Odd Lots Andrew Ross Sorkin on the Stock Market Crash That Shattered America
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Oct 13, 2025 
Andrew Ross Sorkin, editor of DealBook and co-host of CNBC's Squawk Box, dives into the tumultuous world of the 1929 stock market crash. He discusses how retail speculation echoes today, drawing parallels to current AI investment mania. Sorkin highlights the cultural impact of the 1920s boom, intriguing characters like Charles Mitchell, and the role of margin lending. He also reflects on the aftermath of the crash, policy missteps, and the lasting scars left on society, providing lessons that resonate in today's volatile market.
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Humanizing The 1929 Players
- Andrew Ross Sorkin wanted to humanize 1929 by reconstructing characters from archives and letters.
- He spent years piecing together sparse records to reveal motivations and incentives behind the boom.
Charles Mitchell As A Central Character
- Sorkin describes Charles Mitchell as a towering figure who invented consumer credit for stock buying.
- Mitchell left minimal personal archives, forcing Sorkin to rely on Fed minutes and others' records.
Retail Leverage Fueled The Boom
- Brokerages proliferated like retail shops and lent heavily to retail customers on tiny collateral.
- Retail investors could give $1 and borrow $10, making rising markets feel like free money.
