Is Italy's Economy Too Big to Fail, but Too Big to Bail Out?
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Greece at least appears to be getting its economic act together, but Berlusconi's Italy is another matter. We hear about the billionaire Prime Minister who's promising to resign, and what Italy's potential bankruptcy could mean for the rest of the world. Also, rioting after Penn's Paterno ouster, and Republican presidential candidate Rick Perry's latest gaffe.
Banner image: (L-R) Greek Prime Minister George Papandreou who formally stepped down on November 9, 2011 and Italian Prime Minister Silvio Berlusconi who on November 8, 2011 announced that he will resign this month. Photo by Aris Messinis/AFP/Getty Images
Rioting in State College, Penn after Paterno Ouster ()
After Penn State trustees fired legendary football coach Joe Paterno, thousands of students stormed downtown State College, Pennsylvania, chanting his name. This morning, Paterno's replacement spoke to reporters. Former player and defensive coordinator Tom Bradley vowed to "find a way to restore confidence and to start a healing process with everybody." Michael Sanserino, sports reporter at the Pittsburgh Post-Gazette, joins us from State College.
Greece Has Been Scary Enough, Now There's Italy ()
When it comes to the troubled economies of the Eurozone, "contagion" is what economists, bankers, traders and political leaders fear most. Now the focus has shifted from Greece to Italy. Greece now has a unity government led by a banking technocrat pledged to avoid bankruptcy, however unpopular austerity measures might be. Italy has an economy almost triple the size of Greece, Portugal and Ireland combined, with a massive debt it might not be able to pay. Its shaky economy is the creature of Prime Minister Berlusconi, one of the world's most colorful leaders. Will he really get out of the way? We get a taste of Italian politics today and hear what a national bankruptcy would mean for world markets and American banks.
- Rachel Donadio: New York Times, @racheldonadio
- Beppe Severgnini: columnist for Corriere della Sera, @beppesevergnini
- Daniel Gros: Centre for European Policy Studies
- Greg Ip: Economist magaqzine, @greg_ip
Rick Perry in Damage Control Mode ()
During debates with other Republican presidential candidates, Texas Governor Rick Perry has been plagued by verbal gaffes and other mistakes. Last night in Michigan, it got worse than ever, when Perry said that, as President, he would eliminate three federal departments – but then blanked and couldn't name the third. Larry Sabato, director of the University of Virginia's Center for Politics, recalls other memorable gaffes and their impact on other political races.
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