Podcast Summary: The Rundown – Andrew Ross Sorkin on Trump’s Unrivaled Economic Power, Fed Politics, and the New Speculative Era

Date: January 12, 2026
Host: Zaid Admani
Guest: Andrew Ross Sorkin (Anchor, CNBC Squawk Box; Creator, NYT Dealbook; Co-creator of Billions; Author of “1929”)
Episode Theme: Exploring the lessons of financial disasters past and present, the shifting power dynamics between business and politics, concerns about the Federal Reserve’s independence, and the rise of a new era of speculation—all through the lens of Sorkin’s new book “1929”.

Main Episode Overview

This episode features an insightful interview with veteran financial journalist and author Andrew Ross Sorkin. The discussion covers the process and motivation behind his new book about the 1929 stock market crash, parallels (and differences) between then and now, Trump’s unmatched economic influence, the risks of growing speculation in investing, the Fed’s politicization, and a light-hearted debate about the relevance of the Dow Jones Index.

Key Discussion Points & Insights

1. Sorkin on Great Interviewing

• Secret to Being a Good Interviewer:
  • Driven by genuine curiosity about people, not just business.
  • Sorkin puts himself in the interviewee’s shoes to predict reactions and frame questions that encourage openness.
  • Memorable quote:

    “I’m always putting myself in their shoes… if I ask a question like this, how would I react? Would I flinch? Would I lean in?” (B, 01:35)

  • Overpreparation is key—reading and talking to people to have a variety of directions to take conversations.
  • Metaphor: Being a pilot adjusting to changing weather with multiple flight paths. (B, 04:00)

2. Why Write About Disasters? The Human Drama of 1929

• Sorkin is fascinated by financial disasters because crises “expose people at their best and worst.”
• His books use narrative and character-driven storytelling to bring readers inside pivotal historical moments.
• Memorable quote:

  “It's really a narrative. It's a bring you inside the room so you can feel it.” (B, 05:16)

• Challenges of researching “1929” included finding original diaries, letters, and trial transcripts because all key figures are long dead, unlike for his 2008 book.

3. Power Shifts: Business Titans vs. Politicians

• Then (1929): Titans like Henry Ford and Charles Schwab wielded more influence than many politicians.
• Now: The business elite still have major clout—Sorkin draws parallels to today’s “hundred billionaires, potentially trillionaires” and points to the “unique moment” with President Trump:
  • Memorable quote:

    “Our president, our current president has… probably more power than we’ve ever seen.” (B, 08:37)

  • Trump’s use of social media, unpredictability, and lack of Congressional restraint intensifies the imbalance.

4. Trump’s Economic Leverage and Wall Street Dynamics

• CEOs, no matter how wealthy, fear crossing Trump and his administration due to their heavy-handed tactics.

• Example: Trump threatening to ban institutional investors from single-family homes startled figures like Blackstone’s Steve Schwarzman.

• Memorable moment:

  “I do not think that was on the Schwarzman bingo card.” (B, 10:02)

• Oil industry’s conundrum: Trump encouraging U.S. oil companies to invest massively in Venezuela, which might not make economic sense but could be politically irresistible.

  • Expect negotiations: “I ultimately would imagine that there’s going to be a game of chicken…” (B, 12:04)

5. The Fed’s Independence (and Its Lessons from 1929)

• Hostility between business leaders and the Fed in the 1920s echoes today’s debates, but now, it’s often the President pressuring The Fed.
• Sorkin is concerned that a politicized Fed might avoid necessary but unpopular actions, harming long-term stability.
  • Key lesson from 1929:

    “One of the lessons we’ve learned about a financial crisis is you often have to do things that are super politically unpopular, like bailouts… But if you’re under the thumb politically... you could really have a problem. And that’s why the independence piece matters.” (B, 13:55)

• Market discipline (“bond vigilantes”) only reasserts itself when there’s concrete failure, not on rumor or appointment alone.

6. The Speculation Boom and Financialization of Everything

• Host highlights the explosion of speculative activity—from AI stocks, prediction markets, to everything becoming a “bet”.
• Sorkin’s main concern: leverage fueling speculation, just as it has in every great financial crisis.
  • Lottery ticket analogy: You can’t buy them on credit for a reason.
  • Memorable quote:

    “We don’t want people going into debt to make… bets like that, right? … That’s what I worry about.” (B, 20:15)

• Partnerships between news platforms and prediction markets can offer valuable signals, but blurring the line between investing and betting is worrying, especially for retail investors.

7. The Dow Jones Debate: Is the Index Still Relevant?

• Host questions why financial media obsesses over a 30-stock, price-weighted (not market-cap weighted) index he sees as archaic.
• Sorkin defends the Dow:
  • Significant audience, real trading volume, important to many 401(k) investors.
  • “[The Dow] is a substantial index… When people stop buying it, I imagine we’ll stop covering it.” (B, 23:19/24:57)
• A generational divide remains, but Sorkin argues journalism’s job is to cover what’s still relevant to a large audience.

Notable Quotes & Memorable Moments

• Sorkin on Interviewing:
  “Listening. The best interviews are really just about listening.” (B, 01:35)
• On Disaster and Research:
  “I love a disaster… because I love the lesson of it all… This book… is really about people.” (B, 05:16)
• On Trump’s Power:
  “The one person they can’t say [‘F.U. Money’] to… is this particular president.” (B, 10:15)
• On the Fed:
  “You want a Fed that feels completely independent from political pressure.” (B, 13:55)
• On Speculation:
  “Every time speculation gets out of hand, it gets out of hand because people are using borrowed money.” (B, 19:37)
• On the Dow Jones:
  “I think that when people stop buying it, I imagine we’ll stop covering it.” (B, 24:57)

Timestamps for Important Segments

• 00:00 — Introduction, Sorkin’s background
• 01:13 — Sorkin on interview technique and curiosity
• 04:00 — Metaphor: Interviewing and piloting
• 05:08 — Why write about financial disasters and the process of “1929”
• 08:37 — Power dynamics: business titans then and now, Trump’s outsized role
• 10:02 — Trump’s unpredictability and economic policy shocks
• 12:04 — Venezuela oil, political pressure vs. economic rationale
• 13:55 — The independence of the Federal Reserve, lessons from 1929
• 15:34 — How (and whether) the bond market “polices” the Fed
• 17:32 — Market optimism and reaction to Trump’s tariffs
• 19:21 — Speculation boom, prediction markets, and leverage
• 20:15 — Analogy: lottery tickets and debt-fueled speculation
• 22:23 — Debate: Should brokers also be bookies?
• 23:19 — The Dow Jones debate: Is it still relevant?
• 24:57 — Sorkin’s closing remarks on covering the Dow

Episode Tone & Style

Conversational, lively, and often witty—reflecting both the host’s youthful enthusiasm and Sorkin’s veteran, journalistic perspective. The interaction blends deep insights with humor, particularly in their debate over the Dow Jones.

Takeaway Summary

This episode gives listeners both a history lesson and a practical guide to navigating today’s complex financial landscape. From the power wielded by business titans (then and now), to the vulnerabilities created by politicized monetary policy, to the new frontiers of everyday speculation, Sorkin and Admani cover ground that’s both timely and timeless. The advice on interviewing and the debate around the Dow Jones Index add a personal, engaging touch. Sorkin’s book “1929” emerges as a recommended read for anyone wanting to understand not just what happened, but how people behave in the crucible of financial disaster.

Recommended Next Steps:

• Check out Sorkin’s “1929” in print or audio.
• Reflect on the parallels between market manias, Fed policy risks, and speculation today.
• Consider your own views on the relevance of legacy metrics like the Dow.