Andrew Ross Sorkin: What the Crash of 1929 Says About Today

I'm Rufus Griscomb and this is the Next Big Idea. Today, Andrew Ross Sorkin on what we've learned and failed to learn from the crash of 1929. There's a pretty good chance that you've heard of Andrew Ross Sorkin. He's the co-host of Squawkbox on CNBC. He's got a column in the New York Times where he's the founder of Deal Book, the daily financial newsletter.

He co-created the hit TV show Billions and wrote the bestseller, Too Big to Fail, about the 2008 financial crisis. He just came out with a second book, 1929, Inside the Greatest Crash in Wall Street History and How It Shattered a Nation. He's been working on this one for eight years. What do you know about the crash of 1929 and the Great Depression that followed? Before a couple weeks ago, I didn't know a whole lot.

I knew in broad strokes about the Roaring Twenties, the Great Gadsby, the Speakeasies, the Charleston, the Flappers. I knew there was a massive market run up, irrational exuberance, and then Black Thursday, the crash of 1929, followed by years and years of economic struggle. I also knew how it touched my family and so many others. My grandfather, a brilliant man, a real source of inspiration for me in my childhood, sold eggs on street corners in the thirties to make ends meet, and his daughter, my mother, to this day is opposed to any kind of debt if you can avoid it, including

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