we want joe! we want joe! we want joe! breaking news. shock and outrage following the sudden firing of long-time head coach joe paterno. asian markets tank as shadows of europe's debt crisis looms larger and larger. and debate debacle. a texas-sized stumble by governor rick perry at last night's republican presidential debate. >> i can't -- the third one i can't. sorry. oops. this is the "cbs morning news" for thursday, november 10, 2011. good morning, good to see you. appreciate you joining us. i'm terrell brown. a legendary coaching career has come to an abrupt end.

after 62 years on the sideline, 46 as head coach, joe paterno was fired from penn state. he and the university president were let go last night. by the school's board of directors. it comes in the wake of a sex abuse scandal that's rocked the campus and shocked the nation. overnight thousands of students stunned by the news gathered on the campus. some were violent. the board of director said the decision to fire paterno was made in the best interest of the school. paterno says he doesn't agree with the board's decision but he has to accept this. susan mcginnis with more on this. good morning to you. >> reporter: the board of trustees at penn state promised fast action and they delivered. paterno is out. the university president is out. now a federal investigation begins. police in riot gear moved in after thousands of outraged penn state students took to the streets. they packed downtown state college wednesday night to show their support for ousted coaching legend joe paterno. students shook lamp posts and

toppled over this news van after the university trustee board made its shocking announcement. >> dr. spanier is no longer president of the university. in addition, joe paterno is no longer the head football coach effective immediately. >> reporter: officials fired paterno and university president graham spanier over their handling of child sexual abuse allegationless against former defensive coordinator jerry sandusky. after the announcement paterno released a statement saying, i am disappointed with the board of trustees' decision but i have to accept it. a tragedy occurred and we all have to have patience to let the legal process proceed. there's now a federal investigation into the scandal. the department of education is looking into whether school officials broke the law in failing to report incidents of sexual abuse on campus. outside his home, paterno with his tearful wife at his side thanked the supporters. >> i love you all.

you're great. >> reporter: earlier wednesday the 84-year-old tried to ease growing criticism announcing he would retire at the end of this season. >> joe pa! >> reporter: now this saturday penn state will take the field for the first time in 46 years without paterno as head coach. now, while the board vice chairman brought up a point he said while this has been absolutely terrible for the entire penn state community, the outrage we feel is nothing compared to the physical and psychological suffering that allegedly took place here. terrell? >> that's a point folks are going back to. susan mcginnis, thank you so much. as you saw a lot of students didn't agree with the decision to fire the man known as joe pa. >> it's amazing they so curtly dismissed joe paterno like that in this press conference. without any compassion, remorse, or consciousness about what that man did for the last 40-some years at penn state. these people wouldn't have a university to preside over if it

wasn't for everything that joe paterno did. >> it's unbelievable. it's a disgrace. the fact mcqueary, a man who actually saw sandusky allegedly in the act is still going to be on the field saturday but joe apaterno is not is a complete joke. >> tom bradley the defensive coordinator has been named interim coach. a huge story this morning. a lot of frayed nerves on wall street after the worst day for stocks in seven weeks. the dow plummeted more than 3%. the nasdaq dropped 105 points. the s&p 500 in the red for the year. and it's only gotten worse today. we go to ashley morrison from "cbs moneywatch" with more. good morning. >> good morning to you, terrell. well, the numbers are bad on wall street and overseas. it's definitely getting worse. asian markets went into a freefall today. japan's nikkei lost 3% while hong kong's hang seng dropped more than 5%. european markets have also opened on the downside. italy has become the biggest concern due to their terrible finances. the country's borrowing costs

soared to a record high. prime minister berlusconi is trying to pass reforms to pull the economy back from the brink but he lost virtually his support and has now promised to resign. a big bailout may be out of the question. the italian economy is just too big. europe's third largest. with a debt of $2.6 trillion. there simply isn't enough money to put together a rescue package. meanwhile, the situation in greece is nowhere near settled. negotiations to put together a coalition government have turned into chaos. until they get that done, they will not get the rescue package put together by the eu. if this continues to drag on, greece will default on its debts within weeks and that would be catastrophic. this is hardly just a european concern italy or greece could pull europe into another recession. if that happens, it is headed our way. half of american banks lend to banks in europe. some are in very deep over there. in italy alone, some of our

biggest banks have billions of dollars in outstanding loans. and it's not just about stocks, a european default would bring our already slow job growth to a standstill. they certainly need to get a handle on this very quickly, terrell. >> ashley morrison in new york. good to see you this morning. thank you. today is the deadline for the white house to respond to a subpoena from a congressional committee for documents related to the failed solar panel company solyndra. just released e-mails appear to indicate that a major donor to the obama campaign george kaiser pushed for a loan to solyndra before it went under. obama spokesman maintains the white house did not get involved and the loan was approved by the energy department. to politics. embarrassing debate stumble by rick perry. at last night's presidential debate in michigan, perry couldn't remember all three federal agencies he said he'd eliminate if he's elected. >> commerce, education and the -- what's the third one there? let's see. >> you can't name the third one?

