. ♪ [ multiple snds ng melodic tune ] ♪ [ malennounc ] at northrop grumman, makthworld a feplace.s value performance. northr gruan. 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. that's good for our country's energy security and our economy. we are now printing on the back sides of used paper and we switched to fedex cause a lot of their packaging contains recycled materials. tell them what else fedex does. well we're now using more electric trucks and lower emission planes. we even offer a reusable envelope. now, can't we at least print on the back sides of used paper? what's the executive compensation list...? [ male announcer ] sustainable solutions. fedex. solutions that matter. >>> joining me, tom coburn, senator mark warner of virgini

. ♪ [ multiple snds ng melodic tune ] ♪ [ malennounc ] at northrop grumman, makthworld a feplace.s value performance. northr gruan. hey, it's sandra -- from accounting. peter. i can see that you're busy... but you were gonna help us crunch the numbers for accounts receivable today. i mean i know that this is important. well, both are important. let's be clear. they are but this is important too. [ man ] the receivables. [ male announcer ] michelin knows it's better for xerox to help manage their finance processing. so they can focus on keeping the world moving. with xerox, you're ready for real business. >>> jack cafferty's here with the "cafferty file." >> a new poll suggests republicans more likely to go to church than democrats. this is fascinating to me. a gallup poll shows that 40% of republicans say they attend churnl weekly. 21% say they attend nearly weekly and 38% say they seldom go to church. only 27% of democrats go to church every week and 52% of democrats say they seldom or never go to church. these polls also show that democrats are less religious and republicans are

. ♪ ♪ [ multiple snds ng melodic tune ] ♪ [ malennounc ] at northrop grumman, makthworld a feplace.gruan. i tell you what i can spend. i do my best to make it work. i'm back on the road safely. and i saved you money on brakes. that's personal pricing. >>> this week's europe crisis seemed to reach a breaking point, engulfing italy, the third largest member of the euro zone, and representing almost 20% of its gdp. what does this mean for europe and the world? there are a few people in the world with a better grasp of the ups and down of all these issues than my next guest, mohamed el-erian, the ceo of pimco, the bond-trading giant. you've been warning about this for a while. the sense that europe was adopting incremental measures that were not solving the problem. at this point, is it too big to solve in the sense that italy, because of its size, it's going to need something on the order of 500 billion euros of new debt in the next two years. can this even be solved? >> so the good news is it's not too late to solve. the bad news is with italy, the crisis has entered a very dangerous

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. ♪ [ multiple snds ng melodic tune ] ♪ [ malennounc ] at northrop grumman, makthworld a feplace.thr gruan. i tell you what i can spend. i do my best to make it work. i'm back on the road safely. and i saved you money on brakes. that's personal pricing. >>> here to talk about the recent rise of newt gingrich, bob walker who served in the house of representatives with gingrich and is now advising his campaign, and rich galen, a republican strategist who was communications director for gingrich when he was house speaker. thanks so much to you both for joining us. this is an endlessly fascinating candidate, not the least of which his rise from single digits to double digits. i was talking about -- with paul begala the other day, who said on the record -- so i'm not telling anything out of school -- that everybody knows how this will end, that gingrich will push the self-destruct button and that will be it. is there a new newt gingrich we ought to know about? >> well, i think there is. i think that he's somebody who came through four years of experience of governing. he's now been in

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. ♪ [ multiple snds ng melodic tune ] ♪ [ malennounc ] at northrop grumman, makthworld a feplace.lue performance. northr gruan. >>> a rocket engine test and headlines in israeli newspapers have raised the possibility that push cold come to shove. jill, military action likely by the israelis? >> that's a good question right now and you know this really well. with your background in the middle east. this isn't the first time the idea of striking iran by israel has come up. but now it's stronger than ever. speculation is reaching critical mass that israel is inching closer to launch iing a militar air strak against iran's nuclear program while reports say netanyahu and defense minister had gone to the cabinet with the idea, in an interview with cnn, barack guarded his words. >> discussing any kind of a military action, i don't think that if and when, it should be discussed the way that we are talking now. >> speculation is being fueled by israel's successful test this week of a new rocket propulsion system. the israelis called it preplanned, but that's thot putting out the fire. from

. ♪ [ multiple snds ng melodic tune ] ♪ [ malennounc ] at northrop grumman, makthworld a feplace.e present to consider all your health insurance options. does medicare alone meet your needs? would additional coverage be better for you? well, now is a good time to take a look at an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company. get started by calling for your free information kit and guide to medicare. as you probably know, medicare only covers about 80% of your part b medical expenses. the rest is up to you. a medicare supplement insurance plan helps cover some of it. that could save you up to thousands of dollars a year in out-of-pocket costs. and you can visit any doctor who accepts medicare patients. with medicare supplement insurance, you'll find a range of plans to choose from to fit your needs and budget. there are no networks. no referrals to see a specialist. and you could get a pretty good idea what your out-of-pocket costs will be every month. plus, these plans travel with you anywhere in the u.s. don't let this time go by without

