All-In with Chamath, Jason, Sacks & Friedberg 1929 vs 2025: Andrew Ross Sorkin on Crashes, Bubbles & Lessons Learned
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Oct 16, 2025 
Andrew Ross Sorkin, a Pulitzer-prize-winning journalist and CNBC anchor, dives into the harrowing details of the 1929 stock market crash and its striking parallels to today. He discusses the reckless consumer credit and margin lending that led to the crash, as well as the media's role in inflating bubbles. Sorkin also examines the potential of AI to disrupt employment and the rising anti-capitalist sentiments reminiscent of the post-1929 New Deal era. Is America heading for another crash? His insights are both historical and alarmingly relevant.
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Research Began With Archival Phone Transcripts
- Andrew wanted a character-driven retelling because existing histories lacked personal stories and incentives.
- He started by reading archival boxes and diaries to reconstruct conversations and motives.
Margin And Democratized Finance Fueled The Bubble
- Margin credit and mass brokerage access transformed stock investing into a mass phenomenon in the 1920s.
- This democratization occurred with virtually no underwriting, regulation, or prospectus transparency.
Tech Hype And Media Amplified Speculation
- New technologies like radio created superstar companies and concentrated speculative demand (RCA was the NVIDIA of its time).
- Media and famous CEOs amplified a social contagion that made everyone want to join the wealth creation story.
