YouSaid · the spoken record

Andrew Ross Sorkin

lines on the record: 62
first: 2025-10-19
most recent: 2025-10-19
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“Want to be credited with having done anything That Roosevelt would go off and do exactly what Hoover should have done effectively. And he would get the credit for it, and he does.”
2025-10-19 · Pod Save America · Why is Big Business Caving to Trump? (with Andrew Ross Sorkin) · IDENTIFIED FROM THE TRANSCRIPT · source
“So, this is sort of to me one of the most fascinating conversations maybe in presidential history, which is literally, right, as you described, right before the inauguration. And by the way, these guys were not really talking to each other. And I should say that this phone call was preceded by a letter that Hoover had secretly written to Roosevelt begging him to come out in favor of the idea of what they called a bank holiday, basically shutting down the banks for a day or two or three or four so that they could try to get a handle on the situation. And this goes to sort of reputation, ego, and everything else, which is that I think Hoover desperately wanted this to happen because he wanted some credit for it. He didn't want to go down as the president who left the system in this sort of state of failure. And on the other side, you had Roosevelt who desperately wanted to be able to start with a clean slate and didn't want to.”
2025-10-19 · Pod Save America · Why is Big Business Caving to Trump? (with Andrew Ross Sorkin) · IDENTIFIED FROM THE TRANSCRIPT · source
“There are $12 trillion potentially of retirement funds that could ultimately get touched by this, it gets a lot more complicated.”
2025-10-19 · Pod Save America · Why is Big Business Caving to Trump? (with Andrew Ross Sorkin) · IDENTIFIED FROM THE TRANSCRIPT · source
“So there's a whole move afoot in the Genius Act effectively to allow crypto, venture capital investments, private equity investments, what's now called private credit investments, to go inside of your 401k plan and your retirement plan. It's effectively going to give everybody access to invest in this whole world that's historically lived in the shadows. And by the way, this world will partially still live in the shadows insofar as if you're not a publicly traded company, you don't have to disclose your numbers every quarter or every year. And that's when I would argue to you, the charlatans and the frauds emerge. In those worlds, the valuations are effectively made up. If you know about the venture capital world, basically a bunch of investors decide, okay, this is what it's worth today. And they'll just tell you this is what it's worth today. But there's no like independent auditor that's going to tell you that.”
2025-10-19 · Pod Save America · Why is Big Business Caving to Trump? (with Andrew Ross Sorkin) · IDENTIFIED FROM THE TRANSCRIPT · source
“One of the reasons that they got engaged in crypto or were interested in crypto beyond the money making opportunity was because they thought, and they were probably not wrong, that they were being quote unquote debanked, if you will, after the election in 2020 and January 6th. Now, I would argue they were being debanked because the banking system has rules and regulations about customers, and they were looking at what would happen after January 6th and all the investigations and trials. Everything else going on, and said maybe we're not supposed to do business with this individual in this moment. But as a result of that, they then. Go hard on crypto because that was where they could affectively bank their money.”
2025-10-19 · Pod Save America · Why is Big Business Caving to Trump? (with Andrew Ross Sorkin) · IDENTIFIED FROM THE TRANSCRIPT · source
“Two part, almost three part question. First of all, I would argue that Trump's flip on crypto was almost 100% related to the fact that the entire crypto community decided to effectively back his campaign and buy him. That's what happened. I mean, let's just call a spade a spade. This was a demonstrable effort by the crypto world to say, look, if we can get on this guy's good side, he will get on our good side and it's as transactional as anything else. That's putting aside, that's even before you get to the issues around his family and getting involved in crypto and all of those things. Interestingly, I had a conversation with Eric Trump. There's a couple even weeks ago, I think, about this.”
