1929

An affluent age abruptly ends.

Sorkin’s chronicle of economic calamity is well-versed in the language of high finance and laser-focused on the rich and influential. Bankers and lawmakers share the limelight with actors and statesmen seeking Wall Street wealth. The countless unsung Americans wrecked by the October 1929 stock market crash and its aftermath are seldom heard from. This may frustrate some readers, but it’s not an oversight, as Sorkin unapologetically—and not unreasonably—opts to concentrate on power players. As the New York Times columnist and CNBC host explains, the “bloodbath” was triggered by chicanery, “easy credit” and the market’s “general opacity.” During the run-up to the crash, bankers and affluent investors formed “stock pools.” These were a legal but “devious and unfair” way to furtively accumulate “shares in a given company,” “artificially” raising the stock’s value. Some market speculators tried to boost profits by “luring small-time speculators into” their “elaborate market schemes.” By the early 1930s, thousands of banks had failed, leaving many millions unemployed, homeless, or hungry. It’s a feature, not a bug, that this large group of people remains in the background. Sorkin announces this narrative choice at the outset, presenting a cast list dominated by bankers, politicians, regulators, and other well-connected sorts—those whose fingerprints were on the collapse. His leading figures are prominent men whom history has rendered one-dimensional, verdicts Sorkin aims to reveal as incomplete. Banker Charles Mitchell’s maneuvering got him in legal trouble and was blamed for the crash, but Sorkin suggests he merits “more nuanced consideration.” Senator Carter Glass was celebrated for 1933 legislation that protected less-wealthy bank customers by disentangling commercial and investment banking. But he only grudgingly OK’d “key elements of his own bill.” For their part, Groucho Marx and Winston Churchill took a bath when the crash came. It’s a narrow segment of society but one whose experiences Sorkin capably recounts.