Against the Rules: The Big Short Companion Lessons of the Great Depression
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Nov 11, 2025 
Andrew Ross Sorkin, a financial journalist and author known for his insights on market crises, dives deep into the 1929 crash and its parallels with 2008's meltdown. He discusses the rampant speculation and margin credit that fueled the roaring twenties, revealing the personalities like Thomas Lamont and Jesse Livermore who played pivotal roles. Sorkin also contrasts the Federal Reserve's inaction in 1929 with its aggressive response in 2008. The conversation explores how narratives of blame and public trust in institutions have evolved over time.
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Banks As Crisis Conveners
- Thomas Lamont functioned as J.P. Morgan's de facto leader and advised government leaders during the crisis.
- Powerful banks played analogous central roles in both 1929 and 2008 responses.
Jesse Livermore: Star Short Seller
- Jesse Livermore was a famed short seller who oscillated between huge confidence and personal chaos.
- He shorted into the crash and returned at the last minute to profit amid turmoil.
Origins Of Glass-Steagall
- Carter Glass helped create Glass-Steagall to separate commercial banking from speculative activities.
- That structural reform emerged from the 1929 era and influenced later debates after 2008.
