Squawk Box co-host warns of similarities between today and Wall Street in 1929: ‘I can assure you, unfortunately, we will have a crash’
Fears AI could spark market collapse similar to 1929 Wall Street crash
- Financial journalist Andrew Ross Sorkin has expressed concerns about the current US economy, drawing parallels to the period preceding the 1929 Wall Street crash.
- Sorkin predicts an inevitable economic crash, stating he cannot specify its timing or severity but is certain it will occur.
- He attributes the strong economic growth to interest in artificial intelligence and technology, but fears it is unsustainable and driven by speculation, mirroring conditions before the Great Depression.
- A significant worry for Sorkin is the administration's weakening of financial regulatory guardrails, such as the Consumer Financial Protection Bureau, amidst rising market speculation and debt.
- Other financial experts, including Jamie Dimon and Ray Dalio, have also voiced alarms regarding economic instability, citing factors like tariffs, inflation, government debt, and wealth inequality.