Overview
- Andrew Ross Sorkin told 60 Minutes the market shows worrying similarities to 1929 and said “we will have a crash,” while noting he cannot predict timing or severity.
- He argued the economy is being propped up by an artificial intelligence surge, calling today’s pricing “some kind of bubble” after major indexes set multiple records in 2025.
- Friday’s sell-off followed President Donald Trump’s threat of a 100% tariff on China starting Nov. 1, though futures rose after he later signaled a broader trade war was unlikely.
- Sorkin warned that investor safeguards are weakening, citing softer SEC oversight, a diminished consumer watchdog, and moves to let retirement plans invest in riskier private assets.
- Other finance leaders, including JPMorgan’s Jamie Dimon, have cautioned about the risk of a sharp correction and inflated valuations during the AI-driven upswing.