Slate Daily Feed Gabfest Reads | Inside the Greatest Crash in Wall Street History
Nov 15, 2025
Join Andrew Ross Sorkin, a renowned financial journalist and bestselling author, as he dives into the cataclysmic 1929 stock market crash. He examines the era's optimism, the impact of figures like banker "Sunshine Charlie" Mitchell, and how their decisions ripple through today's speculation, including AI and crypto. Sorkin contrasts the moral dilemmas of speculation, recounts the human cost of the crash, and critiques the responses that fueled the downturn. His insights on leverage and contemporary parallels provide a thought-provoking look at our financial landscape.
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Credit Democratized The Market
- The 1920s democratized credit and stock ownership through consumer lending and margin debt.
- Brokerages proliferated and media glamorized business leaders, driving mass participation in stocks.
Fed's Political Fears Shaped Weak Action
- The Federal Reserve feared political backlash and chose gentle measures like warning letters.
- Some banks ignored the Fed and kept lending, worsening speculative leverage.
Churchill Traded During The Crash
- Winston Churchill appeared on the New York Stock Exchange as the market was crashing.
- He had come to America partly to try to make back money he had borrowed and then further speculated.
