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Ep. 869: Where Boehner has become a dirty wordAunt Jill aka @JillonMoney from CBS's MoneyWatch.com is on the show today to explain the upcoming US debt ceiling deadline. With zero hour approaching next Tuesday, August 2nd, Jill eases our fears that the economy will collapse and offers helpful tips...
It's Wednesday July 27. 2011. Where the for a Porsche -- cnet.com on Jeff Bakalar I'm Wilson -- I'm Justin yu and -- until messenger and this is the show where Dana. Has become -- -- where it. They are adamantly yeah I troubles some kind of last name for this. They know one of my favorite radio stations in the CBS radio family you know lot of work for them is WOOD. Okay good. -- speaking -- that gainers. WID using Grand Rapids, Michigan right okay. And the first time I went on live with them you know about two years ago via. The guy says -- you're waking up would would in the morning. -- -- And back it's too easy. So and I am not kidding I'd burst out laughing yes -- a -- I know I'm not I don't know have a sense of -- okay I started laughing the guy starts they think it's the funniest thing in ice it really Heidi Italy thing. -- instant you abuse or call letters W polo did they have mugs travel -- that they printed up that says waking up with would in the -- western Michigan is number one. I have is why I am not a true story last week I don't like to carry the -- ground and -- -- -- as we know. Were a little bit off color -- I don't think so anyway let me just say this I go into pier seventy to 72 street west and avenue. And I -- to get my normal you know bacon egg cheese sandwich to go nice and I had my coffee -- in my. And a guy -- is staring at the month this serious okay. He says that looks at me and I set allowances are you know this is kind of in joke I'm sorry if it's offensive He is no it's not offense because I just realized I had not been able to drink and have them on like that for ten years. Okay okay. Well that's under Alaska. Law so they're a well. Yeah so I just. -- in you have He has not waking up with W holiday that's that it. Can be corrected these days I and -- medications prevent Larry. Okay. I can't imagine Pfizer has a deal with that -- -- and I didn't think that that would be something -- would be like the entire program would be -- -- by. I -- yet or is my price about by about Viagra. IP address He says he's a so I am have a speaker Boehner yeah -- -- -- feeling. You have to -- all right. I'm gonna play John Boehner and I played down after ten per minute I have no idea what any announcement but I just let me spend my normal. -- -- -- -- -- -- Where -- second pretend that I don't know anything you -- -- A lawyer before before you today what would. What is the general certainly feeling about this delayed everybody uses Virginia I don't think that plays in India -- and India -- a -- that you know that. Here's a deal you know the debt ceiling is the maximum amount the government can bar okay I. And it's like saying like here's a credit card limit for the United States but I like data now okay now this rule has been on the books since. 1917. Also has so -- -- -- little while yet so we of the congressional approval they can increase the credit card limit. I'd done a bunch of times in the past we keep needing to borrow more money because -- spend more money and you know so we do that. So here we are we're about to come up against the statutory that means it's written into law the very meaning -- statutory that's via an inkjet human for this when this -- -- today. -- -- -- -- -- -- -- -- -- -- And general I -- image I I due out I. Excellent sales this statutory limit the statutory limit is fourteen point 29 trillion okay so a number number we can all comprehend fourteen point to unite just think -- -- is -- cirrus ice nice and I know -- an -- -- his mind to mind going totally sell. What happened now is in order for the United States government to keep borrowing money and funding the government to drive. Congress has to agree to increase the debt C -- are right now here's the deal. There's a huge problem because rate now. Mr. Boehner says we're gonna actually vote to do this unless you cut stuff comparative. The -- -- and logical and rational and the Democrats are saying okay we'll cut some stuff. But we're not in -- cut Social Security year Medicare we're not gonna start hacking away at these big social programs right because -- are still in a very weak recovery. We don't want and a blast away people who were relying on these things here and -- are changing the rules right now now. So here we are at this impasse on on his second. Treasury Secretary Tim Geithner says okay. We're gonna kinda like you hit this point where we -- We had we don't have enough money coming in to -- obligation -- we need more money. So we don't increase the debt ceiling will what happens is that we have to stop paying bills so let's use the analogy of the family if you've been living. By evening sort of floating your family's budget by borrowing your credit card and a credit card company calls up and says time to -- -- yet and