Jun 25, 2026 · 1 hr 1 min · 20 segments
This month, SpaceX had the largest IPO in all of human history. In a mission to understand a bewildering moment, we trace the story of the stock market itself. From its very beginnings in the…
PJ VogtHostLodewijk PetramGuest
Mihir DesaiGuest
Eric BergerGuest
The street that runs alongside that wall eventually takes its name, Wall Street, and later, a financial market will emerge there.
After the Revolution, all the individual American states are in debt because of the war.
Alexander Hamilton, the rapping treasury secretary, comes up with the idea that the federal government will take on that debt and issue bonds in exchange, meaning Americans can buy a bond knowing that the federal government will one day pay them back with interest.
We have to make them later when things begin to go wrong and people lose their shirts.
Some Americans are buying and trading shares, mainly of banks and insurance companies, but it's not a huge part of the economy or a huge part of most people's lives.
Building a railroad system in America is this hugely expensive, hugely risky project with enormous upside if it works.
And so the barons turn to the people and make the request every market ultimately relies on: "Trust me?" Many Americans do.
The street that runs alongside that wall eventually takes its name, Wall Street, and later, a financial market will emerge there.
After the Revolution, all the individual American states are in debt because of the war.
Alexander Hamilton, the rapping treasury secretary, comes up with the idea that the federal government will take on that debt and issue bonds in exchange, meaning Americans can buy a bond knowing that the federal government will one day pay them back with interest.
We have to make them later when things begin to go wrong and people lose their shirts.
Some Americans are buying and trading shares, mainly of banks and insurance companies, but it's not a huge part of the economy or a huge part of most people's lives.
Building a railroad system in America is this hugely expensive, hugely risky project with enormous upside if it works.
And so the barons turn to the people and make the request every market ultimately relies on: "Trust me?" Many Americans do.
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