Andrew Ross Sorkin
speaker
3,471 appearances
80 recordings
13 series
first heard Dec 2024
last heard 13 Jun
Andrew Ross Sorkin’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 67 in all, peaking in Nov 2025 with 22.
Appearances
The great Wall Street crash of 1929 was considered the first and most critical crash in the United States stock market.
The 1920s was this remarkable roaring period.
You had automobiles and radio and all this excitement about new technologies that were going to change the world.
And it was the first time that ordinary people could invest in the stock market.
And they watched the market climb and climb and climb and climb.
And in October of 1929, it crashed and it crashed hard.
I think if you look over not just 1929, but between 1929 and 1933, you're looking effectively at something on the order of about a 90% fall in the total price of the market.
Now,
It's worth knowing in 1929 itself, the stock market, oddly enough, despite the fact that we all think about it as this grand crash, ended the year only down about 17%.
But between October and November of 1929, the stock market fell about 50%.
And so if you closed your eyes and just looked at the beginning of the year and the end of the year, you would have thought maybe nothing happened, except for the fact that this extraordinary 50% downdraft at a time when most ordinary people were investing in the stock market for the first time, oftentimes with remarkable amounts of debt.
10 to 1 in some cases.
You've got a big, big problem.
Yeah.
And that really explains what I think of as the first domino in a series of dominoes that leads, as we just mentioned, by the time you're in 1932, 1933,
to this 90% drop.
And by the way, you also had 25% unemployment in 1932.
Oh, I would argue to you the lack of data, and more importantly, the lack of timely data, was not just a problem.
It is actually what, in some cases, you could describe as creating the crisis.
hours behind.
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