Jon Lovett

Well, what's interesting about that is as you make this point in the book, I'm going to paraphrase, but something to the effect of there are criminals and there are frauds.

And that's a big part of this.

And in any kind of moment of of a bubble, there are people that will take advantage.

People are much more careful when times are tight.

Mm hmm.

But you make this point that a lot of these people did what anyone would have done.

And you've gotten some shit for saying that.

Yes, I have.

That people are like, oh, you're apologizing for these people.

But I actually want to take it at face value because how sad it is that this is what people would have done under these circumstances and in this moment.

Carter Glass is in some sense vindicated.

He then writes at great pain to his own health what becomes Glass-Steagall.

Roosevelt signs it.

It is seen as a bulwark against the excesses of the Depression.

But even that was a corrupted book.

Which I didn't know.

I didn't know that.

So that basically, that speculation was over here and vanilla savings was over here.

The Jared Kushner of the day.

There's a quote from Hoover's Treasury Secretary, Andrew Mellon, in 1929.