Jill. -- -- -- a good time no problem that's great. We are gonna freeze you at this level grades in a -- I mean makes it needs to -- interest -- -- He had. MySpace. I. What happens in that moment is we make a decision which bills -- Right so would be -- a pirate -- mortgage essentials Medicare taxes aren't reading pay your utilities causes African hot that we want our air conditioner and -- -- right. But we might not pay other things connect your cable though we non essential things will kind of boot right so what the government is done now is that have come up with the game plan and we don't know what the game plan is exactly but they've said. We're gonna pay interest on the debt we're gonna -- credit card interest as we wanted to make sure that bond holders don't get screwed in this process was then they're gonna pay that. Social Security should probably be okay because social securities -- a separate. Line item even though president Obama's is real and not be able to -- Social Security checks at Social Security is actually running a surplus right now so we're not worried about -- -- But you going to national park unit into a museum. Nonessential government workers postal workers or anyone work in the army at the close of -- was completely funded by stance and yeah I like that. That's what we're talking -- it's more complex commercial -- Their ideas and so all. Let's take a little longer explanation than thirty seconds yeah -- so what's happening right now is. There's a big fear that we're coming up against this deadline in and there's no agreement. I find this to be mined and that we if the four of us had a disagreement. For like at and now warriors -- 82 years -- -- -- notes in -- while. Hand to bang out a deal before actually deadline because they're so we're like children they are like children seeking about using our family -- to -- where that figure is likely aren't as they -- Yeah. It's a blended American and -- Newton. Let's say -- you know we are this family we're making decisions for our am. And we -- he's pretty easy for can cuts. Is who are screaming yelling about the decisions about this year nearly the fringe of our family right on one side we have the fringe of the Republican Party and the other side B of the fringe of the Democratic Party. But really there's a lot of consensus here are a little core. A fat and we know what has to get done we -- totally agree that we're not -- nineteen. Now -- mortgage were not gonna do those things -- not gonna ruin our credit history right we're gonna do that. Any lessons are squawk game and making us nuts and are really trying to insert themselves in the process. And maybe you -- have -- loyalty to one set a cousins and Wilson hasn't loyalty to another so we don't wanna really really disenfranchised. Sure but. We'll start think they're absolute past their little breasts and you want to just get rid of them. I think -- speaks to where we are in this process right now. There's little cousins are causing a lot of problems for our -- I don't mess politics with spam that's -- And I'm would else's it's that it brings into light is that if you ask the American people what they want me to CBS news Apple -- -- I heard -- of -- two thirds of Americans basically said. Yes raise the debt ceiling cut some spending raise taxes but not via. And that's that. Get two thirds of Americans to agree on what -- have for lunch every iMac and a half so. This is just a pain in -- It -- so this whole thing sort of like boggles the mind for me on multiple wine. The thing that sort of where I find a bit of all in the general now is that I've heard that explanation. That this is sort of like your credit card -- yup. Except. It's not. I -- it if the country. It's it's the country but all we all have the same -- Salt -- we all went through this whole mess two and half months ago. Budgeting for the next year the government on English guy and at midnight yes right. We all agreed to congress passed the the spending bill the president signed it we all agree to a budget. On and this debt when it. Is self imposed like -- market the -- the bond holders people who are actually lending us money are saying hey. Actually you know you can have as much money as you want it has were -- -- you like two -- 3% the lowest absolute lowest interest rate. That implies that our credit limit. Is much higher than the fourteen point yet kind of witty self imposed yesterday but not probably pretty but are not not -- -- right because it is by law on the books right and -- how wide the congress already -- It's like me going up to -- say okay Justin want to -- 500 dollars and let the next day saying okay you only have 250 to SpinRite. Then they here's a cool thing that's what that's what I hear them on your right because the money has been appropriated by congress. Both sides congress by the -- that awful but when -- -- -- and -- these are all the guys are often as I am. I thought I'd like -- Boehner talk about that it wants a blank check -- you perhaps that's. And -- -- and so. And -- its faults right accredited. Premise that that Wilson brings opposite really smart one in that we