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Page last updated at 06:40 GMT, Tuesday, 16 September 2008 07:40 UK
Today: Tuesday 16 September 2008

PLEASE NOTE: We are unable to offer transcripts for our programme interviews. Today is broadcast live and the running order is subject to change.

On Wall Street, the Dow Jones closed down 500 points, its worst one day fall since 11 September. Correspondents Greg Wood, Chris Hogg and Robert Peston explain how bad the day of trading was in the global markets.

Command of coalition forces in Iraq will be handed over by General David Petraeus. He has overseen a dramatic improvement in the security situation across most of the country. Correspondent Mike Sergeant looks at how the situation there has changed during Petraeus' 18 months in charge.

Business news with Adam Shaw

Sports news with Garry Richardson.

When Chancellor Alistair Darling said in a Guardian interview that the economic times were "arguably the worst they've been in 60 years", many people wondered what he must know. He says that the economy is going through a stage of unprecedented turbulence.

Today's papers

As money floods in to the Premier League from around the world, English football clubs are becoming global brands. But is that a good thing for football elsewhere in the world? The national football coach of India, who is English, thinks not. Correspondent Chris Morris reports from Hyderabad.

Thought for the day with the Right Reverend Tom Butler.

Nick Clegg has secured his party's support for his position on tax. The next challenge will come when he gives his first leader's speech to the conference. The Lib Dem leader discusses his speech from the party conference in Bournemouth.

After the demise of Lehman Brothers, Wall Street is now worrying about the collapse of other companies. AIG, which was once one of the world's biggest insurance companies, has problems so great that many believe it cannot survive. Matthew Bishop, of the Economist in New York, and Sir Howard Davies, former chairman of the Financial Services Authority in the UK and a board member of Morgan Stanley, discuss the future of AIG.

Rare recordings of some of America's most important 20th Century poets will be released. The former American Poet Laureate Donald Hall takes correspondent Nicola Stanbridge through some of his favourites.

Sports news with Garry Richardson.

Labour's National Executive Committee will meet, still under pressure from a group of MPs to send out leadership nomination papers before next week's conference in Manchester. Fiona MacTaggart, one of the MPs pushing for the papers to go out, and former Foreign Secretary Margaret Beckett, who has warned Labour rebels to get behind Gordon Brown, discuss the possibility of a leadership contest.

Business news with Adam Shaw.

Public support for the police is "fragile", according to Ian Johnston, the president of the Police Superintendents' Association for England and Wales. He says it can be restored by tackling the issues that are a priority to communities and by considering the public need.

Does every successful leader need one issue to take a stand on? And is Nick Clegg's the tax debate? Former Liberal leader David Steel and Olly Grender, former Liberal Democrats' director of communications, discuss how successful Nick Clegg will be.

After recent events in the US markets, have opinions changed about the capability of the free market to self-correct? David Freud, former vice-chairman of UBS, and Lord Desai, professor of Economics at the LSE, discuss whether investment banks are still the "high-priests" of the economy.



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