{"id":2651,"date":"2026-07-02T10:43:14","date_gmt":"2026-07-02T10:43:14","guid":{"rendered":"https:\/\/crosscountrymovingteams.com\/?p=2651"},"modified":"2026-07-02T10:43:14","modified_gmt":"2026-07-02T10:43:14","slug":"americas-250th-birthday-has-elon-musk-and-a-record-ipo-its-15th-had-alexander-hamilton-and-a-stock-market-bubble","status":"publish","type":"post","link":"https:\/\/crosscountrymovingteams.com\/?p=2651","title":{"rendered":"America\u2019s 250th birthday has Elon Musk and a record IPO. Its 15th had Alexander Hamilton \u2014 and a stock market bubble"},"content":{"rendered":"
\n

There are numerous parallels between Hamilton and Elon Musk, both visionary immigrants with grand ambitions, immense energy, and many overlapping ventures. Both were polarizing figures who attracted fierce opposition from those who saw their projects as dangerous concentrations of power.<\/p>\n

Read more The defense tech boom has become a bubble\u2014or it will be soon<\/a><\/p>\n

\u2018<\/h2>\n

July 4, 2026 marks not only the 250th anniversary of the Declaration of Independence but also \u2014 less celebrated \u2014 the 235th anniversary of the IPO for the Bank of the United States, both occurring in Philadelphia. Hamilton championed the bank as a necessary component for building a prosperous America with a stable financial system.<\/p>\n

\n
\n
<\/div>\n<\/div>\n<\/div>\n

The public offering was for share subscriptions called \u201cscript\u201d or \u201cscrip.\u201d The IPO on July 4, 1791 was oversubscribed, as SpaceX\u2019s was. George Washington saw it as a good sign:<\/p>\n

This, I believe, exceeds the expectation of the most sanguine among us \u2026 the whole number of shares were taken up, and four thousand more applied for than were allowed by the Institution \u2026 This circumstance was not only pleasing as it related to the confidence in Government; but as it exhibited an unexpected proof of the resources of our Citizens.<\/em><\/p>\n

Among Hamilton\u2019s many enemies was Thomas Jefferson, who preferred that America remain an agrarian society unsullied by finance and commerce. Jefferson took a different view of the oversubscribed IPO:<\/p>\n

\u2026 the bank filled and overflowed in the moment it was opened \u2026 it is impossible to say where the appetite for gambling will stop \u2026 As yet the delirium of speculation is too strong to admit sober reflection \u2026 I am afraid it is the intention to nourish this spirit of gambling \u2026<\/em><\/p>\n

\n
<\/div>\n<\/div>\n

Leverage is part of the story. The bank script was sold for $25 but represented $400 of equity; buyers owed the remaining $375 over two years. Many traders borrowed money to buy the script, piling leverage atop leverage. Similarly, in the case of SpaceX, at least 11 leveraged single-stock ETFs were introduced immediately after the IPO.<\/p>\n

\u2018<\/h2>\n

Script prices surged immediately after the IPO. Here\u2019s James Madison, writing from New York City on July 10:<\/p>\n

\n
\n
<\/div>\n<\/div>\n<\/div>\n

It seems admitted on all hands now that the plan of the institution gives a moral certainty of gain to the Subscribers with scarce a physical possibility of loss. \u2026 Nothing new is talked of here. In fact stockjobbing drowns every other subject. The Coffee House is in an eternal buzz with the gamblers.<\/em><\/p>\n

\n
<\/div>\n<\/div>\n

Madison\u2019s \u201cmoral certainty of gain\u201d echoes the current argument that SpaceX is a sure thing, given its near-monopoly on commercial space launch. SpaceX, we\u2019re told, holds a position that \u201cis nearly impossible to replicate\u201d and is \u201ctoo big to fail.\u201d<\/p>\n

\n
<\/div>\n<\/div>\n
\n
<\/div>\n<\/div>\n

\u2018<\/h2>\n

By August, the bubble had reached its peak, with the price rising from $25 to $200. Here\u2019s Dr. Benjamin Rush, a signer of the Declaration of Independence:<\/p>\n

The city of Philadelphia for several days has exhibited the marks of a great gaming house \u00a0 \u2026 The great speculators became talkative and communicative or dull, sullen, silent, and peevish. Genl. Stewart, who had just begun to deal in Script, said that he could not sleep at nights. Never did I see so universal a frenzy. Nothing else was spoken of in all companies, even by those who were not interested in it.\u00a0<\/em><\/p>\n

