The debt ceiling traces its roots to 1902. The US government wanted to build the Panama Canal and needed to ask Congress for authorization to borrow specifically for that project. During World War I, requesting such authorization on a project-by-project basis became too cumbersome to fund the war effort. To ease that burden, Congress passed…

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I just finished reading a fascinating excerpt from the book “The Psychology of Money.” In the article, the author, Morgan Housel, lays out the argument that the skills needed to gain vast sums of money are very different than the skills needed to retain and protect wealth. Specifically, Housel says: Capitalism is hard. But part…

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