Financial journalist Andrew Ross Sorkin, a longtime observer of Wall Street, warns that today’s booming stock market bears troubling similarities to the pre-1929 crash era, calling the current moment a modern-day “Roaring 20s” fueled by artificial intelligence and speculative frenzy. Speaking on CBS’s 60 Minutes, Sorkin, whose new book 1929: Inside the Greatest Crash in Wall Street History is set for release on October 14, 2025, argues that while the economy appears strong, it may be propped up by an unsustainable AI-driven sugar rush rather than real growth. Sorkin points to the dramatic rise in stock prices—up 90% from 1928 to September 1929—mirroring recent market highs. He expresses deep concern over inflated valuations, noting that investors today are betting heavily on AI, with hundreds of billions poured into the sector. “We’re either living through a remarkable boom or everything’s overpriced,” he says. He cautions that while AI could be a transformative force, it may also be creating a bubble. The parallels to 1929 are striking. Then, widespread speculation and easy credit—especially through margin buying, where investors paid only 10% of a stock’s price—lured ordinary Americans into the market. Sorkin explains that before 1919, debt was seen as morally wrong, but General Motors’ auto financing model changed that, paving the way for Wall Street to promote stock market access through borrowed money. “In good times, it’s like free money. In bad times, you’re on the hook in a very bad way,” he warns. Today, many of the safeguards created after the 1929 crash are eroding. Regulatory agencies like the SEC have loosened rules, and the Consumer Financial Protection Bureau has effectively been dismantled. These changes, Sorkin says, are removing critical guardrails that protected ordinary investors from risk. Another key shift is the push to democratize investing by allowing average Americans to access private markets—like AI startups and venture-backed firms—through retirement accounts such as 401(k)s. BlackRock CEO Larry Fink supports this, arguing that excluding the public from high-growth private investments is unfair and that diversification includes riskier assets. But Sorkin counters that private companies lack the transparency of public ones, and opening retirement funds to such investments could endanger people’s life savings. He shares a personal example: after joking on TV about a “Sorkin coin,” a meme cryptocurrency was created and briefly surged to $170 million in daily trading—before collapsing to just $20–$21 per day. “It felt like a 1929-style pump-and-dump,” he says, highlighting how speculative fervor can be manipulated. Sorkin also criticizes the silence of corporate leaders, many of whom are afraid to speak out due to political pressure. While some believe President Trump will prevent a crash to protect his economic legacy, Sorkin warns that confidence can vanish overnight. When asked if a crash is inevitable, Sorkin replies, “We will have a crash. I just can’t tell you when, or how deep. But I can assure you—unfortunately—I wish I wasn’t saying this.” His message is clear: while innovation and democratization are positive goals, they must not come at the cost of financial safety. The lessons of 1929 remain urgent.