. >> joining us with more on the market and how it all affects you is rebecca jarvis. good to have you break it down for us. everybody watching as mark pointed out what's happening in greece, at the summit in france. how does it trickle down to the average american? >> it trickles down and part of the reason is because of what banks in the united states own because of the problem. they own the debt in european countries. $640 billion is the estimate the congressional research service put on the number. when you think about it these are the five biggest banks in this country holding the debt. some of the smaller banks don't. if the debt goes badly, if these countries, for example, if greece suffers a blow, defaults on debt, all of the sudden we we are talking issues with lending. it will be expensive to get a loan, harder to get a loan in this down trichl we have seen the impacts of europe on our stock markets. your 401(k) is impacted. everything from wanting to buy a house to a car to a business gets harder in a world economy having problems as a result of europe. >> t

rebecca jarvis is with us. europeans did have a deal in place last week and something seems to have fallen apart. what's going on? >> basically was going on in europe is a jockeying. greece has a massive debt. as a result of thats massive debt, the rest of europe is saying, greece, you have to cut spending. you have to cut on your jobs and other entitlement programs. well, it looked like last week there was a deal. it looked like greece was willing to play ball with the rest of europe and do what the rest of europe wanted them to do in order to get a bailout. today, we have news that the prime minister in greece went back to his people and said, you get to vote on this. you get to say whether we go along with what europe wants us to do. and there's a problem because the people don't look like they want to do that. >> and so if they say no, we run into a whole new mess. we spent so much time talking about how this october was a great october here in the u.s., despite everything that was happening overseas. how a

. >> joining us with that is cbs news business and economics correspondent rebecca jarvis. so what are the world markets hoping to hear today from policymakers? >> there is really two key themes here. first of all, you have the entire world economy which is slowing down. that's a component of what policymakers have to address in general. just how to reignite some of the growth. the second big theme is what happens in the euro zone and perhaps with greece and also with italy, portugal and ireland and they are pressure points and we have seen the biggest amount of pressure coming from greece and we want to hear there is a viability solution on the table the greeks and the rest of the euro zone can agree to. >> stocks are dropping today because of this. let's talk big picket here. >> when you look at the bank exposure in the united states what is going on in europe it is pretty significant. the congressional research service did a back of the envelope calculation trying to say how exposed are the u.s. banks to europe and their debts. they came up with $640 billion. that's a lo

i'm chris wragge along with rebecca jarvis. hill is off this morning. did you notice the date? >> 11/11/11. >> we talked about some people hunkering down. erica is hunkered down in a tent now in central park. >> with a flashlight. >> chill out. it's not that bad. >> we're kidding. >> lots going on. some people getting married but some people think it's the end of the world. >> i didn't realize there was any significance to the date but some people do. we'll look at why this unique date in history has a lot of people acting stranger than usual. >> don't go crazy, folks. >>> first the scandal at penn state that cost joe paterno his job could turn into a long legal fight. the suspect, jerry sandusky, and the others who may have known about the crimes. >> penn state's legal troubles are just starting. joining us is attorney mitchell garabedian who has won millions of dollars in settlements with bottom's roman catholic archdiocese. great to have you with us. obviously this is a case that we continue to get new details on every day.

i'm rebecca jarvis. erica hill is on assignment this morning. >>> herman cain accusations flying back and forth between the gop potentials and their camps. >>> the economic turmoil that threatens to upset financial institutions around the world. it's the top issue for the g-20 economic summit where president obama is meeting today and tomorrow with other world leaders. he arrived in france this morning and norah o'donnell is in cannes with the president. what is the president saying about the crisis this morning, norah? >> reporter: good morning to you. a gloomy forecast here, but the president upbeat this morning. still white house officials acknowledge that this is a european problem for europe to solve. the president arrived here in the south of france for a two-day global summit among the g-20 leaders. already the president has met with the president of france. mr. sarkozy, he praised mr. sarkozy's efforts to deal with this crisis. he said it's important that resolve this crisis and to create a firew

