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today's papers
New World Order
By Justin Peters
Posted Sunday, Oct. 12, 2008, at 3:35 AM ET

All the papers lead with financial features. The New York Times leads with another look at the Bush administration's new plan to sidestep the economic bailout package passed last week by Congress and, instead, emphasize an intervention that would directly invest government capital in American banks.

The Washington Post leads news that while leaders from over 20 countries have endorsed a coordinated response to the global financial slump, they have refrained from offering any specifics on what such a response might entail.

The Los Angeles Times leads a think piece on what the government's response to the financial crisis says about the future of capitalism in America. The striking first line: "Are we witnessing the erosion of capitalism, or its salvation?"

As all the papers reported yesterday, the administration's new economic rescue plan is tantamount to a partial nationalization of the banking industry. Treasure Secretary Henry Paulson had initially resisted the idea, but last week's market turmoil helped change his mind.

The U.S. is not the only nation to resort to drastic measures--Iceland assumed control of its major banks last week, while Great Britain plans a capital infusion scheme similar to the Bush plan. As the Post notes, however, t he markets may well require a much more forceful show of international solidarity before they rebound. "You need specific, concrete steps, not a list of principles that are obvious and everyone can easily agree to," said one IMF economist.

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