Скачать или смотреть RCA was the NVIDIA STOCK of the 1920s? - Andrew Ross Sorkin

Andrew Ross Sorkin, author of "Too Big to Fail" and creator of "Billions," joins Bloomberg's Odd Lots podcast to discuss his new book "1929: Inside the Greatest Crash in History." After 10 years of research, Sorkin reveals shocking parallels between 1929 and today—from margin trading to investment trusts that look suspiciously like modern crypto schemes.

🎥 FULL PODCAST:    • Andrew Ross Sorkin on the Stock Market Cra...  
📺 Source: Bloomberg Odd Lots Podcast
📚 Read us: https://www.investingtimedaily.com/

📚 SORKIN'S NEW BOOK:
"1929: Inside the Greatest Crash in History and How It Shattered a Nation": https://amzn.to/48oVKSQ
"Too Big to Fail" (2008 Financial Crisis): https://amzn.to/3Mckp5E

🚨 KEY REVELATIONS:

*The One Law of Every Financial Crisis:*

"Every financial crisis is a function of one thing: leverage in the system. Too much leverage. You can have speculators doing bad things, but it's the leverage that tips it over."

Sorkin's warning: "We're living in a moment where some of those guardrails are almost purposely being taken away."

*RCA: The Nvidia of 1929*

The company had the ticker symbol "RADIO" and owned patents for both radio and television technology. "That was the meme stock of that era," Sorkin explains.

At peak: ~$530 (split-adjusted)
By 1932: $3

The parallel: "People were buying into this future we were all going to experience, and they wouldn't have been wrong." The technology was real—the valuations weren't sustainable.

*Groucho Marx & Winston Churchill Lost Everything*

Sorkin uncovered surprising victims:
*Groucho Marx* "was living at a brokerage house trying to trade every day," ultimately had to mortgage his home for margin calls
*Winston Churchill* was visiting the NYSE floor in October 1929, got "totally engrossed in trading," lost money

*The Margin Madness: Give Them a Dollar, Lend Them Ten*

"Brokerages were springing up on corners like Starbucks. You could show up, give them a dollar, and they would literally lend you $10."

Women-only stock trading lounges in hotels. Trading on cruise ships. Credit became normalized for the first time in American history.

*Before 1919: Taking Loans Was "A Moral Sin"*

Then General Motors invented auto financing to sell more cars. Suddenly debt was acceptable. "Charlie Mitchell ran National City Bank and effectively invented modern credit for individuals to buy stock."

*Charles Mitchell (Citigroup founder):* "As famous as Jamie Dimon today. The Michael Milken of his time."

*John Raskob:* "Elon Musk of the 1920s. Philosopher king. Helped run GM, created credit at GM, played the market, got involved in politics, tried to undermine Hoover, built the Empire State Building."

Also advocated for 5-day workweek (from 6 days) so people would "spend money, buy cars, play golf."

*Carter Glass:* "The Elizabeth Warren of his time. Railed for years about 'Mitchellism'—that debt and leverage would undo the system."

*Jesse Livermore:* Short seller who made $100M+ in the crash. "Then lost everything. Shot himself in the head at the Sherry Netherland in 1941."

*The Fed: Too New, Too Scared*

Created in 1913, the Fed was only 16 years old during the crash. "They feared if they raised interest rates aggressively, maybe there wouldn't BE a Fed anymore."

Their solution: "Send letters to banks saying 'please stop lending to speculators.'" Banks responded: "What's a speculator?"


*The Astrologer on Wall Street*

Evangeline Adams had an office in Carnegie Hall and held court at the Plaza Hotel. J.P. Morgan himself visited her before he died.

During the crash: "She would have these almost like séances where people would come. She was praying for high stock prices."

She got credit for the boom because she predicted in September 1929 that markets would go up.

*Smoot-Hawley Tariffs: The Domino After The Crash*

"I look at the crash as the first domino of a series of things that created the Depression."

Bad decisions included:
Smoot-Hawley tariffs (sound familiar?)
Treasury Secretary Mellon: "Let these capitalists eat it"
Fed sitting on hands
9,000 banks going out of business
25% unemployment

*What Shattered The Nation*

"Shantytowns called 'Hoover Villas' in Central Park, just blocks from here. For a generation, it felt like a shattered nation."

Trust wasn't rebuilt until the 1960s—30+ years later.


💬 QUESTION: Sorkin says "every financial crisis is leverage." Today we have private credit, SPVs, and hidden debt everywhere. Are we setting up for 1929 again?

#AndrewRossSorkin #1929Crash #OddLots #Bloomberg #StockMarketCrash #GreatDepression #Leverage #InvestmentTrusts #RCA #Nvidia #MicroStrategy #FinancialHistory #WallStreet #JoeWeisenthal #TracyAlloway

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⚖️ DISCLAIMER: Educational podcast content. Views expressed are those of the guests. Historical parallels are for educational purposes, not predictions. Not financial advice.

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