Part 7/15:
The discussion accentuates the main characters behind the system. Charlie Mitchell, head of National City Bank, was a prominent figure advocating for lower interest rates and expanding credit, acting as the "sunshine" of the era. In contrast, Carter Glass—architect of the Glass-Steagall Act—foreshadowed efforts to crack down on speculation, though his initial intent was more business-driven and influenced by banking lobbying, rather than consumer protection.
The clash between these figures encapsulates the broader tension: between deregulation and oversight, greed and caution. Sorcin reveals how the policies and antagonisms of the period, including the lack of effective regulation and oversight, set the stage for the inevitable crash.