>> maybe they should send him to riverside county. make him pay for his stay. >> maybe so. carter evans, live from the nasdaq market site. many thanks to you. >> sure. >> "american morning" continues right now. penn state news riot tipping a news van and clashing with cops after the university fires its legendary football coach. war veterans discarded like shock. shocking admission from the air force this morning. commerce, education and the -- what's the third one there? let's see. >> rick perry stumbling and fumbling on stage again. the governor himself saying i stepped in it, man. on this "american morning." good morning. it is thursday, november 10. well tomorrow to "american

morning." if you went to sleep early last night or at all, everything is different this morning. >> it really is. first crash of the titan penn state football coach joe paterno out after 46 years as the head man in happy valley. paterno was fired along with the university president over a child sex scandal involving paterno's former assistant jerry sandusky. the decision came hours after paterno said he would finish out the season and then retire. instead penn state's board of trustees brought the hammer down. >> the past several days have been absolutely terrible for the entire penn state community. but the outrage we feel is nothing compared to the physical and psychological suffering that allegedly took place. effective immediately, dr. spannier is no longer president of the university. in addition, joe paterno is no longer the head football coach

effective immediately. >> penn state students spill flood the streets to proceed test the decision chanting "went want joe back." things got ugly. students tipped over a news van. and police used tear gas to disperse the crowd. we have two reports from state college, pennsylvania, this morning. jason carroll and sarah hoyer. let's start with jason first. good morning, jason. >> reporter: good morning to you. unbelievable to see what happened out here last night. the board basically saying that they had come to a point where the university need change. and hoped students would understand. christine, obviously hundreds of students did not understand. they took to the streets last night right out here in front of old main, downtown. taking their anger out on the media and flipping a news van and throwing rocks at one of our live trucks last night. vandalizing another news van. police had to issue dispersal order to try to make the crowd

go back and calm down. basically many of the students saying the reason why they took their anger out at the media they feel as though the media did not treat joe paterno fairly in news reports. they fell as though more of the attention should have been focused on jerry sandusky. you know, in speaking to many of the students they basically are saying they feel as though joe should available to stay and go out the way he wanted to go out. listen to what some of the students said last night. >> they are going after the wrong guy. the justice system -- >> mixing stand pause we are in support of our school and joe pa. we think it is ridiculous he got fired over this sort of situation. >> some people are making a mistake of putting joe pa in front of the actual situation. >> tears. wiped them off now. second i heard it tears were in my eyes. he has done so much for our university. >> joe pa for the last home

game, let him play the last game. that simple. >> reporter: spanier released statement about his removal say my heartfelt sympathies go out to all of those who may have been victimized. i would never hesitate to report a crime if i had any suspicion that one had been committed. of course, spanier replaced by rod ericson who was the executive vp here at penn state. christine, you know what is so ironic about all this, you know about joe paterno's legacy. this is a coach who base you cannily tried to turn athletes into ideal students. this reaction that we saw out here is the exact opposite of what joe paterno would have wanted. >> were there any students rioting for support of the victims? >> not that -- you know, that's what is really getting lost in all of this. when you talk to many of the students, not just last night but out here throughout the earlier this week, that seems to

be getting lost in this argument because there seems to be so much passion surrounding joe paterno. it does not mean that some of that's students don't care for the victims. but there's so much passion surrounding this man, so many of these kids grew up with joe paterno. he is a legacy here, as you know. that's where all of the passion seems to be directed to. at least for now. >> all right. jason carroll, thanks so much, jason. after the board announced its decision paterno spoke briefly to supporters gathered outside of his home. those supporters, of course were students. sarah has that part of the story and joins us live from state college. you talked to those students -- actually you witnessed joe paterno coming outside and saying those few words to students. what did he say? >> reporter: well, like jason was just saying, one side of campus things were quite unruly. however, in front of joe p the earn owe's house, things were calm and things were somber. things were very quiet. he also came outside and spoke to those students and i think we

have some sound for that. let's take a listen to what he sa said. >> get a good night's sleep. study. all right. we still have things to do. i'm out of it maybe now. we'll go from there. one thing. thanks and pray a little but for those victims. >> we are penn state! >> also joe paterno did release a statement after that board's decision came down. i will read it to you here. he said i am disappointed with the board of trustee's decision but i have to accept it. a tragedy occurred and we ha support. i want to emphasize everyone should remain calm and please respect the university, its property and all that we value. to all of our fans and supporters, my family and i will be forever in your debt.

you can get a sense there as to how personal it was not only to joe and his wife as well as for his supporters. >> yeah. just -- joe paterno obviously is trying to quiet things down on the university. but you can't forget there is an interesting article a "new york times" this morning where this graduate assistant, all those years ago, went to joe paterno and told him what was happening in the shower, in the locker room, with sandusky. and according to this article, he did not mince words. he told joe paterno in detail what happened, sandusky was allegedly raping a 10-year-old boy. you know -- the university couldn't escape that alleged fact. i will put it that way. and that's probably why the university decided to fire him. also, you have to suspect that lawsuits are going to be filed against the university. and i don't see how they could allow joe paterno to coach in that last game.

>> reporter: as you have -- >> go ahead. >> reporter: as you do have, you know -- what we are seeing here is he did say he would resign and wanted to last throughout the rest of the season. this was the board's decision. it appears as though they wanted to move quickly and swiftly and come down decisively. as you know the other day his press conference was canceled. the university kind of came in and hunkered down and they are doing what they want to do and feel it is in the best interest for them to do. >> sarah hoye reporting live for us this morning. thank you. another story you may have missed. turning to politics now where one of the other republican candidates for president knocked herman cain out of the headlines. perry with his deer in the headlights moment last tonight. jim across that watched it all unfold and watched it live from rochester, michigan. this morning not a lot of talk about the substance of the debate but a lot of talk about

rick perry and his debating skills. >> reporter: that's right. rick perry is going on all the morning talk shows today to do damage control after what happened last night. and as you mentioned, you know, herman cain was the story of the race for several days. he was being dogged by accusations of sexual harassment. all of that turn order a dime last night when governor perry may have suffered perhaps the most embarrassing moment of his political career. he could not remember one of his own talking points of which three departments of the federal government he would eliminate and there was one texas based reporter who was covered perry almost his entire political career who described the moment as perhaps the time of death of his campaign. it really is something you have to see. take a look. >> i will tell you, three agencies of government when i get there that are gone. commerce, education, and -- the -- what's the third one

there? let's see. >> five. >> five, okay. commerce, education, and the -- >> epa? >> epa, there you go. >> seriously? is epa one of your -- >> no, sir. western talking about the agencies of government -- epa needs to be rebuilt. >> you can't name the third one? >> the third agency of government i would do away with is education, the -- commerce -- commerce. and, let's see. i can't. the third one, i can't. sorry. oops. >> that may have been the oops heard around the world in the spin room right after the debate, several republicans strategists were telling me they think that was the end of the perry campaign, that that was a fatal blow, he could not recover from. that explains why the texas

governor went into that spin room to talk to reporters to try to contain the damage. even sent out a tweet last night and put it on tweet for you. really glad i wore my boots tonight because i stepped in it out there. i did still name two agencies to eliminate. obama has never done -- president obama, he says, has never done that. that's from the texas governor. but ali, make no mistake, folks are comparing this to the dean scream from the 2004 campaign. and it is going to be difficult for rick perry to recover from this. >> as we mentioned, it knocked herman cain out of our discussion a few minutes. did herman cain have any response to that? did his people have any response to what governor perry did for the questions -- question asked of him? >> reporter: not really. you know, i tried to go up to all the campaigns last night. none of them would say on the record what they thought about governor perry's moment last night. but herman cain was asked about those sexual harassment allegations during the debate.

the moderators came up with a way to ask cain in a crafty fashion wouldn't this be a hiring issue for the american people the fact you have these allegations facing you on -- here is how herman cain responded. >> why should the american people hire a president if they feel there are character issues? >> the american people deserve better than someone being tried in the court of public opinion based on unfounded accusations. [ applause ] and i value my character and my integrity more than anything else and for every one person that comes forward with a false accusation, there are probably -- there are thousands who would say none of that sort of activity ever came from

herman cain. >> reporter: maybe fair to say herman cain was the big win err last night only because of that moment involving rick perry because it totally took the focus off of the cain campaign and unless -- unless more evidence comes forward, much more accusers come forward for herman cain, it appeared last night that that crowd here at the debate, you know, obviously heavily republican crowd, is willing to give herman cain the benefit of the doubt and they appear to be right now standing behind him and as, you know, this campaign is changing by the minute. >> absolutely is. jim, thanks very much. jim across that in michigan. at 7:25, rick perry will be joining us live on "american morning." >> air force is bidding -- admitting now that the ashes of cremated body parts belonging to u.s. soldiers were routinely dumped in landfills all the way until 2008. family members of those troops

were never told. the practice has been stopped. those ashes are now disposed of at sea. air force spokesman admits, quote, we could have done it better. sending markets in asia tumbling overnight. hang seng tumbling 5%. nikkei down 3%. coming on the heels of the worst decline for the dow since mid september. but we are seeing futures in the u.s. higher this morning. i don't know, carol. >> i known. >> over to you. >> no. it is a roller coaster ride. i was talking to christine earlier about this. you don't even pay attention anymore if you are an every day investor like i am. oh, the markets are down 400 minutes on. okay, they are back up the next day. >> negative for the s&p and nasdaq. i think you will see a snapback today at least in the first few minutes only because there are people out there shopping for opportunities and worry that yesterday was the worst-case scenario for europe. >> it is always the worst-case scenario. really. coming up on "american morning,"

another devastating blow to eastern turkey. earthquake strikes the same area ravaged by a monster quake a few weeks ago. now a desperate search is on for more survivors. some blackberry users having a bout of deja vu. did you get all your e-mail this morning? what the company is saying this time. [ male announcer ] it's true...

