Warning: SPOILERS ahead of AHS: 1984 episode "Mr. Jingles".
Mr. Jingles might be presented as the villain of American Horror Story: 1984, but that doesn't mean he's the killer responsible for Camp Redwood's dark past. Mr. Jingles was joined by the notorious Night Stalker, Richard Ramirez, but Margaret Booth (Leslie Grossman) could very well be the most dangerous character this season.
When Margaret was introduced, she seemed like the overbearing director at Camp Redwood who was hellbent on keeping her new counselors in line this summer. The devout Christian emphasized cleanliness and purity which was not a priority in the eyes of Xavier, Montana, Chet, Ray, and Brooke. As more details are unearthed regarding Margaret, her past became more and more suspicious. It's now very clear that Margaret is hiding something major from her new employees.
American Horror Story is no stranger when it comes to throwing curveballs at viewers. Twisty the Clown was introduced as the big bad in American Horror Story season 4 only to be killed early to make way for Dandy Mott. These twists and turns are what make the anthology series so enjoyable, and it's possible that AHS: 1984 will have a twist of its own.
Theory: Margaret Framed Mr. Jingles In 1970
The American Horror Story: 1984 premiere shed light on the massacre that took place at Camp Redwood in 1970. Margaret claimed that she was the lone survivor after nine of her cabin mates were slaughtered by Mr. Jingles. He even took one of her ears as a trophy. Following the attack, Margaret was the only one who could testify against Mr. Jingles, whose real name was Benjamin Richter. The man was then sent to an institution, where he stayed for fourteen years. But what if Margaret purposely had an innocent man sent away for crimes she committed?
Margaret could have easily carried out the killings in her cabin considering she was a seemingly innocent young woman. Benjamin was serving as the janitor at Camp Redwood in 1970 and the rumors of his dark past were probably spread throughout the camp. The details into his life could have been elaborated which gave Margaret the perfect person to pin the murders on. The stories into his trophy taking during the Vietnam War could have been somewhat true, giving Margaret a reason to cut off her own ear as a way to further connect the massacre to Benjamin.
Margaret Sympathizes With The Night Stalker
Mr. Jingles broke free from the asylum but he wasn't the killer that Margaret encountered in AHS: 1984 episode 2. After shutting down the power to keep her counselors out of trouble, Margaret walked into her cabin to find Richard Ramirez, aka the Night Stalker. Rather than take her as his next victim, Richard explained the motive behind his murder spree and much of it stemmed from his horrific upbringing. Margaret understood his pain and claimed that it had to happen to make him the man he turned into. She also stated that "God and trauma" were necessary in order for a person to find the freedom to do whatever they wanted.
Richard, a Satan-worshipper, was reluctant to accept her religious beliefs but he had an interest in the way she justified the crimes. More than likely, she came up with these beliefs to justify her own past. In order for her to be reborn for this new sense of purpose in life, Margaret had to go through immense trauma so she created her own. Being the supposed sole survivor gave her the opportunity to be the victim who took back control of her life. There were also no witnesses that could throw a wrench in her plans, or so she thought.
Jonas Nearly Witnessed The 1970 Massacre
Throughout the first two episodes of AHS: 1984, the hippie hiker who Xavier hit with his car kept appearing throughout the camp. Brooke saw his lifeless body but before she could show anyone, he disappeared. The Night Stalker killed him multiple times before it was revealed that the man, Jonas, was a ghost stuck on the property of the camp. This fit with American Horror Story lore since ghosts are frequently trapped in sinister locations such as the case with Murder House and Hotel Cortez.
Margaret encountered Jonas out in the woods and realized the former camp counselor still thought it was 1970. The woman was very concerned about what Jonas remembered from the night of the massacre. It turned out that Jonas saw Margaret covered in blood while inside the cabin. He then ran from the scene before he was hit by a car and killed by who he thought was Mr. Jingles. In Jonas' account, Margaret was standing by the window in the cabin which was not explained during her perspective of the event when she told the story in the first episode. It was also interesting that Margaret asked Jonas if he ever saw Mr. Jingles' face. He didn't and that seemed to relieve Margaret as if her story couldn't be questioned.
What Margaret Being The Killer Means For 1984's Counselors
Margaret reopened Camp Redwood to give children a "godly, decent" place to go for the summer. She did so with the wealth of her dead husband and it wouldn't be surprising if she had something to do with being a widow. It's clear that Margaret disapproved of the new counselors' behavior the minute they arrived at the camp. She has vowed to rid the camp of sin. This could have been why she carried out the 1970 killings in the first place. Margaret may have seen similar behavior come from the counselors at the time and decided to cleanse the camp by getting rid of them. Unfortunately for Brooke, Xavier, Montana, Chet, and Ray, they could be the next targets in the eyes of Margaret.
If the new counselors aren't instantly targeted by Margaret, they will surely get stuck in the middle of Mr. Jingles' mission to get revenge. He surely has a lot of hard feelings about being locked up due to Margaret's testimony. He's already viewed as a killer so he sees no consequences in taking a few victims while on the hunt for Margaret. Of course, the Night Stalker's involvement might complicate matters. Margaret hired Richard to take care of Mr. Jingles, so it looks like the Night Stalker is sticking around American Horror Story: 1984 for a while.