victimize children for many, many years. in total, he forces 40 charges tied to sexual assault. curley and schultz are charged with failing to report abuse and graham spanier is under pressure to retire and joe paterno announced that he will retire at the end of the season saying in a statement, this is a tragedy. it s one of the great sorrows of my life with the benefit of hindsight i wish i had done more. jason carroll, cnn, state college, pennsylvania. if you re just joining us, breaking news, joe paterno and graham spanier have both lost their jobs. the university board of trustees made the announcement less than an hour ago. the board of trustees and graham spanier have announced that dr. spanier is no longer president of the university. in addition, joe paterno is no longer the head football coach effecti effective immediately. well, joining us now, cnn s jason carroll and mike galanos. if i can start with you, mike, describe what you re seeing. set the scene. w
we told you about the new dancing with the stars new cast on tuesday morning. very exciting. yes. and to say there s been a lot said about them since is pretty much an understatement. and most of the criticism involves chaz bono. abc s t.j. winick has details on what s become quite an uproar. reporter: controversy is nothing new to dancing with the stars. only it s usually once the tango, waltz or cha cha are in full swing. ladies and gentlemen, the new cast of dancing with the stars. r rorter: now there s backlash over the season s casting. specifically, chaz bono, the show s first transgender contestant. one former viewer posted on an abc message board, i hope your ratings sink as low as yououave sunk, having chaz on there. i m not going to listen to it.
we called the police station. and then the guy who the investigator, he came and he was like, oh, my gosh, how did you find all this stuff here? i was comiming here. and i was like, i did your job again. reporter: they alal learned the pawn shop owner had copies of the i.d.s of the guys who sold the stuff. and then, believe it or not, she and her mom drove to the guy s house and confronted him. he confessed to you that he did it? he confessed. r rorter: at last word police still haven t made an arrest. the police still haven t arrested him? no. i don t know what s taking them so long. reporter: paul hohord started the junior d.a. program 13 years ago and this is a first. we re hoping she ll take that lesson with her through life, the things she s learned here as a junior d.a. reporter: jessica tells me she might go into a career in law but she has other big aspirations, too, and some other kids don t have, proof that she can handle any job she chooses. love that sto
those rkets fell anywhere from 2% to 8% following the anxious sell-off on wall street. that s after the u.s. credit downgrade led to a panic. abc s scott goldberg begins our coverage. good morning, scott. rorter: good morning, daniel and tanya. president obama tried to reassure investors saying the s&p downgrade didn t tell us anything we didn t already know about the u.s. deficit. but that wasn t enough to stop another brutal day on wall street. the numbers have become numbingly bad. 12 days of drops from the dow. that s more than $2 trillion gone. the average 401(k) has lost $16,500. president obama tried to stop the bleeding. no matter what some agency may say, we ve always been and always will be a aaa country. reporter: he downplayed the standard & poor s downgrade which lowered the credit rating to a aa-plus. the dow kept falling and the fingers kept pointing. congress ultimately owns the credit rating of the united states. they have the power of the purse
democrats say even if it couldl pass through both houses of congress it would be dead on arrival at the white house. both sides still can t resist taking pot shots. time is running out. we are pushing this to the last minute. and that should not be the case. we know you want to get this done before the next election. but it s not about the next election. it s about the next generation. more and more financial analysts are saying that even if the two sides agree on a plan to raise the debt limit before that august 2nd deadline, the u.s. could still lose its top credit rating. that means the markets would likely take a hit, mortgage rates would rise and borrowing would become more difficult. as if it didn t cost enough to fly these days, airlines actually increased fares over last weekend. and maybe the most unbelievable part of the whole thing is that the fare hike is linked to the debt battle in washington. abc s ryan owens explains. r rorter: the airlines just got a huge tax