mathematical economist and theoretician. On Public Policy his prescriptions have been found wanting. He was the guy behind getting rid of glass stiegel and so forth. And in a lot of ways mr. Summers was the intellectual father of the financial crisis. Gerri welcome also one of the guys to step into the breach during the Asian Financial crisis. So he has been a threat of. He is a fan of stimulus for sure in taking arrows from all sides. It will be interesting. It is always great to have you on the show. Appreciated. You will see you again. Gerri thank you. Well, california economy, not just the u. S. , finally turning around. Is the golden state derailing itself by hiking the minimum wage. With more on this, columnist for the national review. Good to see you again. Thank you. Gerri before we get to california want you to weigh in on summers because i know you have an opinion about larry summers. Very controversial. Also brilliant. Should he be the next Federal Reserve chairman . Technically he is extremely competent. I think both of them and along with many other people would be technically qualified. They will both deliver approximately the same economic policies which is the heroine of stimulus, continue coursing through their veins. I think he is frankly there is not much difference. Gerri that is fascinating. You make a good point. Lets get down to california for a second. Thereabouts to boost the minimum wage to 10 an hour putting them at the top of the list. We have a graphic. Eight hours 8 an hour to 9 an hour to ten. Over several years. What will be the result of that . Well, we know because all the empirical studies show that it reduces demand for labor. Marginal workers, a teenagers, people working part time will be cut. More mechanization. I used to run a program for your people in california. I was a supervisor for kids earning minimum wage. I have to tell you, i saw the effect of minimumwage increase. Some kids just would not be hired. Gerri they say that we are doing this for the 2 Million People and make minimum wage in california. You may help them out of a job. Here is the sad part. When we think a minimum wage we think of someone who is struggling to keep their family together. Well, thats for and have percent of minimumwage workers. The average worker is a teenager or someone who is part time helping to supplement family income. The you know what the average Household Income is . 47,000 per year. Far more than minimum wage. For helping a few people of the bottom we cut the limbs of opportunity for a lot more. Gerri i see minimum wage as a training wage. You come in, learn how to be in the workforce. Good habits to get to work on time, play with others well, how to get your job done on time. You know, at the end of the day youre not supporting a family. People and understand the numbers you were just describing , how few people actually make minimum wage. The reality is a lot of people are not making minimum wage because the markets are so competitive that people have gotten raises. The employers do it themselves, competition is i. Gerri washington d. C. And chicago, run by very liberal mayors. They both in recent years, vetoed minimum wage increases. With the veto message of washington d. C. Africanamerican mayor was we need more jobs in this city. This increase will keep jobs out of the city. Gerri you expect a liberal response. That is just interesting. There they turn it down and in california they flip the switch. Thank you for coming on. Good to have you on the show. Now we want to know what you think. Who should set the minimum wage, the marketplace or government . Log on to gerriwillis. Com, vote on the righthand side of the screen and i will share the results of the end of the show. More more more to come, including a look at one of the hottest investments out there today. And soon able to surf the web while flying the friendly skies. The growing trend of wifi on airplanes coming up. Thank you orville and wilbur. Amelia. Neil and buzz for teaching us that you cant create the future. By clinging the past. And with that youre history. Instead of looking behind. Delta is looking beyond. 80 thousand of us investing billions. In everything from the best experiences below. To the finest comforts above. Were not simply saluting history. Were making it. Its delicious. So now weve turned her toffee into a business. My goal was to take an idea and make it happen. Im janet long and i formed my Toffee Company through legalzoom. Never really thought i would make money doing what i love. [ robert ] we created legalzoom to help people start their business and launch their dreams. Go to legalzoom. Com today and make your business dream a reality. At legalzoom. Com we put the law on your side. And make your business dream a reality. announcer scottrade knows our and invest their own way. With scottrades smart text, i can quickly understand my charts, and spend more time trading. Their quick trade bar lets my account follow me online so i can react in realtime. Plus, my local scottrade offe is there to help. Because they know i dont trade like everybody. I trade like me. Im with scottrade. announcer scottrade. Votebest Investment Services company. Gerri surfing the web from thousands of feet in the air is about to get faster. The largest provider of inflight internet in the United States is being up wifi and main line aircraft. However they doing it . Here with all the details, the chief Technology Officer for inflight internet service. Thank you for coming on. How fast is that . Not extremely fast compared to what is available today from other services. About 20 times compared to what they have today. Gerri one of the big deals is if you do gated on the plane, super slow and super frustrating. People want to work harder on the airplane. It is a good thing for business people. Do