DOJ Vet Jack Smith Recounts Prosecuting Trump for First Time

15 Oct 2025 · 42 min · 19 chapters

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In short

Jack Smith’s first extended public comments since prosecuting Donald Trump, focusing on DOJ process, rule of law, and alleged politicization; plus a separate segment with Andrew Ross Sorkin on risks of another 1929-style crash tied to AI/market exuberance and deregulation.

Guests (backgrounds)

Jack Smith, former DOJ special counsel who indicted a former president; previously led major prosecutions including war-crimes and public corruption, and the John Edwards case. Andrew Weissman, DOJ veteran and MSNBC analyst; former Mueller prosecutor. Cory Booker, Democratic senator from New Jersey and Judiciary Committee member. Andrew Ross Sorkin, CNBC journalist and author of 1929.

Key claims

DOJ should follow internal rules; “process shouldn’t be a political issue.” Smith says his team was fired and that political interference drove resignations/exodus. He argues the Comey prosecution lacked process and that he avoided “arcane fights” by bringing core charges. Booker warns DOJ politicization threatens democracy and could spread to other officials. Sorkin warns AI-fueled financing and leverage could trigger a crash; deregulation and crypto/market guardrails are risk factors.

Notable examples

classified-documents case; January 6 charges; Florida venue choice; Smith’s team fired; alleged FBI agent fired during Kash Patel; Comey indictment timing near statute of limitations; AI chip deals (OpenAI/NVIDIA/AMD); 1929 parallels and insider-trading rules; government taking stakes in companies (e.g., Intel).

Written by AI. May contain mistakes. Listen to the episode to check what was said.

Chapters

Tap a time to open that second in VO

Jack Smith's Unique Position

1:12 to 3:00

Ari discusses Jack Smith's role in indicting a president and his first public comments.

“The man you might recall who brought two criminal indictments against then defendant Trump.”

Challenges of the DOJ Process

3:00 to 5:30

Discussion on the challenges and processes within the DOJ as described by Jack Smith.

“People have to think about what matters to them.”

Impact of Political Pressure

5:30 to 9:10

Jack Smith discusses the impact of political pressure on DOJ employees and processes.

“But he is sounding alarm bells, and we're going to play more from this newsworthy interview.”

The Toll on Teams and Individuals

9:10 to 11:25

Smith recounts the personal toll on his team during the investigations.

“And in the interview, he also mentioned that we have a comparison.”

Legal Strategies and Case Decisions

11:25 to 14:01

Smith explains the legal strategies behind the decisions made during the January 6th case.

“Here's another interesting part where he, upon your questioning, discusses the impact, the personal toll in these cases.”

Jack Smith's Legal Assessment of Trump Cases

14:01 to 18:16

Discussing Jack Smith's careful legal approach and strategy in prosecuting Trump.

“Incitement understand the reaction, and I could see where people could find this to be incitement.”

Upcoming Guests and Interviews

18:16 to 19:10

Previewing upcoming special guests and discussions on the show.

“As I'm out of time and this is serious, my only lighthearted question for you, Andrew, is now that you've landed one of the biggest legal interviews in the country that one could get, who's your next big scoop?”

Upcoming Guests and Interviews

19:53 to 20:34

Previewing upcoming special guests and discussions on the show.

“This July 4th, save up to$600 on Serta Perfect Sleeper X mattresses and adjustable base sets with the Q4 support system that helps relieve aches and back pain.”

Senator Cory Booker's Insights on Justice

20:42 to 28:00

Cory Booker discusses the implications of politicizing the Justice Department.

“And plenty to get into, Senator, but I have one more brand new excerpt from Jack Smith's remarks.”

Senator Cory Booker on Government Closure

28:00 to 28:32

Explore Cory Booker's insights on reopening the government and economic concerns.

“Senator Cory Booker making time for us out of Washington, telling us, interestingly, what it would take to reopen the government in his view.”
Show all 19 chapters

Market Trends and Crash Potential

30:09 to 30:19

Understanding the current stock market's performance and potential crash risks.

“You have a lot saved up in retirement, or wealthy people who own a lot of stocks are making money.”

Market Trends and Crash Potential

30:24 to 31:57

Understanding the current stock market's performance and potential crash risks.

“Some are even making comparisons to past crashes, which of course impact people's jobs, homes, livelihoods, and can really upend politics, usually ousting the incumbent party in power.”

Andrew Ross Sorkin on Financial Lessons

31:58 to 32:55

Andrew Ross Sorkin discusses the lessons from financial history and market behavior.

“The renowned financial journalist Andrew Ross Sorkin says the enduring lesson is not that booms can be prevented or that busts can be fully averted.”

The AI Boom and Its Economic Impact

32:56 to 34:06

Sorkin explains the AI boom's effects on the economy and investment practices.

“You can go into wherever books are sold or pour it into Google right now.”

