The Role of Debt in American Society

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Debt and credit, considered negative terms today, were common and essential in American society, particularly between 1958 and 1990. Americans historically borrowed money to purchase goods from various sources like banks, credit unions, department stores, and even loan sharks. The growth of consumer credit was significant, with each year seeing higher debt levels than the previous one. The credit card industry was seen as instrumental in building the country, driven not by bleak circumstances but by optimism for a brighter future, as people believed in a better tomorrow.

To paraphrase Visa founder Dee Hock, how many of you know Visa? Great, all of you. Now, how many of you know how it started? Or, for that matter, who started it? Who runs and governs it? Where is it headquartered? What’s its business model?

For the 11th largest market cap company in the world, Visa’s history and strategy is almost shockingly unknown. A huge portion of the world’s population uses their products on a daily basis (you might say Visa is… everywhere people want to be), but very few know the amazing story behind how that came to be. Or why Visa continues to be one of the most incredible and incredibly durable business franchises of all-time. (50%+ net income margins!! On $30B of revenue!) Today we do our part to change that. Tune in for one heck of a journey.

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‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.