Andrew Ross Sorkin’s 2025 book "1929: Inside the Greatest Crash in Wall Street History—and How It Shattered a Nation" is a vivid, character-driven narrative history of the 1929 stock market crash and its aftermath, focusing on the power players, speculators, and policymakers central to the turmoil. It reveals the psychological and systemic factors fueling the speculative bubble and draws parallels to modern markets, making the story both a gripping historical account and a cautionary lesson for today.newyorker+6
Sorkin chronicles the euphoria and reckless speculation of the roaring 1920s, the market collapse of October 1929, and the ensuing economic unraveling that triggered the Great Depression.wsj+3
The book centers on the ambitions, decisions, and delusions of leading figures—bankers like Charles Mitchell, financiers such as Thomas Lamont, speculators including Jesse Livermore, political figures like Herbert Hoover and Franklin D. Roosevelt, and even celebrities such as Groucho Marx and Winston Churchill, all affected by or implicated in the debacle.sites.prh+2
Sorkin describes how "stock pools" and manipulative schemes inflated prices, drawing in ordinary investors unaware of the mounting risks until it was too late.kirkusreviews+1
The seductive atmosphere of endless growth and technological enthusiasm (e.g., commercial radio as the “Nvidia” of its day) blinded financiers and the public to fundamental risks.newyorker
When the crash arrived, it exposed widespread corruption, regulatory gaps, and the frailties of unchecked speculation.sites.prh+1
Sorkin uses a wealth of sources: private correspondence, transcripts, memoirs, corporate filings, news coverage, and newly accessed documents to reconstruct the drama with cinematic intensity.goodreads+2
The book emphasizes how moments of boom often contain seeds of bust, warning against the hubristic belief that “this time is different”.politics-prose+2
Sorkin argues for the enduring importance of regulation, transparency, and humility in finance, highlighting reforms like the Glass-Steagall Act and the creation of the U.S. Securities and Exchange Commission as crucial responses to the crisis.newyorker
Parallels to contemporary technological and financial bubbles reinforce the message that society must remain vigilant to speculative cycles.cbsnews+2
The narrative is praised for its pace, storytelling, and focus on the influential actors behind the scenes, but some reviewers note its limited attention to the average people most devastated by the crash—the main focus stays on bankers and politicians.kirkusreviews
The book does not deeply seek to explain the broader causes of the Great Depression, but to illuminate events, decisions, and personalities that shaped the crash itself.reddit+1
Sorkin’s portrait of major figures argues for a more nuanced understanding, resisting one-dimensional villain or hero narratives.kirkusreviews
"1929" provides a framework for recognizing speculative excesses and regulatory failures, echoing issues raised in Sorkin’s previous work "Too Big to Fail" about the 2008 crisis.hbr+2
The narrative’s warnings and historical parallels hold immediate relevance for anyone invested in the risks of today’s market cycles and economic policymaking.hbr+1
In summary: "1929" is a powerful and accessible work of financial history, marrying drama with insight, cautionary tales with fresh perspective, and serving as both a chronicle of an infamous collapse and a blueprint for understanding the cycles of speculation and reform that continue to shape society.sites.prh+2