Next Question with Katie Couric The Crash: What 1929 Has to Tell Us About 2025 with Andrew Ross Sorkin
Oct 15, 2025
Andrew Ross Sorkin, a renowned New York Times financial columnist and DealBook founder, dives into the chaos of the 1929 crash, revealing how well-intentioned leaders helped usher in catastrophe. He shares insights from his extensive eight-year research project, shedding light on key figures like Thomas Lamont and Jesse Livermore. Sorkin draws parallels between the volatility of the 1920s and today’s financial landscape, exploring issues like inequality and the hype surrounding AI. This captivating discussion highlights how history’s lessons still resonate in our modern economy.
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Sunshine Charlie's Rise And Fall
- Charles "Sunshine" Mitchell built National City Bank into an icon who encouraged optimism and lending for speculation.
- His secret deals and eventual legal troubles show how personal risk-taking amplified the crash's fallout.
Jesse Livermore's Tragic Speculation Story
- Jesse Livermore was a tortured speculator who shorted the market, made a fortune in 1929, then lost it and later committed suicide.
- His arc personifies the boom-and-bust personal toll of speculating with leverage.
Margin Converts Losses Into Insolvency
- A market drop wrecked buyers who had borrowed heavily, so losses were multiplied by margin calls and debt.
- The crash thus turned paper losses into immediate insolvency for many households.