Regulatory Concerns in Finance

34:07 to 37:46

Insight into the risks of deregulation in finance and its historical parallels.

“Because we say, oh, oh, all these stocks are up, but it's just a bucket of tech stocks that are driving the larger market I mentioned.”

Government Stakes in Businesses

37:47 to 41:41

A discussion on the implications of government investment in private businesses.

“And when you go back and even look, look, in 1929, there were no guardrails.”

Lessons from the 1929 Crash

41:42 to 42:05

Sorkin shares key takeaways from the 1929 financial crash.

“And the regulators historically would have looked at a deal with Intel and somebody else and said, you know what, that's not good for consumers.”

Lightning Round on Financial Lessons from 1929

42:05 to 44:28

Explore key financial insights from the book '1929' and their relevance today.

“It would be like having a president and his family invested billions into crypto while slashing rules on crypto.”

Jack Smith on Prosecuting Powerful Officials

44:29 to 45:46

Jack Smith discusses the implications of prosecuting high-ranking officials and the challenges posed by the Supreme Court's decisions.

“Donald Trump was supposed to go on trial for Jan 6 in federal court.”
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Transcript

Automatic transcript. May contain errors.

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0:51Limited time offer. Visit a Serta retailer today. Perfect sleeper. Perfect sleep. Night after night. Welcome to The Beat. I'm Ari Melbert. And we begin with the single only person in American history and the world who's ever indicted a president. The man you might recall who brought two criminal indictments against then defendant Trump. I am talking about someone we almost never hear from before, during and after those cases. Former DOJ special counsel, Jack Smith, the only federal prosecutor to indict a president. He just doesn't speak much. You might recall that if you remember those busy periods during his two cases over the past years.

1:35But he has now, the News Tonight, made this rare public appearance. And it's with someone you might recognize, a fellow Justice Department veteran, Andrew Weissman, who also we should note is an MSNBC analyst. So this is big news, full disclosure, someone we work with. But when this hit, I don't care who he happened to be talking to. It was going to be a big deal because it was his first comments since all of this happened. and the person he once prosecuted as a federal defendant, Donald Trump, has become president again. Smith, who speaks in a very businesslike and dry way, you can prepare for that because I'm going to show you this, he is not jumping around and being dramatic.

2:15He's not speaking in soundbites, to be sure. And yet, in a way, he was still quite candid about what was his long, secret, discreet work as a special counsel, prosecuting a former president who was also a candidate. and he discusses, based on the evidence and facts, he says, what is wrong with the Trump-Bondi DOJ today.

2:36Andrew Ross Sorkin:Once we get in a position where we start talking about maybe not following court opinions we don't like, we are lost. The attacks on public servants, it has a cost for our country that is incalculable. The idea that politics played a role in who worked on that case or who got chosen is ludicrous. Everybody who worked on my team was fired. Eight political people who wanted to do the right thing and do public service. They brought somebody in who had never been a criminal prosecutor. That just reeks of lack of process. Process shouldn't be a political issue. People have to think about what matters to them.

3:09Andrew Ross Sorkin:And if they believe in things like the rule of law, take that commitment and find another way to be part of the solution. That's just some of what he says there. Smith first rose to prominence in 2022, when because of his credentials, he's prosecuted war criminals, prominent people in the public corruption unit, another case that was tinged with political questions because he went after a then top Democrat, former Democratic running mate John Edwards. Based on that background, he brought that to this approach and he overseed those DOJ probes that resulted, as I mentioned, in the first federal indictment of a president.

3:44He dealt with the obstruction alleged, the hiding of classified documents, and of course, then-Defendant Trump's recent history involved in January 6th. Appointing Jack Smith to serve as special counsel. Jack Smith, the special counsel appointed to investigate former President Donald Trump.

4:05Andrew Ross Sorkin:He's become the first former president ever to face federal charges. Charges are related to Trump's mishandling of documents. Charging Donald J. Trump. with conspiring to defraud the United States. Four counts related to alleged actions he took to stay in power after the 2020 election. Former President Trump is angry about Jack Smith. He believes that the Justice Department is aligned against him. Federal officials launched this weekend an investigation into Jack Smith. That is some of how we got there. During that period, as mentioned, Smith did not do interviews. Legally, he could, but he never did.

4:44not with journalists or television but not with lawyers or other settings he was quiet and only spoke if you will or communicated through those filings and after he left and during what we've lived through this first term we have excuse me this first year of the second term we haven't heard from smith much so now there's plenty to discuss both the case history which there are legal ways he can discuss the parts that are not classified or secret grand jury and a president who is taking square aim at his perceived opponents through DOJ powers. The Judiciary Committee is now calling on Smith to go under oath with a line of attack, saying that now that he's essentially popped up, they still view this as a partisan and politically motivated history in those indictments.

