Today's papers:Drowned World Tour

t's a new week, and the bad news keeps getting worse. "The global financial crisis has taken a perilous turn," declares the Wall Street Journal. Hopes that the massive bailout package approved by Congress last week would give investors some breathing room were quickly dashed as soon as the markets opened. And pretty much the whole world is feeling the pain. Markets in Asia, Europe, and Latin America closed deep in the red yesterday, a pattern that was repeated in the United States. The Dow Jones industrial average plunged 800 points, or 7.7 percent, before rebounding late in the day to close down nearly 370 points, or 3.6 percent. It marked the first time the Dow fell below the 10,000 mark since 2004. USA Today helpfully puts it in perspective and points out that the Dow has lost nearly 30 percent since Oct. 9, 2007. The New York Times and Washington Post highlight word that the Federal Reserve is considering a plan to buy large amounts of unsecured short-term debt--so-called commercial paper--in an effort to revive the financial system. This "radical new plan" (NYT) would essentially make the Fed "a major funder of a wide range of U.S. businesses facing imminent cash shortages," explains the Post. While the growing financial crisis is putting pressure on government officials to act, the Los Angeles Times points out that if there's a clear message from yesterday's worldwide sell-off it's that investors are increasingly concerned "that government intervention won't be enough to stave off a potentially severe global recession." To continue reading, click here.