Part 2/13:
They explore the characters that drove historical financial upheavals and their striking similarities to today’s financial leaders and policymakers.
Charlie Mitchell: The Banker's All-Star
Charlie Mitchell, a towering figure of the 1920s, led the national bank "National City," later evolving into Citigroup. Known as "Sunshine Charlie," he was akin to a modern-day Jamie Dimon—famous, influential, and on magazine covers. Mitchell pioneered the use of credit to fuel growth, especially in the burgeoning stock market. His creation of credit lines that let individuals buy stock on margin—initially $1 down for $10 worth of stock—embodied a system that was ripe for bubbles. His push for credit-driven expansion exemplifies the primary ingredient of booms: rampant, easy credit.