Brew Markets Andrew Ross Sorkin on the 1929 Market Crash and Parallels to Today
Oct 15, 2025
Andrew Ross Sorkin, a New York Times bestselling author and DealBook founder, discusses his book on the 1929 market crash and its significance today. He delves into the policy mistakes that worsened the Great Depression and compares 1929's fiscal climate to today's, exploring how rapid information flows might influence bank runs. Sorkin raises concerns over the democratization of private capital access and the risks of competitive financing in AI, while sharing insights into his investment strategy, focused primarily on index funds.
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Leverage, Policy Errors, And Their Costs
- Sorkin highlights leverage and margin as central drivers of 1929 losses and real economic pain.
- He critiques Hoover-era austerity and political interference that worsened the downturn.
Protect Central Bank Independence
- Preserve central bank independence to avoid political whipsawing in crises.
- An independent Fed better resists short-term politics when stabilizing markets.
Likely Crisis Playbook Today
- In a modern crisis, Sorkin expects the Fed to flood the system as in 2008 and COVID.
- He warns currency debasement and rising gold reflect that likely response.
