CNBC’s “Squawk Box” co-anchor Andrew Ross Sorkin gave an ominous warning {that a} market crash is “coming” whereas alleging that prime CEOs in America are “very scared” of standing as much as President Donald Trump for concern of political retaliation.
“Most CEOs in America today are very scared to speak out publicly about anything,” Sorkin mentioned throughout a CBS News “60 Minutes” interview with correspondent Lesley Stahl on Sunday. “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 continued, “They are so nervous about criticizing anything that’s going on with this administration.”
Stahl questioned Sorkin about economists who recommend that “we should feel secure” as a result of Trump “ties his success to the success of the market” and that the president gained’t let America fall right into a Great Depression just like the one in 1929, when the U.S. inventory market skilled probably the most devastating crash in historical past.
“I think it’s hard to know how things get out of control,” Sorkin responded. “When confidence disappears, it happens like this.”
Stahl then referenced Sorkin’s newest e book, “1929: Inside the Greatest Crash in Wall Street History — and How It Shattered a Nation,” earlier than additional urgent him over whether or not he thinks America will face one other financial catastrophe like in 1929.
“The answer is, we will have a crash,” he mentioned. “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.”
Watch a clip from Sorkin’s “60 Minutes” interview under.