The Golden Report

POST-DEBATE EDITION

BREAKING: The Trustees of Pennsylvania State University held a news conference at 10pm to announce that they have fired head football coach Joe Paterno and University President Graham Spanier amid a growing child sex abuse scandal with allegations of abuse facing a longtime assistant coach. Yesterday, Paterno announced that he had planned to retire after this season.

THE DEBATE:

The Ninth Republican Presidential Candidates Debate just concluded from the campus of Oakland University in Oakland (outside of Rochester), Michigan. The one-hour forty-five minute debate aired on CNBC and was moderated by John Harwood and Maria Bartiromo.

THREE Takeaway from tonight’s debate:

1/ Rick Perry suffered a seemingly devastating moment for his campaign when he suggested that he would eliminate three federal departments under his budget/deficit reduction plan, then turned to Ron Paul (who proposes eliminating five departments) to list them, and could not remember the third, after Education and Commerce.

Another candidate on stage said “EPA” in an attempt to help Perry recover. But then Perry was prompted by Harwood “seriously? seriously, EPA was the one you were looking for?” he asked. And Perry was still not able to come up with the third cabinet department…Harwood “but you can’t name the third one?” Perry “I would do away with education…with commerce..and..let’s see…I can’t..the third one…I’m sorry.”

Twenty minutes later, when answering a different question, Perry finally said that he was trying to remember that it was the department of energy.

Here’s the video of the full question (it’s about 2 minutes long, forward to 1:40 for the Perry “oops” moment)

2/ Herman Cain went through the debate nearly unscathed. Now in the second week of allegations of sexual harassment, and with four accusers who have come forward with statements alleging misconduct by Cain, this was the dominant campaign narrative going into the debate.

But we knew this debate was hard-centered around jobs and the economy. Indeed, although the first question (on the Italian debt crisis) did go to Cain, it wasn’t until 20 minutes into the debate that Cain was asked directly about the allegations. Moderator Maria Bartaromo was booed by the audience for asking the question and Cain gave what has become his standard response- blaming the media and saying that he does not deserve to be judged in the court of public opinion.

Harwood asked a follow-up question to Romney- asking whether he would fire Cain if he was CEO of his company. Romney ducked and avoided an opportunity to draw distance between himself and (for now) his chief rival for the Republican nomination. That was a telling exchange that ended the discussion of Cain’s allegations at the debate. And now with a Perry fumble, it is possible that Cain has escaped completely from allegations that threatened his candidacy.

3/ Mitt Romney looked and sounded like the Republican presidential nominee. With the exception of messed up hair tonight, Romney was in control when answering questions and gave solid, well-rounded answers on everything from taxes to the European debt crisis to Chinese currency manipulation. He avoided calling out other candidates by name, choosing instead to focus all criticism on President Obama. Likewise, only Jon Huntsman took a serious shot at Romney (continuing a theme he started on Meet the Press on Sunday), accusing Romney of waffling on his Chinese policy. Despite some edging by Harwood, the exchange did not result in any of the intra-candidate fireworks like we have seen in previous debates

THE EVENING REPORT DEBATE SCORECARD: Romney, Cain, Gingrich, Huntsman, Santorum, Bachmann, Paul, Perry.

IN OTHER NEWS:

AWFUL STORY FOR VETERANS DAY: Breaking tonight from the Washington Post- “Remains of war dead dumped in landfill”

“The Dover Air Force Base mortuary for years disposed of portions of troops’ remains by cremating them and dumping the ashes in a Virginia landfill, a practice that officials have since abandoned in favor of burial at sea.

The Dover, Del., mortuary, the main point of entry for the nation’s war dead and the target of federal investigations of alleged mishandling of remains, engaged in the practice from 2003 to 2008, according to Air Force officials. The manner of disposal was not disclosed to relatives of fallen service members.”

IS ITALY NEXT IN EUROPEAN DEBT CRISIS? The Dow Jones Industrial Average was down over 3% today on new fears from Europe that Italy may be the next county to suffer from a growing sovereign debt crisis. Borrowing costs today hit 7% as the BBC reports:

“Italy’s cost of borrowing has touched a new record, a day after Prime Minister Silvio Berlusconi said he would resign once budget reforms were passed. If Italy tried to borrow money today, payable in 10 years, it would have to pay an interest rate of more than 7%.

Investors fear that Italy could become the next victim of the debt crisis. In a bid to calm markets, President Giorgio Napolitano said reforms would be passed and Mr Berlusconi would resign “within a few days. The 7% level is widely viewed as unsustainable and was the point at which Portugal, Greece and the Irish Republic were forced to seek a bailout.”

WALL STREET

• Dow down 328
• NASDAQ down 106
• S&P 500 down 47

FINALLY- Today the federal government conducted the first ever nationwide test of the Emergency Alert System (EAS), broadcasting a 30-second alert at 2pm ET on all television and radio stations across the country. The FCC, other federal agencies, and the private sector are still reviewing the data from today’s test- which worked well in some places, and not so well in others, according to a statement from the FCC,

“The Nationwide EAS Test served the purpose for which it was intended, to identify gaps and generate a comprehensive set of data to help strengthen our ability to communicate during real emergencies. Based on preliminary data, large regions of the country received the test but some areas did not. We are currently in the process of collecting and analyzing data, and will reach a conclusion when that process is complete.”

Here’s how the test looked today: (scroll to about 2 minutes in this amateur video).