Video: An (Abbreviated) History of Credit

I came across this little gem while trolling YouTube. I love a good video montage (who doesn’t, really?), and this one—with its jazzy music and retro film footage—fits the bill.

Part I shows us how we transformed from bartering cave people to the savvy(??) currency holders and stock traders we are today. It discusses the rise of the “profit motive” (i.e. capitalism), the rights of a corporation (it may as well be a person), and how the stock exchange used to function before computers and digital tickers (gasp!). Beware, the end of the video is a tad depressing, as the bull market literally takes a turn and comes back to kick us in the you-know-what.

Part II picks up on a happier note: the burgeoning mortgage finance industry!…that lovely little practice that lets Americans follow the American dream now, and pay for it later (maybe). Also touches on the rising national debt, which leapt skyward in the 1930s and hasn’t slowed down much since. An entertaining watch, for sure. Thanks to When History Attacks! for creating and sharing.

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