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could bring down a continent on this "american morning". good morning, everyone. wednesday november 9th. welcome to "american morning". >> lots of news. new indication that joe paterno's 46 coaching career at penn state could be over in a matter of days or weeks. paterno has been under fire in the wake of a child sex abuse involving a top assistant of his. the board of trustees is launching an investigation saying they are outraged by the allegation. meantime a huge crowd of supporters rallied outside paterno's home last night. he was visibly moved by it. jason carroll following de...

almost 3% of market's valleys. the standard & poor's index down more. nearly 4%. alison kosik live with the latest. what's driving this? >> reporter: we saw the sell-off pick up steam on wall street after a report a eurozone official said they have no plans to givotly a financial rescue package, financial assistance may not be in the cards for italy. the thinking, it will could be too big to bail out. the fact it's solvent but drowns in $2.5 trillion in debt. its economy more than twice as big as greece, portugal and ireland when you put them altogether. a bail xwout could cost clear...

time for reporter roulette, we begin with jason carroll in university park, pennsylvania, with the joe paterno story. >> reporter: and don, an opportunity to speak to some of the players from the football team earlier this afternoon they told me they feel joe paterno made the right decision for the team, himself personally, also feel, don, he made the right decision for the university, have but having said that they are very sanded by the fact this man they looked up to for so many years to to retire in this type of way. why don't you listen to what they had to say about that. >> i t...

and stock markets react as well. european stocks closing down on grave concerns on what's happening on the euro zone and whether italy will be able to pay its bills. and stresses that we're seeing in the italian bond market. when you talk about stocks, stocks are much smaller than the overall bond market. the bond market is where governments, companies go to borrow money to keep going. the cost to borrow for governments, governments in trouble, has been rising. you have that above 7% now. 7.3% for italy to borrow money. that's even with the european central bank buying italian bonds ...

sensitive equipment and illegal immigration in the center of arizona history. you're in "the situation room." -- captions by vitac -- www.vitac.com we begin with the breaking news. political and financial chaos within the european union, sending fresh shock waves through wall street and world financial markets. stocks plunging in new york today on all three indices with the dow tumbling about 400 points amid a growing debt crisis in italy. and the third largest in europe. let's bring in our own financial expert, cnn's erin burnett, the host of erin burnett outfront. the markets tak...