CNBC's “Squawk Box” co-anchor Andrew Ross Sorkin issued a dire warning that a market crash is inevitable, while alleging that top American CEOs are “very scared” to oppose President Donald Trump due to fears of political retaliation.
Sorkin's Warning on '60 Minutes'
During a CBS News “60 Minutes” interview with correspondent Lesley Stahl on Sunday, Sorkin stated, “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 going to have a merger in front of some agency that’s not going to be allowed to go through.” He added, “They are so nervous about criticizing anything that’s going on with this administration.”
Stahl's Questioning
Stahl questioned Sorkin about economists who argue that “we should feel secure” because Trump “ties his success to the success of the market” and would not allow a repeat of the 1929 Great Depression. Sorkin responded, “I think it’s hard to know how things get out of control. When confidence disappears, it happens like this.”
The Inevitable Crash
Referencing his new book, “1929: Inside the Greatest Crash in Wall Street History — and How It Shattered a Nation,” Sorkin was pressed on whether another economic disaster looms. He replied, “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 the crash.”
