It is generally accepted I think that the Wall Street Crash and the subsequent depression started with a major sell-off on the New York Stock Exchange on Thursday 24th October, 1929 - the so called "Black Thursday". The day of the worst one day fall on the New York Stock Exchange was the following Monday, "Black Monday", October 28th 1929, when it lost 13% of its opening value.

If all this does prove to be the start of a period of economic turbulance that will live in memories as long as the Wall Street Crash, I wonder which day will be identified as the start of it all. It seems to have been continuously bad news for weeks. Today, Russia's stock exchange index lost virtually 20%, having suspended trading twice. But what about the day the US bailed out AIG? Or when Hank Paulson got down on his knees to beg Nanci Pelosi to sign up to the $700bn bailout? Certainly that day I thought for the first time George Bush actually looked chillingly, almost menacingly sincere, much moreso than at any time during the Iraq conflict. The nationalisation of Fannie Mae and Freddie Mac perhaps? Or the failure of Lehmans? Or maybe just the day Peter Mandelson returned to the government!