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18 minutes past the hour. happening right now what you are looking at, news corp.'s james murdoch. he is speaking in his second part of an appearance. a parliament committee is investigating a phone hacking scandal and the now defunct tabloid. parliament wants to know how much he knew about the hacking and when he found out about it and whether he lied to parliament when he testified the first time around because there are some skepsys in his sto dis story. we will keep you posted. rescuers are speeding up the

search for survivors after a 5.7 quake struck eastern turkey last night. at least seven people were killed when two hotels came crashing down. death toll could spike dozens of people still trapped in the debris and in the rubble. so far 25 people have been rescued. this is the second fatal quake to hit that area in a matter of weeks. >> we had earthquakes in the midwest, too. now snow, rob marciano in the extreme weather center. looked like the depths of the winter. >> absolutely. iowa, parts of wisconsin, lot of snow falling and snow on the ground. you may say we get that. it is still early for that. roll the video of stuff falling out of the sky. snow in des moines, iowa. it is the wet stuff again. sticking to the stop signs and sticking to the trees. not as much sticking to the roadway. there you go. same deal to get leaves on the trees still. those tree limbs get weighed down and come tumbling down. we saw it in parts of iowa and

wisconsin as well. antigo, 14 inches of snow in wisconsin. lot of the areas will see a measurable snow of three inches or more. typically mid december, not mid november. so that's certainly lly remarka. also remarkable, wind gusts to 89 miles per hour in wales, alaska. tin city facing 85 mile-an-hour winds. blizzard conditions. storm out of the midwest, traversing across the appalachians, weakening. we will see rain getting into the northeast. then also little bit of rain coming in on the northern side of this. 65 miles an hour for tropical storm sean. some of that moisture is getting trained up in eastern new england later today and tonight. we will see some of the rain from sean. it will be wet. >> thanks. coming up ahead on "american morning," debt crisis in europe. greece and italy, staggering france and germany are plotting

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24 minutes after the hour. two days of gains, u.s. markets took a tumble yesterday. dow, nasdaq, s&p 500 all lost more than 3%. could be in for another rocky day. u.s. futures are trading much higher this morning. all of this volatility is because of italy and greece and global fears about the debt crisis.

europe. spotlight again today, italy. world is waiting to see whether the person who replaces prime minister berlusconi will be any more effective than he has been at getting italy's financial crisis under control. that uncertainty is fueling market volatility again today. european stocks are up right now while asian markets closed sharply lower. also this morning, rumors are moving markets at the european union may break up and get smaller. the president's office in germany denying reports this morning that it supports the breakup of the eu and french president's office says no comment. back here in the united states, we are expect inging a new repon the number of jobless claims filed for the first time last week. this will give us a fresh look at the employment situation in this country and the help of the labor market. we will get you those numbers as soon as they are available two hours from now. blackberry not again. research in motion says it is investigating reports that blackberry e-mail is slow but the company says that there is no system wide outage. last month tens of millions blackberry users lost e-mail for

days and the stock price suffered big time as a result. alabama's jefferson county is the largest local government in the united states to ever file for bankruptcy. the country -- county which includes birmingham plunged more than $4 million into debt by corruption plagued sewer project. if you want to own a piece of the undefeated super bowl champs of green bay packers playing the stealth stock to the public incomes week. shares are expected to go for $200. the team is the only publicly owned franchise in the nfl. the packers plan to use the cash to make improvements to lambeau field. "american morning" right back. ♪

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overnight riots at penn state after legendary coach joe paterno is fired. is the culture of big-time college football drowning out the real tragedy on this "american morning." welcome back. 30 minutes past the hour. top stories, joe paterno coached a list game at penn state. paterno and the university president were fired effective immediately in the wake of a growing child sex abuse scandal of the school despite a plea for paterno to remain calm, angry students clashed with police in the streets of state college, pennsylvania, following last night's decision. air force admitting the ashes of cremated body parts belonging to u.s. soldiers were routinely dumped in landfills

until 2008. family members were never told. the practice has been stopped. those ashes are now disposed of at sea. rick perry's white house bid appears to be on shakier ground this morning. last night's republican debate near detroit, the texas governor had what could be a fatal deer in the headlights moment when he was asked about three government departments he would cut if president. he could only remember two of them. more now on our top story this morning. joe paterno fired after 46 years as head football coach at penn state. as we mentioned, some students reacted with anger and tipped over a news van and police used tear gas to disperse the crowd of protesters. sarah hoye has been covering the story. she joins us from state college, pennsylvania. those pictures of rioting students, i keep thinking there could be penn state students right now who are potential victims of jerry sandusky who are watching their fellow

students rioting for football and for their coach and not for the victims. >> reporter: i talked to the sister of one victim last night. she is a penn state junior here. earlier in the day she said that she actually supported joe paterno and believed that he did the right thing. that she was upset with penn state president graham spanier but not joe paterno. when the rioting happened last night she sent me a message saying any pride penn state had left is now gone. that's a little sliver into what victims may be feeling now zpli want -- she also told you -- i want to take some of the comments she had made to you, sister of one of the -- one of the alleged victims you talked to and has been really upset about it because, you know, a lot of people aren't focusing on the victims. instead focusing on other things like football. as much as you shouldn't blame the football players, they should be focusing on their respect for the families and what they have been through.

has the sandusky and the alleged crimes and victims here been overshadowed by the powerhouse football? >> reporter: i absolutely think the scandal overshadowed the criminal case. the criminal sex case. and, you know, i think that -- this is -- on campus, there are people who are take thing very seriously. but there are people on campus who are not. the sister told me she goes to class and people are making jokes about being sandusky. it is really -- you know, some insensitivity to a degree here. and it is not -- you know, it is not clear that this is a small group of people or just this overwhelm i overwhelming feeling of we need to come back and push back and defend ourselves. >> if it is pockets of immaturity of kids 18 years old that cannot grasp what's happening there or whether it is something else. that's interesting she's -- fell opponent students don't know she's the sister of an alleged

victim and is seeing all of this. that's interesting. i want to talk to you about sandusky now. let's bring the focus back to him. that's what this is about. this is assistant coach revered as an assistant coach and retired from the program. but whose alleged kroyms went on at the facilities long after he retired. he is out on bail ordered by the judge to stay away from children. still maintaining his innocence according to his attorney, right? >> reporter: yes. he issued a statement through his attorney yesterday saying that he was saddened and distraught that this -- this is before the announcement last night but that this could end the career of coach joe paterno and penn state president graham spanier. you know, that actually fielded a lot of anger on twitter. people saying, you know, we don't care what he thinks. that was a statement he issued yesterday and the end of it he said, you know, after all of this, i still maintain my innocence. and dispute the allegations of

the attorney general has set forth. >> which means there will be a long legal process here and no question. i know he's not due to appear for his next hearing until sometime in december. meanwhile he is home you about can't have contact with thi children, right? >> reporter: yes. there was an order filed in court by the ex-wife of one of his adopted sons and it prevents him from having contact with his or unsupervised contact or overnight visits with his minor grandchildren. now, there's a blanket order that was issued by the judge after his arraignment on saturday that he can't have contact with any minor children. >> last question. wide receiver's coach is someone that will be central in this case, no question. he's the young man grad watt assistant who back in 2002 according to "the new york times" went to joe paterno's house and said coach, this is what i saw. and told him according to "the times" in graphic detail about a sexual assault happening on the

facilities there. will he be on the sidelines this weekend for this game? >> reporter: you know, that's unclear. the trustees were not addressing any specific questions about mike mcqueary. they were fielding the same kwelts about tim curley and gary schultz. their fate has not been decided yet. right now their positions -- stay the same but that could be addressed again down the line. >> mike mcqueary is not talking? >> reporter: no. i haven't been able to make contact with him, his attorney, or anyo close to him. >> i'm sure that with the legal process that's unfolding here, i'm sure there are a lot of people over time we will hear more about the story. but i suspect years after the alleged incidents, it is now just beginning. thank so much, sarah. ahead on "american morning," it is the euro zone unraveling. france and germany reportedly talking about the downsizing the

e.u. what will it mean for the u.s. economy? [ artis brown ] america is facing some tough challenges right now. two of the most important are energy security and economic growth. north america actually has one of the largest oil reserves in the world. a large part of that is oil sands. this resource has the ability to create hundreds of thousands of jobs. at our kearl project in canada, we'll be able to produce these oil sands with the same emissions as many other oils and that's a huge breakthrough.

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welcome back to "american

morning." euro zone crisis is sending a chill through the world markets. the dow took its worst hit in six weeks yesterday. markets in asia took a beating overnight. they are coming back in europe now. tasked with trying to make sense of what's going on, nina. we have divergent market reaction. we've got talk about a smaller euro zone. what's your read? >> yeah. first of all, let's run through statistics. sobering what we had was $1 trillion wiped off of the global value of world markets yesterday. and we also had just when asian markets shut a few hours ago, lost to the tune of about 5.2% for hang seng. everyone is work being the contagion spreading. we have the ftse 100 down. dax trading higher. largely on the back of optimism italy may manage to pass through

those badly needed emergency bills. it may cost berlusconi his political scalp. it seems as though the latest indications we are getting is they may go through the upper hands of parliament by the end of the week. on a positive note, italy did test the bond mark tets other day and managed to bring thousands those yields and actually sell about five euros what the bonds and yield of just over 6%. that was largely thanks to the ecb supporting market. it is a positive note at the moment. >> we are marginally better off than we were yesterday. still a great deal of uncertainty in the markets. thank you for that. right now there is one country in europe that accounts for 25% of the euro zone's debt. italy. it is the third largest bond market in the world. the italians rack eed 1.9 trilln of debt. the size of the debt engulfing the size of the overall economy. now there are reports germany

and france have been holding talks to downsize the eu. let's discuss where all of this said s headed with drew and ali. he joins us live from houston this morning. i think people know that the stock markets are a roller coaster. they feel as though this particular ride on the roller coaster may be just beginning. what is happening here in europe as it pertains to what happens in the united states and our own financial future? >> well, what it means is we are all in this together. trading partners. so for the u.s., europe is a big trading partner but not nearly as big as, say, we are with china. china is a very big trading partner with europe. it is like 20% of their trade. so this is a very big deal to china. so we are all related. if we do see a very significant slowdown, recession of europe, some would say they are in a recession and certain economies there. it is a big deal going forward.

that's why you see all of the markets really, you know, positive here yesterday. some would say more than just positive. wouldn't they? >> i know. >> it is a very big deal. in the tease mentioned about 401(k) investments. let me say something to the cnn viewers. most important thing about your 401(k) right now, the most important thing is you contribute to it. don't stop contributing to your 401(k). you know if you are a good employer, especially like kanaly, you get a match. the match is the most important thing we are doing now and not being troubled by financial markets especially if you are a young investor been at work through these. it is the act of savings is the most important thing to remember right now. >> i think that's good advice. i think people see day like yesterday and make a move in their 401(k) when -- the point is that you are never going to outsmart a market that's unpredictable. that's another thing people should remember, too, to be, you know, know what your risk tolerance is and if you are

closer to retirement you should not be fully exposed to the stock market especially now with uncertainties throughout the rest of the year. >> yes. what you want to see especially -- you want to see our clients ultra diversified. what's that mean? that means you are more than just in stocks and bonds. you are in other asset classes that they are going to give you a return hopefully that don't correlate or move exactly with the stock or bond market. examples of that would be gold and example of that would be a master limited partnership. that's the less glamourous side of the energy business. pipelines and terminals. it really isn't exposed to the price of energy, just the body of energy that moves from the economy. so there has been -- other ways, other -- investment classes that you can put in your 401(k) that are going to be a nice match and then lower the volatility or risk in your portfolio. >> right. do you think we are going to see a lot more volatility as we head into the end of the year as we are concerned about what the third largest bond market in the world is going to do? i mean, people watch the dow and s&p and nasdaq, but i think most