>> the third agency of government -- i would do away with education, the -- i -- commerce, and, let's see -- i can't. the third one i can't. sorry. oops. >> last night's debate was focused for the most part on the economy. those charges of sexual harassment leveled at herman cain also came up. danielle nottingham reports. >> reporter: eight gop presidential candidates took the debate stage at oakland university in michigan. the harassment allegations plaguing herman cain's campaign were addressed early on. >> the american people deserve better than someone being tried in the court of public opinion based on unfounded accusations. >> are you persuaded by what mr. cain has said? >> look, herman cain is the person to respond to these questions. he just did. >> reporter: the candidates were eager to leave that issue behind and focus on the economy.

they targeted president obama, not each other. >> you want to get america's economy going, we know how to do it. it's do almost the exact opposite of what president obama has done. >> president obama's plan for job creation has absolutely nothing to do with the true people who know how to create jobs. >> this administration has done nothing but put stuff in the caboose and is not moving this economy. >> reporter: there are less than two months before the first caucuses, leaving the candidates little time to separate themselves from the pack and win over voters. danielle nottingham, cbs news, washington. this morning herman cain is apologizing for a remark about house minority leader nancy pelosi. during last night's debate he said she blocked any appeal to overhaul health care legislation when she was speaker of the house. he called her princess nancy. >> legislation has already been written, hr 3000. in the previous congress it was hr 3400.

what that does, it's already been written. we didn't hear about it in the previous congress because princess nancy sent it to committee and it stayed there. it never came out. >> afterwards cain said he probably should not have made the princess remark. and this saturday night, scott pelley will host republican candidates in a debate from south carolina. you can see it 8 p.m. right here on cbs. recovery efforts are under way in eastern turkey this morning after a strong earthquake trapped dozens and collapsed buildings. the 5.7 magnitude quake struck yesterday. it hit in the same region that was devastated by a major quake last month. through the night survivors were pulled from the rubble, including a hotel. at least seven people are known to have been killed. aftershocks through the night are hampering rescue operations. to the british phone-hacking scandal that rocked the media empire of rupert murdoch. murdoch's son james is expected to be questioned today for the second time by parliament. james murdoch has insisted all along that he knew nothing about revelations that journalists working for one of his father's

papers routinely intercepted the voice mails of public figures. coming up on the "morning news," the great debate over low-salt diets. eddy murphy makes a stunning announcement. and the academy is not laughing. this is the "cbs morning news." this is the "cbs morning news." . [ designer ] enough of just covering up my moderate to severe plaque psoriasis. i decided enough is enough. ♪ [ spa lady ] i started enbrel. it's clinically proven to provide clearer skin. [ rv guy ] enbrel may not work for everyone -- and may not clear you completely, but for many, it gets skin clearer fast, within 2 months, and keeps it clearer up to 9 months. [ male announcer ] because enbrel suppresses your immune system, it may lower your ability to fight infections. serious, sometimes fatal, events including infections, tuberculosis, lymphoma, other cancers, and nervous system and blood disorders have occurred. before starting enbrel, your doctor should test you for tuberculosis and discuss whether you've been to a region where certain fungal infections are common. don't start enbrel if you have an infection like the flu.

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in florida, two racers died after their power boat caught air and flipped over. their boat was going about 130 miles per hour and crashed upside down. it landed so hard that its right front hull was severely damaged. organizers say the races will continue today and tomorrow despite that fatal accident. alaska is being battered by one of the strongest storms in nearly 40 years. it hit western coastal areas hard wednesday with heavy snow, strong winds and big waves. today may bring up to 4 inches of snow to other parts of the state. >> reporter: hurricane-force winds are bringing heavy snow and a powerful storm surge to western alaska. >> with the gusts they're

talking about, a lot of buildings, haven't seen weather like that in quite some time, if at all. >> reporter: the national weather service is calling the blizzard extremely dangerous. the storm could send a rush of water, up to 8 feet high, into coastal communities. andrew dixon is a meteorologist with the national weather service. and says the surge could flood neighborhoods. >> and then on top of that, you have pounding wave action that all acts to erode the coastline. if you have buildings or people that for some reason are in the immediate vicinity of the coastline, they're definitely in danger. >> reporter: while the storm is not expected to make a direct hit on the continental u.s., portions of it could slam the northwest with heavy rains, wind and mountain snow. making it the area's strongest storm of the season. for now, the blizzard continues to blanket parts of alaska and limit visibility in some communities to a quarter mile or less. the storm isn't expected to end until later this evening.

