Random Access MemoryRandom Access Memory (RAM) is a type of fast memory. The Central Processing Unit (CPU), the brain of a computer, relies on RAM. RAM exists to this day. Every computer, including smartphones, contains RAM. The “random” in RAM refers to its ability to access memory anywhere, instantly, unlike a disk drive that must search for … Continue reading "Random Access Memory"
Credit UnionLet it not be forgotten that a credit union is, above all else, an association of people, not dollars. Alphonse Desjardins Banks at the turn of the 20th century were for rich people. A.P. Giannini founded his Bank of Italy, later renamed Bank of America, in 1904 as a bank for everybody else. But it … Continue reading "Credit Union"
General Purpose CatalogBackground The general purpose catalog increased the selection and decreased the costs of small-town stores that could only afford to carry limited innovatory. Tiffany’s Blue Book is one of the oldest catalogs, from 1845. There were book, seed, and fabric catalogs in Europe dating back centuries. Ben Franklin created the first US catalog, for scientific … Continue reading "General Purpose Catalog"
SCUBAEarly bell suits that contained air hoses allowed people to function underwater. These bell diving suits were heavy and dangerous. Later systems relied upon compressed air and regulators, yet these were still large and impractical. In 1942 Nazi-occupied France, Frenchmen Cousteau and Gagnan invented the first practical underwater breathing apparatus, Aqua-Lung. In their system, called … Continue reading "SCUBA"
Instant MessagingSending instant messages by computer is fun and convenient. Moreover, text chatting is asynchronous, unlike voice or video. Accordingly, people need not communicate in real-time. Surprisingly, text messaging became extremely popular. The earliest instant messaging system designed for that purpose was “Talkomatic” and “term-talk” for the PLATO system. College students David Wooley and Doug Brown … Continue reading "Instant Messaging"
Offshore Oil DrillOffshore Drilling Units allow drilling for oil underwater. History Early patents describe over-water drilling wells that never worked. Thomas Rowland filed an 1869 patent for a “submarine drilling apparatus.” There are limited records showing submerged oil wells in 1891, in Grand Lake in Ohio. However, it wasn’t until 1894 that offshore exploration started in earnest. … Continue reading "Offshore Oil Drill"
Audion TubeThe Audion acts as an amplifier, transforming quiet electric signals into loud ones. Background In 1906, Lee de Forest invented the “three-electrode Audion” vacuum tube. In 1906, Lee de Forest invented the “three-electrode Audion” vacuum tube. The Audion acts as an amplifier, transforming quiet electric signals into loud ones. Originally de Forest wasn’t quite sure … Continue reading "Audion Tube"
Console Gaming SystemsConsole game systems are specialized computers that play games. Ralph Baer came up with the idea of a video-game system that connects to televisions in 1966. Magnavox agreed to manufacture and distribute his seventh prototype, in 1971, branded the Odyssey. Magnavox sold about 350,000 units, at the then steep price of $100, before discontinuing it … Continue reading "Console Gaming Systems"
Transcontinental RailroadBackground After much debate in Washington, DC, and with the civil war brewing, Judah presented a transcontinental railroad a “Think Big” project. Asa Whitney had lobbied for a western railroad starting in 1847 but got nowhere. Somehow, Judah cut through the other issues (especially slavery) to get attention and became a central plank of the … Continue reading "Transcontinental Railroad"
Heavy-Duty DC Motor / Trolley / SubwayFaraday proved an electric motor was possible but, like his many inventions, neither scaled the idea up nor commercialized it. Voltaic piles at that time were the sole source of electricity. Because they produced little electricity high-power motors seemed pointless. Background The new field of electricity interested Sprague, a Navy officer. While serving in the … Continue reading "Heavy-Duty DC Motor / Trolley / Subway"
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"
Bullet TrainsBullet trains are capable of travel at 300kph (186mph). They cost less to operate than aircraft and have a lower environmental impact. Japan invented bullet trains and started acquiring land for their super-fast train in the 1930s, before WWII. In 1959, they broke ground for the first bullet train, or Shinkansen as they’re called in … Continue reading "Bullet Trains"
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)"
FM RadioHistory In 1906, Lee de Forest invented the “three-electrode Audion” cathode ray tube. However, by his own admission, saw no use for it in radio. During his time at Columbia, Armstrong worked with Audion tubes and realized they could recycle a radio signal, amplifying it by sending it repeatedly through the tube. Further, by reversing … Continue reading "FM Radio"
Repo LoansRepo loans are a type of loan, typically from one bank to another, with a very short term for repayment. One day repo loans are common. Despite the name, “repo loans” have nothing to do with repossessions. Background Repo loans came about after the US finally chartered a single, all-powerful central bank in December 1913. … Continue reading "Repo Loans"