people don't realize that that's a small market compared to the global bond market showing signs of strain and concern. >> right. in terms of volatility, this is going to be here to stay for quite some time. i mean, what is driving the volatility is a lack of policies worldwide that creates sustained growth and give the markets an optimistic view of how earnings and growth are going to be going forward. so until you see some major policy changes, you are going to experience this volatility certainly through 2012 elections here and well beyond because europeans appear to be moving on their own time. >> it is interesting that you mentioned that. >> markets don't lie what is you have in europe, too much debt and too slow growth. guess what, the united states of america, even though everyone is plowing into u.s. treasuries, the united states has too much debt and too slow growth, too. are there lessons for the u.s. here? >> oh, yeah. i mean, it is a window in your

future for sure. so this is exactly what we are going to be facing years from now. without getting too technical, many would argue that interest rates are artificially low here because we have the capacity through the federal reserve to buy our own debt. and at some point we can no longer buy our own debt. we are going to have to go to the marketplace and do that. at that time what interest rate will they demand for our treasuries. you can look at the italians or even the greeks to a greater extent and you can see once you are exposed to market forces and concerns about cass passty to sustain debt you will pay a higher interest rate. >> a window into our future. drew kanaly. nice to see you. have a nice day. >> thank you. turning trash into energy. brooke you a bad win shows us one company shining the light on alternative energy in this week's solutions. >> reporter: a mountain of trash

covered with ten acres of solar panels. the idea, give an old fill a new greener life. >> landfill is retaking waste and dormant. >> reporter: the new technology puts it back to use. this cover is lined with 7 thousand flexible solar strips and seals the landfill to keep rain out and methane gas in. >> any landfill generates gas as a natural byproduct and that methane is a resource that we will ultimately use as a beneficial project for local industry. >> reporter: the solar panels on this landfill in georgia will produce enough electricity to power more than 200 homes. initially more expensive than the usual methods of closing landfills, liners, covered with dirt and grass. the solar blanket pays off with lower maintenance costs. >> for the next 25 years, it will continue to provide benefit of this community through the power it generates. >> reporter: other solar

landfill projects are under way in several states. brooke baldwin, cnn, atlanta. the postal service is critical to our economy--

delivering mail, medicine and packages. yet they're closing thousands of offices, slashing service, and want to lay off over 100,000 workers. the postal service is recording financial losses, but not for reasons you might think. the problem ? a burden no other agency or company bears. a 2006 law that drains 5 billion a year from post-office revenue while the postal service is forced to overpay billions more into federal accounts. congress created this problem, and congress can fix it.

ten minutes until the top of the hour. here is what you need to know to start your day. no graceful exit for joe paterno. he was fired effective immediately. along with the university's president over the school's child sex abuse scandal. ten state students reacted violently to the decision. tipping over a news van and clashing with police. a painful admission from the u.s. air force. the ashes of cremated body parts belonging to american soldiers were routinely dumped into landfills until 2008. the practice has since been stopped and those ashes are now disposed of at sea.

two out of three ain't bad. last tonight's republican debate near detroit, rick perry had a motor city meltdown. he was asked about the three government departments he would cut as president. and he could only remember two of them. karen kraushaar and sharon bialek are considering holding a news conference. blocked out nba players will be back at the bargaining table today after they wrapped up 12 hours of talks last night with no new deal. games through christmas may be in jeopardy if they do not agree on anything soon. eddie murphy quits the oscars. decided to drop out of the host of the awards. decision coming on a day after the producer quit over an anti-gay remark he made over the weekend. that's the news you need to start your day. "american morning" back after a break.

all this week we have been showing you how to speak money and how to invest. people used to buy individual bonds, stocks, and cds. it is not really the best way for most people to invest these day. >> no. you can easily put your money in multiple parts of the market. all at once with mutual funds, index funds, exchange traded funds, etfs. let's start with mutual funds, most popular way to invest. pool money from hundreds or thousands of investors to build a port foal year of stocks, bonds, real estate, or other

securities. buy into it and you get a slice of the overall -- >> you only need a few hundred dollars but start building a portfolio. make sure to check the mutual fund's expense ratio, how much they charge each year to operate the fund, is reasonable. also check how much the fund is taxed. that will make a difference to your return. >> also index funds. on average the s&p 500 has an annual return of 10%. >> over. >> very long period of time. not recently. but why not try to mimic that? that's what index funds do. they replicate entire markets or specific industries. >> they are passive which means there is no fund manager deciding what to buy or sell on a given day. they mimic a fund already -- index that already exists. they have a lower expense ratio and they are more tax efficient. index funds tend the work best and in very large transparent markets that have a proven track record. if you invest in index funds for emerging markets or new

industries that could be risky. places like that you want an active fund manager who knows that industry or market. >> let's talk about exchange traded funds, etfs. they are index mutual funds traded like stocks. if you wanted to buy all of the stocks in the s&p 500 but not by a mutual fund that you could buy s&p 500 etfs. just like one stock. offers all the benefits, transparency, gets thank you parts of the market that used to be too difficult to access with index funds. >> the ticker for that index fund is spy. annual funds are as low as 0.9% in an etf. want to buy an etf, you have to do it through a broker, online broker. the fee could be as low as ten buck. >> you go on e-trade and start it up right away. you don't have to have a lot of money in there to try it. be sure to do your homework. you can get in-depth mutual fund information from tunds themselves, third party ratings. mutual funds tool a

cnnmoney.com. >> more in our book. we spelled out how do you this start to finish. "how to speak money" is available now. you can talk to us live later today. ask us your questions about money. you can call in, standup with pete dominick at 3:00 p.m. we will tweet that information out as welling. >> we will talk about buying a home, owning versus renting. whether now is the time of your life to buy or whether the notion that you are throwing away your money if you rent, if that notion is too old fashioned. >> don't get between news that argument. >> no, no, i'm smarter than that. thanks. ahead, a student revolt overnight riots at penn state. fans rallying for their icon after joe paterno was fired. is this taking away from the victims of that terrible sex abuse scandal at the university? congratulations.

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dr. spanier is no longer president of the university. joe paterno is no longer the head football coach effective immediately. >> end comes quickly for the head football hope. anger fispills into the streets >> three agencies of government when i get there that are gone, commerce, education, and the -- what's the third one there? let's see. >> that was so painful. rick perry's meltdown. the texas governor proving two out of three is bad at last night's gop debate. >> remains of u.s. soldiers routinely dumped in landfills. painful admission from the u.s. air force on this "american morning." good morning to you. it is thursday, november 10. welcome to "american morning." good morning to you. >> up first, not what you expect on the way you would expect a

football legend to leave. penn state coach joe paterno fired effective immediately along with graham spanier over the emerging sex abuse scandal. penn state's board of trustees said no. overnight students angry at paterno's dismissal and apparently at the news media spilled on to campus streets and they tipped over a news van and clashed with police. replacing paterno as coach will be the team's defensive coordinator, tom bradley. rick ericson with service as the interim president. jason carroll is live for us at state college. what's the scene there after a raucous night? >> reporter: very calm. perhaps a lot of the -- out here last night are finally getting some rest. but obviously a lot of those students, their attention and their passion focused on joe paterno. a couple of things clear about paterno. two things, specifically he obviously wanted to stay on, wanted to be able to finish out the season.

and, two, in right row respect, if he could have done things differently, it is very clear he would have done more and reacted differently to how he responded to those allegations of sexual abuse back in 2002. last night in front of his home he came out and addressed some of the students who had gathered in front of his home. those students were very calm. he emotionally spoke to those students with his wife at his side. >> get a good night's sleep. all right. study. all right. we still have things to do. i'm out of it maybe now. we'll go from there. one thing. thanks and pray a little but for those victims. >> paterno also released a statement after the board of trustees' decision. i will read it to you here. it says i am disappointed with the board of truss es' decision

but i have to accept it. tragedy occurred and we have to have patience to let the legal process proceed. i appreciate the you pouring of support but want to emphasize that everyone should remain calm and please respect the university and its property and all of that we value, to all of our fans and supporters, my family and i will be forever in your debt. obviously hundreds of students did not hear that call from paterno to remain calm and as you saw, they took to the streets in front of old main, tipping over a news van and dan valizing another van. spoke to my truck operator who was out here last night. he was actually inside the van. he said he never really felt threatened. had said he felt the anger from the students who wanted to have their point heard. now listen to what those students had to say last night. >> they are going after the wrong guy. justice system -- >> making stand because we are

in support of our school and joe pa. we think it is absolutely ridiculous he got fired over this sort of situation. >> i think some people are making a mistake of putting joe pa in front of the actual situation. >> tears actually the second -- i wiped them off now but the second i heard it, tears were in my eyes. he has done so much for our university. >> joe pa for the last home game. he is retiring. let him play his last game, that simple. everyone here is for that now. we all believe it. if you want to hear something right now -- we are -- >> penn state! >> we are -- >> penn state! >> thank you! >> you are 'welcome! >> i want to make another point about this. even though you see all of the -- passionate students out here, we are out here last night, this passion on the other side of the issue as well. there are a number of students at penn state who feel as though paterno should not available to finish out their season and there are a number of students out here who feel as though the

board of trustees made the right decision. obviously those students not as vocal. >> thanks for pointing that out. plays out on tv and looks a little absurd. they were turning over media trucks and there was nobody that thought this was a bad thing. to know there were some people that do think this is quite serious and the attention should be possibly focused more clearly on the victims. thanks very much, jason. >> candlelight vigil tonight after all the passion subsides. it is hard to imagine but one of the other republican candidates for president has actually knocked herman cain out of the headlines. texas governor rick perry's bid for the white house on shake ground this morning after his deer in the headlights meltdown in the republican presidential debate. jim across that watched it unfold. he joins us live from rochester, michigan. jim, wow. the analysis, morning after analysis, is not good for rick perry. >> reporter: no. that's right. whether you call at this time meltdown in musharraf or the texas train wreck or perhaps it

is brain wreck for rick perry, this may have been a fatal moment for his campaign. it joins the league of infamous presidential debate moments from admiral stockdale of 1992 saying who am i? why am i here? to lloyd benson saying to dan quail you are no jack kennedy. this was a bad moment for rick perry and it came towards the tail end of the debate when he tried to recall which three departments of the federal government he would eliminated and could only think of two of the departments. it was an excruciating 54 seconds as it all played out. >> i tell you, it is the three agencies of government when i get there that are gone. commerce, education and the -- what's the third one there? let's see. >> five. >> five. okay. commerce, education and the -- >> epa? >> epa. there you go. no. >> seriously?

