Joining Nick around the table is Bill Keegan, the Observer's economics guru. Bill says the announcement is a huge move but he says we're not heading for a 1930s-style Great Depression. Bill says the recession will be more like the fallout from the first great oil shock in 1973.
Polly Toynbee, the Guardian columnist, says the crisis is grave but she believes we will recover. Polly is particularly angry that the bank chiefs who created the mess are remaining in place – with the help of taxpayers' money.
Julian Glover, the Guardian's chief leader writer, says that the political world has been re-ordered. Julian says Gordon Brown did well in the commons and has a chance to recover.
We also hear from Simon Hoggart, the Guardian's parliamentary sketchwriter, who describes the scenes in the Commons when Brown and Darling appeared before MPs. Simon says the prime minister has transformed himself from a "pathetic procrastinator" to the "dynamic ditherer".
And finally we hear from Deborah Hargreaves, the Guardian's business editor. Deborah says our children are facing a grim future.
