Andrew Ross Sorkin

We're now gonna let everybody in on the action.

Now, the difference between then and now, though, was there was also like crazy amounts of manipulation, insider trading.

As I said, there were no rules, like literally no rules.

Nobody's going to jail for this stuff because there wasn't a rule against it.

The banks are doing it?

By the way, not only the banks, regular old corporations.

you had corporations taking their balance sheet and effectively then loaning it out so that people could go buy stocks.

That was the other thing that was happening.

So there's a sort of like, just the push towards investing and overproduction and all sorts of other things created this sort of frothy market.

And you had a Fed, you mentioned the Fed, which is an interesting part of this.

There was a Fed.

It was new, started in 1913.

They knew this was a mess.

Like they kept saying to themselves, you read all the diaries and notes that I was in the last eight years.

They knew there was a problem.

But they were scared out of their mind about doing what they probably should have done, which was raise interest rates.

But they couldn't pull off like a Volcker kind of thing.

Well, so what's really happening is you have a lot of folks who are coming from farms, frankly, and moving to the big cities for the first time.

That's a huge part of what's happening.

So most of the trading, I should say, is happening in the big cities.