5:30But he is sounding alarm bells, and we're going to play more from this newsworthy interview. We have the person who conducted it, Andrew Weissman, and just spoke and sat down with Jack Smith for that first extended newsworthy conversation. And as mentioned, former FBI general counsel, former Mueller prosecutor, I say it in the way of disclosure, as you did yourself in the very interesting discussion, Andrew, that you guys have a career history at DOJ, but you elicited what we would call very legally substantive newsworthy information. I have some more of the excerpts, but anything you want to say now off top to help us understand what you learned?

6:08Sure. You know, there's the substance of what he had to say. But I think that for people watching this, I would encourage them to sort of sit down and listen to the whole thing. Because in many ways, what's more important than the substance is I think you get a sense of the man and the person. he came across to me as extremely heartfelt and sincere i think he's clearly been through a lot as and i but he mostly when asked that sort of personal question spoke about his team and what his team has been through and so i really think one really useful thing for him speaking is for people to get to know him as opposed to the caricature of him And that's why I hope he continues to speak out for that for that reason.

7:06Really striking, because he, James Comey, others are facing these type of attacks that sometimes combine what looks like a break with rules and process to legally harass or even indict them. And then, as you mentioned, a kind of a public cartoonish attack that may affect how Americans understand what this was. Let's play another newsworthy part where you asked him to discuss and he went into what he knows a lot about, how the DOJ works, what the rules require and what that tells us about that new unusual indictment of former FBI Director Comey.

7:41Andrew Ross Sorkin:This latest prosecution of the former director of the FBI, you know, there's a process to secure an indictment. There's a process of of predication, having some evidence before you do that. Here, and again, I only know what I see myself in the media, but the career prosecutors, the apolitical prosecutors who analyzed this said there wasn't a case. And so they brought somebody in who had never been a criminal prosecutor on day's notice to secure an indictment a day before the statute of limitations ended. That just reeks of lack of process. I think a lot of Americans do not see this as a political issue.

8:20Andrew Ross Sorkin:Process shouldn't be a political issue, right? Like if there's rules in the department about how to bring a case, follow those rules. You can't say, I want this outcome. Let me throw the rules out. That's why, frankly, you see all these conflicts between the career apolitical prosecutors I worked with, because they're being asked to do things that they think are wrong. And because they're not political people, they're not going to do them. And I think that explains why you've seen the resignations, you've seen people leave the department. It's not because they're enemies of one administration or the next.

8:51Andrew Ross Sorkin:They've worked through decades for different administrations. It's just they've been doing things apolitically forever. And when they're told, no, you've got to get this outcome no matter what, that is so contrary to how we were all raised as prosecutors. I think that's been the center of all the conflict. He identifies the civic tradition there. And in the interview, he also mentioned that we have a comparison. If you go back far enough, we had what he refers to as the patronage system, where relationships and ultimately corruption trumped expertise. And he talks about why that's a problem in prosecutions or national security, why that hurts us.

9:32Absolutely. That was sort of a running theme that he hit over and over again, that there is an apolitical process. And he really tried to not criticize the current administration, but rather to point out the obvious contrast between what is supposed to happen in an apolitical Department of Justice, regardless of party. And you can obviously then see what is happening now and contrast and compare those two. I thought that was quite striking. One of the things he did point out that I thought was some news was in pointing out that he followed all of those internal processes when he was special counsel.

10:18And the sort of tempest in the teapot du jour, which is the people on Congress complaining about whether Jack Smith was spying on them, was something that was not true. and that all of the processes that were necessary just to get sort of limited telephone records was A, disclosed in the report that he issued, a very, very lengthy report, but also was something that had to be approved all the way up the chain within the Department of Justice. This is something that there was a process that he followed. And so that was a real theme that you just don't do things willy-nilly. You don't do things because you like someone or dislike somebody that there's a process to follow.

11:06And that's what career people and professionals do. Yeah, it's it's the rule of law. It's hung over this Trump era. And it's the difference between organized societies and ultimately oppression and bedlam. I mean, that's that's you can take it back hundreds of years, which is why sometimes this does feel weighty. We've again gone through. Here's another interesting part where he, upon your questioning, discusses the impact, the personal toll in these cases. Yeah. What have the consequences been in terms of just the personal lives of either yourself or your team in terms of how they have to live, whether they can find jobs?

11:46You know, what is it like to have to live through that kind of harassment for what seemingly is just doing your job?

11:56Andrew Ross Sorkin:Everybody who worked on my team was fired, not just the lawyers, but the administrative staff as well. I think these are people who have spent their careers sacrificing for the communities they want to protect for our country. I'm really upset that people like that not only are being vilified, but that it's hard to get their stories out of who they are. These are people, lawyers aside, these are people who put their lives on the line. And for them to be fired for stuff like this, I just don't see how anyone can hear those stories and not be moved by it. Andrew? So there was a moment where Jackson's voice actually cracked when he told the story about an FBI agent on his team who was fired.

