EP 500: Is 2025 the Next 1929? Andrew Ross Sorkin on Bubbles, Crashes, and What’s Coming

HerMoney with Jean Chatzky

Jean Chatzky Her Money

Investing, Entrepreneurship, Business

4.8 • 1.3K Ratings

🗓️ 5 November 2025

⏱️ 49 minutes

🔗️ Recording | iTunes | RSS

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Summary

This week, Jean sits down with Andrew Ross Sorkin, bestselling author of Too Big to Fail and the brand-new 1929: Inside the Greatest Crash in Wall Street History—And How It Shattered a Nation. Andrew shares why the patterns of 1929 are repeating themselves, from the rise of new technology and market euphoria to record consumer debt and risky new financial products entering retirement accounts. Jean and Andrew break down what’s happening in the markets, what’s fueling the AI-driven investing mania, and what you should be doing now to protect your financial future. Plus, don’t miss our Insurance Mailbag! Jean and Kathryn tackle your real-life insurance questions, whether you’re downsizing your home, passing down family valuables, or just making sure your coverage fits your next chapter. You’ll learn: Why history says optimism can be dangerous (but useful) How today’s “buy now, pay later” mindset mirrors 1929’s credit explosion What risks may be hiding in your 401(k) Whether crypto and private equity belong in retirement portfolios And how to build a portfolio that can actually weather a crash Empty nest resources from our partners at Nationwide. 👉 Join the HerMoney Investing Club 📰 Subscribe to the free HerMoney Newsletter: https://hermoney.com/subscribe 💬 Got feedback? We love hearing from you. Leave us a review and tell us what you want more of. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:31.7	Every crisis is the function of leverage. Too much debt. That is the match that lights the fire.
0:38.8	And right now, there is the beginning of lots of leverage in the system around artificial
0:44.4	intelligence.
0:45.5	Consumers are taking on more credit than ever.
0:48.0	And then on top of that, there's this other layer that was a very prominent feature of the 1920s.
0:53.5	It was this idea that we wanted to democratize finance.
0:56.7	We wanted the ordinary investor to be able to get in on the action more than ever before.
1:04.6	Hey, everyone. Welcome to Hermione. I'm Gene Chatsky. I don't even need to preamble this for all of you. Andrew Ross Sorkin is my guest
1:14.5	today. Andrew's new book, 1929, inside the greatest crash in Wall Street history and how it shattered
1:22.4	a nation. It takes us deep into the lead-up to the crash and what it meant for millions of Americans.
1:29.0	It's not just a history lesson. It's a wake-up call.
1:32.0	Because as we head into the last quarter of 2025, he says some of the patterns from nearly a century ago are starting to feel a little too familiar.
1:43.7	We are going to take a very quick break.
1:46.3	You've heard this story before. When I first moved to New York after college, I was so deep in
1:52.3	credit card debt, just trying to stay afloat. Every overdraft fee, every late payment, it all made
1:59.6	getting ahead feel so out of reach. My younger self would
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	...

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