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On this day in 1955, in the city of Des Plaines, Illinois, a great American institution began. And, like most successful American institutions it made no sense on paper and was started by the illogical. It was a fast food restaurant.
It was not started by some hotshot kid but, rather, by a 55-year-old guy who previously sold blenders for making milkshakes. The year before, on one of his sales trips to California he noticed a drive-in that was doing more business than any other. He itemized its features, it was clean, service was fast, food was uniform. And the fries....they were like nobody else's.
That's when he discovered that they always left on a tiny bit of potato skin in each batch so that the flavor transferred in the frying. Knowing that you probably could not start a nationwide chain of "French Fry Joints" he asked the owners, a certain couple of brothers named McDonald, if he could possibly franchise their fast food hamburger joint.
His name was Ray Kroc and the rest is history. Luckily, he didn't have to apply to the SBA. (Yeah! Sure, Mr. Kroc, just what this country needs, another hamburger joint. How ya gonna make any money. Ain't-cha got any sense of business??)
Many thanks to Mr. Cashin and UBS Financial Services who graciously allow his historical musings to be republished on this site. To enjoy more of Art's posts simply click on "Cashin's Comments" in the label section on the sidebar.