1929 vs 2025: Andrew Ross Sorkin on Crashes, Bubbles & Lessons Learned
- Oct 16, 2025
- 50:49
- Full Episode
(0:00) Chamath and Friedberg welcome Andrew Ross Sorkin to discuss his new book, "1929: Inside the Greatest Crash in Wall Street History--and How It Shattered a Nation" (0:38) Why he chose this time period (3:22) The setup: what led to the 1929 crash (19:24) The characters: major players in the 1929 crash; what kind of bubble are we experiencing in 2025? (26:21) Role of journalist vs market participant; characters of the 2025 market (30:10) AI's potential 1929-like impact on unemployment (35:16) Why socialism is flaring up now more than it did post-1929 (40:34) Does the US need a 2025 "New Deal" on cutting spending, tariff balancing act (46:51) Film rights strategy
Buy Sorkin's new book: https://www.amazon.com/1929-Inside-Greatest-History-Shattered/dp/0593296966
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Referenced in the show: https://www.amazon.com/1929-Inside-Greatest-History-Shattered/dp/0593296966 https://archive.org/details/sim_ladies-home-journal_1929-08_46_8/page/n9/mode/2up
Brief Summary
Andrew Ross Sorkin discusses his book "1929," exploring the stock market crash and its modern parallels.
Key points
- The Fascination with 1929. Andrew discusses the intrigue surrounding the 1929 stock market crash and its implications today.
- A Shift in the American Dream. The conversation touches on how the American dream evolved from hard work to wealth aspiration.
- The Role of Speculation. Exploring how speculation drives innovation and the economy, and its historical context.
- The Characters of 1929. Andrew introduces key figures from the 1929 era and their influence on the financial landscape.
- The Rise of Speculation. Charlie Mitchell defies the Federal Reserve, leading to a dramatic lending crisis.
- The Glass-Steagall Act's Origins. The surprising backstory of the Glass-Steagall Act reveals its true motivations.
Episode highlights
- The Fascination with 1929Andrew discusses the intrigue surrounding the 1929 stock market crash and its implications today.“People often want to know more about 1929.”2:11Oct 16, 2025
- A Shift in the American DreamThe conversation touches on how the American dream evolved from hard work to wealth aspiration.“The whole idea of capitalism is going to give us this great opportunity.”9:38Oct 16, 2025
- The Role of SpeculationExploring how speculation drives innovation and the economy, and its historical context.“Speculation is the twin of innovation.”14:50Oct 16, 2025
- The Characters of 1929Andrew introduces key figures from the 1929 era and their influence on the financial landscape.“Charlie Mitchell was the Jaime Diamond of his time.”19:52Oct 16, 2025
- The Rise of SpeculationCharlie Mitchell defies the Federal Reserve, leading to a dramatic lending crisis.“We're not going to have that. So we're going to start lending ourselves.”21:25Oct 16, 2025
- The Glass-Steagall Act's OriginsThe surprising backstory of the Glass-Steagall Act reveals its true motivations.“It's not coming from consumer protection as much as lobbying to marginalize the 800-pound gorilla.”22:36Oct 16, 2025
- AI's Impact on EmploymentThe AI boom could lead to significant productivity gains but may also affect employment.“Massive productivity gains... are probably going to have an impact on employment.”33:42Oct 16, 2025
- The New Deal's LegacyExploring whether a modern version of the New Deal is needed today.“Is there a new compact we need to have with our citizenry today?”40:56Oct 16, 2025
