Andrew Ross Sorkin on the Crash of 1929 & The Parallels We See Today | The Real Eisman Playbook

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Oct 27, 2025

In this lively discussion, financial journalist Andrew Ross Sorkin, author of the bestselling book '1929', delves into the tumultuous Crash of 1929. He reveals the Wild West nature of the market, showcasing fascinating financiers and how their actions echo today. Sorkin explores how excessive leverage and fear of missing out ignited the crash, while drawing eerie parallels to modern financial trends like crypto trusts. With insights on historical figures and their consequences, the conversation offers a gripping look at lessons from the past.

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INSIGHT

Wild West Markets Enabled Speculation

The 1920s financial system was a Wild West with almost no regulation and no SEC.
Public celebrity bankers and unregulated markets enabled rampant speculation and manipulation.

INSIGHT

Leverage Multiplied The Risk

Margin lending reached roughly 10:1, dramatically amplifying gains and losses.
Extreme leverage turned price drops into cascading forced sales and panic.

ANECDOTE

Investor Pools Pumped And Dumped Stocks

Wealthy financiers ran "investor pools" that openly colluded to pump and dump stocks like RCA.
They paid journalists, drove prices up on the exchange floor, then pulled the rug on ordinary investors.

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On this episode of The Real Eisman Playbook, Steve Eisman is joined by Andrew Ross Sorkin, whose new book "1929" is out now. The two of them dive deep into Andrew's book and discuss the wild west market of the time, the interesting characters around the chaos, the crash itself, and any parallels between what happened in 1929 and what's happening in America right now.

You can purchase Andrew's book here: https://www.amazon.com/1929-Inside-Greatest-History-Shattered/dp/0593296966

00:00 - Intro
02:10 - Why Andrew Wanted to Write "1929"
08:41 - Wild West Markets
16:37 - The Fascinating Characters in the Book
26:37 - The Crash of 1929
33:00 - Carter Glass & Ferdinand Pecora
39:04 - Charles Mitchell & Selling Stocks to Wives
40:55 - Theories About The Great Depression
45:50 - Parallels Between 1929 and Now

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