IN DEBT WE TRUST

The first “interest-only” loan was invented by someone who hated consequences. Temporarily iconic, permanently risky.

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The Dow Jones Industrial Average was created in 1896. And it’s still giving investors stress wrinkles today.The first “wealth manager” was simply a person hiding money from relatives. Strategy: avoidance.The first time someone said “it’s priced in,” a philosopher fainted. Certainty is suspicious.The first tax shelter was a cabin labeled “Not My Income.” Authorities were unimpressed.The first time someone said “we’re pre-profit,” a banker coughed politely for 12 minutes.The first time someone used the word “synergy,” interest rates rose out of spite.See all In Debt We Trust facts →

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