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Friday, December 5, 2025

The Lesson of 1929

Debt is the almost singular through line behind every major financial crisis.

In his gray three‑piece suit, shoulders back, Mitchell kept up his smile as he passed through the glass‑domed central hall of his National City Bank. The bank, with its 83‑foot ceiling and two solid-bronze doors protecting a safe weighing some 300 tons, was the largest in the country.

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