Government Spending Is the Enemy of Progress

 It’s hard to imagine now, but Walt Disney’s idea for the theme park that became Disneyland was widely ridiculed. By his brother, by investors, even by his wife.

 
Build an amusement park in the farmland of Anaheim, CA? You must be joking!

Understand that the California of the 1950s in few ways resembled the one of today. What’s dense with roads, buildings, houses and people in modern times was largely empty then.

Looking back to the 1940s, legendary developer Mark Taper was turned down for loans required to build houses in southern California. The view from lenders was that after World War II, a decline in government spending would drive an exodus from the Golden State.

Which is why entrepreneurs are so crucial. They see what others don’t see. Arguably the best definition of an entrepreneur is someone who believes deeply in something that’s almost uniformly ridiculed by others. Entrepreneurs, along with the intrepid financiers who make their speculation possible, bring the future into the present.

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Πηγή: realclearmarkets.com