2025-10-19 · Pod Save America · Why is Big Business Caving to Trump? (with Andrew Ross Sorkin) · IDENTIFIED FROM THE TRANSCRIPT · source
“That invariably emerge every single time we have one of these booms. And I would say right now you look at what's happening in crypto. And yes, there are frauds and charlatans everywhere. There was this thing called a spack boom, this blank check boom just a couple years ago. Everybody said, oh my goodness, I can get access to the lottery ticket early. This is amazing. And invariably, most of those investments went bad. And so every time we have one of these sort of like innovative moments, if you will. I think you just need to really be super careful”
2025-10-19 · Pod Save America · Why is Big Business Caving to Trump? (with Andrew Ross Sorkin) · IDENTIFIED FROM THE TRANSCRIPT · source
“Is almost like the twin of innovation. You do need a little speculation in the system, like you don't want no speculation in the system. And I only say that because if you think about the great technological advances of our time, the first people to invest in Tesla years ago when it seemed like an absurd and crazy idea, effectively we're speculating. So I'm not here to say that speculation unto itself is a bad thing. In fact, I would argue you need a little bit of it, but I think you need to do it in a way where it's not toxic. And what was happening in the 20s is there was a toxicity to how this was all being run, which is to say there were no rules, no guardrails. And what's happening today is that we are taking the guardrails away. So I think it's probably a good thing for the American public to have access and to be able to invest. You just need to do it with transparency, without the leverage, without the manipulation efforts and the charlatans and the fraud.”
2025-10-19 · Pod Save America · Why is Big Business Caving to Trump? (with Andrew Ross Sorkin) · IDENTIFIED FROM THE TRANSCRIPT · source
“So, first of all, let me just take one step back, which is speculation we all think is, I don't want to say we all, but a lot of people use this as a dirty word. You don't want speculation. But there is part of me, especially actually after writing this, that thinks that speculation...”
2025-10-19 · Pod Save America · Why is Big Business Caving to Trump? (with Andrew Ross Sorkin) · IDENTIFIED FROM THE TRANSCRIPT · source
“You've been to the Plaza Hotel in New York. Okay, so there's that famous oak room. The oak room, because of prohibition had been shut down, and EF Hutton had opened up inside the oak room. But yeah, people would be getting tips literally from the doorman and the elevator men, you know, wherever you went. And you would just go in and place your bet as if it was like a normal thing to do.”
2025-10-19 · Pod Save America · Why is Big Business Caving to Trump? (with Andrew Ross Sorkin) · IDENTIFIED FROM THE TRANSCRIPT · source
“Our insegregation is, but he was screaming from the rooftops about how he believed that Wall Street, in particular a guy named Charlie Mitchell, he used to call it Mitchellism. And Charlie Mitchell ran a bank called National City, which ultimately becomes Citigroup, was upending America because of all of this speculation and lending that they were doing that was inciting just a violent upward trend in the stock market that he said was going to go wrong.”
2025-10-19 · Pod Save America · Why is Big Business Caving to Trump? (with Andrew Ross Sorkin) · IDENTIFIED FROM THE TRANSCRIPT · source
“So, look, in the 1920s, and I don't know if people appreciated this, this was, I would even argue, the first time that people really were playing the market, like that the ordinary person was doing this because it was the first time that, frankly, the banks, I don't want to say the banks sucked them in, but the banks were basically lending people extraordinary amounts of money to go and make your bet. And brokerages are appearing on the corners of streets like Starbucks, and you could just go walk in and do this. And so you have this period of time where everybody's watching the market go up and they're all thinking, you know, if so-and-so is making all this money, I should be making the money too. It's all this sort of psychology of I don't want to lose out. The trains leaving the station, I got to get on the train. And yet, the big Cassandra in the room was a guy named Carter Glass. Carter Glass was a senator in Virginia. He was like the Elizabeth Warren of his time. He was frankly.”
2025-10-19 · Pod Save America · Why is Big Business Caving to Trump? (with Andrew Ross Sorkin) · IDENTIFIED FROM THE TRANSCRIPT · source