already proved that this money's going to be spent but now so you would think that this is sort of this kind of like to wield of course being used to recent -- to spend that money so it becomes a bit of a false. Issue -- however it's except for the fact we do have this rule in the book and we have to actually raise the debt ceiling. Now the accident could invoke something like that like you know you're got you know you're reaching into an. -- -- -- The fourteenth amendment yeah which I'm sure you know iMac but also Akamai and what the hell is it important to us into. Fourteenth amendment -- -- section of fourteenth amendment that has basically said that. Like when you have agreed to pay all this money you -- -- -- pay the money through it was a -- for the union. To pay its bills after the civil war okay and so the president could theoretically invoke the fourteenth amendment and say I have the authority to pay these bills because. Congress has appropriated the money and now president Obama's like like I don't wanna be -- in the fourteenth amendment right to get -- not -- not a great name and He is a constitutional. Lawyers -- kind of knows what the fourteenth amendments all of that He. I think He realities He wants this to be bipartisan. He wants He -- want this grand. Plan He wanted there to be a plan in place to really do. Ten year deficit debt reduction Britain and it just -- -- That's really said when it comes down to it I think sells really said in the chat room. Patriot 68 says the digital let's just get rid of both parties and let people vote these sorts of things I know that I know it's a great idea except that it doesn't really work like didn't we already do that experiment like socialism didn't quite work that well isn't that what California is -- they don't say they've got like -- and as it is where it. -- -- like voters will see themselves. We want low taxes but we also want you to pay for college education right so they have they -- prop eight thing right there voted on -- yet here it was asserted done yeah and needles going to the poll. What are the things that such a bummer about this yeah that there are real problems that this country needs to address and I cannot stand listening to these political being -- sit there and and like pontificate. About nonsense and when you say hey wait a second problem. We have borrowed way too much money now and we spent too much money. But we just have this problem that's called a very weak economy we have we've come out of the recession we are out of a recession. But it sucks this is a sought key recovery and there are still nine point -- -- are there are He. Unemployment rate is nine point 2% but like the broader unemployment rate is like sixteen -- Clinton -- said any any problem 7000 kids show up at a high school every day right so we've got these big problems -- -- got to listen to these guys. Yak away and talk and like pound their chest about what they believe is the virtuous part of American and you know like on guys but some people back to work. Then what I'll ask you about some -- last week about. Something like that right in February 6 members of each party would come together student -- -- that possible I don't know there's your media avengers movie like that. As well yeah that's category we know there's this group called the group Lieberman you heard about it. But yeah it's the -- and billionaire yeah. I -- -- that as I honestly had pretty silent. He rises because I. I I. -- love him nailed it and diets now that. I'm gonna -- you grilled cheese sandwich. And so we this group of the gang and sixty -- -- that. So these -- released it but games -- -- -- -- -- a gang of six is these three Democrats three Republicans -- Tinny sounds like the senators actually likes it and the adults at the -- little bit more than house gases -- feels like it released since Saudi and it's like you know it is strike recess -- let me be to a portable honestly you know what you say -- Let's let them fight it out because all they're gonna do is -- -- -- the -- -- in the for you know I'm gonna get anything done you know -- let's get biblical with. I love the there are on there -- out and anyone dead but maybe a little bloody well. Instead project is -- get biblical. Perhaps I -- -- men need anything you recounted yeah every -- -- that about. Gotten so one of the things it's so interesting is that when you look at that gang of six they can -- with a deal that basically the president liked -- four trillion dollars three point seven trilogy. Trillion dollars over the next ten years cut everything let everyone suffer a little bit. You know it sounds reasonable I think to most Americans want to vote on that today that -- -- done that yet taxes -- the -- with some rich people. Corporate taxes had to get changed we gotta cut some of our spending you know like. Everybody who actually is an adult understands that changes have to be made. The T hear the pounding all I wouldn't vote for -- -- saying brazen. Men only and it's crazy nor I think. The thing that -- peeves me the most -- -- -- is like. They're bigger issues at hand but the economy but then. All