In this week's show we examine whether George Osborne has been damaged by the revelation that he discussed a £50,000 donation from the Russian billionaire Oleg Deripaska. (No donation was ever made.)
The news of the shadow chancellor's summer holiday discussion in Corfu was revealed to the world by his old friend, Nat Rothschild, who is upset with Osborne for briefing against another of his holiday guests, Peter Mandelson.
We also discuss the recession after Gordon Brown finally mentioned the R-word.
And finally we turn our attention across the Atlantic to the looming US presidential election.
Joining Nick around the table is Tim Montgomerie, the editor of ConservativeHome. Tim believes that Osborne made a mistake in taking tea on Deripaska's yacht in Corfu and in briefing against Mandelson. But Tim says the shadow chancellor has been unfairly hounded by the media.
Martin Kettle, the Guardian columnist, says that Osborne's presence on Deripaska's gin palace shows the "aphrodisiac of power and money".
Julian Glover, the Guardian's chief leader writer, says the affair shows the danger of getting too close to new Russian money. Julian points out that nobody had a problem when Winston Churchill used to swan around the Mediterranean on aristocrats' yachts.
We also hear from Simon Hoggart, the Guardian's parliamentary sketchwriter, who describes the scenes in the Commons at prime minister's question time, which was dominated by the economy.
