I'm Rufus Griscom and this is the next big idea.

Today, Andrew Ross Sorkin.

He's the co-host of Squawk Box 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 20s, the Great Gatsby, the Speakeas, 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 30s to make ends meet. And his daughter, my mother, to this

day as opposed to any kind of debt, if you can avoid it, including having a mortgage on your house.

Why? Because she was raised by survivors of the Great Depression. The trauma is still with us in so many

families.

There are two things that I want to talk with Andrew about.

The first is what it felt like to be alive back then in the giddy 20s leading up to Black Thursday,

and then, of course, the devastation of the crash and the years that followed.

The second question is, what can we learn from 1929?

And have we taken the lessons to heart?

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