McDuck's Account Talk

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Iconic daredevil Evel Knievel dies at 69

By MITCH STACY, Associated Press WriterSat Dec 1, 2:59 PM ET

Evel Knievel's hard life killed him — it just took longer than he or anyone else might have expected.

The hard-living motorcycle daredevil, whose bone-breaking, rocket-powered jumps and stunts made him an international icon in the 1970s, died Friday. He was 69.

He had been in failing health for years, suffering from diabetes and pulmonary fibrosis, an incurable condition that scarred his lungs. He had undergone a liver transplant in 1999 after nearly dying of hepatitis C, likely contracted through a blood transfusion after one of his many spills. He also suffered two strokes in recent years.

Longtime friend and promoter Billy Rundle said Knievel had trouble breathing at his Clearwater condominium and died before an ambulance could get him to a hospital.
"It's been coming for years, but you just don't expect it. Superman just doesn't die, right?" said Rundle, organizer of the annual "Evel Knievel Days" festival in the daredevil's Butte, Mont., hometown.

Knievel's son Kelly, 47, said he had visited his father in Clearwater for Thanksgiving.
"I think he lived 20 years longer than most people would have" after so many injuries, Kelly Knievel said. "I think he willed himself into an extra five or six years."

Immortalized in the Washington's Smithsonian Institution as "America's Legendary Daredevil," Knievel was best known for a failed attempt to jump an Idaho canyon on a rocket-powered cycle and a spectacular crash at Caesar's Palace in Las Vegas. He suffered nearly 40 broken bones before he retired in 1980.

For the tall, thin daredevil, the limelight was always comfortable, the gab glib. There always were mountains to climb, feats to conquer.

"No king or prince has lived a better life," he told The Associated Press in May 2006. "You're looking at a guy who's really done it all. And there are things I wish I had done better, not only for me but for the ones I loved."

He garbed himself in red, white and blue and had a knack for outrageous yarns: "Made $60 million, spent 61. ...Lost $250,000 at blackjack once. ... Had $3 million in the bank, though."

Knievel's career began to take a downturn in 1977 after he was sentenced to six months in jail for attacking former television executive Sheldon Saltman with a baseball bat. Saltman, whose left arm and wrist were shattered, told The Associated Press on Saturday that he hoped Knievel was "at peace."

"I've always felt pity for him," said Saltman, 76, who still has a $12.75 million judgment pending against Knievel that, with interest, he estimates has grown to more than $100 million.

"He was a true daredevil, but he basically was not a good human being," Saltman said.

Knievel said after the attack that he had been offended by Saltman's book "Evel Knievel On Tour."

Saltman, who maintains he never meant to offend, said Saturday he would not drop the judgment and plans to go after Knievel's estate.

Knievel had enjoyed a resurgence in popularity in recent years. He made a good living selling autographs and endorsing products. Thousands came to Butte every year as his legend was celebrated during "Evel Knievel Days."

"They started out watching me bust my ass, and I became part of their lives," Knievel said. "People wanted to associate with a winner, not a loser. They wanted to associate with someone who kept trying to be a winner."

Two days before his death, it was announced that he and rapper Kanye West had settled a federal lawsuit over the use of Knievel's trademarked image in a popular West music video.

He began his daredevil career in 1965 when he formed a troupe called Evel Knievel's Motorcycle Daredevils, a touring show in which he performed stunts such as riding through fire walls, jumping over live rattlesnakes and mountain lions and being towed at 200 mph behind dragster race cars.

In 1966 he began touring alone, barnstorming the West and doing everything from driving the trucks, erecting the ramps and promoting the shows. In the beginning he charged $500 for a jump over two cars parked between ramps.

He steadily increased the length of the jumps until, on New Year's Day 1968, he was nearly killed when he jumped 151 feet across the fountains in front of Caesar's Palace. He cleared the fountains but the crash landing put him in a coma for a month.

His son Robbie Knievel followed in his father's daredevil footsteps and successfully completed the same jump in April 1989.

In the years after the crash, the fee for the elder Knievel's performances increased to $1 million for his jump over 13 buses at Wembley Stadium in London — the crash landing broke his pelvis — to more than $6 million for the Sept. 8, 1974, attempt to clear the Snake River Canyon in Idaho in a rocket-powered "Skycycle."

The parachute malfunctioned and deployed after takeoff. Strong winds blew the cycle into the canyon, landing him close to the swirling river below.

On Oct. 25, 1975, he jumped 14 Greyhound buses at Kings Island in Ohio.

Knievel decided to retire after a jump in the winter of 1976 in which he was again seriously injured. He suffered a concussion and broke both arms in an attempt to jump a tank full of live sharks in the Chicago Amphitheater. He continued to do smaller exhibitions around the country with his son, Robbie.

Many of his records have been broken by daredevil motorcyclist Bubba Blackwell.
Knievel also dabbled in movies and TV, starring as himself in "Viva Knievel" and with Lindsey Wagner in an episode of the 1980s TV series "Bionic Woman." George Hamilton and Sam Elliott each played Knievel in movies about his life.