you see that there is a lot what do you plan to charge for your services . We see all lot of debate a demand when we will ask launch the technology. Predict, but we expected to bring a lot more value the customer for what they pay. Gerri every time i am on the plane they are constantly telling you to put your laptop away doesnt really interfere with what the pilot is doing . No. We go through extensive testing that there is no interference with the avionics system. The safety is assured by a lot of faa regulations and procedures. Gerri it is safe but can i watch a movie on wifi . People are doing that today. With the internet browsing services and they have been doing it on 7,000 flights every day. Gerri what airlines are you one right now . How much uptake will you have from other carriers . In the United States we are in over 2,000 planes coming over 7,000 flights almost all major airlines. Dell tough, u. S. Airways, american, united, v erge of america as we have a presence on most all airlines and United States. Gerri thank you for coming on. It is an interesting story i know all the business travelers are excited. Thank you for your time. Later in the shows legal panel weighs in on the ability to use your welfare card at the atm. How you do that . How to invest in a classic collectible cars. [ woman ] if you have the audacity to believe your Financial Advisor should focus on your longterm goals, not their shortterm agenda. [ woman ] if you have the nerve to believe that cookie cutters should be for cookies, not your iestment strategy. If you believe in the sheer brilliance of a simple explanation. [ male announcer ] join the nearly 7 million investors who think like you do face time and think time make a difference. Join us. [ male announcer ] at edward jones, its how we make sense of investing. [ male announcer ] staying warmnd dry has never been our priority. Our priority is, was and always will be serving you, the american people. So we improved Priority Mail flat rate to give you a more reliable way to ship. Now with tracking up to eleven scans, specified delivery dates, and free insurance up to 50 all for the same low rate. [ woman ] we are the United States postal service. [ man ] we are the United States postal service. [ male announcer ] and our priority is you. Go to usps. Com® and try it today. How old is the oldest person youve known . We gave people a sticker and had them show us. We learned a lot of us have known someone whos lived well into their 90s. And thats a great thing. But even though were living longer, one thing that hasnt changed muc is the official retirement age. The question is how do you make sure you have the money you need to enjoy all of these years. Not just collectible cars a fun to drive that could make you money. In 60 seconds. Gerri looking at your portfolio what about collectible cars to be the perfect investment . Check this out. 1954 mercedesbenz race ccr sold at 30 million the highest price ever paid for a car at public option. How do turn a hobby into the moneymaking machine . I just want to tell our audience it will be slow backandforth with the audio delay but i have been looking forward to this. Or are we too late . It sounds like the big deals have been done. No. There is a constant evolution. At 1. The chevy is high but the corvette is not valued so follow the market just like any stock or bond any type of investment the better your into the market the better you learn in the more powerful your decisions can be. Gerri center do little secret you know, what about this market. Why did you get involved . Is it tough to make money . We are heavily involved in the marketplace for over 30 years. I choose cars that i personally like so you dont feel that a buyers remorse. My father bought a ferrari at the top and try to sell it at the bottom. Zell monitor the market the older phrase, the 60s, the the four g. T. , the shelby mustang, the corvette, if you buy that car you have to get a deal. By it from the auction house you will pay too high maybe from a broker you almost want to find the private person. That is why home market is so critical so when you do purchase that car you make a good choice and dont get hurt. Gerri where do i look for this information . There are a couple of good web sites if you look at race cars there are all kinds of websites and as well. Also rmr auctions to show the trend i was in monterey and we went to five different auction houses delivering 760 cars for over 300 billion. They will tell you how many people are getting into the marketplace. Nothing like driving your investment. Gerri it seems that has to be pretty complicated. It is fun but but you have to have the money to Start Playing . You can purchase a car in the 20 or 30,000 range torpor for a mustang mustang, something they wanted as a kid says 65 mustang. You can pi 20,000 range but the key is to pick the right one. The right engine, options engine, options, make sure was not in the accident and if restored, if it was done properly. If you can find the original user can find that because there of the original ones. Gerri good point. How do i know it is in a Good Condition . No accidents . Those are big issues. There are certified appraisers and experts to hire they will go look maybe a neighbor down the street that has a corvette sitting in the crotch. To lead one to invest in the 69 corvette . It depends on the engine. Yes you will pay them but it is just like the used car that will actually pay off in a big pitcher taking the investment very wisely and a precaution you could be stuck with a car that has a lot of issues. Gerri that would be terrible. Gerri what mistakes to people make for the first time . They buy cars on impulse they think cars have to be worth money without doing research they will buy the car and cannot get rid of that. Or the