cbs news. a hearing today in washington as study -- or new study questions, the benefit of cutting down on salt perform a review of more than 160 scientific studies published wednesday says reducing salt in your diet may not have an overall positive health impact. researchers found salt raised cholesterol and hormone levels that can be harmful to the heart. the test of the emergency alert system did not go that well. at 2 p.m. eastern time all tv channels and radio stations in the u.s. were supposed to interrupt programming and play the alert but some stations played a song by lady gaga. the government says the first national test of the eas was supposed to find problems, and it certainly did. eddie murphy suddenly quit as host of next year's academy awards. he made the decision after his friend brett ratner, producer of the show, stepped down after he allegedly made a gay slur during the screening of "tower heist."

>> it is an amazing platform but also a very high-risk tight rope act to be the host of the oscars. if you're eddie murphy, you've got a lot to lose. >> the oscars will air february 26th. coming up on your thursday morning, we'll have weather. in sports, college football action. and an aerial attack that sealed the deal. the deal. hi. you know, i can save you 15% today if you open up a charge card account with us. [ male announcer ] identity thieves never stop coming up with ways to steal from you. they can open up an account in your name and go on a serious spending spree. do you have cufflinks? mm-hmm. gold ones? [ male announcer ] not on our watch. we're lifelock. go to lifelock.com and learn how our patented billion point database can help protect you. call 1-800-lifelock today. lifelock. relentlessly protecting your identity. lugging around a hot water extraction unit can be a rush! that's why i'm carpet for life.

but if things get out of hand, there's no shame in calling us. ♪call 1-800-steemer. like being able to shop for the gifts we want, however we want... and have them ready for pick up in 5 minutes, guaranteed. and if the gift we want isn't in store, it's shipped to us, free. only sears lets you get the gifts you want, when you want, at the prices you want. guarantees like that can make anyone a true believer. now that's real joy, guaranteed. use your sears card to earn up to 5% back in shop your way rewards points. here's a look at the weather

in some cities around the country. 65 with showers in new york. 80 and partly cloudy in miami. 39 with rain and snow in xhg. 65 and sunny in dallas. partly cloudy and 78 in los angeles. time now for a check of the national forecast. latest satellite picture shows tropical storm sean swirling off the coast of cape hatterus. clear skies are in the midwest. later today, showers head into the northeast. snow showers will linger in the western portions of the great lakes. nothing but sunny skies from the midwest to west coast and chilly in the northern plains while the southeast sees highs in the 60s and 70s. in sports a seesaw battle in college football between temple and miami of ohio. in the first, miami takes the lead on the pass here. it goes 29 yards for the score. then in the fourth, temple comes back, takes the lead and the game. red hawks take down the owls. 24-21. in basketball the deadline came and went.

nba owners and players engaged in another marathon negotiating session. talks lasted past midnight and there's word they're edging closer to a deal. "the new york times" reports players are willing to accept a 50% profit share, but the main sticking point appears to be free agency. in college basketball, duquesne gave arizona quite a scare. they were up by one at the start of the second half then the wildcats poured it on. and ended up winning by eight. arizona, 67, duquesne, 59. and the 20th ranked texas aggies were all over liberty, taking it to the hoop after blocking a shot and faking out the flames for a fast lay-in. 81-59. when we come back on this thursday, another look at this morning's top stories. a woman goes undercover and steals her bike back from the guy who stole it from her. what's in the mail? well, it just might surprise you. because this is how people and business connect. feeling safe and secure that important letters and information don't get lost in thin air.

or disappear with a click. but are delivered. from person to person. and, sometimes, even face to face. have a great day. you too. for some of the best ways to connect and protect... it's all in the mail. learn more at usps.com/mail. protesters at cal. the scuffle turns violent as officers knock down tents. the arrests.. and the students' next move. occupy oakland braces for raid