Evel Knievel toys accounted for more than $300 million in sales for Ideal and other companies in the 1970s and '80s.

Born Robert Craig Knievel in the copper mining town of Butte on Oct. 17, 1938, Knievel was raised by his grandparents. He traced his career choice back to the time he saw Joey Chitwood's Auto Daredevil Show at age 8.

Knievel also worked in the Montana copper mines, served in the Army, ran his own hunting guide service, sold insurance and ran Honda motorcycle dealerships. At various times and in different interviews, Knievel claimed to have been a swindler, a card thief, a safe cracker, a holdup man.

Evel Knievel married his hometown girlfriend, Linda Joan Bork, in 1959. They separated in the early 1990s. They had four children, Kelly, Robbie, Tracey and Alicia.
Robbie Knievel followed in his father's footsteps as a daredevil, jumping a moving locomotive in a 200-foot, ramp-to-ramp motorcycle stunt on live television in 2000. He also jumped a 200-foot-wide chasm of the Grand Canyon.

Knievel lived with his longtime partner, Krystal Kennedy-Knievel, splitting his time between their Clearwater condo and Butte. They married in 1999 and divorced a few years later but remained together. Knievel had 10 grandchildren and a great-grandchild.

Copyright © 2007 The Associated Press.
 
Re: Greg's Account Talk

Chart provided courtesy of www.sentimentrader.com via Tom
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Re: Greg's Account Talk

http://www.reuters.com/article/businessNews/idUSN0544897520071206

House prices seen falling 30 pct
Thu Dec 6, 2007 6:41am EST

By Julie Haviv

NEW YORK (Reuters) - Housing markets from Punta Gorda, Florida, to Stockton, California, will crash and suffer price drops of more than 30 percent before the housing crisis is over, a report from Moody's Economy.com said on Thursday.

On a national level, the housing market recession will continue through early 2009, said the report, co-authored by Mark Zandi, chief economist, and Celia Chen, director of housing economics.

The report paints a worsening picture of the hard-hit housing sector, which is in the midst of its worst downturn since World War II.

While activity will stabilize in 2009, it will not be until 2010 before a measurable improvement in sales, construction and pricing will emerge, the report said.

House prices are forecast to fall 13 percent from their peak through early 2009. After accounting for incentives home sellers are offering buyers, effective declines peak-to-trough will total well over 15 percent, the report said.

Punta Gorda, Florida, and Stockton, California, are the hardest hit markets in the U.S., with price declines from peak-to-trough forecast at 35.3 percent and 31.6 percent, respectively.

"This is the most severe housing recession since the post-World War II period," Zandi told Reuters.

These markets have been hard hit due to several reasons, namely the exiting of investors from the areas, a fair amount of subprime mortgage loans causing an increase in foreclosures and overbuilding by home builders, Zandi told Reuters.

Home sales, however, should hit a bottom in early 2008, which will mark a 40 percent drop from peak-to-trough.

"The housing market's most fundamental problem is it is awash in unsold inventory," the report said.

In addition, the housing downturn will take a large toll on the rest of the economy. During the height of the boom in 2004-05, housing contributed nearly a percentage point to annual real gross domestic product, or GDP, growth.

In the current downturn, housing will subtract more than one percentage point from U.S. economic growth this year, and a percentage point and a half in 2008, with the effect on growth seen most pronounced next spring and early summer.

"The intensifying housing recession is expected to weigh on the broader economy, but not break it," the report said.

The Moody's Economy.com's report, titled "Aftershock: Housing in the Wake of the Mortgage Meltdown," said that when house prices hit their nadir, some 80 of the nation's 381 metropolitan areas will experience a double-digit peak-to-trough price decline.

Price declines, however, will vary in degree throughout the nation, with more than a 15 percent peak-to-trough expected around Washington and Detroit.

Significant declines are also expected throughout most of Arizona, California, Florida and Nevada. During the housing market's heyday, speculative activity was rampant in these areas, causing prices to surge much higher than other regions.

The Northeast corridor, and markets such as Boise, Idaho, along with Denver and Salt Lake City, will experience between 5 percent and 15 percent declines. In the rest of the industrial Midwest and parts of the Mountain and Pacific Northwest, prices will fall more modestly.

While some point to rising default rates in the subprime mortgage market, which caters to borrowers with poor credit histories, as the root cause of the problems plaguing the housing market, Moody's Economy.com said an unwieldy supply of unsold homes is the prime factor.

The U.S. Census Bureau said that, as of the third quarter of 2007, there were close to 2.1 million vacant unsold homes for sale, equal to 2.6 percent of the stock of owner-occupied homes.

A well-functioning housing market has a substantial amount of inventory, but in the quarter century between the early 1980s and mid-2000s, the vacancy rate stayed near 1.7 percent.

The difference between the two vacancy rates provides a good estimate of the amount of excess inventory in the market, which currently totals nearly 750,000 homes and is by far the highest level of excess inventory in the post-World War II period, Moody's Economy.com said.

