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This was recorded a few weeks ago, before the death of Nelson Mandela:
In order to be rich, it is not sufficient to have once saved and accumulated capital. It is necessary to invest it again and again in those lines in which it best fills the wants of the consumers. The market process is a daily repeated plebiscite, and it ejects inevitably from the ranks of profitable people those who do not employ their property according to the orders given by the public.
On October 1, 1908, Ford produced the first Model T at a plant in Detroit. The auto could travel 40 miles per hour and ran on gasoline or hemp-based fuel. (As oil prices fell, Ford phased out the hemp option.) The Model T was the first car designed for a mass market, rather than as a luxury item. By 1927, Ford would build some 15 million Model T cars – the longest production run of any car model until the Volkswagen Beetle surpassed it in 1972.
On October 1, 1918, Lawrence of Arabia (T.E. Lawrence) helped lead a combined Arab and British force that captured Damascus from the Turks during World War I.