. >> i'm rebecca jarvis. erica hill and chris wragge are off this morning. >>> the buzz over last night's explosive report on "60 minutes." it found evidence that members of congress used confidential information to make money in the stock market. they allowed to do it but the laws make it illegal for everybody else. we will hear what john boehner and nancy pelosi say about it and both of them have bought stock where the timing has raised some questions. >> absolutely. >>> we begin this morning, though, with the latest from penn state. >> saturday's final home game of the year was anything but normal. fired head coach joe paterno was not involved for the first time in 46 years. the investigation continues. our chief investigative correspondent armen ka dkay day yen has this report. >> mcgloin running around. it's incomplete. nebraska wins. >> reporter: losses are rarely viewed as wins in football but penn state 17-14 defeat at home had elements of a victory. the chaos and confusion of an unspeakable child abu

. >> i'm rebecca jarvis. erica hill on off this morning. >>> the latest on black friday as the holiday shopping season officially gets under way. it began late last night and early this morning. thousands of stores across the country, this morning, millions of people are already at work. >> take a look at the hawthorne shopping center in vernon, illinois, west of chicagoship i've been there. there is a giant traffic jam of shoppers. right now, it has the scene of rush hour traffic. maybe it's a rush to spend and elaine quijano is back here in manhattan at macy's where thousands of people were waiting as it opened at midnight last night, first time ever. great to see you, elaine. >> reporter: good morning to you. this is, as you noted, the official start to the holiday shopping season and the holidays account for about 25% to 40% of annual retail sales. so for stores, there is a lot on the line. black friday has always been a big day for retailers. but despite the 152 million consumers expected to shop this ho

i'm rebecca jarvis. >> i'm russ mitchell.>> coming up, the silence at penn state. how high did it go and why did it last so long? >>> lipitor is about to go generic. >> online shopping how to find the best steals and deals on cybermonday which is two days away. >>> we want to get to the latest on the sexual abuse scandal at penn state university. records show pennsylvania governor tom corbett let stand a 2 million grant to the charity. sandusky's lawyers says two new cases of alleged sexual abuse against his client but he says both are unfounded. former fbi director louie freeh will lead the university's internal investigation of the sandusky case and in addition to the ncaa conducting its own investigation into the case. >> there are continuing allegations of a conspiracy of silence surrounding penn state. more on that, let's turn to jessica bennett, a writer for "the daily beast." is there a code of silence you're sensing at penn state? >> this is a university that is exempt from public records law and hired a major pr film

along with rebecca jarvis. morning. >>> coming up here you know it's important to keep an eye on your cholesterol but what about your kids some for years, pediatricians have told their parents to have their kids checked if is there a history of heart disease. a study to screen the kids when they are 9, 10, and 11. >>> two new tablet screens that might give competition to the ipad. you might have heard of kindle and nook but those e readers have been upgraded. we will check them out and tell you if they are worth the money. >> the fire. >>> first, here, the most traumatic week ever at penn state university ended on saturday as the football team lost at home to nebraska. the legal fallout of sexual abuse is still the topic. armen keteyian is here with more. are we expecting more victims will be coming forward here? >> reporter: jeff, the short answer to that question is yes. tom corbett, the governor of pennsylvania, when the attorney general began the investigation into the alleged sexual abuse by jerry sandusky

chris ragge here with rebecca jarvis.s. >> i try. >> we'll let you get back online in a few moments. bargain hunters have been out in full force. look at them go. coming up, we'll find out how much the average shopper plans to spend and look at the top items on people's wish lists. >> those wish lists might include video games. coming up. we will look at some of the must-have games of the season for children of all ages. from "sesame street" to the latest "call of duty" games. "call of duty" expected to be the best-selling video game of the year. >> the most movie stars -- >> it is incredible. >> what a video game can do to your company. >>> first this week, in london a judge has been holding hearings on britain's phone-hacking scandal. >> on thursday, harry potter author, j.k. rowling, told how tabloid reporters frightened her and cbs correspondent charlie d'agata is in london with more. >> at one point, jk rowling said she wish she'd had a cloak of invisibility to hide from reporters. although the hacking scandal prompt