It excited febrile diseases in three persons who became my patients. In one of them, the acquisition of twelve thousand dollars in a few minutes by a lucky sale, brought on madness which terminated in death in a few days. The whole city felt the impulse of this paroxysm of avarice.\u00a0<\/em><\/p>\n

Read more How foodservice giant Sodexo is embracing AI and robotics to reshape the kitchen<\/a><\/p>\n

While I\u2019m unaware of any deaths caused by trading SpaceX, many of the other symptoms described by Rush seem relevant today. Then, as now, FOMO played a role:<\/p>\n

\n
\n
<\/div>\n<\/div>\n<\/div>\n
\n
<\/div>\n<\/div>\n

The late rise of paper and bank stock \u2026 has excited no small share of envy among those who might have made money by it, yet did not.<\/em><\/p>\n

The bubble ultimately collapsed, leading to the Panic of 1792. Here\u2019s Rush:<\/p>\n

\u2026 great distress prevails in New York. Men are often seen to weep in the streets.<\/em><\/p>\n

Many blamed William Duer, the Bernie Madoff of the 1790s. <\/p>\n

\n
<\/div>\n<\/div>\n

Once Hamilton\u2019s right-hand man at the Treasury, Duer was an embezzler who raised money for his financial schemes from widows, orphans, merchants, mechanics, and butchers, being a pioneer of \u201cdemocratizing finance.\u201d When it all came crashing down, Duer surrendered to the New York authorities for his own protection, as his investors were howling for his blood. Here\u2019s Jefferson:<\/p>\n

\u2026 all that stuff called scrip, of whatever description, was folly or roguery \u2026 It was reported here last night that there had been a collection of people round the place of Duer\u2019s confinement of so threatening an appearance as to call out the Governor and militia, and to be fired on by them: and that several of them were killed.\u00a0<\/em><\/p>\n

\n
\n
<\/div>\n<\/div>\n<\/div>\n

In fact, there were no fatalities. Duer spent the remainder of his life in debtors\u2019 prison, dying in 1799.\u00a0<\/p>\n

\u2018<\/h2>\n

Now, I\u2019m not predicting The Panic of 2027, with men weeping in the streets and leveraged ETF promoters in debtors\u2019 prison. But if 1791 reminds you of 2026, you\u2019ve got to be concerned. Let me conclude with a poem published at the height of the bubble:<\/p>\n

\n
<\/div>\n<\/div>\n

Touched by the wand of speculation,<\/em>
A frenzy runs throughout the nation;<\/em>
For soon or late, so truth advises,<\/em>
Things must assume their proper sizes \u2014<\/em>
And sure as death all mortals trips.<\/em>
Thousands will rue their faith in SCRIPS.<\/em><\/p>\n

\u201cThings must assume their proper sizes.\u201d I think there\u2019s a lot of wisdom in those words. Whatever ends up happening with SpaceX, AI, and the stock market, I\u2019m pretty sure that things will eventually assume their proper sizes.<\/p>\n

The opinions expressed in Fortune.com commentary pieces are solely the views of their authors and do not necessarily reflect the opinions and beliefs of <\/em>Fortune.<\/em><\/p>\n

Owen Lamont is a Senior Vice President and Portfolio Manager at Acadian Asset Management, where he writes the Owenomics column on behavioral finance and investor behavior.<\/em><\/p>\n

Read more Trump\u2019s 927-page disclosure is just a normal Tuesday for direct indexing and crypto wealth managers<\/a><\/p>\n

