Andrew Ross Sorkin

I mean, that's how insane things were.

And at the time- There was no risk underwriting of any kind.

By the way, there's no SEC, there's no regulations.

Somebody who read this book early said, oh, in your research, did you get a chance to read any of the prospectuses for the companies?

I was like, prospectuses?

Like if there was like a leaflet that they handed out on the street, you'd be lucky.

So there's nothing.

And it's just like a complete go-go era.

Forget about 1929.

In 1928, the stock market went up 48%.

So people are just, there's just sort of like this, it's a little bit of the Chuck Prince when the music's playing, you're dancing and everybody's dancing and nobody's even thinking about the music stopping, kind of like ever.

Now, meanwhile, there's also

These technological changes, I mean, huge generational technological changes.

In the same way, I think we're probably talking about like AI today, radio.

So RCA was like the NVIDIA of its time.

Everybody wanted into RCA.

The stock ticker was radio because it was like going to change the world.

And the other big piece of this was also similar to today, this idea of democratizing finance.

It was like, okay, the elites have had their way.

They've made all the money.