restoration is a stitch a label or substantially more event it could ever be or they purchase the kit carts thinking it is real or has Replacement Parts or multiple people claim to own the car because it has been in a couple of accidents. Gerri you talked about the big deals but how does this compare to anything else . What levels of appreciation does the market have . It is a huge right now. For iras, the mercedes, porsche, a ferrari, if you look at the market as a whole it is up to 430 over gold that is around 270 . Looking at those type of numbers that is where you have to check the bluechip listing and follow the car they want there is 25 cars better listed those are not necessarily the cars they want. You cannot afford those but they do this to others. Also there are web sites out monitor all of the auctions to do your homework. The secret is due talk to your friends than get involved with the club, find the bmw sitting in someones garage that has not moved that is a deal the matter what condition. Gerri if i spent that much on a car identify could actually drive it. Great job. We have all learned something i think my husband is taking notes. Think you. Gerri health and fitness is incredibly popular prewill be shocked to find out where that information is going. With the Record Number of americans on food stamps many are using them at the atm. And not just for food. Is that legal . Orvi. Amelia. Ur. Neil and buzz for teaching us that you cant create the future. By clinging to the past. And with that youre history. Instead of looking behind. Delta is looking beyond. 80 thousand of us investing billions. In everything from the best experiences below. To the finest comforts above. Were not simply saluting history. Were making it. Gerri a scathing report out by the gao sheds more light on waste fraud and abuse in washington. The government shelling out more than 1 million of improper disability payments to people who have jobs for a 36,000 are not suppose to be working better gaming the system and the report says the overpayments show major of weaknesses in procedures to police the system. Outrage over welfare recipients in arizona instead of cashing in benefits and restores they are going to times square tuesday land and hawaii. Are these cash grabs legal . We have a criminal defense attorney and prosecutor and our legal analyst. Give us the the 101. Of arizona 47 billion is spent on federal aid and not a huge percentage but some of it people go to the atm at casinos, strip clubs, bars, using the federal money right there. That is not what we are paying for both food and shelter. Gerri the new state law bars that activity . Is that the right thing to do . It is to taylor because you dont want to use taxpayer dollars for these purchases but the problem is when you use a debit card cage you really prove those withdrawals was used for that type of charges . You are in a strip club there is not too vigorous restores so you inhabiting a. Maybe a candy bar in the liquor store but come on. Call me the 83 taxpayer because i think were giving you welfare payments then use it for food to feed the kids in the family. I agree but there are so many loopholes. We should try to make it a little more stricter on what you can spend the money on. There should be a way to prevent the recipient from using the money in these establishments because the law targets the Business Owners that is unfortunate we need to target the recipient. Gerri that is the problem if you run a liquor store you hope to make a profit profit, should it be your responsibility at the end of the day to monitor everybody . That is my point. I dont think they should have to monitor everyone who uses that to becard. The recipient needs to be on notice you will be banned in and it will be revoked for youre not supposed to use the much easier but. Then they just go over the result space. [laughter] the result space. They have to make those changes within their businesses. It will not cost that much money. Gerri come on. They need to know you cannot spend the money at the strip club. Gerri does my heart goes out to them . No. [laughter] it is like a debit card but it is hard for a the Business Owner to run the business. If they see that they can say sorry i bike to give you this. Gerri we are as obsessed with arizona but what about local scene . Yes. How far can he go . Everybody can cheat the system because we see how much talking about arizona, that is just one state multiplied by statebystate in fact, it has a lower amount because they are being cheap, its they give to welfare think of maybe new york for example. These critics say we should not dictate to the welfare recipients in they perpetuate the stereotype to say this is what they do. To avoid that the critics say we should not do anything. They liken them to the municipal workers. Is not a stereotyped as they go into the strip club. It is evidence. Gerri day you agree . I dont. That is the problem there was of bill point to passing in the yorkville that is a problem. But my taxpayer dollars i dont feel any compunction whatsoever. But spend your own money on that. That is just me. There is the bigger problem how the taxpayer dollars because there is no fox guarding the hen house and nobody cares because at the end of the day they feel it doesnt come out of their pocket. It is our pockets. It is a good step there should be a federal law to make sure interstate does not happen either. It does need to be fined two and but it is hard to say if you do this we prevent you from using these moneys and then somebody will do it anyway. Of the lot is on the books they will be more wary i dont know how. [laughter] if they go to the atm somewhere else and walkover . This is not working well. Gerri i dont see a way out thank you for helping us out. It is an interesting conversation. I oftentimes d