Andrew Ross Sorkin's admonition

This dude is good.

New book release on October 14th.

 

His voluminous prior work, equally adroit and comprehensive:

 

Cool.

 

I'm just a little fish nobody, but I'm feeling fairly vindicated, in light of my precursor nano-involvement in the subprime Custerfluck.

 

Tranche Warfare

See also my follow-on post:

 

The Dukes of Moral Hazard

WELL, WHAT ELSE COULD GO WRONG?

 

Crypto?

___

OCT 14TH UPDATE

 

With a temporary victory in hand after getting a tenuous ceasefire in place in Gaza, Donald Trump returned to the U.S., where the government is shut down, the shadow of the Jeffrey Epstein files hovers over him — and now Wall Street investors are being told by a key financial analyst that the U.S. is going broke.

According to a report from Fortune’s Eleanor Pringle, JPMorgan Asset Management’s chief global strategist David Kelly warned this week that financial ruin is on the horizon.

In his note to investors, he pointed out that efforts to roll back government spending by billionaire Elon Musk’s Department of Government Efficiency was a flop, the White House’s "One Big Beautiful Bill" act is slated to add trillions to the national debt, and the tariff money President Donald Trump is counting on is “shaky” at best.

Fortune is reporting, “America’s national debt is spiraling higher by the second. At the time of writing it sits at over $37.8 trillion, and there are $1.2 trillion in interest payments to service the borrowing. JPMorgan CEO Jamie Dimon and Fed chairman Jerome Powell have both expressed concerns about it.”?…[ Rawstory ]

…Individuals became spectacularly rich. The wealthiest in the nation amassed fortunes in excess of $100 million, which, in today’s dollars, would be nearly $2 billion. Some of the most senior executives of America’s biggest companies had salaries and bonuses of $2 to $3 million annually, the equivalent of $37 to $56 million today. 

And with that wealth came fame. It was, arguably, the first true celebrity age: a mass-produced, media-driven obsession with individuals not just for their talent or achievements but for their sheer visibility. And, increasingly, those in the spotlight were not artists or athletes—but men of wealth. Hollywood stars like Charlie Chaplin, Clara Bow, and Douglas Fairbanks still drew headlines, as did Babe Ruth and Charles Lindbergh. But for the first time, businessmen joined their ranks. In an era that equated fortunes with brilliance, the titans of Wall Street and industry became household names. Magazines like Time, which started in 1923, and Forbes, which began in 1917, turned financiers into cover stars. Their salaries were scrutinized, their pronouncements quoted like scripture. The richest men in America were cast as visionaries, symbols of success in a nation enthralled by it. 

What is clear, in hindsight, is the extent to which the heady times of the 1920s disguised a set of underlying imbalances, a massive bifurcation of American society. As technology made farming more efficient and less dependent on physical labor, huge numbers of farmworkers fell into economic distress, along with the towns they lived in, creating a widening gulf between the urban haves and the rural have-nots. Wall Street became like a giant balloon floating above the common people, its self-mythologizing leaders enjoying the comforts of what felt like a privileged realm. Government took little notice, as an extreme form of laissez-faire reigned in Washington. President Calvin Coolidge was proudly committed to slashing taxes and restoring the federal government to its pre–World War I size and capacity. The American people, he believed, could solve their own problems. He was wildly popular. 

Business was only too happy to make its own rules. As giant corporations such as U.S. Steel and General Motors achieved market dominance and racked up profits, the wealthy became a class unto themselves, particularly in New York City, home of Wall Street, the greatest wealth-creating engine the world had ever seen…

Sorkin, Andrew Ross (2025). 1929: Inside the Greatest Crash in Wall Street History--and How It Shattered a Nation (loc. 325). Kindle Edition. 

Excellent book.

 

apropos...

 

@4:26, "Wall Street is always looking to create risk—and hide it.  And, so, it's like 'where have they hidden it NOW'? That is the question. And, we're all looking in the wrong place."

 

Portents...

 

UPDATE