Contains spoilers for this episode and earlier episodes.
The Wall Street crash reaches the Shelby company through Michael's handling of its American investments. Tommy has ordered a sale, but the money has remained exposed and the losses force the family to reconsider its finances. Their illegal income now matters even more to the business. Michael is in America with Gina, while Polly is abroad and Finn wants a larger part in the work of the gang.
A job in Chinatown brings the family's violence into the open again. Finn ignores instructions to stay clear and is wounded, while Arthur and Aberama carry out the operation. Tommy also buries Dangerous, the horse that could not settle into quiet life. His conversations with a vision of Grace expose his own inability to find peace, even as his political career gives him another place to exercise power.
In Parliament, Oswald Mosley takes an interest in Tommy's public appeal. At home, Lizzie is now his wife and is raising Ruby alongside Charles, but the family's wealth has not made their household secure or affectionate. Ada tells Polly about her pregnancy, and Polly welcomes the child despite the prejudice they expect. Tommy tries to explain the horse's death to Charles, who challenges his authority. The episode ends with the family facing financial damage while Tommy remains surrounded by people who resist his decisions.