The interconnectedness and velocity of modern markets make this crash unique, says Martin Vander Weyer. But all is not lost yet: this is a time for cool heads and open minds...

In the City and on Wall Street, we are watching the fall of an arrogant, self-deluded generation that flew too close to the sun. We have heard the splash. Right now it looks and feels like an important failure. But stay calm, close your ears to the voices of doom: only time will tell.