So could it be done today? Would it be worth doing today?
Good MRC article:
…But Flagler invested at a time when there was no federal income tax or tax on profits, so he could easily afford great risk and very patient capital investment. He not only built Key West, he invested throughoutFlorida, and was a driving force in converting a minimally inhabited and minimally inhabitable swamp into a thriving state providing millions of jobs.
Today, everything Flagler did would be impossible due to hundreds of bureaucratic agencies’ thousands of laws, rules, regulations, licenses, interminable delays. It would be infinitely safer and more attractive for a man like Flagler to merely hoard his wealth and enjoy long years of leisurely retirement or to invest his capital outside theU.S.or in tech companies that place most of their jobs outside theU.S.– which is what the Henry Flaglers of today do. Warren Buffet recently bought a railroad, but that’s a very rare Flagler-like move these days.
Read the whole thing at Media Research Center