▶Andrew Ross Sorkin provides a detailed historical account of the Great Depression era, noting that the US unemployment rate hit 25% in 1932, about 9,000 banks failed by 1933, and the stock market had surged approximately 90% in the preceding two years.Apr 2026
▶Sorkin consistently details the legislative and corporate consequences of the Glass-Steagall Act of 1933, explaining that it separated commercial and investment banking and directly led to J.P. Morgan spinning off its investment unit to form Morgan Stanley in 1935.Apr 2026
▶He highlights the significant influence of powerful business figures on American history, citing John Raskob's pioneering of consumer auto loans in 1919 and Charles Merrill's 1928 advice for investors to exit the stock market.Apr 2026
▶Sorkin's commentary on the modern tech landscape points to a new, AI-focused venture from Jeff Bezos, where Bezos will serve as co-CEO, marking his first CEO role since leaving Amazon.Feb 2026
▶Sorkin presents a contrarian view on the motivations behind the Glass-Steagall Act, arguing it was not purely for public good but was significantly influenced by the Rockefeller family to strategically disadvantage their competitor, J.P. Morgan.Apr 2026
▶He challenges the conventional wisdom that reinstating the Glass-Steagall Act would have prevented the 2008 financial crisis, asserting that the failures of pure investment banks like Lehman Brothers and Bear Stearns would not have been covered by its provisions.Apr 2026
▶Sorkin offers a specific and potentially controversial policy prescription for the US banking system, advocating for consolidation to more closely resemble the Canadian model, which he believes is more stable.Feb–Apr 2026
▶He makes the critical claim that President Herbert Hoover's poor historical reputation is not solely due to his policies but was heavily influenced by a secret, two-year smear campaign funded by his business rival, John Raskob.Apr 2026
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