After a turbulent week or two in the middle of August, the markets managed to calm down despite witnessing the biggest falls in equity prices since the banking crisis of 2008. With summer now at an end and traders returning to their desks, this is the moment of greatest peril. The worst market panics in history have happened in the autumn, including the Wall Street Crash of October 1929, Black Monday of October 1987 and the ejection of sterling from the Exchange Rate Mechanism in September 1992. The sub-prime calamity of September 2007 and the collapse of Lehman Bros exactly a year later triggered the crisis from ... (full story)