Morgan Housel

We learned that it's a dirty word after Hitler and World War II, but back then people were like,

Let's give it a shot.

Sounds good.

Democracy capitalism didn't work.

In 1932, most people would have agreed with that, even if we have a different view in hindsight.

But in 1932, most people woke up and were like, fascism, let's give it a shot.

Let's give it a whirl.

And people were so upset with the current system that they're willing to try anything.

And we tried a lot, the New Deal.

I mean, there was a lot of new trying new things in that era.

But a lot of extreme views and a lot of anger and whatnot.

And it would have sounded preposterous if in 1932, I said, hey, I'm from the future.

And by the 1950s, you guys are all gonna love each other and have amazing faith in government, and it's gonna be very calm and peaceful.

People said, you're out of your mind.

And in the 1950s, if I said, I'm from the future,

And by the 1970s, between Vietnam and Watergate, trust in government is going to collapse and we're going to be hanging on by our fingernails to a shred of legitimate government.

People would have said, what?

No, federal government, that would have sounded preposterous.

If in the 1970s, I said, hey, I'm from the future.

By the 1990s, we're going to have balanced budgets and peace and tranquility.