these like different bargains all these different deals to GOP plan the democratic plan and and here what is it is gonna house. Boehner. On TV the other night. And he's like. I don't give the president a blank check. And obviously the president wants this so that. So it's all politics that. Essentially what does He say He yeah He says that I I don't want to make this part of the election for. At right right right I -- what -- do that. What pisses me off is like why then like -- like -- his solution is to schedule another vote on the same thing. In the middle the freaking elections I now has it that they're not enough other things that we -- him about what what would you cut -- cut we cut without really making a big big stink at what about military spending. Except you know we've got all these guys and gals who heard their fight -- -- -- -- -- I mean that eventually yes that's gonna come I would like reading this thing I'm -- it's said and this is just by citing you know Wikipedia budget Seattle where like the numbers are all there for everyone to see. We could cut the US defense budget in half. Have an extra 150 billion dollars a year just to do whatever -- right. And then mail everyone in the United States -- check for 500 dollars. It's and then still have the largest defense budget in the world by three times -- the defense budget is going to get hacked but we are still in the middle of two wars and were winding down there's definitely no doubt that that's gonna get that's gonna come down and we don't -- make anyone less safe user account -- dash here and really like a lot of people you -- complaining about wasteful government spending. So if you take out. Social Security. Medicare. Medicaid. Military spending because we're in the middle three wars. What is really left like you're looking well do you know what percent would Alex less than 1% this telling it like when people say. In a discretionary spending pork spending -- 1% of the budget now where the real money is and not even Social Security not the problem. It's Medicare and Medicaid people right refuse to die and how plus. To get health care costs are going up -- May happen at the right time right after I. I -- adding inside sounds totally brutal as say. But when all this stuff was put -- -- place. People were living to sixty to write again and now when you like the -- -- right -- when Social Security system was created. We had this huge bunch of workers that was paying the bill for the people who were retired and Social Security was created for -- -- orphans people who are really suffering. And now you know the life expectancy is extended by ten or fifteen years than the original plan. But Social Security can be fixed -- that it actually that's not the problem the Medicare part is really out of control because it's very hard to control via its health care costs and Medicaid and it -- -- -- cut Medicaid oh you mean. That people who are the poorest. Suffering the most. Those are the ones we should -- That doesn't seem reasonable to me I mean this is let's as a society sure we make choices right we said we are gonna try to take care of those who can't take care of themselves that's what we've done as a progressive society right. We already made that. We're gonna have to address this it's going to be addressed because if we don't address it -- like the markets. Start to. Put pressure on. The congress right that's the -- you're gonna go back to them. Did you get no better then now does not running a surplus and yet you actually do we gotta take a break right now but -- -- -- back you can even worried now -- know what will happen on Tuesday all right if we don't read perfectly excellent -- planes falling the sky. -- is dropping from this -- Like YUK although I NY stick around a lot more for four with -- -- you when we come back. This is the floor -- from -- and enters the show where we all zaireans. Right wallet in your little -- for what you -- -- a lot -- Well like crappy on the other and both. With -- night for a whole. -- -- -- -- Now maybe hey you know what you like crappy U I you can't you're talking about Papa -- and don't -- and that's basically the genuine reaction. Those flu deaths -- I don't know that feeling right now because -- the right -- that -- -- cellblock examining -- -- those not eat it and here's my ideal about the. About -- -- -- are you born and raised New -- yet so here's the deal I think is a way that He isn't -- about bagels look at all the players are all this there are real. There are real products -- a better called bagels and pizza right and then there are these. Kind of like. Products right that you would buy if you were in -- at Nebraska shirt and you couldn't find the real threat -- I think you'll like it -- like product that's not a -- RC cola. Hey I -- -- it highlights some kind of an all you can do right away okay but here's -- -- rate. You live in New York City that yet there is secure and plastic. Amount of Greek pizza she all of the near many public area it's like owning twenty towns and buying look at the -- yeah. -- That but that doesn't mean that the lesser. Or yet they mean