i'm rebecca jarvis. >> i'm russ mitchell. j.b. was in the house and you got to talk to him. >> i did. a very revealing interview and we will take a look at it coming up. ♪ under the mistletoe >> wow! wow! >> very good, very good. thumbs up for rebecca j. >>> we will save you some money on your thanksgiving dinner and tell you how to awe void some drama at the table. >> always good to do that on thanksgiving. >> that is true. >> all coming up in a bit. >>> the top story. the sexual abuse scandal at penn state. the ncaa will look at how penn state manages its athletic programs and the school faculty is naming to the scandal have no links to penn state. manuel gallegus is in state college with more. >> reporter: penn state has a new collect director who is promising to most of forward through the sexual abuse scandal. more troubling news for coach joe paterno. he has lung cancer. >> he had gone for a couple of tests and i guess it was monday night they got a couple of things back and then they said there is a couple of more things th

i'm rebecca jarvis. >> i'm russ mitchell. >>> a dramatic day for college football as we have been telling you. penn state takes the field without coach joe pa tesh owe for the first time in six decades. we will talk to gary danielson how this will affect players and fans. >> why a cup of coffee could help rick perry from having another embarrassing brain freeze. >> help all of us perhaps. >> 'tis the season to watch your wallet. how to know the difference between a sale and a scam. >>> more than a hundred thousand fans are expected to attend today's final home game of penn state against nebraska. the big question now is how will the community, the fans and the players react? joining us now from athens, georgia, is cbs news analyst gary danielson. you played your college ball at purdue. you know what it's like to play in beaver stadium during a big game. give us a sense what it's going to be like in happy valley today? >> i can only imagine. i've had the privilege of doing a lot of penn state games and being around that great

i'm chris wragge, along with rebecca jarvis. erica hill is on assignment. bill cosby, he has been making us laugh and think for nearly 50 years now. and a lot of laughs in his new book, "i didn't ask to be born, but i'm glad i was." bill cosby with us to talk about his new book. >> one of the most beloved "survivor" champions is with us. we know about his brave battle with cancer. now is he back in remission and he and his girlfriend are telling us how how they are dealing with the news. he is still planning on running the new york marathon on sunday. >>> herman cain supporters are out with a new web ad this morning. a racist attack by the liberals and the press. political correspondent jan crawford joins us now from washington with more. how is this playing out, jan? >> reporter: herman cain is trying to stay above all of this personally and is back to focusing on policy and his campaign. supporters are defending him. we do have the web out today and also we are going to hear possibly today from one or more of the women who are said to have accused cain of

>> investors are selling this morning shaking confidence in a european debt deal and rebecca jarvis ise with the story for us this morning. seems like the deal was in place and then pullbacks. what exactly is going on? >> what happened in europe is two-fold. greece, major debt problems there. last week it looked like greece had agreed to cut some costs in the country of greece. for example, paying for government jobs, for example, for paying for entitlements. they had agreed in greece as of last week to cut things there in order to get a bigger bailout from the european union. from the other european countries. as of today, greece's prime minister has come forward and said, you know what, i'm not actually going to go forward with this deal until my people, the greeks, vote in favor of it. about 60% of the people in that country are on record saying they're not in favor of it, in order to get a deal, it looks like they're not even going to get the votes for it in the country and this adds a whole new layer of problems for getting the bailout in europe. >> that is the ripple effect we're

i'm chris wragge are rebecca jarvis. didion. she has written a follow-up to her best selling memoir. her new book folk on united states on another family tragedy, the unexpected death of her daughter. she will tell us why this book was so much hearteder to write. >>> a much lighter note, the funny ben stiller is here. there he is. it promises plenty of laughs. he is working with a lot of big names. it is early, ben. we will get to you shortly. stay awake. we will talk to him about the film. >> i wonder if he has been up this early before. >> i would hope so. >> good news. >> i guess so, but he said it was early. >>> here is jeff glor at the news desk with a final check of today's other headlines for us. >> he has got kids. i guarantee you he has been up this early before. good morning, everyone. >>> lindsay lohan is heading back to jail. she was in court yesterday in los angeles and admitted violating her probation. she is sentenced to 30 days in jail and 423 hours of community service. >> the sentence i'm going to impos

