CNBC ”Squawk Box” co-anchor Andrew Ross Sorkin has cautioned that a stock market crash is unavoidable. He also emphasized that corporate leaders in America are reluctant to publicly voice their opinions on President Donald Trump. During an appearance on CBS’s ”60 Minutes,” Sorkin discussed his book, ”1929: Inside the Greatest Crash in Wall Street History – and How It Shattered a Nation,” with correspondent Lesley Stahl, highlighting the anxiety among U.S. corporate leaders.
Sorkin believes that most CEOs in America are hesitant to speak out due to fear of potential repercussions from the administration. ”They worry about possible attacks or regulations,” Sorkin said. ”They fear a merger might not go through due to administrative barriers if they criticize anything related to this administration.”
The financial journalist expressed concerns about a looming financial crisis. His warnings emphasized an artificial intelligence-driven ”bubble” and the rollback of post-crisis financial regulations, akin to the conditions before the Great Depression.
Lesley Stahl questioned Sorkin on the responsibilities of business leaders in today’s economy. Some economists propose that investors can feel secure because Trump associates his political success with stock market performance, indicating he would act to prevent a 1929-like collapse.
Sorkin, however, remains doubtful about the market’s sustainability. He underscored the sudden nature of economic panics, pointing to an AI bubble and regulatory rollbacks as likely causes for a market crash. ”It’s challenging to see how things can spiral out of control,” Sorkin stated. ”When confidence fades, it happens instantly.”
When Stahl inquired if a collapse similar to that of 1929 could occur again, Sorkin was candid. ”The answer is, we will have a crash,” he declared. ”I can’t predict when or how severe, but unfortunately, it’s inevitable.”
Sorkin’s conversation with CBS 60 Minutes explored the role business leaders should play amid these concerns.
Joshua Q. Nelson is a reporter for Fox News Digital, focusing on cultural trends, education, and public policy. Nelson joined Fox News Digital in 2019, after graduating from Syracuse University with a Political Science degree and earning the University of Pennsylvania’s Wharton Public Policy Certificate.