lesser foods that He says -- yet how does not. -- -- -- -- -- -- -- The clock back on -- And -- now you have. I don't like -- like -- Southern California at -- noted bagel is not a science and now here in New York graduate pizza and it Nagel is instead at you can to need to do that. If -- were -- has stranded. In -- -- -- and I had to go to -- that would be fine the F accidentally. Good going to -- in in getting into teaching -- right. Want to stand and get done progressed so -- chat I don't throw it -- do. -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- It -- -- quality and -- if you're -- further in making these ads basic. He repeated to the large pizzas for eighteen dollar. Beat that with your neighbor its -- no but I can also not have to sit on the toilet all night. Money was made of the -- -- popped up. I'm still here that happened to the opportunity. Yeah. Until -- on the -- I was dinners every Cisco office and of course. I love you -- every disc W knowing it would make no denying them analyzes however so you has been San Francisco into an entire year and the idea what is -- the the stuff you get from those stories -- little -- -- a little bit bigger -- Philadelphia. Could see him and not know yeah. Yeah now. I'm mad I tell them I know I voted right right next Steward to the buildings here they -- get a deal and a to them and laughed at him what -- that it could be that they -- -- I don't think about it you'd -- -- back. What -- -- at night suite is there any. Place to get a good bagel in San Francisco I got so many responses like forget about the financial stuff you're basically. You try this -- this and then and then like a hundred that say it's no -- yeah should have called me up a would have FedEx won't back anyway so I'm better. Are right on August 2 if you the worst part about this -- debt ceiling deals let's talk about me for second. -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- This -- this for me to guess what a -- and then but they're gonna. I. Starting the -- via. I cannot. I actually now on alcohol content crowd and I -- and do I have to basically be on call for August and you know in your money needy worthless where -- -- not. On iTunes they're you don't have an amendment is tomorrow's portable -- -- and and I can't I. And I -- and where I'm gonna be but it means that to work. And He she can be like I did say that -- get there's if the market falls a thousand points. If that happens now then you'll have to send EW CBS New York news truck out because I'm not coming back -- -- -- -- -- I did so August 2 -- August 2 rolls around Nina. And there's no deal personal I think that there's actually a little bit of what program I think that little Timmy Geithner. -- -- like our Treasury Secretary but I think he's got a few tricks up his sleeves and got a little bit of leeway okay that's said it that you can expect. The US dollar declines in value the US dollar as of yesterday. -- the lowest level all this year it's like the only thing that could've made the European crisis actually look good to invest here this is it that we cannot figure out our own money -- The stock market will probably fall. Because people are and little -- my -- right trusted. And bond. Prices go down and interest rates go up so railways if -- ever like one LE one of the great tricks of having to think about the stuff when bond prices go down just think yields interest rates rise and the reason that that happens is that people start to worry that the US government can't actually paid back its -- it's not exactly what's happening. The problem is these big -- credit rating agencies are saying you know want. We don't think the you guys have a plan to deal with your long term debt issues and we're gonna downgrade. Our reading a view and what happens is not gases such a big deal in and of itself is like you said Wilson. People are one of lend us money like crazy. But their mutual funds out there that are supposed to only investing triple A rated at -- which is what we currently are -- and if that reading goes down those funds and money market accounts they ought to sell that. When I got a lot of people all the Internet to sell the same thing sure -- -- -- okay so let's talk I don't wanna scare you where we don't believe in fear -- -- let's -- it. -- And not. -- -- -- -- -- Com I wanna know leg would realistically practically -- Is like the worst sort of things we can expect. The worst thing that you could expect is like what we would call market dislocation meaning that price is -- now here's may remember two and a half years ago three years ago whatever. It's 2008 let's go back to time and can it was kind of scary to have that big -- out bright the first Arafat and remember that they did not they voted against it never enough votes to vote for our fair share stock market went down like 500 point it actually went down like a thousand points over the course and a few days. -- I don't know we would get that but I could certainly see if we had no deal between now and August 2 that the markets let's say -- Dow Jones industrial which the 700 point today. -- -- -- -- kind of the -- of