12:44And people may recall that senior FBI leadership have said that they pleaded with Kash Patel to not fire him at this moment because his wife was dying of cancer at the time. and nevertheless Kash Patel fired him and actually ended up firing the people who had tried to have Kash Patel not fire him this moment so sort of a clean sweep and when Jack was telling that story you know it's understandably was you know was quite emotional about it yeah I don't have much to add to that I mean There you go. He also spoke about the strength of the case that ultimately didn't go to trial, the January 6th case against then defendant Trump.

13:36Let's look at this brand new.

13:39Andrew Ross Sorkin:We felt we had a strong case and that those charges that we brought would allow us to present all the relevant evidence to a jury, that we would be able to present everything that mattered to a jury. And while I understand that reasonable people could think we should charge incitement or insurrection, insurrection in particular, very little case law interpreting that, certainly not to the extent that the other statutes that we brought. Incitement understand the reaction, and I could see where people could find this to be incitement. But at the same time, as you know, that's a very high standard under the First Amendment analysis.

14:14Andrew Ross Sorkin:And frankly, I did not think that those were fights that we needed to take on, given the charges that we were able to otherwise bring. Smith discussing that whole piece, he prosecuted Trump for Jan 6th. There were other schemes. There were schemes that related to paperwork, if you want to call it that, to what happened in Congress, to Pence, to the fraudulent electors. We've charted all this, and Andrew remembers this, as some of our viewers might. This is for history. We don't know, Andrew. That's the thing about living through it, whether we might be in an aberration and the rule of law will hold and people will look back at these moments, this exchange here, other things Smith says, as understanding the history, or whether we may not have nonpartisan administration of justice in the future.

15:03I don't think it's dramatic to speak to that challenge because that's the stakes. What did you make of his legal assessment of the case? And I'll tell you what I did, I noticed that he, if he was going to land on a side, he seemed to be landing on the most careful side. And lawyers can debate that. You've been criticized, even though we love your analysis, I'm not above mentioning the history, you've been criticized by some, including Trump officials, as being too aggressive in cases in Mueller and also previously in cases you dealt with Enron and others. People say, oh, he was too aggressive.

15:40Without asking you to compare yourself to him, and they're different facts. He seemed to be very laser focused on being careful and by the book, he also told you why he did Florida jurisdiction because he thought that was the most careful way to do it. There were arguments for other places where you might avoid that judge. And he went with the careful side, but your reaction, sir? I had the exact same reaction. You know, I asked him sort of like, why did you pick Florida? You know, obviously there was a lot of second guessing about that. And he said, because that's where everything happened. So that's where he brought it.

16:14He didn't play games. And so, you know, very candid about that. I asked him the questions that many people had as sort of why he charged the insurrection case the way he did. and exactly what you said, which is that the things that are more problematic that could be challenged where he may have won, but it's like he was saying, look, I don't need that fight. I can bring core charges that are straight down the center of the lane and I don't have to get bogged down with this sort of arcane fights and more questionable issues because I've got a strong case right down the center of the lane. And again, I thought that was why it was so important that you could both hear what he was saying substantively, but also hear how he was saying it and start to get a measure of the man.

17:08I actually asked him about that, that he sort of followed what I call the Robert Mueller school of not speaking while he was special counsel, And that there was another model, which is Archibald Cox, to date myself, who was famously the prosecutor on the Watergate matters. And he gave a very famous press conference. And Jack was quite thoughtful about that, saying, you know, it may be time in this day and age for the Department of Justice to really rethink that. Obviously, you can't go out and speak about the guilt of somebody. We're seeing that now. We saw that with James Comey speaking about Hillary Clinton in a derogatory way.

17:51So no one was saying that, but there are ways to do it, which Archibald Cox followed. And he said, you know, given this media state that we're in, it may be time to have people speak out where they can. Yeah, all very important. It was a fascinating exchange. You said you urged people to take it in depth, and it is on YouTube. So folks can search Smith Weissman, find it that way. As I'm out of time and this is serious, my only lighthearted question for you, Andrew, is now that you've landed one of the biggest legal interviews in the country that one could get, who's your next big scoop? What's the next big interview?

18:31We want you to be the new Oprah. Yeah, you know, as you know, you know very well, I'm a nerd. So, you know, I'm writing a law review article. I'm writing a book. It's like, you know, this was, I usually don't do things like this, but I thought it was important to do. And I'm really glad that Jack did it and got himself out there so people could see and judge him. No, you landed it. He is. It's a big one. And look, if this is going to be your thing, we'll have you on. We'll show the clips. You get John Durham or Chief Justice Roberts, whoever you get, we'll show some clips because it was a doozy.

