If you hear the phrase "The American Dream” and think of home ownership, or art certain lifestyle, you can thank the propagandist Edward Bernays.

In the early 20th century, borrowing money was stigmatized in the U.S. Taking out a personal loan was seen as a sign of failure or desperation, something only the reckless or destitute did. Banks mostly lent to businesses or the ultra-wealthy, not everyday folks. After the 1907 Panic and during the post-World War I economic boom, banks saw untapped potential in lending to the growing middle class but needed to overcome public distrust and moral objections. Enter Edward Bernays, who was hired by major banks and financial institutions, like New York’s National City Bank (a precursor to Citibank), to make personal loans not just acceptable but aspirational. His campaigns in the 1920s and early 1930s used Freudian psychology to reframe debt as a tool for achieving the “American Dream.”

Bernays made borrowing feel like freedom, turning banks into dream-enablers while hiding the debt trap in plain sight. His fingerprints are still on every loan or credit card ad that promises a better life.