Andrew Ross Sorkin’s “1929”

I finished reading Andrew Ross Sorkin’s “1929” and curious to hear if others have read it too. I think what struck me the most were the parallels between then and now particularly with human psychology and human behavior: greed, speculation, gambling mentality, almost to the point of addiction, and the general mob mentality that “this time is different.” Back then everyone used to trade on margin, even Charlie Chaplain and Winston Churchill. And back then Tariffs were all the rage too, in the spirit of bringing jobs and wealth back to the American heartland. And yet, this time is different. Thanks to the panic of 1929 and the subsequent depression, behaviors which were commonplace back then like wash sales to avoid taxes, insider trading, banks lending depositor money for speculation, are all illegal now. Out of the darkness of the depression came the Glass-Steagall Act, the SEC, deposit insurance and getting off the gold standard. The federal reserve of the 1920s was still new and unproven. Today’s federal reserve is far more battle tested with far more tools in their arsenal. Still though, we experience the same human psychology which led to all the bank runs and subsequent bank failures, how fear can wipe out confidence and cause contagion so quickly in what happened with Silicon Valley bank, First Republic, as recently as a couple years ago. The book is a good one—very thought provoking. I highly recommend it! Anyone else read it? Curious to hear your reactions especially in light of the parallels today.