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1929 vs 2025: Andrew Ross Sorkin on Crashes, Bubbles & Lessons Learned

2025-10-16 Entertainment
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All-In Podcast
All-In Podcast
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Lessons from 1929: Connecting Historical Financial Crises to Today's Markets

Uncover the hidden character-driven history behind the 1929 crash to understand today's speculative leverage, regulatory gaps, and the dual needs of innovation and stability.

Short Summary

  • The 1920s saw the explosive, unregulated creation of consumer credit and massive 10:1 margin lending, fueling a market frenzy comparable to today's AI exuberance.
  • Key historical regulatory shifts, like the separation of commercial and investment banks, were potentially driven more by industry lobbying than pure consumer protection.
  • Speculation is confirmed as the necessary twin of innovation, but the fundamental challenge remains managing its excesses without stifling vital risk-taking capital.
  • The discussion compares the government response post-1929 (New Deal) with the current debate over fiscal policy, emphasizing the trade-offs between government spending and market-driven uplift.

This discussion unpacks Andrew Ross Sorkin’s deep dive into 1929, examining the systemic risks, the human incentives that drive financial bubbles, and whether current market conditions signal a looming collapse or merely a dangerous, historic cycle fueled by disruptive technology like AI.

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Description

(0:00) Chamath and Friedberg welcome Andrew Ross Sorkin to discuss his new book, "1929: Inside the Greatest Crash in Wall Street History--and How It Shattered a Nation" (0:38) Why he chose this time period (3:22) The setup: what led to the 1929 crash (19:24) The characters: major players in the 1929 crash; what kind of bubble are we experiencing in 2025? (26:21) Role of journalist vs market participant; characters of the 2025 market (30:10) AI's potential 1929-like impact on unemployment (35:16) Why socialism is flaring up now more than it did post-1929 (40:34) Does the US need a 2025 "New Deal" on cutting spending, tariff balancing act (46:51) Film rights strategy Buy Sorkin's new book: https://www.amazon.com/1929-Inside-Greatest-History-Shattered/dp/0593296966 Follow Andrew Ross Sorkin: https://x.com/andrewrsorkin Follow the besties: https://x.com/chamath https://x.com/Jason https://x.com/DavidSacks https://x.com/friedberg Follow on X: https://x.com/theallinpod Follow on Instagram: https://www.instagram.com/theallinpod Follow on TikTok: https://www.tiktok.com/@theallinpod Follow on LinkedIn: https://www.linkedin.com/company/allinpod Intro Music Credit: https://rb.gy/tppkzl https://x.com/yung_spielburg Intro Video Credit: https://x.com/TheZachEffect Referenced in the show: https://www.amazon.com/1929-Inside-Greatest-History-Shattered/dp/0593296966 https://archive.org/details/sim_ladies-home-journal_1929-08_46_8/page/n9/mode/2up #allin #tech #news

Top Comments (10)

@dkobia 2025-10-16

I love the irony here. The SPAC King discusses the roots of 1929.

479 14 replies
@agnishwar23 2025-10-16

guys, when uve called a guest to get their perspective on your questions, LET HIM FINISH SPEAKING! this is why JCALs moderation is so important to these discussions

454 18 replies
@seanarchambault726 2025-10-16

Andrew can’t buy individual stocks but Congress can….

137 3 replies
@MrMattmre 2025-10-16

THE EYE OF SORKIN...

60 4 replies
@cj23896 2025-10-16

Andrew kept bringing up the golden AI question, why do David/Chamath always glass past it? Is it because they're so invested? It's a pressing question that the investors need to answer. The bet size relative to productivity increase is not quite the right ratio yet.

59 1 replies
@TonyfromToledo 2025-10-17

I love this new All In Interview segment! You guys are crushing it 1. Weekly Podcast 2. Annual Summit 3. All In Interviews Congratulations on Your Trifecta of Success!!

44
@jasonchen-alienroid 2025-10-16

When I was in corporate strategy, I was in a position where I could not trade. I had the most accurate data on so many key technologies by vendor, models, shipments, more accurate than the vendors themselves (due to cross referencing). Every time I log in to the to the work computer, I get a huge warning about what I was not allowed to do.

13
@RobertRedman1975 2025-10-17

Hari Seldon's Psychohistory in Isaac Azimov's Foundation Series is what Friedberg was trying to think of. I have read them twice. So good.

11
@EngineerHarris 2025-10-16

David Friedburg - The Foundation Series is the book series you were thinking about

7
@timclayman3703 2025-10-17

INCREDIBLE conversation.. All In - best pod Period.

1

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