SecuritizationSecuritization enables income streams of pooled loans, reducing overall risk to lenders. This spreads the risk of both prepayments and defaults, lowering the cost of credit. Background Denmark created pooled mortgages, called covered bonds, in 1850. Switzerland followed in 1930. In 1970 US government pseudo-agency Ginnie Mae (GNMA) created the first securitized pool of home … Continue reading "Securitization"
Movie Camera & ProjectorIn 1878, Muybridge famously created high-speed moving photos, calling his machine a Zoopraxiscope. His photos illustrated how people and animals move. Eventually, Walt Disney and other animators and artists later famously used the strips to create more realistic animations. Eventually Edison’s Kinetoscope, publicly demonstrated in 1891, was a primitive device that showed moving pictures to … Continue reading "Movie Camera & Projector"
Polyethylene Terephthalate (PET Plastic bottles)PET plastic reduced the cost and weight of beverage containers. Originally, only glass and metal containers were suitable for storing carbonated drinks. Other plastics would bulge and break. However, PET plastic enabled plastic bottles suitable for carbonated drinks. Soon, it became used for all beverages. In the 1960s, plastics engineer Wyeth questioned whether carbonated drinks … Continue reading "Polyethylene Terephthalate (PET Plastic bottles)"
Venture Capital“There have been many fine scientists desperately trying to become poor businessmen.” Georges Doriot Venture Capital pools resources and spreads risk and reward across multiple companies. This simplifies early-stage investing and makes early-stage investing more convenient for both investors and entrepreneurs. Background General Georges Doriot is the “father of venture capital.” In 1946, he created … Continue reading "Venture Capital"
Modern Genetically Modified Organisms (GMO’s)People have been genetically modifying plants and animals for eternity. Virtually every plant we eat is the result of genetic modification via selective breeding. Tomatoes, broccoli, cauliflower, kale, and countless others only exist due to genetic modifications. Furthermore, cows, pigs, chickens and arguably even all modern breeds of dogs are the result of genetic modification. … Continue reading "Modern Genetically Modified Organisms (GMO’s)"
Matches1827 Friction matches are ordinary matches. Strike them against a flint or, for some types, any hard service and they start a fire. Friction Matches were invented by Englishman John Walker in 1827. While it seems hard to believe it took so long before the innovation of matches by Walker people would have to find … Continue reading "Matches"
Gas Extraction from Coal & Gas Powered LanternCombining gas extracted from coal into a lantern, then into lights, allowed for non-candle bright lights. This literally lit up the industrial era. Factories could function at night and people could stay awake longer. Gas lighting vastly increased productivity. In 1667, Thomas Shirley published a report describing flammable gas naturally seeping from coal. In 1684, … Continue reading "Gas Extraction from Coal & Gas Powered Lantern"
Microcomputer Operating System (CP/M)Operating systems tie the parts of a computer together, transforming it from silicon into something we can interact and use. Gary Kildall In 1973, Gary Kildall wrote the first widely used microcomputer operating system, CP/M. It gained popularity over the years. Kildall had a Ph.D. in computer science of Univ. WI. He created a simulator … Continue reading "Microcomputer Operating System (CP/M)"
Inkjet PrinterInkjet printing produces affordable, high-quality printouts using low-cost personal desktop printers. Background Ichiro Endo, of Canon, was the first to realize the idea that ink could be heated to form a small bubble, then deposited on a page to form a pixel, inkjet printing. John Vaught, a college dropout working at Hewlett-Packard, was working on … Continue reading "Inkjet Printer"
UnixUnix is a computer operating system. Among other things, it allows a computer to do many things at once. Derivatives of the original Unix include Linux, MacOS, and BSD. You’re reading this right now due to a server running Unix derivative Linux. Background Dennis Ritchie and Ken Thompson worked at Bell Labs. Thompson worked on … Continue reading "Unix"
Integrated Circuits (Microchips)In early electronic computers, each circuit involved a vacuum tube. They were large, relatively slow, and consumed a lot of power. Shockley, Brattain, and Bardeen created the semiconductor. Their circuits eliminated the need for vacuum tubes. Kilby and Noyce discovered that semiconducting material held burned-in semiconductor circuits. Their printed circuits worked like the much larger … Continue reading "Integrated Circuits (Microchips)"
Machine GunMaxim is a colorful character who claims to have invented everything from the asthma inhaler to automated fire sprinklers and even the lightbulb, despite Edison’s well documented account. He also experimented with helicopters, airplanes, and amusement park rides. While on vacation in Vienna he claims another American told him “If you want to make a … Continue reading "Machine Gun"
Locomotive (High-Pressure Steam Engine)The high-pressure steam engine was invented about the same time by Richard Trevithick in the UK and Oliver Evans in the US. Neither man knew about the other. Richard Trevithick Trevithick, a mining engineer, built a high-pressure steam-powered car, the “Puffing Devil,” in 1801, taking it for a ride around town, picking up friends. He … Continue reading "Locomotive (High-Pressure Steam Engine)"
Mass Market ElectricityEdison created the first public electric company, powered by DC, in 1882 in lower Manhattan. His system included generators, junction boxes, fuses, sockets, and parallel wiring. Since DC current could not be transmitted far Edison’s initial electrical plant was limited in scope. Eventually, there would be many small, expensive electricity plants scattered around major cities … Continue reading "Mass Market Electricity"
Portland Cement1843 Joseph AspdinWilliam AspdinWilliam Beverley Portland cement is modern cement. It’s admittedly dull — unless being used on dilapidated ships by mobsters for shoes — but extremely useful with more mainstream uses. Portland cement is used to make buildings, stadiums, stairs, sidewalks, foundations, and shares the unfortunate honor of being the enabler of brutalist architecture. … Continue reading "Portland Cement"