2. the secret plans for a massive takedown. how the mayor is once again changing her mind. watch out apple. how microsoft plans to step up the competition with its first bay area store. plus.. free food for lawmakers. how the state has been squandering your money. join us for cbs 5 early edition ... beginning at 4:30. [ man ] it's big. responds in a moment's notice. supports in times of need. same with aladdin. aladdin became the biggest in bail by treating people right. no one has lower prices, is faster or more professional than aladdin. that's why more people turn to aladdin than anyone. aladdin bail bonds. bigger because we're better. on the "cbs morning news," here's a look at today's weather. the northeast will get hit by two storm systems.

one moving in from the great lakes and the other heading toward new england. mild conditions are in the southeast and throughout much of the midwest with highs in the 50s to 70s. another look at this morning's top stories. legendary football coach joe paterno has been fired by penn state in the wake of the sex abuse scandal that's rocked the university. overnight thousands of students gathered on the penn state campus and protested. police used tear gas to break up demonstrators. asian stock markets took a nosedive after yesterday's big selloff on wall street and europe's failure to nail down a deal to control its growing debt crisis. hong kong's hang seng was down more than 5%. a story about a colorado woman who got her bike stolen and then turned the tables. she used social media to catch the thief and get her wheels back. dominique garcia of our denver station kcnc has the story. >> well, this is like my first time using this lock. >> reporter: she has a new security system and one heck of a story to go with it.

>> i kind of like second-guessed myself whether i locked it up or not. but i definitely remember locking it up. >> reporter: it was friday night, katherine popped into a local bar to catch a game. when she came back out -- >> really, my bike's gone. >> reporter: her bike, her wheels to work and school. of course she was mad but not much she or police could do. however, a few days later she thought, why not, and looked on craigslist. >> i knew it, that was my bike. because i have red handlebar tape. that's not standard. >> reporter: she called the person, set up a sale, even went to their apartment. there she would meet 18-year-old denzel crawford. police were on their way but she had to buy time. >> so, i decided that i was going to ask for a test ride. this is mine, i can take it. my seats are down in my car. it will fit in perfectly. i never looked back. >> reporter: just like that she got the bad guy. her wheels -- >> i'm glad i got my bike back. >> reporter: and one heck of a story. >> i just thought it was kind of a rookie move to put it on craigslist in the same area. >> dominique garcia from kcnc

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and the cma award for entertainer of the year goes to taylor swift! >> for the second time 21-year-old taylor swift won the top prize at the country music awards in nashville. as country music -- as country music's hottest selling young star in many years, swift was rewarded for an amazing year in which she brought country music to the far east and all over the country. >> i'm so happy right now. this is -- this is thanks to all the fans who filled up those stadiums and arenas all over the world this year. thank you so much! i am -- this is amazing! >> other big winners included the band perry, named new artist of the year, lady antebellum won vocal group of the year for the third straight time and

sugarland took its fifth straight award as vocal duo of the year. for decades j. edgar hoover ran the fbi and not much was known about him but clint eastwood is about to change that. he directed a new film about hoover with leonardo dicaprio in the title role. sandra hughes sat down with the two stars. >> reporter: from his twisted relationship with his overbearing mother played by judi dench to his awkward attempt at romance with naomi watts' character, leonardo dicaprio uses everything he's got to play j. edgar hoover, the iron fist at the fbi for 50 years, who may or may not have been gay. >> you pulled away from me. >> reporter: hoover's personal secrets and hunger for power led him to create secret files on everyone from the president to martin luther king. hard to believe, but this intense biopic was shot in just 45 days. >> i actually enjoyed the pace in which we worked because it

really keeps you on your toes. and, you know, clint's philosophy is trust your own instincts. >> reporter: at 81 clint eastwood doesn't waste time. >> i've played golf just enough to know that i'm going to have my limitations on it, so i'm just -- i would rather continue on. >> reporter: eastwood's name was enough to convince army hammer to take the role of clyde tolleson, hoover's constant companion and number two at the fbi. >> i didn't understand their complexities of their relationship. it wasn't very clear to me at first. >> reporter: naomi watts didn't understand her character either. helen gandy stayed on as his secretary even beyond his death. did she love him or her job? >> clint felt that it was more about her sense of duty. >> reporter: some say dicaprio's portrayal is oscar-worthy, telling the story of a powerful man who held everyone's secrets, including his own. sandra hughes, cbs news, hollywood. coming up a little later on "the early show," republican candidate rick perry on the hot seat defending his performance during last night's presidential debate.

plus the scramble at the oscars as eddie murphy pulls out as host. no more free stuff. why the president wants to cut down on spending by cutting down on swag. all that coming up on "the early show." that is the "cbs morning news" for this thursday. appreciate you watching. i'm terrell brown. take care. have a great day. ,,,,,,,,