Andrew Ross Sorkin on worrying similarities between Wall Street today and 1929's pre-crash market

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Title : Andrew Ross Sorkin on worrying similarities between Wall Street today and 1929's pre-crash market
Link : Andrew Ross Sorkin on worrying similarities between Wall Street today and 1929's pre-crash market

After nearly a decade spent studying the most famous stock market crash in history, financial journalist Andrew Ross Sorkin warns that the Wall Street of today echoes the market of 1929, when highs preceded a massive slump, leading to the Great Depression.

Artificial intelligence and technology have contributed to a remarkable boom in recent years. But, Sorkin said, today's economy is being propped up by the AI boom, and it's too soon to tell if this is a sugar rush, a short-term and unsustainable boost to the markets. But, Sorkin is positive there's a crash coming. "I just can't tell you when, and I can't tell you how deep," he said. "But I can assure you, unfortunately, I wish I wasn't saying this, we will have a crash."

The Roaring '20s

Despite a tumble this Friday, stocks on Wall Street have shot up in recent months. Still, some investors are getting weak in the knees, fearing stocks are overheated. Sorkin, author of "1929: Inside the Greatest Crash in Wall Street History – and How It Shattered a Nation," out Oct. 14, says the U.S. is in a new roaring 20s, the 2020s, with stocks pushing to record highs, just as they were in the 1920s. Market highs today have him feeling anxious.

"I'm anxious that we are at prices that may not feel sustainable. And what I don't know is we are either living through some kind of remarkable boom and part of that's artificial intelligence and technology, and all of that, or everything's overpriced," he said. (Read More)