\n
\n
<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Dek: In 1791, a polarizing immigrant visionary sparked America’s first stock bubble on the nation’s 15th birthday. Is history rhyming, 235 years later?<\/p>\n","protected":false},"author":1,"featured_media":2650,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[119],"tags":[],"class_list":["post-2651","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-250-years-of-innovation"],"yoast_head":"\nAmerica\u2019s 250th birthday has Elon Musk and a record IPO. Its 15th had Alexander Hamilton \u2014 and a stock market bubble - Cross Country Moving Team<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/crosscountrymovingteams.com\/?p=2651\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"America\u2019s 250th birthday has Elon Musk and a record IPO. Its 15th had Alexander Hamilton \u2014 and a stock market bubble - Cross Country Moving Team\" \/>\n<meta property=\"og:description\" content=\"Dek: In 1791, a polarizing immigrant visionary sparked America's first stock bubble on the nation's 15th birthday. Is history rhyming, 235 years later?\" \/>\n<meta property=\"og:url\" content=\"https:\/\/crosscountrymovingteams.com\/?p=2651\" \/>\n<meta property=\"og:site_name\" content=\"Cross Country Moving Team\" \/>\n<meta property=\"article:published_time\" content=\"2026-07-02T10:43:14+00:00\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=2651#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=2651\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/#\\\/schema\\\/person\\\/1b8121bfb9a1c55d1fff3fca675fceaa\"},\"headline\":\"America\u2019s 250th birthday has Elon Musk and a record IPO. Its 15th had Alexander Hamilton \u2014 and a stock market bubble\",\"datePublished\":\"2026-07-02T10:43:14+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=2651\"},\"wordCount\":1048,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=2651#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/wp-content\\\/uploads\\\/2026\\\/07\\\/8261cdc2b2c9f9c9d57f67f8fe52255b.webp\",\"articleSection\":[\"250 Years of Innovation\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=2651#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=2651\",\"url\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=2651\",\"name\":\"America\u2019s 250th birthday has Elon Musk and a record IPO. Its 15th had Alexander Hamilton \u2014 and a stock market bubble - Cross Country Moving Team\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=2651#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=2651#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/wp-content\\\/uploads\\\/2026\\\/07\\\/8261cdc2b2c9f9c9d57f67f8fe52255b.webp\",\"datePublished\":\"2026-07-02T10:43:14+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/#\\\/schema\\\/person\\\/1b8121bfb9a1c55d1fff3fca675fceaa\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=2651#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=2651\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=2651#primaryimage\",\"url\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/wp-content\\\/uploads\\\/2026\\\/07\\\/8261cdc2b2c9f9c9d57f67f8fe52255b.webp\",\"contentUrl\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/wp-content\\\/uploads\\\/2026\\\/07\\\/8261cdc2b2c9f9c9d57f67f8fe52255b.webp\",\"width\":1200,\"height\":600},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=2651#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"America\u2019s 250th birthday has Elon Musk and a record IPO. Its 15th had Alexander Hamilton \u2014 and a stock market bubble\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/#website\",\"url\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/\",\"name\":\"Cross Country Moving Team\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/#\\\/schema\\\/person\\\/1b8121bfb9a1c55d1fff3fca675fceaa\",\"name\":\"admin\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/50b1ad2e498f523425ee0a8cc5180a210646db1622662a3d56cc405d3e0c346a?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/50b1ad2e498f523425ee0a8cc5180a210646db1622662a3d56cc405d3e0c346a?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/50b1ad2e498f523425ee0a8cc5180a210646db1622662a3d56cc405d3e0c346a?s=96&d=mm&r=g\",\"caption\":\"admin\"},\"sameAs\":[\"http:\\\/\\\/crosscountrymovingteams.com\"],\"url\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"America\u2019s 250th birthday has Elon Musk and a record IPO. Its 15th had Alexander Hamilton \u2014 and a stock market bubble - Cross Country Moving Team","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/crosscountrymovingteams.com\/?p=2651","og_locale":"en_US","og_type":"article","og_title":"America\u2019s 250th birthday has Elon Musk and a record IPO. Its 15th had Alexander Hamilton \u2014 and a stock market bubble - Cross Country Moving Team","og_description":"Dek: In 1791, a polarizing immigrant visionary sparked America's first stock bubble