Andrew Ross Sorkin

So look, in the 1920s – and I don't know if people appreciated this.

This was, I would even argue, the first time that people really were playing the market, like that the ordinary person was doing this because it was the first time that –

Frankly, the banks – I don't want to say the banks sucked them in, but the banks were basically lending people extraordinary amounts of money to go and make your bet.

And brokerages are appearing on the corners of streets like Starbucks, and you could just go walk in and do this.

And so –

You have this period of time where everybody's watching the market go up and they're all thinking, you know, if so-and-so is making all this money, I should be making the money too.

It's all this sort of psychology of I don't want to lose out.

The train's leaving the station.

I got to get on the train.

And yet the big Cassandra in the room was a guy named Carter Glass.

Carter Glass was a senator in Virginia.

He was like –

the Elizabeth Warren of his time.

He was frankly a racist Elizabeth Warren of his time.

Arden segregationist.

Arden segregationist, but he was screaming from the rooftops about how he believed that Wall Street, in particular, a guy named Charlie Mitchell, he used to call it Mitchellism,

And Charlie Mitchell ran a bank called National City, which ultimately becomes Citigroup, was upending America because of all of this speculation and lending that they were doing that was inciting just a violent upward trend in the stock market that he said was going to go wrong.

You've been to the Plaza Hotel in New York.

Okay.

So there's that, the famous Oak Room.