i'm chris wragge along with rebecca jarvis. erica hill is off this morning.women on this veterans day. it's also armistice day. a much more solemn day, honoring the nation's war dead and recognizing world war i. we'll take you to london for that coming up. >> and later, we are getting into the christmas spirit right here on "the early show" with the macy's believe campaign. part of that is new technology helping make wishes come true for children. we'll show you how the old story "yes, virginia, there is a santa claus" is coming alive for a new generation of kids. >> first a look at the debate presented by cbs news and the national journal. one of the key issues for voters in the campaign is job creation. >> south carolina has worked hard to attract new business, some people there say the obama administration's policies are standing in their way and political correspondent jan crawford is back with us at the debate site in spartanburg, south carolina, with more. good morning, jan. >> good morning. when this dream liner factory goes into full production, it's

rebecca jarvis. erica hill is on assignment. >>> you saw this video.eginning of the program. a surf and two kayakers. they're getting a huge surprise off of santa cruz. there's a pot of hump back whales and they decided to join them. this close to the disaster. i can't imagine getting that close. >>> but, first, the final day of the g-20 economic summit in france where world leaders are focused on the financial crisis and the ongoing turmoil in greece. chief white house correspondent norah o'donnell is there traveling with the president. first of all, good morning. this summit is largely being overshadowed by what happened in greece. how is it having an impact on the media there? >> it's interesting. we have the world's most powerful leaders gathered here in the south of france representing the largest economies. in fact, they make up 85% of the world's gdp and, yet, they're all waiting and watching to see what happens in greece. and, of course, the no confidence vote tonight that may happen with the prime minister mr. papandreou a wait and see approac

cbs news business and economics correspondent rebecca jarvis is here with the help line.. happy turkey day. >> so we have questions from our viewers which is part of our ask it early series. the first comes from alexandria. >> my question is i love all of the sales but i hate the crowds. so how do i avoid the crowds on the holiday? >> can you even avoid a crowd on this holiday? >> you can if you go online. other than having a slower internet connection which so could be the case you go online. most of the web sites out there are offering deals and discounts for black friday about 92% of them are offering deals this weekend. 78% of them are offering deals on cybermonday and that is, of course, next monday, the monday after thanksgiving which becomes one of the biggest shopping days for people. >> one of the least productive days at work. >> exactly. >> next question from charlotte in l.a. >> i have to work on black friday and i'm wondering if i can't get out, am i going to be missing all of the deals? >> back to going on the computer. no, you're going to be okay, because b

. >> hi, i'm rebecca jarvis. today, we have a big reveal. the newest car in ford's fleet.hat it means to american jobs and consumers coming up on "the early show." >>> starting january 9th, a new way to start your day with cbs. erica hill, charlie rose and gayle king will anker a new morning program highlighting the excellent reporting you already see on shows like "60 minutes" on cbs. it starts january 9th. every morning, right after 89 news now. it will even have a new name. we're not sure what it is yet. >> rebecca and jeff will be part of the team. we'll be right back with our team! ♪ [ jerry ] attention shoppers. your groceries are the size of idaho but the interest rate on your checking is small potatoes. earn more at capital one bank. get new high yield free checking. your interest rate will be 5 times the national average. that's huge. and free atms at any bank. free is good. sign up at capital one bank. what's in your wallet? what is he, a clydesdale. >>> one more thing before we go. we want you to weigh in. we couldn't stop talking about this target thing opening

rebecca jarvis will tell us whether that's a long-term retail rally.ll meet the man who took these spectacular pictures. i don't know if you have ever been to kileaua in hawaii but this guy has been record, these amazing images for 27 years. he has been getting as close as possible to the lava. he is going to talk about why and how he does it and share new images. very, very cool stuff. coming up this morning, guys. >> we were glued. that is pretty cool. >>> hard to get out there. >> jeff, have a good show. it all starts at 7:00 right after our program here. >>> it is 6:52. we continue to follow a developing story over in oakland. >> that's right. dramatic surveillance video from a shooting that injures a baby and seven others. what are local rappers revealing and the clues police have to go on. ,,,,,, last year, hayli got a life-saving gift from her mom. my mommy! that's right... your mommy donated her immune cells to help destroy your leukemia. st. jude children's research hospital pioneered this breakthrough that's helping save kids like hayli acros

