Ezra's Bookshelf

1929

by Andrew Ross Sorkin · 753 pages

Andrew Ross Sorkin, who documented the 2008 financial crisis in 'Too Big to Fail,' turns his attention to 1929, the crash that defined a generation. The narrative history examines the euphoria of the 1920s boom, when ordinary Americans invested in stocks for the first time and believed the market would rise forever. Sorkin profiles the visionaries and fraudsters who shaped the era: investment bankers, pool operators, celebrities who lent their names to dubious ventures. He traces the mechanisms that inflated the bubble—margin buying, investment trusts, lack of regulation—and the psychology that prevented people from seeing disaster coming. The crash, when it came, destroyed fortunes and trust, setting the stage for the Great Depression and a generation of financial regulation. Sorkin draws parallels between that era and our own, showing how similar dynamics recur across decades: the conviction that this time is different, the financial innovations that obscure risk, the public skepticism that arrives too late. The book is a cautionary tale with relevance beyond its historical moment, written by a journalist who understands how markets work and how they fail.