Andrew Ross Sorkin: We Will Have A Crash, I Just Can’t Tell You When Or How Deep
60 MINUTES: Stocks on Wall Street have rallied in recent months, but author Andrew Ross Sorkin sees a crash coming. The question is: when will the bubble pop, and how much will the market slump when it does?
LESLEY STAHL, 60 MINUTES: What role do you think these business leaders should be playing now? ANDREW ROSS SORKIN: My own view is that most CEOs in America today are very scared to speak out publicly about anything. They are so worried that they are going to be potentially attacked by the administration, or regulated. They’re gonna have a merger in front of some agency that’s not gonna be allowed to go through. They are so nervous about criticizing anything that’s going on with this administration. LESLEY STAHL: There are some economists who suggest that because Mr. Trump ties his success to the success of the market, that he’s not gonna let anything like what happened in 1929 happen. And that we should feel secure because of that. ANDREW ROSS SORKIN: I think it’s hard to know how things get out of control. When confidence disappears, it happens like this. [SNAP] LESLEY STAHL: So, you spent nearly 10 years on this book. The inevitable question is: do you think that we will have a crash or not? ANDREW ROSS SORKIN: The answer is we will have a crash; I just can’t tell you when, and I can’t tell you how deep. But I can assure you, unfortunately, I wish I wasn’t saying this, we will have a crash.