joining us now to break down the good news is business and economics correspondent rebecca jarvis. always good when we can say good news when it comes to the economy. >> it is nice for a change. >> cyber monday was super monday, right? yes. $1.2 billion sales online, that's the estimate. the retailers that fared the best are the department stores, the likes of macy's, nordstrom. apparel stores, their online stores were up 24%. and this is the most interesting component of the information to me. it shows a very new trend. that is that the sales on mobile devices, people making purchases from their smartphones were up 8.5%. when you think about where things are trending here in the world, in our economy, it's trend to go that space. >> which is a pretty significant increase year over year. looking back quickly, too, we mentioned off the top. but the numbers for the weekend really, really strong. we're learning a little bit more about those. >> yes. the big approximately out of the weekend numbers is that sales topped $50 billion. $52.4 billion in total sold and the good things here t

joining us to break down the good news is rebecca jarvis, always good when we can say good news. >> it is nice for change, isn't it? >> cybermonday was super monday, right? >> super monday. $1.2 billion in sales online yesterday during the day. that's the initial estimates. sales up 20%. the retailers that faired the best are the department stores. the likes of macy's, nordstroms their sales were up 29%. apparel stores their online sales were up 24%. and this is the most interesting component of the information to me because it shows a very new trend and that is that the sales on mobile devices, people making purchases from their smartphones were up 8.5%. when you just think about where things are trending here in the world and in our economy, it's trending to that little device in the palm of your hand. >> which is quite significant increase year over year, that seems like a lot to me. i admit i figure into that percentage. but looking back quickly, too. we mentioned off the top, but the numbers for the weekend really, really strong. we are learning more about those. >> the big headli

cbs news business and economics correspondent rebecca jarvis talked with ford executive vice presidente reasons we care about retail sales is the consumer is at the heart of the american economy. our spending accounts for 70% of our economic growth. one of those cars that is selling right now is the ford escape. it is on track for a record year. more than 200,000 of them have been sold in 2011 and, today, ford is debuting a new model and we got a sneak peek. >> reporter: ford unveils the new model today, but is there a lot more than profitability riding on the launch. so this car is going to be made in louisville, kentucky? >> right. >> reporter: how many jobs are we talking about here? >> well, we are actually putting on two shifts initially, so you're talking about 29, about 2,900 jobs. and then by the end of next year, depending upon demand, we will add another shift, so it's another 1,600 jobs. so it's really a big commitment. >> reporter: in total, ford plans to add 12,000 new jobs in the u.s. over the next four years. but it might come as a surprise where the jobs are coming from

. >> cbs news business and economics correspondent rebecca jarvis took a trip to northern new york tos they had there. >> good morning. we know on a national level the economy has been in rough shape for some time now and that is impacting local communities which are now looking for their own solutions. we traveled to one town where mimicking a business model that has seen success out west, folks are buying into a new way to do business in town. >> reporter: nestled deep in the adirondack mountains, the people of saranac lake are finding new ways to do business. in 2002, their local department store closed when the company's headquarters went belly-up. >> when ames left and this was the running joke, people had to start to go to plattsburg which is 50 miles away and an hour's drive to get their basic goods such as underwear. >> reporter: walt mart was ready to fill the gap but locals bristled at a big box retailer changing the character of their town. >> we have a year-round population here of under 5,000 and walmart wanted to build a store that was 120,000 square feet and many of us

rebecca jarvis is here with the help line. good morning.you too. happy turkey day. part of our ask it early series comes from alexandra. >> so my question is, i love all the sales but i hate the crowds. so how i do avoid the crowds on the holiday? >> can you even avoid a crowd on the holiday? >> you can avoid it on-line. other than a slower internet connection can be the case when so many people are bombarding the website, the good news is can you go on-line. most web sites are offering deals and discount for black friday, about 92% of them are offering deals this weekend, 78% of them are offering deals on cyber monday. that's of course, next monday and the monday after thanksgiving. which is one of the biggest shopping days for people. >> next question is from charlotte in l.a. >> i have to work on black friday and i'm wondering if i can't get out, am i really going to be missing all the deals? >> back to going on the computer. no, you're going to be okay. basically when you look at the black friday deals, about 90% of what gets offered in