19:07Andrew Weissman, thank you. Let me tell folks what's coming up tonight. We have a special guest, Andrew Ross Sorkin, on the day his book comes out about why another 1929 crash could be a risk we're facing. It would obviously complicate Donald Trump's agenda right now. But next up, another newsworthy interview, Senator Booker's here. We return in 90 seconds.

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20:41We are back with Senator Cory Booker, Democrat from New Jersey, a member of the Judiciary Committee, front and center on some of the issues we just discussed. And plenty to get into, Senator, but I have one more brand new excerpt from Jack Smith's remarks. Judiciary, of course, oversaw that and other DOJ activities. Take a look.

21:00Andrew Ross Sorkin:this idea that if you didn't vote for the current person in office, you can't be trusted to be a government employee. In the United States, we tried that. And we know that it's rife with corruption and it's rife with incompetence. And so that makes me very concerned going forward. If you are driven to achieve certain outcomes, no matter what, that's a real problem. Your response on all of the above there. Look, we're in a dangerous moment, and I think you sort of said it earlier. The challenge you have, this is not just the partisan warfare of the typical politics of America. This is an attack on a fundamental aspect of who we are as a people, that we have independent systems that are beyond politics, and our justice system is one of them.

21:49for Donald Trump to do what he's doing right now is not just wrong in the attack on the rule of law. It actually threatens the very rule of law when you start to politicize it and have a whole scale exodus from the Justice Department of people who are Republicans, people who have been in Democratic and Republican administrations. When they are seeing what's going on and are leaving or being fired, it really begins to show a cancer in our democracy that can grow. You cannot just do this and think it's going to just snap back into place when Donald Trump is gone. It is a threat to the erosion of our democracy, and we should take it with that level of severity.

22:29And it overlaps with how we understand public officials. No one's immune. We've covered people in both parties when the evidence leads to a nonpartisan indictment. That's the system working. But Donald Trump literally calling for these indictments and then seeing them drop like dominoes is not that. We've got the list. We've seen it's happening. People said, oh, what will we do if we get to that point? We're past that point. The top law enforcement official in New York, Attorney General James, who had done a civil enforcement action over Trump's business, which never even brought into the question of jail, was just a business regulation, clearly, apparently targeted for doing her job.

23:10She spoke out about this at the first public appearance last night. Take a look. I will not bow. I will not break. I will not bend. I will not capitulate. I will not give in. I will not give up.

23:27Andrew Ross Sorkin:You come for me, you gotta come to all of us.

23:35Strong remarks. Our political choice may be to almost embrace or lean into it. Sometimes Democrats are criticized for running away from things, downplaying everything. You have a colleague in the House now who's been indicted, McIver. We've got your other colleague in the Senate, Schiff. It's not that long ago, Senator Booker, that it would have sounded far-fetched that sitting senators would be facing this kind of thing. Is it out of the question that they could go after Schiff? What are you guys doing to address this? Well, I think Jace Baldwin said it best when Angela Davis was unjustly incarcerated.

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24:10She was absolutely absolved of everything that they accused her of. But he saw the injustice in it and knew that, again, it is a cancer. It spreads. He said, if they come for you in a letter to her, if they come for you in the morning, then they're going to come for me at night. And I think that that's what all of us should be looking at right here is we now are in an era where a president of the United States of America could start targeting his enemies using the Justice Department, once known for its independence. And if those Justice Department officials, these career prosecutors who know this is wrong, say they won't do it and then they are summarily fired, then we have a system now where anybody could be targeted for their political beliefs.

24:49And this creates a danger that we all should be taking very seriously. Look, Donald Trump has a lot of policies I disagree with, but this is not just about a disagreement of a policy. This is not about left or right. It is about right or wrong. It is about our nation's traditions, rule of law and our very constitutional principles. Frankly, every one of us has sworn an oath to defend. And that's what we need to be defending against right now. Turning to the other news in Washington, this shutdown is dragging on. If you run into someone in your state and they just say, hey, I don't follow closely.

25:26Why is the government shut down? What's the answer? Well, the answer is very simple. You know, Donald Trump controls the White House. He controls the House and the Senate. He, by his own admission, is responsible for getting a budget done. We are saying, Democrats are saying right now, you've got to be kidding me. If you want our votes, you need to do something about this health care catastrophe that's hitting our states. that we are not going to give our votes away. I am not giving my votes away unless you do something about the threat that we have very soon, that millions of people are going to lose their health insurance and millions and millions of others are going to see their health insurance costs skyrocket.

26:04When I was just home in New Jersey - So what for you - Senator, let me press you a little bit. What is progress for you? What does it look like? If you ultimately, your party goes to join in opening the government, you'll get what for the public? Yeah, so I'll tell you exactly what, because when I was in New Jersey, I sat with small business people who get their health insurance with the ACA who said, we just cannot afford it for our small business. We can't we will lose health insurance for us and our employees. I talked to doctors who said, do not let this happen because it's going to hurt our hospitals.

