September 16, 2008

Today's Front Pages Analysis

U.S. stock market, economic problems make headlines worldwide

The Washington Times banners “A nightmare on Wall Street” and then offers a small listing of the “Global Meltdown,” showing how what happened in the U.S. affects markets elsewhere because it’s more than an American story. And indeed that’s true, affecting markets around the world.

The South China Morning Post in Hong Kong tells its readers that “Meltdown in US spooks markets,” The Telegraph in Calcutta, India, leads with “Belly Up,” adding “Lehman goes bankrupt, Merrill in distress sale, Tata (an Indian company) ally AIG seeks cash,” DNA in Mumbai, India, warns that “Failing US banks trigger crisis,” The Jakarta Post in Indonesia reports “Stock markets plunge as U.S. titans collapse” and the Manila Standard Today in the Philippines says, “Wall St. in ‘tectonic’ shift as Merrill, Lehman fall.” The Australian Financial Review in Sydney has a banner proclaiming “Bloodbath for Wall Street banks,” and The Age in Melbourne leads with “Gloom spreads as US financial giant collapses.”

In another part of the world, The Jerusalem Post in Israel leads with “Credit crisis topples US financial icon,” Today’s Zaman in Istanbul says, “Turkey alarmed by Lehman fallout,” and Gulf News in Dubai, United Arab Emirates, plays up “Lehman bankruptcy sparks market chaos.”

In Europe, La Tribune in Paris banners an Alan Greenspan quote: “I’ve never seen anything like this.” Die Welt in Berlin reports a “Black day for the banks,” the Liechtensteiner Volksblatt in postage stamp-sized Liechtenstein headlines its story “Black Monday,” while The Daily Telegraph in London prefers “Meltdown Monday” and The Guardian in London calls it “Nightmare on Wall Street.” The European edition of Stars and Stripes, published in Griesheim, Germany, for American servicemen abroad, reports “Financial breakdown,” with the drop head “Collapse of 2 Wall Street firms sends markets tumbling around the world,” adding brief comments from the two candidates for president. The International Herald Tribune in Paris accurately notes in its lead headline that “Crisis rattles markets and nerves.”

Looking at our South American neighbors, El Pais in Montevideo, Uruguay, reports that “The earthquake in Wall Street shoots the dollar,” while Perú.21 in Lima has a big “Black Monday” over a graph-type arrow heading way down. Wall Street is big news today.

Gene Mater is a Freedom Forum media consultant.

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