Jon Lovett
👤 PersonAppearances Over Time
Podcast Appearances
I don't talk about the morality of capitalism.
Capitalism, socialism.
Sure.
So let's start with bubbles.
Yeah.
It's the 1920s.
Yes.
People are seeing this boom and they're nervous about it.
Yeah.
There had been a bubble and burst in living memory, right?
In the 1890s, there had been a big speculative crash.
A lot of people are around that remembered it.
Yep.
Before the crash, can you talk about what some of the Cassandras were saying, including people like Carter Glass?
So as you just said, brokerages were opening up everywhere.
This is not an exaggeration.
They were literally opening up in like hotel lobbies.
And so some of this is seen as a moral good in the moment.
Like this is the democratization of finance, right?
Like the Wall Street is no longer just for the super rich and the well-connected.