Andrew Ross Sorkin: 'We Will Have a Crash'

Financial journalist Andrew Ross Sorkin says a Wall Street crash is not a matter of if, it's a matter of when. In an interview with Lesley Stahl on 60 Minutes, the CNBC Squawk Box co-anchor and New York Times columnist compared today's environment to the run-up to the 1929 stock market collapse, the focus of his latest book. When Stahl asked him directly if the US is headed toward a crash, he answered:

• "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."

During the interview, Sorkin argued that many top executives, especially in tech, are reluctant to criticize President Trump, fearing regulatory blowback or trouble getting mergers approved, reports Mediaite. That nervousness, he suggested, feeds a fragile sense of market confidence. Stahl noted that some economists believe Trump's heavy emphasis on market performance means he would act to prevent a 1929-style disaster. Sorkin was not reassured. "I think it's hard to know how things get out of control," he replied. "When confidence disappears, it happens like this," he added, snapping his fingers.