Andrew Ross Sorkin

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.

The Oak Room, because of prohibition had been shut down and EF Hutton had opened up inside the Oak Room.

But yeah, you would be getting, people would be getting tips literally from the doorman and the elevator men, you know, wherever you went and you would just go in and place your bet as if it was like a normal thing to do.

And Groucho Marx was playing it.

Yeah.

Yeah.

And by the way, ended up having to mortgage his home when all was said and done.

Okay, so first of all, let's take one step back, which is speculation we all think is, I don't want to say we all, but a lot of people use as a dirty word.

You don't want speculation.

But there is part of me, especially actually after writing this, that thinks that speculation is

is almost like the twin of innovation.