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. ♪ [ multiple snds ng melodic tune ] ♪ [ malennounc ] at northrop grumman, makthworld a feplace.r gruan. >>> the death of a ranking official in mexico. what happened? >> interior minister jose francis co-blake mora was one of five killed in a helicopter crash. u.s. president barack obama called his mexican counterpart felipe calderon to express his condolences. and all 1,066 employees of mf global were laid off. the firm went bankrupt after revealing more than $6 billion in exposure to the sovereign debt of troubled european countries. authorities are also investigating a reported $633 million reportedly missing from clients' accounts. >>> and passengers on a delta flight to charlotte from atlanta were thrilled to be on the ground this after an engine caught fire. the emergency forced the plane to turn around. the airline couldn't confirm a fire but did say there was smoke in the cabin. passengers didn't try to hide their anxiety afterward? >> made a huge crashing noiz. >> and i looked and seen the flame. >> all i heard was a bunch of vibrating. >> it felt like really bad turbule

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. ♪ [ multiple snds ng melodic tune ] ♪ [ malennounc ] at northrop grumman, makthworld a feplace. get back to our talk back question. we did ask you to talk back. cain allegations high-tech lynching or fair game? these allegations were brought against him and settled before he entered the political arena. to say this is a liberal media attack is ridiculous and to assert that it is a racial, anticonservative attack is utterly weak. who is to say her motivation is not more money now. yesterday on "ac 360" she called him immediately after reading the politico article and not cain's bashing of her on tv. this from joseph, i always thought when you run for any political office you should be prepared and after that you prepare for them. unfortunately, this is just one more example of politicians that try to hide from the truth. keep the conversation going. facebook.com/americanmorning and thanks, as always, for your comments. >> speaking right now in virginia. we'll monitor that and see if he says anything new about these allegations. how does he turn the page on this? what does he say

. ♪ [ multiple snds ng melodic tune ] ♪ [ malennounc ] at northrop grumman, makthworld a feplace.orthr gruan. and started earning loads of points. you got a weather balloon with points? yes, i did. [ man ] points i could use for just about anything. ♪ keep on going in this direction. take this bridge over here. there it is. [ man ] so i used mine to get a whole new perspective. ♪ [ male announcer ] write your story with the citi thankyou premier card, with no point caps, and points that don't expire. get started at thankyoucard.citi.com. >>> it's 26 minutes after the hour. minding your business this morning, the crisis in italy deepens this morning. right now the price that country has to pay to borrow money is up to 7%. that's the level at which other countries have had to seek international bailouts. this comes one day after italian prime minister silvio berlusconi will step aside after the next budget passes parliament. >>> the concerns on italy, in particular, weighing heavily. stock futures down sharply and dow futures off about 200 points right now. the market for stocks ope

. ♪ [ multiple snds ng melodic tune ] ♪ [ malennounc ] at northrop grumman, makthworld a feplace.rformance. northr gruan. >>> welcome back to "american morning." it's 16 minutes part the hour. the u.s. supreme court will decide on president obama's health care law and the riuling likely will come right in the middle of the 2012 presidential race. >> the justice will decide whether the law is unconstitutional and whether congress went too far saying all americans should buy health insurance or face a penalty. jeffrey toobin, they welcome this because they want to clear it up once and for all and know it's not constitutional? >> the momentum appears to be on their side. the courts recently including two very respected conservative judges, one in the d.c. circuit, one in the sixth circuit in cincinnati, have both upheld the law. so i think more judges have been upholding it than striking it down, but you never know what the supreme court's going to do and it's a big risk. >> you never do know what the supreme court's going to do, but the deciding thing and most people's minds, indivi

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. ♪ [ multiple snds ng melodic tune ] ♪ [ malennounc ] at northrop grumman, makthworld a feplace.rformance. northr gruan. >>> and welcome back. almost 30 minutes past the hour. good morning to you. the top stories now. herman cain story keeps changing after a report of two women that accused him of sexual harassment in the '90s. cain acknowledged there was a payout, a big change from denials earlier yesterday. >> i am unaware of any sort of settlement. i hope it wasn't for much because i didn't do anything. but the fact of the matter is i'm not aware of a settlement that came out of that accusation. >> i was aware that an agreement was reached. the word settlement versus the word agreement, you know, i'm not sure what they called it. i know that there was some sort of agreement, but because it ended up being minimal, they didn't have to bring it to me. >> cain thought back on what could have triggered the allegations. all he could think of is when he stood next to the woman that made the allegations and noted she was about the same height as his wife. >>> a halloween night bloodba