the year. There's no deal there will be -- deal once people get scared enough and say oh now there's some tumors and then they go back and they make a deal so in your own life. You're looking -- of borrowing -- -- -- teacher hiring and -- what should I do -- and He cancer is hopefully you have the diversified portfolio hopefully member we've been talking about -- have some -- have some -- have some cash rate. Hopefully you're not in a panic when the market goes down like crazy just think no sweat. -- investing in the market when it's down because my money's going for a one -- I'm cool -- If you're looking for. I'll sell some of my riskier assets my stocks need -- sell some of my bond fund have a little extra cash and at the bottom does fall out. I'll put that back on the market as soon as the bottom -- them but it takes and I say. Mixed -- that you capture if you got balls. And you invest that money in the market tumbles and if you don't and you never gonna get back and don't change Renton is it could be one of the situation. Lehman's and -- not yet and you know we're all talking about the debt to Linksys arbitrary. X erratic being. -- -- as I another thing to say Iraq denied her what I love that but we'll just -- -- eggs -- -- like two years. For my retirement you know my -- -- to. Reached the single that was due to what's different about that and -- the big difference is that we're already an economic recovery. And the globe is still growing so this is like a it's almost like it's a tech -- -- won't like about to shoot ourselves in the tell. Whereas before we are like had taken -- gunshot wound to the chest and and we -- me ridiculous amount of blood. Lying out of a patient -- this would be as self inflicted wound him. That that belligerent -- did even better rigidity and like more annoying -- hands and a it is something that can be fixed immediately you should absolutely be you can't walk again absolutely correct. In the fall of 2008. We did not know we Headley is sucking chest and and we had no idea. What was going to happen we had not been at that place. And that caused this -- cascading panic across the we're not there and a widget of freak out like that -- this is more like. How interesting this would be if it weren't we weren't talking about our own country -- in the very every -- interesting they can only prevent them from -- nothing. A banana or other regular and remember that and Woody Allen movie the man of course OK so it's I sat like badly not funny government. When you're a new machine that movie am -- the dawn you have arrived in this Ellen. -- -- there ideology. -- -- -- -- -- -- -- -- Bright vibrant backlit constant elections and it is like -- really really you guys you guys got elected six months ago right he's just hold off from the rank and being right for a couple -- the end of the priorities are not in order now I'm gonna make that as so new line got some questions -- -- -- that it has been a few minutes left as it -- -- a very important that deal. Aaron and it says I've listened to you on the -- for a long time now and respect your advice bloody Mary hall and jealousy of I'm here -- I'm about to be unemployed and couch hopping for three to six months while I find it just simply says that he's gonna find a job awesome for -- -- optimistic I've got 46 -- in the bank I'll be able to make it for another three to six months with mine. Under the table work and maybe 300 dollars in my -- as -- to access is where 6000 -- To put their money to a speedier something that might yield some results wall however small wants -- -- its you can always buy three years six months seagate. Idiot crappy interest anyway -- it can He actually buy me CD I didn't that yeah I mean -- violently against what do kind of reader we talking that -- 1% now if that. -- But He says it would stop me from -- frivolously spending. Which not a bad thing like you lock it up right don't worry about -- -- you can get a CD ally bank has CDs lot of online banks -- -- that -- that. It also -- new video on away after I get a house analysts are putting way for his future a figure the right and that for my budget best way for that money. To make money over the next eighteen years -- section 529. Plan 129 plan. Is a way to save for college on tax preferred basis you can go directly through your state didn't know college savings dot org is a great website to find out what the plan is in your state and some I don't know where you from. But you know what this agreed -- some some states actually offer state income tax deduction. Never use and constant so. It's by 29 plan anesthetist if. Scope -- -- we have one from I'm gonna butchered his name financial deal thought she rushing. Down. Hey Jill I'm just starting college and want to make sure student loans don't -- me for the rest of my life. And went to investment lecture -- my public library and learn about all the safe dividend paying companies that I can invest in. I can get an interest free loan and pay my tuition. And I'll be left with five grand -- should -- take five grand and invest in GICs -- open quote unquote drip investments in diverse