26:35I've talked to patients and people who are going through cancer treatments right now who can't imagine what will happen if they can no longer afford their health insurance. Everywhere I went, I wasn't meeting politicos in town halls and in roundtables. I was talking to just regular rank and file New Jersey and some of them Republicans who were saying, please do something to fight for us. Don't let this happen. So the line for me is very simple. I'm not going to give my vote away unless Republicans come to the table and say we're going to do something to stop this nightmare that many Americans are just realizing because they're just starting to get their notices of that their health insurance premiums are going to double or triple.

27:12Yeah. And I know your time is short. Are you running for president again? god brother i am running for re-election uh about a year from now so please new jersey uh uh um i hope i've earned your re-election i hope you're on your vote to to get another six year another term in the senate i hope but after that after that i'm not taking i'm not taking anything off the table our country's in crisis and i think all leaders should not think about a title or a position they should look at this very moment say it's time for everybody to step up and serve with devotion to our country to fight right now when our country is facing such a threat.

27:49Well, you know, I don't know if my legal training is up to these linguistic center, but not off the table is a road to on the table. So we'll check in with you down that road. Appreciate you joining us tonight, sir. No, thanks, Ari. Always. It's good to be on with you. Appreciate it. Senator Cory Booker making time for us out of Washington, telling us, interestingly, what it would take to reopen the government in his view. Meanwhile, Trump's economy could face problems that come out of over exuberance. Where have we heard that before? Well, if you know anything about the bubbles in the crash cycle, it can matter.

28:21History can repeat. Andrew Ross Sorkin has a brand new book on this. And we're thrilled to tell you on the day that it drops, he's our special guest next.

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30:08In the last year alone, the stock market is up a healthy 13%. You have a lot saved up in retirement, or wealthy people who own a lot of stocks are making money. But some are wondering now as it goes up and up, especially powered by tech, if we could be at risk for a bubble or even a crash. And today, we have news on this. Some of the top banks, JPMorgan, Goldman, and Citi, now warn the markets are reaching bubble territory, with experts pointing to how tech is in overdrive with AI valuations that might be very overpriced, even if the technology there makes a big difference, while the real economy shows rising costs and a slowing job market.

30:52Some are even making comparisons to past crashes, which of course impact people's jobs, homes, livelihoods, and can really upend politics, usually ousting the incumbent party in power.

31:08Bank after bank across the country is hit by panic withdrawals. Today is Black Monday, the day the Dow dropped more than 500 points. The news from Wall Street has shaken the American people's faith in our economy. History in the making, the Dow plummets more than 777 points, its biggest one-day point drop. We have not seen a plunge like this since the crash of 1987 with one reason, corona. Our colleague Stephanie Ruhl there talking about the corona crash, which, of course, was an unpredictable external event that impacted the economy. But a serious major new book about these crashes warns today's tech exuberance and other factors are something that you can actually address.

31:54You don't have to just sit around and wait for everything to fall apart again. The renowned financial journalist Andrew Ross Sorkin says the enduring lesson is not that booms can be prevented or that busts can be fully averted. It's that we need to remember how easily we forget the greater the heights of our certainty, the longer and harder we fall. Was Sorkin referencing the iconic Jimmy Cliff album, The Harder We Fall? Well, we may yet find out. As for this book tour, he is on one of the greatest news shows in the country. That's how big a deal they think the book is. You see Sorkin with a brand new 60 Minutes interview.

32:28do you think that we will have a crash or not?

32:35Andrew 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. With all that in mind, on book day, we are joined by Andrew Ross Sorkin, the financial journalist, best-selling author. He hosts CNBC's Squawk Box, co-creator of the hit show Billions, and the author of, here it is, 1929, Inside the Greatest Crash in Wall Street History and How It Shattered a Nation. You can go into wherever books are sold or pour it into Google right now. Sorkin, 1929. A lot of people are saying, Andrew, get yourself a copy and get smarter.

33:17Welcome.

33:18Andrew Ross Sorkin:Thank you for having me, and thank you for having me on this big day, and I'm loving to do this with you, my friend. did you get the banks to issue the warning today to coincide with your book release be honest i did not and the truth was i've been working on this project for eight years ari for eight years trying to tell the story of what happened back then and get inside the room and figure it all out and learn about the characters and try to tell almost a cinematic tiktok and as i was working on the project, every time I look at a new headline in today's world, I go, that's a little bit like then.

33:53Andrew Ross Sorkin:And so it's been like that for me. Yeah. Well, let me put you to a quiz on today and we'll get into this book. What are the kind of facts? I know you deal with facts and financial data that give you a cause for alarm. Is it the concentration in tech? Because we say, oh, oh, all these stocks are up, but it's just a bucket of tech stocks that are driving the larger market I mentioned. Or is it something else we don't know about? So first of all, I think there's two pieces to this. And I don't want to say we're going off a cliff tomorrow. I just want to be clear about that. But I think the biggest thing that's happening right now is we are in an AI boom.

