Press review 24 October 2008

Article published on the 2008-10-24 Latest update 2008-10-24 08:35 TU

The centrist daily le Monde this morning has a picture of an Icelandic woman holding a baby and a sign that reads, “Where is my money?" 

Iceland is being hit hard by the financial crisis. In fact, the country is pretty much bankrupt and is asking the International Monetary Fund for some help.

Le Monde points out that Iceland had between four and seven per cent growth for a decade. That's now over. In 72 hours on the 7, 8 and 9 October the government had to nationalise its three main banks in an attempt to salvage what could still be salvaged.

In order to calm the people down, le Monde says the government in Iceland has set up a call centre and has asked the country's churches to stay open late. In addition, they've supplied the Prime Minister with bodyguards.

The catholic daily La Croix says that, despite all the trouble, a majority of the French people still have faith in the market economy. Just about as much as they had before everything went wrong.

However, they want some changes. According to La Croix, the French would like the government to check up on the banks more than it has in the past. In addition, they want there to be a limit on what the banks directors get paid. They also want an end to golden parachutes, those famous bonuses that really rich CEOs get when they’re fired for having made serious mistakes.

Other news making the papers is the presidential election in the United States. Democratic candidate, Barack Obama is in the lead and the Republicans are trying to find a way to turn that around before it’s too late.

The left-wing Libération says that, when all else fails for the Republicans, they use fear. 

And it seems they’re doing just that. Republican candidate John McCain and his running-mate, Sarah Palin have attempted to shift the political debate away from the financial crisis, which is not their strongest point, and centre it on national security. 

McCain said that Obama would be a danger for America because he has agreed to sit down and talk with Iranian president Mahmud Amadinejad and the Castro brothers in Cuba.

If he does that “Obama will be tested by our enemies and we don't need to be tested by our enemies,” said McCain.

McCain then said, “If I’m elected, the enemies won't dare attack because they know I’ve already been tested many times.”  This is in reference to his time spent in the Vietnam War.

The right-leaning Le Figaro takes a look at some of the comedy coming out of the race. Well, I guess it depends on your taste in humour, probably not everyone is laughing.

In one example, Le Figaro says Larry Flint, the creator of the pornographic magazine Hustle, made a parodic porno film involving an actress playing Republican vice-presidential candidate, Sarah Palin.  Le Figaro doesn’t say how Palin feels about the portrayal.