is epa one you are talking about? >> no, sir. we are talking about the -- agencies of government. epa needs to be rebuilt. >> you can't name the third one? >> the third agency of government, i would do away with education, the -- commerce and let's see. i can't. the third one, i can't. soar wri soar write. oops. >> reporter: he ended that moment with the word "oops." it may have been the oops heard around the political world. governor perry realize -- his campaign realized that was such a terrible moment that the texas governor quickly made his way into the spin room after the debate and told reporters that he has no plans to drop out of the campaign but did send out this tweet last night saying -- really glad i wore my boots tonight because i stepped in it out there. and there was one winner at last night's debate it was herman cain because after almost two

weeks of facing accusations of sexual harassment, the pot light was taken off of him last night basically because of rick perry's moment and he was asked very briefly about those allegations and the audience, if you can just read the audience's reaction, you can see that perhaps herman cain may be putting this entire matter behind him and at least for the moment. sheer wh here is what happen. >> recent days we learned four different women accused you of inappropriate behavior. here we are focusing on character and on judgment. you have been a ceo. you know the share holders are reluctant to hire a ceo where there are character issues. why should the american people hire a president if they feel there are character issues? >> the american people deserve better than someone being tried in the court of public opinion based on founded accusations.

and i value my character and my integrity more than anything else. and for every one person that comes forward with a false accusation, there are probably -- there are thousands who would say none of that sort of activity ever came from herman cain. >> reporter: and if -- other republicans feel this gop dominated audience felt about that moment in last night's debate, herman cain may be on his way to put thing battered arrest. at least for now. it is hard to say whether or not he's completely put the matter behind him. but for rick perry, this may be very close to the end of his campaign. i talked to several strategists in that debate spin room last night who said it is impossible to imagine how the texas

governor recovers from that moment. christine? >> jim across that. thanks, jim. we will ask rick perry what happened last night. he's our guest in about 20 minutes. all accounts disastrous performance last night. >> just on a human left, you know, rick perry putting himself out there after that -- embarrassment on, you know -- on television, national television, doing that. >> some say he not a good debater. >> he never said he is. one wonders because there's a lot of debates in this particular thing. we wonder about the impact of the debates and what he plans to do about that. >> job interview basically with the american people. and what do the american people think about their -- biggest job of the country, somebody that can't -- >> that does make you think whether he really passionate -- passionately believes that the -- >> three agencies should be cut? >> right. >> two should or at least one. education. and commerce. >> he's talked -- >> did we ever get the third

one? >> energy. >> he talks a lot about that. >> he knows a lot about -- more about energy than many governors do. good conversation either way. also ahead, anger and shame on penn state campus. students react to the firing of legendary football coach joe paterno. stunning admission from the air force. ashes of fallen u.s. soldiers dumped in a landfill. it is 11 minutes after the hour. [ male announcer ] it's true...

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it is 13 minutes past the hour. welcome back. emotions running high on the penn state campus after legendary coach joe paterno and university president were fired over a growing child sex abuse scandal. it sent ainge are instudents into streets overnight and kicked over a tv news station's van. police had to use pepper spray to disperse the crowd. john wortham joins us live from state college, pennsylvania. welcome, john. >> reporter: thanks. >> were you surprised to see such anger coming from the students last night? >> reporter: yes. i was because if you had been around campus the last few days you heard a lot of anger and disgust towards joe paterno. he loses his job and then we have this mini riot last night.

if it wasn't about the allegation last night, not about the university president being dismissed, this was all sort of impromptu rally for joe paterno and that . >> these students, the ones that were rioting last night, wanted joe paterno to have a chance to coach a last game. let's say the university allowed that to happen. i mean, it would have been unugly scene, wouldn't it? >> reporter: i think absolutely. i mean, this is ugly no matter what. a no-win situation. keep thing iconic coach a last game under these circumstances would have just been so fraught and awkward. i think you are right. so ugly especially given how this plays out day-to-day. i think the board really had no choice but to do what they did last night. >> joe paterno is out. so is the university president. they both have been fired. but the verdict is still out on the future of the athletic director tim curley and soft

coach, mcqueary, the buy that reported the 2002 incident. what's happening there? >> reporter: the athletic director is out. i think -- i think mcqueary, assistant coach who first saw the 2002 allegation, i think a lot of people were surprised he was not putting -- leave. i think this scandal is by no means done. you know, victims are coming out of the woodwork. and there are still investigations under way. we have already had major, major heads roll. this clearly mandate for sweeping change and i think we are not done with personnel moves here. >> there are some rumors that mcqueary may be on the sidelines on saturday's game. >> reporter: i think as of now he is. his name was not mentioned last night. again, we heard he was going to be put on some leave. that did not happen. i think mcqueary will be on the sidelines saturday's game. >> you have to wonder how that will play out.

like -- i don't understand that decision. you remove joe paterno but you don't remove the guy, mcquearkq who witnessed that alleged rain in the shower in 2002. >> reporter: yeah. again, i think that was -- as much as there was a surprise last night that was it. i just think the totality of this, coach owes the sidelines were privy to this. have you the swirling allegation. you have the students aren't sure who their president. this saturday will be something like football fans are have never seen. i think -- if you had come here a week ago, nobody knew about this. this is not a scandal that has been brewing. this is not something that picked -- this has been so sudden that i mean, i think saturday's -- saturday's game will be fascinating in a variety of is expect. sad in other respects. i think this is just -- scandal is like nothing i have ever seen. >> we have also heard rumors that some of the senior players will sit out the game and you have to wonder about security at

the game given what happened last night. >> reporter: yeah. this riot downtown here subsiding. had you a feeling just students at some level letting off steam. it wasn't real rage ask anger. you actually saw football players here as well. i think that's an interesting component as well. how will the football players who uniformly supported joe paterno. they gave him standing ovation and practice yesterday. how will they respond coming out? this senior game for some of the players last hope game. now the season has been thrown into total chaos. how will the players respond? >> jon from "sports illustrated," thanks for joining thus morning. we appreciate it. now to the big political story of the morning. rick perry says he's glad he wore his boots to last natuight debate. the texas governor talking about his brain freeze. >> i will tell you, it is three

agencies of government when i get there that are gone. commerce, education, and the -- what's the third one there? let's see. >> five. >> five. okay. commerce, education, and -- the -- >> epa? >> epa. there you go. no. >> seriously? is epa one you are talking about? >> no, sir. no, sir. we are talking about -- agencies of government -- epa needs to be rebuilt. >> but you can't name the third one? >> the third agency of government, i would do away with, education, the -- >> commerce. >> commerce. let's see. >> oh, my. >> i can't. the third one i can't. sorry. oops. >> governor rick perry joins us live from michigan with a smile on his face and laughing as he watches the 54-second eksz change. you are laughing, sir. a lot of people are saying that

was not a presidential performance. >> i wasn't getting a lot of help from my friends on either side. that was for sure. listen, in all seriousness, federal agencies of government, i -- a lot of americans out there that would like to forget some agencies of government, too, that are costing us our jobs and -- that's -- tear thing economy up. and that's the seriousness of what we have here. not because i had a brain freeze, as you said. and failed to remember an agency of government that we do, frankly, need to do away with in the form of the department of energy. >> you are the -- you are the governor of an oil state. i mean, that -- that you feel so strongly that the department of energy and you have on the campaign trail should be one of the agencies that's gone that you couldn't remember it makes me wonder, you dough know do you have a plan what you would do in its place if you couldn't remember the agency?

>> absolutely. you know, we did that same thing to the department of commerce in the 2000s. it was standalone agency and had its own governing board and consolidated down for the savings, obviously. it also functioning substantially better now. >> but -- >> washington, d.c., and the department of energy is -- it is the same from that standpoint. the amount much money, administrative overhead taking those agencies and consolidating them down, doing away with them. in the case of education commerce and in energy and it makes a lot of sense and that's one of the things when we talk about the seriousness of the campaign, you know, there are going to be people making mistakes and folks who stumble over words or can't remember an agency as i did. the seriousness that's gone on in this country, where there's 14 million people out of work, where -- there are individuals who are sitting at home last night watching the debate going, who is it that has a tax plan

who has a way to balance that. >> the substance of that has been lost. >> put the country back on track. >> the substance of that is lost in the analysis of your debating skills. people look at that and say you are talking about peace in the middle east. you are talking about delicate diplomacy on the front with china. you are talking about dangerous moment in europe. that's the performance they see and wonder if you have the ability to handle the world stage the way you handled that debate stage last night. my question to you is how's this not the end convince us that this is not the end of your candidacy. >> well, we are going to be going back to those primary states and talking about our tax plan and talking about how we did america back working again. get america back working again. i may not be the best debater, slickest politician on that stage. what they know about me is that for ten years i have -- been the chief executive officer of the state created more jobs than any other state in the nation while

america lost 2.5 million. what they are looking for is substance. not necessarily the slickest debater. that's what we are going to be focused on and talking about our plan that not only allows taxes to get simple, 20%, they take their deductions, put it a post card and send it in and end the irs as we know it today. and get up every day and share with people that my goal is to make washington, d.c., is inconsequential in their lives as we can and getting rid some of the agencies we were making remarks about last night is a good start. >> criticism fierce this morning. across the board, you are hearing folks say that this was one of the worst, if not the worst debate moments, 54 seconds, you know, in modern primary history. you if you want to dispute that, go right ahead. that's fine. my question is are you worried at all going forward about what it means for raising money? for your supporters? if you are worried about

wavering support among your supporters. >> again, we are going to go back and talk about what's important to the people of this country. not one or two debate performances. americans are looking for someone who has the substance. who has the governing track record of creating jobs. and that's what our campaign was always about. that's what it will always continue to be about. and as a matter of fact, i imagine there are a lot of americans that were like me last night. agencies of the federal government they would like to forget. as a matter of fact, they can go to rickperry.org to vote for the agency they would like to get rid of the best. >> let me ask you here. you are going to debate again on saturday. what do you -- what are you going to do different? if you are not -- say you are not the best debater out there. but you know, pretty much debater in chief is what the president of the united states is. >> look, we have a debater in chief now. how is that working for america?

if the fact is that the americans want a great debater -- >> no, you have to debate global stage. >> i'm probably not their guy. >> what i'm saying is that you have to be debating the chinese, debating in the middle east, debating what kind of -- what's the way forward for europe, i mean -- the skills that you need on that stage many would say you need as president. >> i would suggest to you that we need substance more than we need style. i mean, and if -- if what we have today is reflective of the style and the americans are looking for, then, you know, $4 trillion of debt on america that has 14 million people out of work, got almost half of our country, that's taking some type of governor benefit, i mean, that's what this campaign is really about. and we have to focus on the substance of what's killing america. and it is washington, d.c. with too many agencies and spending too much money and creating too

much debt for future generations. that's when we -- >> that's where you are trying to put the focus back on that today. you have been making the rounds at the morning talk shows to try to get back on the substance in and away from the debate performance last night. just so honestly when you watch the 53 seconds do you cringe or laugh? what are your emotions when you watch it? >> well, obviously i stepped in it. but again, i go -- i have my moment of humor with it and i press on. and understand that there are a lot more serious things facing this country than whether or not i can remember the department of energy at an inappropriate time. >> governor rick perry, thank you so much for joining us this morning. we will be watching this weekend again. thank you. top stories just ahead. i wouldn't do that. get married?

