FP Top story 10/8

In yet another unprecedented step in what is becoming an increasingly harrowing global financial crisis, central banks in the United States, Europe, and Canada announced a coordinated rate cut of half a percentage point.
The move comes after a tough day in the equity markets and follows the British government's announcement that it is partly nationalizing its banking system.

European shares rebounded on today's news as European finance ministers settled on a set of common principles for rescuing troubled banks.

Asian stocks? Not so much. Central banks in Asia are working furiously now to shore up their own countries' financial sectors, and Russia is pumping $37 billion into state institutions.

Iceland, meanwhile, appears to be imploding economically.

Decision '08

Last night's 90-minute, "town hall" style debate between the U.S. presidential candidates was a muted affair overshadowed by the economic crisis. The New York Times' Adam Nagourney characterizes it as "an often stifled encounter, largely absent of dramatic confrontations or the personal exchanges that dominated the campaign over the past several days."

Barack Obama was "the clear winner," according to post-debate polls and Slate's John Dickerson. "McCain loses by not winning," says Politico's Roger Simon. More reactions here.