companies. -- do this eve thing and just take the amount of money needed to pay tuition and neither is the -- By the way I just lost my job last week and I can't keep putting in this investment if I start it so I got to thank you relate right -- -- -- up. So a drip account -- just deadlines -- terms via dividend reinvestment plan that's when you go directly to a companies say -- General Electric I'm -- buy stock. In your company. And the dividend. Meaning the money they give you back when they make extra money that's like -- share of profits -- that dividend will can will go back into -- investment keep buying more shares with the dividends -- so it's like -- it's like basically buying stock. Directly through the company no broker -- in Iraq and let him pretty decent and done so that's -- in its cheap way to invest I wouldn't. And and personally I'm not interested in borrowing mean if you're gonna borrow money. Interest free the best thing to do is say hey -- -- all the money for four years are put into -- Guaranteed. Three year for years CD feature make a little bit of interest and then the -- there for -- I would never invest money that I knew that I had to repay. Because dividend paying stocks or any stock or any investment has risks and the only thing it doesn't Everest is -- -- marketers -- So nice US -- anymore. It completely so I wouldn't even do that -- -- better way for them. Good advice -- that's all we got and our rundown and I didn't -- it looks more one more on. Pressures on hold congressional. Tell me feel more you know very comfortable -- a little bit more relaxed you -- worried before deep cleansing breath ready home. -- -- -- okay not -- -- unfortunately it got -- a few years ago and I had to default on about four credit cards my question is I've heard that after a certain amount of time five years and years. Without a payment that they had to write it off and couldn't contact you anymore about this T know anything about this and -- and Virginia. First of all I'm Rick I don't know if you actually. Declared bankruptcy or not that's the big question if you declared bankruptcy then they have to write it off. If you've never declared bankruptcy then you you're not off the hook with. Don't have to do anything they chances are they would write it off right is He implying -- just think they just cut their loss yeah yeah and they would be a mean they can't do that and then not only did it for their internal bookkeeping assured -- -- just. Fires have -- out to their collection agencies that collect which ends so it'll literally pennies on Wright and and that thing is if -- job. Okay and you could go in negotiate with those companies that now's the time to do. If you don't have a job and you really kind of freaked out but just go talk to a lawyer consider bankruptcy. Bankruptcy is an awesome way to get a fresh start it is not an eight fail safely mean literally you're going to be your critics trashed for second burn it okay. But it does give people a way to start over people run into a problem I'm not one of these people was like. Morally opposed to bankruptcy bankruptcy exist for reasons -- give people a second chance in this country we don't. They're not that every country works like and we'll by the -- in Spain and come on to down for ever and particularly treatment -- like in the matter lightly you still owed that much -- -- -- now you can't. Declared and who can't walk away from a mortgage. -- personally personally guarantee mortgages well. That would be careful there. There are able thank you so much useless -- once again always a pleasure and every every third week yeah that -- -- going to be doing okay so I even I have him make. You -- count on an island. First. -- First off the thing you should be doing is following you on Twitter at Jill on money. -- -- Load up the screen there just really got chills. Fantastic. Twisters page. It and and well what would -- And He He had moved his monitor and. -- experienced -- -- an announcer rich and. Tendencies and -- know and what -- the funny children have there. Putting on the financial decoder anymore -- -- and -- on money am at 42 outlets are it's of the URL yes in the the FAA and and -- through Hampton. Radiation in. Radio show is really just the best elementary show a totally want everybody to be calling and sending emails and need callers -- the radio show ends have you got a financial questioning you -- call the show. Shooting email asked -- money watch dot com let me know you know. To tweet tweet something -- and wanna be on the radio show I wanna be collar because I had been saying to everybody at CBS. Radio that I have these young listeners -- and casting you're not -- on that and they're smart and their interest yeah I wanna tell their stories on them. You wanna get on board. Until I part of this and make it happen are -- -- call 86644 CNET email before -- at cnet.com. -- back in three weeks and -- then we'll see as soon on Jeff Bakalar. I'm Wilson tang and I'm Justin you. And -- -- plus yeah or any other ones that I can I count no no no matter to -- for high tech low -- we have you learned something today. -- --