The crisis that closed the News of the World is, arguably, the third great crisis of trust in recent years.
First the banks, then MPs expenses, now the media.
David Cameron prides himself on being bold when big moments occur - challenging for the Tory leadership in 2005, calling on Gordon Brown to have a snap election in 2007 and that "big, bold and generous" offer to form the Coalition in 2010. The question this morning is whether he will dare to be bold now.
He must know that he is tainted by the past - thanks to his hiring of Andy Coulson and friendship with Rebekah Brooks - whilst also being responsible for the future - the ownership, regulation and standards of the media.
He will also know that Ed Miliband has found his voice this week. The Labour leader has made an advantage of what looked like a disadvantage - he had no relationship to speak of with the Murdoch empire.
In a speech this morning Miliband says that the question of media ownership is as important as the question of media ethics and calls on the BSkyB deal to be reconsidered.
Miliband wants to portray Cameron as as flat-footed as Gordon Brown was over MPs expenses. The Prime Minister is determined to avoid that.
The only question that remains is to discover how.