34:30Andrew Ross Sorkin:And it's an exciting boom. And there are hundreds of billions of dollars that are pouring into AI. And it's not just from the technology companies. This is affecting actually the real economy insofar as there's real estate being purchased to create these data centers. There's construction work that's taking place. There's huge amounts of energy and resources that are being needed. But in the process of all of that, when you look at the financing of all of this, it raises some real questions. So OpenAI, ChatGPT, they're the company behind ChatGPT, they are making massive commitments to buy chips and power from data centers.

35:07Andrew Ross Sorkin:The truth is OpenAI doesn't make money yet. And so they are committing to buy all these chips from companies like NVIDIA. And there's these very unusual transactions that are taking place. So a couple of weeks ago, NVIDIA announced that they're going to invest$100 billion in OpenAI. Now, OpenAI is going to go take the$100 million that it just got from NVIDIA, and it's going to go take that cash, because it didn't have enough cash, to buy the chips from NVIDIA that it said it was committing to. A week later, OpenAI committed to buy chips from AMD. It didn't have the money to buy the chips from AMD.

35:50Andrew Ross Sorkin:It said, we're going to get, for doing this deal with AMD, they're going to give us what's called warrants, basically an option on their stock. And they know that that stock's going to go up if this deal gets announced. Guess what happens? They're going to take the cash from that, and they're going to use that to buy the chips. So there's a little bit of magic money being made here. And I think that is something. Well, some call it, yeah, some call it magic. in the early days of the other crash, you've also covered so expertly the mortgage-backed securities and derivatives and synthetic products.

36:25It was always magic, magic, magic until it wasn't, until it was exposed as crap. This has, as you say, more technological shift because not everyone needs that many slices of a mortgage. It's an old product. Here, we're talking about generally new things. But yeah, you're raising the hackles there. I'm curious what you think about rules and regs because initially Wall Street was very excited that Trump, like many Republicans, was more of a deregulator. So you have a less aggressive SEC, you get away more, do more. He's also kneecapped anti-corruption investigators at DOJ. He's very open season on crypto while he personally benefits from it.

37:00Some folks are worried about whether that itself could be corruptive. And I'm going to give you the G-Eazy test. Andrew, I know you're a polymath. I don't know if you know the G-Eazy classic. I don't follow rules. I don't follow rules and they don't like that. He said. And that's how some of these pioneering finance types feel. Right. Too many rules. Now there's less rules. You see where the question's going. Yes. Is that a risk that you're watching? And while people can debate this all day, do you worry that the Trump DREG environment will blow up in our faces if in a couple of years from now we look back and say, gosh, maybe crypto and some of this other stuff should have been better regulated before it became a problem?

37:42Andrew Ross Sorkin:Oh, without question, Ari, without question that, you know, we're seeing the guardrails get taken off. And when you go back and even look, look, in 1929, there were no guardrails. There were no rules at all. Insider trading, all that. That was legal back then, as crazy as that sounds. But one of the things that actually had... I mean, trading on material secret information was then legal at the time? You could trade on information. People were manipulating the markets back then the way they're manipulating meme coins today, and it was considered legal. And by the way, today, arguably, the way the rules are set up, manipulating a meme coin, it's not clear whether that's illegal or not because it's not regulated by the SEC.

38:24Andrew Ross Sorkin:And so we are now, interestingly, just like in the 20s, In the 20s, there was this whole move afoot to democratize finance. Everybody wanted to have access to a lottery ticket. And we, in the 20s, they wanted to give everybody that chance. By the way, as a result, in part because of inequality, there was a view that the elites had made all the money, let everybody have the same chance they had. But that same argument, to some degree, is being made today. And the rules that we put on things, for example, for years, we said you had to be what's called an accredited investor. if you were going to invest in startups and venture capital and private equity and things that were really risky, you went to have actually a lot of money.

39:04Andrew Ross Sorkin:It actually prevented most ordinary Americans from investing in this stuff. Now we're taking those rules away. We're going to have private equity and venture capital in your 401k. The president's come out recently and said, you know what? Publicly traded companies, you used to have to announce your earnings every quarter. You don't need to do that anymore. You can do that. Exactly. He's making it easier. And Andrew, anyone who's seen Wolf of Wall Street remembers the iconic scene where the Leo character says, oh, you know, he's making money off these basically people who are unsophisticated veterans, don't know better, and they're losing money.