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just about 30 minutes past the hour. time for your top stories. seismic shake-up at penn state. legendary football coach joe paterno and university president out over the school's handling of child sex abuse allegations against one of paterno's former assistant coaches. ainge rip angry students responded. >> karen kraushaar and sharon bialek are considering holding a joint news conference. >> new video from eastern turkey, rescue crews pull a man to safety and perform cpr after being trapped under the rubble overnight. this half a 5 opinion 7

earthquake hit the area. two hotels came crashing down. at least 7 people died. this is the second fatal quake to hit that area in a matter of weeks. >> stunning admission from the u.s. air force. the ashes of cremated body parts belonging to u.s. soldiers were routinely dumped in landfills until 2008. family members never told. barbara, a difficult story for families and for the military, i'm sure. how long did this go on? >> well, what they are telling us now, air force is telling us that it was the about 2003 when the wars ramped up until june of 2008. it is difficult to explain all of this. n a way that isn't going to upset people. but let's just weigh it -- lay it out on the table. we are talking about remains after someone is killed in action. we are not talking about bodies. we are talking about bone fragment, tissue, what's left after these terrible explosions in the war zone. they bring it home and identify it and tell the families it has

to be disposed of. and then what the air force did at dover air force base mortuary is cremated and incinerated and then disposed of it in a landfill. they say that according to medical waste regulations, they basically treated this dna material as medical waste. in june 2008, dover says this is not right. this is not how this nation should be treating its fallen. and they stop it and what they have been doing since then is putting it in sea salt urns, taking it on navy ships and having it buried at sea. the families didn't know. but this is, you know -- this is -- you can make the case that it is material treated as medical waste. this is what happen. >> wait a minute. during 9/11, they carefully went through every bit of dust and dirt, finding little pieces of remains because the family really cared about that. >> well, this is -- >> how can you ever excuse this behavior? >> well, you know, this is going

to be something that the military is going to have to deal with because, of course, this isn't the first time that they had to -- issues. we were talking earlier this week, huge scandal already at dover because they had lost some body parts. i mean, this is all -- we can refer to them as body parts. who can believe any of this? that this goes on. so the issue is that this is not how this country treats its fallen off the battlefield. and this is not appropriate. the air force can make the case that it should fix the problem in 2008 but the bottom line is the families were never told. the country was never told. this is something that the air force has only very recently this week -- >> what does leon panetta say? >> 3:00 today back in washington, we will be there, defense secretary leon panetta is having a press conference. he will meet with the pentagon press corps and may want to talk about the budget and spending

cuts. i think the press corps will want to talk about something else. this is not the first time there have been scandals about mismanagement at dover. >> arlington national cemetery. >> arlington. walter reed treating the bund i wounded. panetta will have to address is this the end of it or is there more? how does he not know whether there is more out there or not? >> right. >> how convinced is he that -- this is being handle. >> barbara starr, thank you. nice to see you. violent clash between police and occupy protesters in california. police in riot gear ordered protesting tuition hikes to take down their tents off the campus last night. the students instead formed a human chain by linking arms and boy, that's when things got ugly. police using baton shoved for forward. there are several arrests. jackson family totally blasting nbc and its parent company comcast for planning to air an interview with dr. conrad murray days after he was found guilty. in michael jackson's death.

and led away in cuffs. the estate says they want to know how much he was paid. katherine jackson's lawyer is vowing the most aggressive action possible, end quote to stop murray from benefiting. a spokesman for nbc had no comment on the story. locked out nba players and owners will be back at the bargaining table at noon today after they wrapped up some 12 hours of talks late last night with no new deal. commissioner david stern had a -- set a deadline of 5:00 p.m. yesterday for players to accept new contract. games through contract may be in jeopardy if they don't agree on something very soon. you may have seen the first ever nationwide test of the emergency alert system yesterday. but there were reports of some major glitches. most of the stations received the alert but many more did not. or if the signal aired longer than 30 seconds, officials say they will pinpoint the flaws and fine-tune the system. the system is designed to allow the president to address the country in a crisis. eddie murphy quits the

oscars. he decided to drop out as host of the academy awards. the decision came a day after the producer quit after a gay slur he made over the weekend. there's talk of billy crystal coming back. even a baseball page campaign for the muppets to save hollywood's biggest -- would they host it, the muppets? >> i think that's the best idea yet. >> i would watch. >> go elmo. 36 minutes after the hour. rob marciano is in atlanta. >> didn't they do it the last year, couple of years ago? that was alec baldwin and steve martin. good morning, guys. video out of alaska. no joke. the worst storm these folks have seen since 1974. told you about it all day. boy, it was a monster. over a thousand miles in size. some of the waves crashing on the shore. over 20 feet. 40 on, 50 footers offshore. big-time coastal, blizzard conditions. it was a rough one. even for our hearty friends on the frontier of alaska.

80-mile-an-hour winds in wales, alaska. tent city. 85-mile-an-hour winds. a storm that rolled through oklahoma, rolled through wisconsin and iowa with snowfall totals in parts of wisconsin up and over a foot yesterday. it is now weakening and heading across the allegheny and appalachians in central new york and central pennsylvania. it will team up with a little bit of moisture from this. tropical storm sean, winds of 65 miles an hour. this is almost a hurricane. it will run the gut here between bermuda and the states. obviously some rough seas. we will also bring in some moisture. some of that training into this front. heavy rain expected, eastern new england tonight and into tomorrow. maine and up through parts of quebec and canadian maritimes. fog, though, has been an issue this morning from the entire -- d.c. baltimore and boston. ground stop for new york because of fog and -- is this how you

say it? i wrote this. i wrote it to myself earlier and still -- >> that's where you have -- >> that does sound like a sesame street character. >> gosh. if you are traveling this morning, though, to -- washington area, and you will be dealing with some travel delays. >> thank you, rob. still to come, never good when you have to ask your opponents for help. more on rick perry's brain freeze moment and whether this is the end of the line for his white house bid. >> gop candidates courting sheriff joe the face of arizona's illegal immigration crackdown. but could that that backfire? 38 minutes after the hour. ♪ [ cellphone rings ] cut! [ monica ] i have a small part in a big movie. i thought we'd be on location for 3 days, it's been 3 weeks. so, i used my citi simplicity card to pick up a few things. and i don't have to worry about a late fee.

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welcome back, everybody is talking about rick perry the morning. he probably wishes we weren't talking so much about him. he suffered from a -- what some are calling a brain freeze at last nature's gop debate when he couldn't name the third government agency that he

himself vowed to eliminate. if you haven't seen it yet, listen in. >> third agency of government i would do away with the education, the -- commerce, commerce. let's see. i can't. the third one, i can't. sorry. oops. >> oops. second time he had a chance to answer that, perry admitted in his words he really stepped in it last night. he tweeted that can he recover from this? john avalon, republican strategist, karen. you are a republican vat gist. what should he do? >> i think he's -- i think he is doing the best thing he can do this morning. he's going out there and he's -- you know, all of the -- morning programs. and he's taking it in good stride. he's using -- sense of hume score trying to get back on message. i think it is the best thing he could do. you fall off the horse and get back on. do i think this is going to have a significant long-term consequences for a campaign that

was already, you know, flailing. >> let me ask you this. what -- karen says he is doing what he can do. does his campaign continue? >> well, it continues, i think, he will continue on but she's absolutely right. this will be a major hit. something hay will pay for for a long time. reinforces the people have the idea of perry he is not very bright. i don't think that's true. i don't think that's accurate. this is a cane their won 11 different races in texas. he is a good campaigner. he's very bright. in this case, i think it was a bad moment for him. one that he won't live down for some time. >> debate is not his necessary skill. it is not his skill. the president of the united states has to have other strengths. he was asked clearly, you have to be the debater in chief. everything do you as president is a debate. >> says he is not good at debates and keeps on going out and proving it. this was an epically bad brain freeze. oops heard around the world. what can he do now? he can win iowa. that's all he can do. double down, if he is such a

great retail politician shall everybody was saying won all these races. go out and prove it in iowa. if you can win iowa he can change the narrative overnight. this won't matter. >> speaking of changing the narrative, the only thing that took herman cain out of the news for a little while. but at the debate last night, maria bartiromo asked herman cain a question the controversy surrounding him. she was booed by the audience as she asked the question. >> the american people deserve better than someone being tried in the court of public opinion based on unfounded accusations. and i value my character and my integrity more than anything else and for every one person that comes forward with a false accusation, there are

probably -- there are thousands who would say none of that sort of activity ever came from herman cain. >> karen, probably went in a little nervous and knew somebody would ask him something about this. ends up getting audience support which bolstered him and the rick perry thing happens. is he the happiest man live today? >> i think he -- well, i think herman cain is always the happiest man live. this is -- this is a guy that's having a lot of fun with his candidacy. i honestly don't think -- yi don't think he thought he would get this far. he is having a good time. one thing that bothers me, every time he says the founded accusations, we already know there were two settlements and i tell you what, there's nothing like pushing the buttons of a woman in -- calling her basically a liar and every time he does that, i think had ups the ante for the women coming out and saying you want to call us liars? here's our side of the truth. that would not be good for him. >> let me ask you this. what we -- there are a bunch of people now saying as karen is saying, herman cain is done.

hay wasn't there in a meaningful way but probably going to be done as a result of this. there are people saying this morning that rick perry may be done. we all know that this benefits -- benefits romney a good deal. tell me about gingrich and huntsman, two guys that suggested that they get something out of this. poor huntsman can't crack 1% in the polls. >> no but in new hampshire he can. he has to put all of his chips on ham happen. hope he can put a dent in dominating lead there. last night is not ware we should have shown. he has a serious economic story to tell. gingrich keeps going and playing -- doing same play. put the media on trial. throw red meat and hope he benefits as the last alternative to romney standing. but there, you know, they are still going to have to be numbers behind this. people betting on cain's implosion are not paying attention to what happened in the crowd last night. better or worse, there is still a rally. he put himself in a difficult

position by denials. >> cain will do very well because what you saw in the debate, there is a sort of visceral dislike of the media, particularly in places like iowa. i will tell -- we haven't cast a single vote yet and you have already chosen a nominee. they resent we are making this a bigger story. i have never seen this where questioners are booed by the audience. get back to the economy. >> this happened a couple of times. i remember it happened in tampa and a few places. >> there was some pretty dumb questions asked. i mean, want to talk about the fact some of these guys aren't very good debaters, we need to raise the quality of the level of some of the questions being asked. when you ask, you know -- this is -- cnbca is a financial business network. that's all they do. they are asking a stupid question like can you make a profit and hire -- create jobs at the same time? that's a ludicrous question. ask more about what -- how does europe -- what's happening in europe affect the markets in

america? there are serious deep economic issues these candidates need to sort out and owe us an answer to. they are not being asked. they are not being asked good solid questions. >> to your point this morning we are -- we are discussing herman cain and rick perry because of things that happened in the questions. there was not a lot of substance to the discussion overall. good discussion with the three of you, however. thank you for the substance here. still to come this morning, carol? >> he made a name for himself for taking a tough stance on illegal immigration. gop candidates want to be seen. with sheriff joe could be the kingmaker of the primary season.