. ♪ [ multiple snds ng melodic tune ] ♪ [ malennounc ] at northrop grumman, makthworld a feplace.gruan. and started earning loads of points. you got a weather balloon with points? yes, i did. [ man ] points i could use for just about anything. ♪ keep on going in this direction. take this bridge over here. there it is. [ man ] so i used mine to get a whole new perspective. ♪ [ male announcer ] write your story with the citi thankyou premier card, with no point caps, and points that don't expire. get started at thankyoucard.citi.com. 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. that's good for our country's energy security and our economy. congratulations. congratulations. today, the city of charlotte can use verizon technology to inspire b

. ♪ [ multiple snds ng melodic tune ] ♪ [ malennounc ] at northrop grumman, makthworld a feplace.alue performance. northr gruan. >>> welcome back. an emergency meeting is under way this morning in brussels to come up with a big and bold plan to fix europe's cascading debt problems, and the whole world needs the european leaders to get this right and quickly. time is running out. here's what would happen if the eurozone fails. bank lending freezes. companies can't borrow, pay bills or hire. stock markets potentially crash. u.s. and asian frankly, exports collapse. most people who know say it could be, could be, worse than what happened in 2008, because there's no political will or unity right now to fix it like there was back then. bring in a professor of economics at harvard university in boston this morning and literally has written the book on crises and its after math. good morning. it's a pretty bleak forecast. is that where we're headed? just this morning the economic affairs commissioner came out and said we have just ten days to save the eu? >> christine, this has been a sl

. ♪ [ multiple snds ng melodic tune ] ♪ [ malennounc ] at northrop grumman, makthworld a feplace.s value performance. northr gruan. [ technician ] are you busy? management just sent over these new technical manuals. they need you to translate them into portuguese. by tomorrow. [ male announcer ] ducati knows it's better for xerox to manage their global publications. so they can focus on building amazing bikes. with xerox, you're ready for real business. >>> 24 after the hour. big time college football. penn state, one of the country's most lucrative sports teams. last year the nittany lions generated more than $72 million. take away when it cost them, $53 million in profit. unbelievable. much of the financial success attributed to this guy, former longtime coach joe paterno. in a 2010 interview he recalled a time when the football program was not as profitable saying the team raised about $25,000 a year when he became coach, 1966. today, penn state earns at least $10 million a year from its football tv contract. a typical home game brings in approximately $6 million in tickets, sa

. ♪ [ multiple snds ng melodic tune ] ♪ [ malennounc ] at northrop grumman, makthworld a feplace.s value performance. northr gruan. 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. we asked total strangers to watch it for us. thank you so much, i appreciate it, i'll be right back. they didn't take a dime. how much in fees does your bank take to watch your money ? if your bank takes more money than a stranger, you need an ally. ally bank. no nonsense. just people sense. >>> 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 m

. ♪ [ multiple snds ng melodic tune ] ♪ [ malennounc ] at northrop grumman, makthworld a feplace. >>> it is 41 minutes past the hour. good morning. a russian arms dealer has been convicted a conspiracy to kill americans. he was found guilty of trying to sell weapons to u.s. agents posing as colombian terrorists. he's also been accused of selling weapons, anti-aircraft missiles to al qaeda and the fwanl. he believed the weapons would be used to kill americans. he now faces life in prison. >>> the tsa saying screeners routinely find four or five guns on a typical day at airport security checkpoints. passengers usually respond by saying they forgot the weapon was in their bag. so far this year more than 900 guns have been recovered by tsa agents by u.s. airports. >>> a long overdue thank you for thousands of japanese americans that fought for the united states in world war ii. they were awarded the congressional gold medal on capitol hill and ceremony. hawaii senator inway who lost an arm in the war. >>> let's head to atlanta to check in with reynolds wolf to see if they have any pro

. ♪ [ multiple snds ng melodic tune ] ♪ [ malennounc ] at northrop grumman, makthworld a feplace.r the hour. minding your business this morning, europe's debt crisis top of the agenda at the white house. today, president obama meets with european leaders for an economic summit. the president is expected to press europe again to resolve its debt crisis, which is now threatening the u.s. economic recovery as well. growing optimism that maybe european leaders are going to be able to boost efforts to contain the debt crisis is pushing world markets and the u.s. stock futures higher this morning. right now the dow, nasdaq, and s&p 500 futures are up by more than 2%. isn't it interesting? every little bit of progress in europe means progress for stocks here. every defeat means losses. >>> also this morning, new insight into secret loans made during the height of the financial crisis. according to documents obtained by bloomberg news through a freedom of information act request, jp morgan, bank of america, citigroup, wells fargo, morgan stanley and goldman sachs borrowed $460 billion fro