39:38And his wife at the time says, well, can't you sell this to rich people? And he says, well, rich people don't buy penny stocks. The rule was designed to protect people against someone who was basically a shark. I'm going to show you something right now on the socialism. And it's not from, you know, Cuba or Venezuela. It's from right here in Trump's America, U.S. stakes in companies where a politician, the president, just says, you know what? We're going to socialize this and we're just going to take a chunk. And what are they going to do about it? I wanted to get you on your book day on this. So Andrew stays.

40:15We're going to finish a break. And when we come back, your answer on the Trump style socialism. We'll see you in a sec.

40:29We're back with CNBC's Andrew Sorkin and his new book, 1929. The so-called socialism, the U.S. stakes now in these companies because of Trump. Break it down for us.

40:40Andrew Ross Sorkin:Look, the only time historically when the U.S. government has taken stakes in businesses, it was a function of a bailout. It was a function of trying to bail out the country at typically a crisis time. We did this after the financial crisis. It was obviously very politically unpopular at that time. Here, for reasons that to me are somewhat inexplicable, we are, under the guise of national security, effectively taking over stakes in all sorts of businesses, Intel being the prime example, because we've given them money to try to create chips in the U.S. And we originally had granted them that money.

41:20Andrew Ross Sorkin:And the benefit for the taxpayer was supposed to be that they were going to build fabs here and that would create more resilience and national security. It was not necessarily that we, the taxpayer, were going to be invested in the business. And that's a big distinction, because once the government starts to, quote unquote, invest in the business, all sorts of other things change. Let's say in the future, Intel wants to merge with somebody. And the regulators historically would have looked at a deal with Intel and somebody else and said, you know what, that's not good for consumers. We don't want that deal to happen.

41:53Andrew Ross Sorkin:Well, how does that calculus, the thinking around that, shift if I told you, the regulator, that you also represented the taxpayers who now will have a 10 % stake in Intel? It's a blatant conflict. It would be like having a president and his family invested billions into crypto while slashing rules on crypto. But that's, of course, you say that. That would be absurd. Yeah. All right. Let's do a lightning round on the book here, because I think, you know, I know our viewers are still readers. We read a lot ourselves to get ready for the show. So folks may be interested in getting 1929. But lightning round is a word or a sentence.

42:28OK, you ready? OK. Yep. The lesson of 1929 is.

42:36Andrew Ross Sorkin:leverage too much debt is the thing that lights the fire of every financial crisis and that's what we need to watch out for and i'm now going to go on longer than i should but today i'm a little worried we don't know where all the debt is it's lightning okay you ever seen a lightning ground? Okay. Next question. If, if unfortunately we have a big crash, it will affect this politician or party the most. The party in power. Yep. I've seen that in history. For a regular investor, you got a little something in retirement. your book would advise what? I know you don't give formal financial advice, but how to think about it.

43:25Andrew Ross Sorkin:It would be the Warren Buffett advice. Buy the index and don't look at it again. Playing the individual stocks is a very tough business. Okay, and finally, I know you got your own shows, but aside from them, the movie or other piece of art, could be an album, I guess, that captures your book 1929 would be that captures 1929, something else that captures 1929. There's a great book about a guy named Jesse Livermore, who is a short seller during that period. And you can go get that book. And it's fascinating. It's about an individual character. He ultimately kills himself when it's over. But he's a character in this book as well.

44:12The ever-learned Andrew Ross Sorkin, our colleague, of course, but also widely acclaimed. And you went from 60 minutes to here. We'll take that. We appreciate you on the launch of the book, 1929, Inside the Greatest Crash in Wall Street History and How a Chattered Nation. Our thanks to you. We'll be right back.

44:34Donald Trump was supposed to go on trial for Jan 6 in federal court. That obviously never happened because the Supreme Court changed everything. And for the first time, we heard former prosecutor Jack Smith respond to that. Tonight, this is now new, airing on MSNBC for the first time. You mentioned the Supreme Court's immunity decision. I didn't agree with it.

44:57Andrew Ross Sorkin:We followed it. There were rule of law considerations, the things we're talking about tonight. And then there were also considerations of giving the executive enough latitude to act. And I think the world was boldly and fearlessly. The majority opinion strongly weighted the other consideration. I think if you do that, it's tantamount to saying you can never prosecute powerful high officials because they'll always just there could always be a concern that they'll stay in power and then come after people. The problem is not prosecuting high officials who did something wrong when you do it according to the processes of law in your country.

45:34Andrew Ross Sorkin:It's the retaliation. That's the problem. And that's the thing that we should be preventing.

45:46Cheers. The weeknight starts now.

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From the publisher

October 14, 2025; 6pm: MSNBC’s Ari Melber reports on former DOJ Special Counsel Jack Smith, the prosecutor who brought two criminal indictments against Donald Trump. Smith made a rare public appearance alongside former FBI general counsel Andrew Weissmann, who joins to discuss. Plus, financial journalist and best-selling author Andrew Ross Sorkin joins to discuss latest stock market fears.

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