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here's what you need to know to start your day. early retirement for 84-year-old joe paterno. the legendary penn state football coach fired last night. effective immediately along with the university president. the latest casualties in a growing child sex abuse scandal there at penn state. karen kraushaar and sharon bialek considering holding a news conference. and brand-new this hour, lucas papadamos is named as new prime minister. his government now aiming to

approve the $177 billion eu bailout deal to save that country from economic collapse. a 5.7 earthquake strikes eastern turkey. rescue crews searching for survivors. at least seven people were killed when two hotels came crashing down. dozens of others still trapped in the rubble. you're caught up on the day's headlines. "american morning" back right after a short break.

the republican candidates are practically shoving each other out of the way for what could be one of the biggest endorsements of the primaries.

sheriff joe arpio. >> his illegal immigration raids. many say his resume is not only toxic, but illegal. ed lavandera has more on this latest controversy. joe arpio the most popular kid on the playground in presidential politics. >> let me say this, thank you, joe. >> sheriff joe is the nation's sheriffs. >> reporter: the candidates are lining up to see him, so, we, too, sat down with him. these are interesting times for arpio. critics are clamoring for his resignation. >> i will tell you right now, you will not drive me out of office and i will not resign and i will not resign and i'm going to keep fighting. >> reporter: >> reporter: but this election season, he could become kingmaker in the republican

presidential primary. cain, bachmann, romney and perry have all come calling looking for his coveted endorsement. all this despite his cloud of controversy. misspending $100 million over eight years to fund, in part, his controversial immigration raids. sheriff arpao is under an investigation. the sheriff's office and the fbi are looking into allegations that they abused their law enforcement power and looking into civil rights violation that inmates in the sheriff's jails were mistreated and allegations of racial profiling in those highly publicized illegal immigration raids. those are the same raids that have made sheriff so popular and so controversial at the same time. he says he's clean and unapologetic as ever. he's running for a sixth term as sheriff. is there a cloud hanging over your department? >> i'm higher in the polls than

ever before. they know i do the job. >> if they charge you with anything with having to do with abuse of power. >> i don't know what abuse of power is. i am the guy being abused. over and over. even you are abusing me. i'm the guy being abused. but, you know what, that's part of the job. you take it. >> thank you, sheriff arpaio. an honor to be here with you. >> reporter: politicians usually run away from other politicians shrouded in controversy, but this endorsement could help rick perry. offered in-state tuition to children of immigrants. arpaio tweeted he had a great conversation with perry and that could boost the immigration credentials. the sheriff loves being in the middle of it all. >> i will not be riding off in the sunset. >> reporter: he says an endorsement could come very soon. ed lavandera, cnn, phoenix,

arizona. >> first time i ever heard ed lavandera of bullying them. no less a sheriff. >> just sitting down and asking him questions, which the sheriff, i guess, has a right to determine what it was in his mind. just ahead on "american morning," a student overnight riots at penn state. a storeied football program and a coach tarnished by a sex abuse scandal. we'll talk about joe paterno's legacy now. cash rewards card gives you a 50% annual bonus! so you earn 50% more cash. according to research, everybody likes more cash. well, almost everybody... ♪ would you like 50% more cash? no! but it's more money. [ male announcer ] the new capital one cash rewards card. the card for people who want 50% more cash. what's in your wallet? woah! [ giggles ] woah! at aviva, we wonder why other life insurance companies

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minister, what is the decision doing to your money on this "american morning." good morning to you. thursday, november 10th. we always have a lot of news and today seems more than usual. the greek president office confirirming the news this morning. he is lucas papademos. the decision coming after four days of intense talks to form a coalition government. his first task is going to be getting the new government to okay the $177 billion erk u bailout deal to save that country's economy from collapsing. the market is liking the news. dow futures are up over 120 points right now. the s&p 500 and the nasdaq also poised to open higher this morning. i will caution you, it is unclear with all the stuff going on in the world right now which

piece of news the market likes. as carol said, quite estutely earlier, hard to get your head around it. >> it is. this is going to send the stock market going crazy up where yesterday was crazy down. >> our problems are not solved yet. >> buckle up. now, to joe paterno's fall from grace. the news of his immediately falling caused penn state students to erupt in anger. they threw rocks and overturned a tv news van. police in riot gear had to use pepper spray to disperse the crowds. legendary coach tried to make a run by announcing plans to finish out the season and then retire, but penn state board of trustees made it clear that paterno and the university's president must go and now. >> the past several days have been absolutely terrible for the entire penn state community. but the outrage that we feel is nothing compared to the physical and psychological suffering that

allegedly took place. effectively immediately, dr. spanier is no longer president of the university. in addition, joe paterno is no longer the head football coach effective immediately. >> just after the board's decision, the man they call joe pa spoke to a group of reporters outside his home. >> hey, look, get a good night's sleep. all right, study. all right. we still got things to do. all right. i'm out of it maybe now. thanks and pray a little bit for those victims. >> coach. >> you are a legend, joe. >> paterno issued a statement overnight saying, "i am disappoint would the board of trustee's decision, but i have to accept it. a tragedy occurred and we all have to have the patience to let

the legal process proceed. i appreciate the outpouring of support but i want to emfuthat everyone should remain calm and please respect the university, its property and i have been incredibly blessed to spend my entire career working here." >> some penn state students took their anger too far and others showing their support for paterno and they're upset the coach is taking the fall here. >> they're going after the wrong guy. and the justice system needs to take its course. >> we're pretty much making a stand because we're in support of our school and in support of joe pa and absolutely ridiculous he got fired over this sort of situation. >> i think some people are making the mistake of putting joe pa in front of the actual situation. >> tears, i wiped them off now, but the second i heard it, tears in my eyes. he did so much for the university. >> let him play his last game,

it's that simple. >> paterno's former defensive coordinator, jerry sandusky is at the center of this child sex abuse scandal. he is accused of molesting eight young boys and now police investigators have set up a tip line to field calls from more potential victims. joe paterno's penn state program is seemingly the gold standard for more than four decades. this scandal has raised troubling questions of the culture of a big-time college campus. neal is managing editor for altoona mirror. these really are troubling questions. we have been discussing it amongst ourselves all morning. how much do you write off a college campus that is big on football and these kids perhaps don't have the maturity to realize there is something remarkably unsavory about blaming the media for coverage and shifting the focus away from the victims and how much of this is something wrong with the culture at penn state? >> well, i think it is both. the fact that joe stirs so much

passion and penn state football shows so much passion, it becomes the third biggest city in the state. it is really a small town. you know, and students can be students. and they're looking for sometimes reasons to get together for this kind of cause and this was the perfect storm as far as to bring them out and the passion of penn state football kind of collided. you know, there's no question the football program here had developed into a real empire and a kingdom and i think in terms of trying to protect people and the shroud of secrecy that has gone on really for a long time, really came back to haunt them. >> well, it's interesting when you think of the reputation of a school like penn state going forward. there are people who are going to come out on either side of this saying getting rid of paterno and coming down hard on the football program is going to hurt the reputation of penn state going forward versus others who say this scandal has hurt the reputation of penn state. so, there have got to be some

real pressures are you feeling any of that on campus this morning are there signs and conflicts about how people feel about this. >> probably not so far because they probably just went to bed. but i do feel that this has taken on a life of its own. it's the biggest story in the lifetime of most of the people in central pennsylvania. it does create a black mark that i don't know the university can ever overcome it. but it can come to repair it. i think it took steps towards it last night. >> joe paterno issued the statement a little while ago where he said he was disappointed and he wants everybody to respect the university and its property and things like that. which has been in stark contrast to his, the statements he made when he walked outed is of his house. they have been a little disjointed. are we going to get the full story from joe paterno or is that something the university or

his attorneys will not let him do? >> well, that remains unclear. i mean, at this point, there's no scheduled news conference, even when he was still employed or under the university's umbrella. he chose not to meet the media. he wanted to on tuesday. it was a scheduled press conference that the university pulled the plug on. we thought maybe there might be something yesterday. he's passed on many opportunities in front of the media this week to address it. so, i don't think it will be something, i think it will have to be independently scheduled by paterno, his family and his handlers at this point. >> and the only thing that we see as being scheduled, our producer is telling me, that we might hear from the interim coach tom bradley today. we'll keep an eye on it. neal, thanks very much for joining us. tell me, again. >> that has been scheduled for 11:00 this morning. tom bradley is scheduled to meet the media this morning. >> we'll learn more about it

then. neal, thank you. joining us is from state college, pennsylvania, this morning. it the entire scandal surrounds paterno's former assistant coach jerry sandusky and paterno himself says that he wishes he could have done more. he wishes, he admits he should have done more. that said firing him so he wouldn't be coaching penn state this weekend was a no brainer. here's what cnn's jeffy toobin had to say about it. >> to allow this pedophile to operate year after year bu abus children in the penn state locker rooms and, you know, with no one doing anything about it. and, you know, we are only now learning, apparently, how many victims this guy had. and that joe paterno and other administrators had information about his pedophilia and his

sexual assault and didn't report it to police is, frankly, a moral monstrosity, as far as i'm concerned. and i think the idea that he could, again, have appeared on the sidelines for penn state would have been appalling. >> joining us to talk more about this is paul callan, our cnn legal contributor. you know, the university fires joe paterno, right? it fires the university president, but it has not fired the athletic director, you know, mr. curley and he was the guy that is charged with not going to the police. i kind of don't get that. >> i think a lot more heads are going to roll in this scandal as time goes on. somewhere in the early stages of a breaking case and this thing is so staggering and so stunning that i really think you're going to see a lot of developments in the next week. >> should jerry sandusky be home on unsecured bail, $100,000 unsecured bail until this next court hearing which is now

delayed until december. usually in a case like this, is someone who sucused of crimes that could result in, if convicted, life in prison. are they allowed to be free? >> well, you know, of course, he's presumed innocent, everybody is in the legal system. when we look at charges of pedophilia, it's something that the system looks at very carefully and very differently because of the history that pedophiles have of repeating their offenses. >> he was banned from the facility there's and that didn't, apparently didn't stop him according to investigators. >> he is facing life in prison on this charge and the bail is set at $100,000 that he makes immediately and he goes home. the other two individuals who were charged with a failure to report the crime, the athletic director and a vice president at the university, the bail for them was only set at $75,000. so, i don't -- >> the members are still on staff at the university, which, again, i don't get. >> i get it. the more i read on what has been going on for penn state at

years. the football program dominates and controls the entire university. it's happy valley. and, frankly -- >> the kingdom is what -- >> the thing was turned from a tiny program into a billion dollar program and, frankly, they don't seem to be in touch with reality. anything that would disturb the football program, they don't touch. and to think that this guy, this individual, sandusky, waus allowed to come back on campus and use locker rooms where he allegedly raped this young man. >> if they knew, if administrators knew enough to say you can't be on this property and he continued to come as prosecutors say and commit crimes, what is the liability for the university? >> i think you'll see a multi-million dollar civil suit against the university, which is going to say a trap is created for these children and that university officials aided and a abetted in allowing to use the locker room and the shower room for this child to be raped. look at this assistant coach

