(no subject)

[watertank]

i would go out on a limb and suggest that the americans invented mass consumer credit, which lead to the information and communications revolution.

Comments

about this

[lenno-cornish.livejournal.com]

Ehhh. What do you actualy mean with this "mass consumer credit"? In fact we have already in use lots of consumer cards. So, tell me, man? :)

Re: about this

[watertank.livejournal.com]

I mean mortgages and credit cards.

Fannie Mae was established in 1938 to provide low-interest loans to middle-class Americans. Demand for its services took off after the WWII when the country got completely out of the Great Depression.

First credit cards became available to consumers in late forties, and in the fifties Bank of America introduced what is today known as Visa card.

Most of non-military computer hardware and applications were developed for the booming financial services industry. This is why I think that mass consumer credit lead to computer revolution.

Re: about this

[lenno-cornish.livejournal.com]

Hm. Quite unexptected approach, though I can understand it. Well - as for applications, I was surprised recently when I found that Linux Society maintains its own credit card project. I think it's also some kind of revolution. What do you think? I even wrote an article about it - you can read it in my blog. I will be glad to see your comment.

Re: about this

[watertank.livejournal.com]

I don't think that establishing a Linux Society credit card is a revolution. It's a me too project, especially, when compared to the pioneering work of Bank of America in the 50-s. I would even guess that Linux Society credit card is not doing that well: another niche financial product to serve fiscal conformists among techno non-conformists.
One of the real revolutions actually happened today: Apple announced that they will open APIs for their iPhone. This is big because it creates a whole new application space. Not a great invention, but a very significant innovation.

Cheers!