1982: The Wall Street Journal reports that Richard I. Sichel, a respected portfolio manager at New Jersey National Bank, is keeping 30% of his equity funds in cash and considers high-grade bonds "the best investment." Warns Sichel: "There's still room for disappointment on corporate earnings and the [Dow Jones] industrial average might hit the low 700s." The Dow closes the day at 792.43, never comes near the low 700s again, and finishes the year at 1046.54.

Victor J. Hillery, "Some Managers Adding to Equities to Take Advantage of Low Prices," The Wall Street Journal, August 16, 1982, p. 33

1922: The nation's first "toll station," or commercial broadcaster, opens as AT&T launches its WEAF radio station in New York City. "Radio Dealer," a leading trade publication, denounces AT&T for its "mercenary advertising purposes," predicting a "man-sized vocal rebellion" among the users of free air time. A 10-minute block of air time on WEAF costs $50, and nearly two weeks passes before anyone buys any. But soon after, ads are everywhere on radio.

Erik Barnouw, The Sponsor: Notes on a Modern Potentate (Oxford University Press, New York, 1978), p. 15.