mike mcquery who witnessed the actual rape of the child. >> and reported it. >> who did he report it to? he reports it allegedly to paterno who then reports it to higher officials. who called the cops? this guy is working in a football program. he sees a man raping a boy in a shower room and why didn't he pick up a baseball bat and hit the guy and break it up. instead he goes home and tells his father about it who then tells paterno. what are these people doing at penn state? >> the other thing about that, there's an interesting article in "new york times" about mike mcquery rises through the ranks. he is now the wide receiver's coach and he may be on the sidelines this saturday when penn state plays. >> that's culture. that's the cull ture you're talking about. he's working now within the system that he's complained about. >> i think a reporter should be

saying, you saw a 10-year-old boy being raped in a locker room, why didn't you break it up? >> his fathery told "new york times" his son is anxious to tell his side of the story, but can't, because there is an investigation going on and the like, but, you're right, a lot of questions about -- >> i want to hear the complete story and, frankly, maybe we'll hear something to justify the actions. but we have here a lot to justify this. eight kids we now know had their childhoods taken away by what happened in this university. >> people are still protesting that it is the media and the wrong thing for the university to do. >> sandusky maintains his innocen innocence. he's home and he tells us through his lawyer, that he will defend imhimself. he did. do these things. >> i'll tell you, a very detailed, shocking indictment and there are lots of witnesses,

including mike mcqueary. >> thank you very much. rick perry melts down at the gop debate. oops. that's what he said. we'll show you and talk about it after a break. but, you got to hand it to him, he's not hiding this morning. the texas governor spoke to us live an hour ago. what does he have to say about his performance and his ability to lead the country? we'll tell you. boos and enginejeers what questions that the moderators asked. [ male announcer ] what if we told you that cadillac

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sunny and 38 degrees. later a beautiful day headed up to 45 degrees for a high. >> the view from canada. across the river. texas governor rick perry's bid for the white house is on shaky ground after his brain freeze last night at the republican presidential debate. listen to it. >> and i will tell you, it's three agencies of government when i get there that are gone. commerce, education and the, what's the third one there? let's see. >> you need five. >> five. commerce, education and the -- >> epa.

>> there you go. >> seriously? is epa the one you're talking about? >> no, sir. we are talking about the agencies of government, epa needs to be rebuilt, there's no doubt about it. >> you can't name the third one? >> the third agency of government i would do away with education, the -- commerce and, let's see. i can't. the third one i can't. sorry. oops. >> after that so painful moment perry is doing damage control this morning. he is making the rounds on all the networks. you have to hand it to him. he's not shying away from the cameras this morning and doing it with a smile on his face. appeared last hour on "american morning" clearly trying to get back on message while handling this meltdown with a sprinkle of humor. >> obviously, i stepped in it. but, again, i go, i have my moment of humor with it and i press on. and understand that there are a lot more serious things facing

this country than whether or not i can remember the department of energy in an inappropriate time. >> you'll debate again on saturday. what are you going to do different? if you're not, you say you're not the best debater out there. but, you know, pretty much debater in chief is what the president of the united states is. >> look, we've got a debater in chief right now and you have to ask yourself, how is that working out for america? the fact is, americans want a great debater and don't care about substance. >> you have to debate on a global stage, no matter who the president is. what i'm saying is that you have to be debating the chinese and the middle east and what is the way forward for europe? i mean, the skills that you need on that stage many would say that you need as president. >> i would suggest to you that we need substance more than we need style. and if what we've got today is reflective of the style that americans are looking for, then,

you know, $4 trillion of debt on america that 14 million people out of work. we have almost half of our country that is taking some type of government benefit. that's what this campaign is really about. >> it's hard to imagine how anyone could have knocked herman cain from the headlines last night, but rick perry did manage to do that. still, the georgia businessman couldn't escape questions about the four women accusing him of sexual harassment and some in that debate audience, well, they didn't like the question. >> in recent days, we have learned that four different women have accused you of inappropriate behavior. focusing on character and judgment. you've been a ceo? >> yes. >> you know that shareholders are reluctant to hire a ceo where there are character issues. why should the american people hire a president if they feel there are character issues? >> the american people deserve

better than someone being tried in the court of public opinion based on unfounded accusations. >> all right, well, despite those boos from the audience, the moderators did press on. they teed up another question about the sexual harassment questions against herman cain, only this time they targeted mitt romney drawing even more calls from the crowd. listen. >> would you keep a ceo? are you persuaded by what mr. cain has said? would you keep him on if you bought his company? >> look, look. herman cain is the person to respond to these questions. he just did. the people in this room and across the country can make their own assessment. >> so, romney and newt gingrich were widely considered the big winners last night according to

a detroit free press poll. 25% expressed support for the former house speaker. up next, stocks, well, maybe they'll bounce back after markets around the world tanked yesterday. we'll check the numbers and, of course t doesn't mean we're out of the woods yet. we'll let you know about that. also ahead, lots of blackberry delays this morning. is it another outage? what research in motion is saying about it. 24 minutes after the hour. tdd# 1-800-345-2550 let's talk about fees. tdd# 1-800-345-2550 there are atm fees. tdd# 1-800-345-2550 account service fees. tdd# 1-800-345-2550 and the most dreaded fees of all, hidden fees. tdd# 1-800-345-2550 at charles schwab, you won't pay fees on top of fees. tdd# 1-800-345-2550 no monthly account service fees. tdd# 1-800-345-2550 no hidden fees. tdd# 1-800-345-2550 and we rebate every atm fee. tdd# 1-800-345-2550 so talk to chuck tdd# 1-800-345-2550 because when it comes to talking, there is no fee. but when they come home, they don't want a parade;

they want a job. the postal service employs more veterans than any other civilian employer. but congress is debating a bill that would force the postal service to fire tens of thousands of vets, close post offices, shut mail processing plants, and disrupt mail delivery. drastic cuts won't fix the postal service and aren't needed. tell your representative to vote "no" on house resolution 2309. it's time to deliver for our veterans -- and america.

26.5 minutes after the hour. minding your business this morning. big news crossing just in the past hour. greece has a new prime minister. he is lucas papademos a central

bank prime minister he takes over with the $177 billion eu bailout on the table right now. the markets are liking that news. dow futures are up over 120 points right now and the s&p 500 and nasdaq also poised to open higher this morning. just a few minutes back here in the united states, we are expecting a new report on the number of jobless claims filed for the first time last week. now, this is going to give us a fresh look at the employment situation in this country and the health of the labor market. we'll bring you those numbers as soon as they're available and tell you what they mean. jefferson countsy the now the largest local government in history to file for bankruptcy. the county which involves birmingham plunged more than $4 billion into debt by a corruption plagued sewer project. research in motion says it's investigating reports that blackberry e-mail is slow this morning, but the company says no system-wide outage. last month tens of millions of users lost e-mail and bbms for

days. the company stock price suffered. a baseball player kidnapped in venezuela. "american morning" is back after the break. [ jill strange ] osteo bi-flex is a great product. i can go back and do gardening with comfort. [ male announcer ] osteo bi-flex with 5-loxin advanced. shows improvement in joint comfort within 7 days. osteo bi-flex. the #1 doctor and pharmacist recommended brand.

effective immediately, dr. spanier is no longer president of the university. in addition, joe paterno is no longer the head football coach effective immediately. shocked sadness as head football coach joe paterno is fired over a child rape scandal involving his former assistant coach. penn state students rioting in protests on this "american morning." it is 30 minutes past the hour. good morning to you. time for our top stories. a major league baseball player reportedly kidnapped at gunpoint in his home country of venezuela. a venezuelan newspaper is reporting that ramos was taken away in a car.

he is just 24 years old and considered a rising star on the washington nationals. he was playing winter baseball in venezuela in the off season. other major leaguers from venezuela have had family members kidnapped in the past. new rescue video from eastern turkey. pulling a man out of the rubble after a 5.7 earthquake rocked the area last night. the powerful tremors collapsing two hotels. at least seven people died. this is the second fatal quake to hit that area in weeks. rick perry trying to do damage control this morning and save his presidential campaign. he suffered a brain freeze last night when he was unable to name the third government agency that he himself has vowed to eliminate. >> and i will tell you, it's three agencies of government when i get there that are gone. commerce, education and the, what's the third one there? let's see. >> you need five.commerce, educ

the -- >> epa. >> epa, there you go. no. >> let's talk -- >> seriously? is epa the one you were talk about? >> no, sir. we were talking about the agencies of government. epa needs to be rebuilt, no doubt about it. >> but you can't rename the third one. >> the third agency of government, i would do away with the education, the -- commerce. and, let's see. i can't. the third one i can't, oops. >> perry appeared earlier on "american morning" and he's doing his best to get back on message. >> obviously, i stepped in it. but, again, i go, i have my moment of humor with it and then i press on and understand that there are a lot more serious things facing this country than whether or not i can remember the department of energy at an

inappropriate time. >> and you had a good discussion with him about the department of energy. this is something that he spent a lot of time on. he comes from a state that generates a great deal of energy, so, it was an interesting one. >> if he couldn't remember the name of the agency, how well did supporters know he would be able to close the federal department of energy and, you know, a very serious substance policy issue there. >> but, but in fairness to him, we do know that it's a topic that he knows about. >> right. he could have just -- he could have just had a brain freeze. doesn't mean he doesn't know what the department of energy is. >> we do see a lot of rick perry after debates, though. >> he says he's not a good debater and he really stepped in it. >> he always says that. >> the question is, as the president of the united states you are on a world stage debating people who don't think the same way you do and putting the american agenda forward and arguing substance. >> remember that whole discussion where rick perry's people said maybe he won't participate in any more debates. maybe they were right.