on the nation's 15th birthday. Is history rhyming, 235 years later?","og_url":"https:\/\/crosscountrymovingteams.com\/?p=2651","og_site_name":"Cross Country Moving Team","article_published_time":"2026-07-02T10:43:14+00:00","author":"admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"admin","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/crosscountrymovingteams.com\/?p=2651#article","isPartOf":{"@id":"https:\/\/crosscountrymovingteams.com\/?p=2651"},"author":{"name":"admin","@id":"https:\/\/crosscountrymovingteams.com\/#\/schema\/person\/1b8121bfb9a1c55d1fff3fca675fceaa"},"headline":"America\u2019s 250th birthday has Elon Musk and a record IPO. Its 15th had Alexander Hamilton \u2014 and a stock market bubble","datePublished":"2026-07-02T10:43:14+00:00","mainEntityOfPage":{"@id":"https:\/\/crosscountrymovingteams.com\/?p=2651"},"wordCount":1048,"commentCount":0,"image":{"@id":"https:\/\/crosscountrymovingteams.com\/?p=2651#primaryimage"},"thumbnailUrl":"https:\/\/crosscountrymovingteams.com\/wp-content\/uploads\/2026\/07\/8261cdc2b2c9f9c9d57f67f8fe52255b.webp","articleSection":["250 Years of Innovation"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/crosscountrymovingteams.com\/?p=2651#respond"]}]},{"@type":"WebPage","@id":"https:\/\/crosscountrymovingteams.com\/?p=2651","url":"https:\/\/crosscountrymovingteams.com\/?p=2651","name":"America\u2019s 250th birthday has Elon Musk and a record IPO. Its 15th had Alexander Hamilton \u2014 and a stock market bubble - Cross Country Moving Team","isPartOf":{"@id":"https:\/\/crosscountrymovingteams.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/crosscountrymovingteams.com\/?p=2651#primaryimage"},"image":{"@id":"https:\/\/crosscountrymovingteams.com\/?p=2651#primaryimage"},"thumbnailUrl":"https:\/\/crosscountrymovingteams.com\/wp-content\/uploads\/2026\/07\/8261cdc2b2c9f9c9d57f67f8fe52255b.webp","datePublished":"2026-07-02T10:43:14+00:00","author":{"@id":"https:\/\/crosscountrymovingteams.com\/#\/schema\/person\/1b8121bfb9a1c55d1fff3fca675fceaa"},"breadcrumb":{"@id":"https:\/\/crosscountrymovingteams.com\/?p=2651#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/crosscountrymovingteams.com\/?p=2651"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/crosscountrymovingteams.com\/?p=2651#primaryimage","url":"https:\/\/crosscountrymovingteams.com\/wp-content\/uploads\/2026\/07\/8261cdc2b2c9f9c9d57f67f8fe52255b.webp","contentUrl":"https:\/\/crosscountrymovingteams.com\/wp-content\/uploads\/2026\/07\/8261cdc2b2c9f9c9d57f67f8fe52255b.webp","width":1200,"height":600},{"@type":"BreadcrumbList","@id":"https:\/\/crosscountrymovingteams.com\/?p=2651#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/crosscountrymovingteams.com\/"},{"@type":"ListItem","position":2,"name":"America\u2019s 250th birthday has Elon Musk and a record IPO. Its 15th had Alexander Hamilton \u2014 and a stock market bubble"}]},{"@type":"WebSite","@id":"https:\/\/crosscountrymovingteams.com\/#website","url":"https:\/\/crosscountrymovingteams.com\/","name":"Cross Country Moving Team","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/crosscountrymovingteams.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/crosscountrymovingteams.com\/#\/schema\/person\/1b8121bfb9a1c55d1fff3fca675fceaa","name":"admin","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/50b1ad2e498f523425ee0a8cc5180a210646db1622662a3d56cc405d3e0c346a?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/50b1ad2e498f523425ee0a8cc5180a210646db1622662a3d56cc405d3e0c346a?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/50b1ad2e498f523425ee0a8cc5180a210646db1622662a3d56cc405d3e0c346a?s=96&d=mm&r=g","caption":"admin"},"sameAs":["http:\/\/crosscountrymovingteams.com"],"url":"https:\/\/crosscountrymovingteams.com\/?author=1"}]}},"_links":{"self":[{"href":"https:\/\/crosscountrymovingteams.com\/index.php?rest_route=\/wp\/v2\/posts\/2651","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/crosscountrymovingteams.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crosscountrymovingteams.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crosscountrymovingteams.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/crosscountrymovingteams.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2651"}],"version-history":[{"count":0,"href":"https:\/\/crosscountrymovingteams.com\/index.php?rest_route=\/wp\/v2\/posts\/2651\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crosscountrymovingteams.com\/index.php?rest_route=\/wp\/v2\/media\/2650"}],"wp:attachment":[{"href":"https:\/\/crosscountrymovingteams.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2651"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crosscountrymovingteams.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2651"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crosscountrymovingteams.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2651"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}