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Houston is a city whose very existence has always depended on wild speculation and boom-and-bust excess. Founded on a muddy mire in 1837 by two real estate-booster brothers from New York – their dream was to establish it as the capital of the new Republic of Texas – Houston was soon superseded by the more promising site of Austin, even while somehow establishing itself as a commercial center. Oil, discovered in 1901, became the foundation, along with cotton and real estate, of vast private fortunes, and over the next century wildly wealthy philanthropists poured cash into swanky galleries and … more »

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