another debate on saturday. >> rick perry says he is going. here's something new for you this morning. check this out. the first snow of the season in the midwest. this is in des moines. oh, that's bad. rob, what's going on? >> well, you know, they were jealous that the northeast got their surprise october snow and they wanted to get into the act. so, they would typically see that kind of measurable snow in mid-december, so, it's about a month early, also. another historic storm and i want to show you this video out of alaska. mentioned it yesterday and basically a hurricane and a blizzard at the same time. winds gusting well over 80 miles per hour and a storm surge there over ten feet and waves off shore just over 40 feet and there you see them crashing down across the west coast of alaska. even for the hardy folks on the frontier that is alaska, this was a duzy. 89 mile wind gusts and just north of nome and nome prior seeing 55-mile-per-hour wind

gus. snow across iowa and wisconsin and antigo 14 inches of snowfall and one coming in just under 4 inches. although it's cold behind it, the front that is out ahead of it, not a whole lot to it. maybe some showers across upstate new york and parts of central p.a. and get into central new york area. notice this moisture coming from this storm. tropical storm sean. now winds of 65 miles per hour. not going to hit the u.s., going to go off to sea, but, obviously, rough seas and also some rainfall from this storm training in to eastern parts of new england tonight and tomorrow heavy rain. big-time fog this morning. that's the other main issue. new york laguardia and jfk seeing big-time delays. ground stops at all these three airports including philadelphia and d.c. until further notice, really. thick fog and visibility below a quarter mile. we get the front through today and get clearer air in behind

it. freeze warnings posted for parts of the deep south tonight. guys, back to you. >> i never notice fog in new york city and i actually noticed it coming into work today. fog right in the middle of the city that was interesting. >> yesterday morning they were having a smog problem. the smog was so thick around the tunnels that people stopped their cars. and caused this huge backup at about 3:00 in the morning. >> you'll get a refreshing, clearing breeze tomorrow morning. >> you've worked in des moines, is it really that crazy to have snow this time of year? you get snow for the next four months, why complain? >> people in the midwest with weather, yeah, that's about 32 days before we normally get it. people know. sometimes crazy things happen. i remember when i graduated from college and moved to chicago the first week in october and there was a huge snow storm. >> you got to be in that beautiful city. >> thank you, rob. >> rob is like, what are they talking about? still ahead, swapping military boots for civilian

shoes. a big change. what is the best place for a veteran to launch his or her second career? we'll tell you. 36 minutes after the hour. ines y early stages of cancer, and it's something that we're extremely proud of. you see someone who is saved because of this technology, you know that the things that you do in your life matter. if i did have an opportunity to meet a cancer survivor, i'm sure i could take something positive away from that. [ jocelyn ] my name is jocelyn. and i'm a cancer survivor. [ woman ] i had cancer. i have no evidence of disease now. [ woman #2 ] i would love to meet the people that made the machines. i had such an amazing group of doctors and nurses, it would just make such a complete picture of why i'm sitting here today. ♪ [ man ] from the moment we walk in the front door, just to see me -- not as a cancer patient, but as a person that had been helped by their work, i was just blown away. life's been good to me. i feel like one of the luckiest guys in the world.

♪ sadly, no. oh. but i did pick up your dry cleaning and had your shoes shined. well, i made you a reservation at the sushi place around the corner. well, in that case, i better get back to these invoices... which i'll do right after making your favorite pancakes. you know what? i'm going to tidy up your side of the office. i can't hear you because i'm also making you a smoothie. [ male announcer ] marriott hotels & resorts knows it's better for xerox to automate their global invoice process so they can focus on serving their customers. with xerox, you're ready for real business.

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all right. this just in. we have weekly unemployment claims. jobless claims is how we can gauge how many people file for unemployment benefits every week and it dropped. 390,000 unemployment claims were filed for the first time last week. that is the lowest in seven months. it shows you that layoffs are slowing and any time this number comes in below 400,000, a good sign for the labor market and the overall economy. we already had futures up this morning and we will see if there is some hope that the u.s. labor market is healing a little bit. meantime, as veterans day approaches, a focus returning to retired troops who are having a hard time starting over in this economy and the ussa released a place for retired military

retirees to start their second career. joining us is jill, a certified financial planner and lieutenant colonel in the reserve. good morning. >> good morning, christine. great to be here. these men and women are coming home and retiring and a real problem in this labor market, just not a lot of room for everyone. you to be focussed and groomed for what you're looking for in this economy. we know gulf war ii veterans have a more than 12% unemployment rate, higher than the rest of the population. you know, give me a sense here of where the best places for people to come home and start looking for a job and where do those places have in common? >> okay, so, what we did is ussa jo joined forces to pinpoint metro areas. of the 379 metro areas in the united states where they have a propensity to use military skills. the top place in the country, considering the stability of

their economy, their low unemployment and their military skilled type of jobs is oklahoma city. >> really. we're looking at a map right now with the top ten. norfolk, virginia and richmond, virginia. what do these towns have in common? are they, you know, contractor towns, are they places that are close to bases so they know military culture? why are these the best places in general for second careers? >> well, military skillsets include aviation, engineering, medical services, protective services, emergency services and often military retirees go into department of defense jobs or work for the government. so, all of those places have that in common. what they also have in common very importantly is that they have lower than the national average unemployment rate. oklahoma city, as an example, has a 5.2% unemployment rate. very stable economies. plus, low cost of living. in each of these cases. >> oklahoma city, 119,000 is the

medium home price. we're looking at a picture of that one. you want to be able to buy a house, too. >> absolutely. in fact, it may be the first time that many of these folks are buying a house because of the nomaddic military lifestyle. so, the housing prices were low. in each of these top five they're at or below $200,000. so, you can get a lot of bang for your buck. plus, there are also military installations nearby. and why that makes a difference is that these retirees have complete access to these installations just like they did when they were on active duty. that means that they, that they can shop at the commissary and save 25% to 30% on their groceries, just as one example. >> that is what you looked into the quality of life, family environment, children. i think that a lot of people don't understand that military families and military retirees coming home from iraq and afghanistan and entering back into, you know, civilian culture, i guess, if you will here. they have a lot of different

kinds of financial challenges. they may have had a lot of credit card debt, right? they were bouncing around the country. a lot of different issues there. >> there really are. you know, the military is real ey a cross section of the united states. they have a lot of the same financial issues and challenges that the rest of the population has in large part. so, you bet. but this is just an in and of itself transitioning and swapping your boots is a huge financial proposition. you're leaving behind all these things that were included in the military pay package that now you have to look for, select and pay for once you hit the civilian job market. so, things like health insurance, dental insurance, life insurance, disability insurance and the exciting part, though, they may now have a matching contribution in their 401(k). a very good thing in my book. >> jean usaa certified financial planner, thanks. we'll post that map online so people can see it, as well.

also pretty helpful advice on how to take that military resume and transfer it into civilian life. thanks, good to see you. morning headlines are next. 45 minutes after the hour.

47 minutespist past the hour. here are your morning headlines. 300,000 unemployment claims were filed for the first time last week. the lowest in seven months. any time this number comes below 400,000, a good sign for the labor market and the overall economy. u.s. markets open in just about 45 minutes. the dow, nasdaq and s&p 500 all poise to open higher this

morning. markets getting the boost from the news that greece has a brand-new prime minister. he is lucas papademos a european central bank prime minister. locked out nba players and owners will be back at the bargaining table at noon today after they wrapped up 12 hours of talks late last night with no new deal. after 46 years as penn state head football coach the era ends in a flash. the board of trusties fired him and the president immediately for their handling of child sex abuse allegations. last night's republican debate near detroit rick perry was asked about the three government departments he'd cut as president and he could only remember two of them. he brushed off the gaffe when he made the round on the morning talk shows today. james murdoch appearing before parliament for a second time this morning. he accused two former news of the world executives of misleading parliament when they

said murdoch knew about the phone hacking scandal. murdoch claims he was unaware of the practice. eddie murphy quits the oscars. he decided to drop out as host of the academy awards. the decision coming a day after producer bret ratner is out over a gay slur he made over the weekend. kanye west no where to be found. taylor swift was the big winner at last night's cma awards in nashville. she won entertainer of the year for the second time. service is now set for boxing legend joe frazier. the former champ's remains will lay in state at wells fargo center tomorrow and saturday. the funeral will be held monday morning, a week after frazier died of liver cancer. that's the news you need to start your day "american morning" back after a break.

three years from now, a 2011 ford fusion is projected to be worth more than a 2011 toyota camry. any thoughts on this news? are you sure? i'm absolutely positive. fusion is projected to hold its resale value better than camry. mike, thanks for doing that discount double check. you saved us hundreds. what was that? the discount double check? it's when we comb through your policies and make sure that you're getting all the discounts you deserve. no, i get that part, but you guys are doing my move. the discount double check move?

that's my touchdown dance. so you're a dancer? no, i'm a quarterback. oh, a quarterback. mrr. i'm a robot. mm, mm. ee, er, ee, er. get out of here. [ male announcer ] aaron rodgers got his. how about you? rodgers! discount double check! [ male announcer ] get to a better state. state farm. all right. columbus circle. this is right outside our building, actually. something unusual is happening. see columbus, the cat in the

middle, there's guys cleaning him. >> did you call columbus a cat. >> you know, in the affectiont way. >> man, you are old school. we think about this columbus circle is this elephant. >> towards the right. that's not normally there. >> just suddenly appeared one day and no one knows why. >> this is actually our neighborhood and we're all very curious why they decided to clean christopher columbus today. >> and where that elephant came from. the world of new media is still a place dominated by young, white men. >> that was a good segue from the elephant and christopher columbus. >> the elephant in the room. now a couple young business leaders are giving minorities an onramp to the super highway. soledad o'brien with a preview of her special black in america, the new promiseland, silicon valley. >> in this unassuming three bedroom home in mountain view, california, angela benton and

wayne sutton hope to make history. >> see what this thing look like. >> one of them is supposed to be a sofa bed. >> reporter: the friends connected online. two internet entrepreneurs trying to succeed in an overwhelmingly white industry. >> for whatever reason, african-americans tend to be consumers of technology and not really creators of technology. >> name me one black web tech founder or start-up ceo? where's an example of black market zuckerberg. >> reporter: last year only 1% of internet startps were founded by african-americans. so, angela and wayne created the new media accelerator. new me for short. a groundbreaking program to speed up the development and success of minority-led startps in silicon valley. >> if you're going to be an actor, you go to l.a. if you're going to be in

fashion, you go to new york. and if you're going to be in technology, then you come to silicon valley. >> reporter: modeled after similar programs, new me offers its dotcom founders access to deep pocketed investors, well-connected mentors and opens doors at some of the most successful internet companies in the world. >> welcome to facebook. >> reporter: the downside -- >> everyone will be living together. >> reporter: eight people, nine weeks, one house, one goal. changing the face of silicon valley. >> for it to be successful to me, founders have to give investment. >> thanks for your enthusiasm for coming to google. >> reporter: the high-stakes program culminates in demo day when each entrepreneur has six minutes to pitch their company to a room full of investors. for in america, soledad o'brien,

cnn, silicon valley. coming up next, it was a test. it was only a test. but it looks like they're getting an f. did the national emergency alert system mistakenly play lady gaga. it really did. it was crazy. >> so there's an emergency and there's lady gaga singing. it's six minutes to the top of the hour. what's this? it's progresso's new loaded potato with bacon.

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good morning, atlanta.

i guess atlanta. >> that is atlanta. i was under the impression we were looking at the circle, again. >> we are going to talk about the elements. >> i was thinking to myself, i lived there for a while myself, that looks like atlanta. getting up to a balmy 56. thankfully no real emergency, it was, as you often hear, only a test. some technical glitches reported yesterday. the fcc says most of the stations received the alert, sent it out 2:00 p.m. eastern but some stations didn't and the signal aired longer than the intended 30 seconds. very unusual complaint instead of hearing piercing tones some people heard lady gaga's hit "paparazzi." >> no one knows why we were hearing lady gaga. >> ubiquitous. >> they'll work out the glitches and hopefully have things working very soon. the myster