Moody's Economy.com, which is based in West Chester, Pennsylvania, is an independent subsidiary of Moody's Corp and provides economic research and consulting services to businesses, governments and other institutions.

© Reuters2007All rights reserved
 
Re: Greg's Account Talk

0712.jpg


Does anybody think that it might be wise to go to the G-fund tomorrow for a week or so?

If you have made a ton of profits the past couple of weeks then I definitely would. 50 basis pts is already priced in when the Fed cuts. God forbid the Fed should only cut 25 and the market sells off hard. You can forget about those technicals we just took out to the upside. Europe sold off on the news of a 25 basis rate cut today and the sentiment was about 50% on a cut even happening. Chances are, we may selloff on the rate cut as well.

So yes, I dont think its a bad idea to take profits here because if you played the market and waited out the damage on that textbook 10% correction in late Oct.-late Nov. and went long just after, about 8 trading sessions back, then your up alot of money already. I'd expect some profit taking coming up shortly. Just my opinion
 
Re: Greg's Account Talk

End of the line for CompUSA

103 stores to be sold or closed after holiday sales

Associated Press
Saturday, December 8, 2007

(12-08) 04:00 PST Dallas -- - Consumer electronics retailer CompUSA said Friday that it will go out of business after the holidays following sale of the company to Gordon Brothers Group LLC, a restructuring firm. Financial terms weren't disclosed.

CompUSA of Dallas operates 103 stores, which plan to run store-closing sales during the holidays.

Privately held CompUSA, controlled by Mexican financier Carlos Slim Helu's Grupo Carso SA, said discussions were under way to sell certain stores in key markets. Stores that can't be sold will be closed.

Gordon Brothers will also try to sell the company's technical services business, CompUSA TechPro, and its online business, CompUSA.com. It would be up to the buyers whether to continue the CompUSA name.

CompUSA has struggled for nearly a decade with falling prices on personal computers, its most important product, and competition from big-box retailers such as Best Buy.

The slowing growth in computer sales has affected other companies.

Dell Inc.'s U.S. consumer sales fell 26 percent in the first half of this year, which could have accelerated the PC-maker's announcement this week that it will sell machines at Best Buy.

CompUSA was founded in 1984 as software seller Soft Warehouse, then branched out into computers. It took on the CompUSA name and went public in 1991. It bought Tandy's Computer City chain.

Slim bought his first stake in the company in 1999 and took it private the next year in an $800 million buyout. The chain went through several CEOs and tried different turnaround strategies, such as a move this year to focus on core customers such as gadget lovers and small-business owners.

CompUSA closed more than half its stores this spring and got a cash infusion of $440 million to restructure.

During the wind-down, Bill Weinstein and Stephen Gray, managing partner at CRG Partners, will run the company. The chain's current chief executive, Roman Ross, will serve in an advisory role, CompUSA said.

Gordon Brothers created an affiliate, Specialty Equity LLC, to handle the deal. DJM Realty, a Gordon Brothers Group affiliate, will review leases of CompUSA's store locations.

http://sfgate.com/cgi-bin/article.cgi?f=/c/a/2007/12/08/BU3ETQI3S.DTL
© 2007 Hearst Communications Inc.
 
Re: Greg's Account Talk

I went 100% C-fund on 11/14 COB when it was $16.54 per share.

I went 100%-G yesterday because the Seasonality chart says that we should now have 3 or 4 down days. I got out of the C-fund when it was $17.08 which is up 3.2% from when I purchased it. After I was already in the C-fund I started reading Griffin's comments and staying in rather than chasing. I appreciate his insight, of course he made more $% because I did not follow his exact moves.

I think I will go 100%S-fund on Friday or Monday and stay there until after the New Year or until Griffin says something different.
 
Re: Greg's Account Talk

S&P 500 YTD

SP500_YTD_071211.jpg


Price Support Pivot Point Resistance
1477.65 1444.82 1492.40 1539.98
 
Re: Greg's Account Talk

I did a IFT this afternoon to 50G 25C 25S effective tomorrow 12/14 COB.

I went 100%-G yesterday because the Seasonality chart says that we should now have 3 or 4 down days. I got out of the C-fund when it was $17.08 which is up 3.2% from when I purchased it. After I was already in the C-fund I started reading Griffin's comments and staying in rather than chasing. I appreciate his insight, of course he made more $% because I did not follow his exact moves.

I think I will go 100%S-fund on Friday or Monday and stay there until after the New Year or until Griffin says something different.
 
Re: Greg's Account Talk

Your seasonality charts are cool - Do you have one posted for each month?

I just started this month. I did go back and do it for last month. I don't think that it followed the seasonality but last month was odd because of the sub-prime mortgage problems.

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Re: Greg's Account Talk

You are right, they don't really match well - just IMHO. Things being normal, perhaps then a closer match - but still waiting for that!! My hope is next week things return to more normal (average) conditions - it is Christmas, for God's sake!
VR.
 
Re: Greg's Account Talk

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$45 trillion gap seen in US benefits


By MARTIN CRUTSINGER, AP Economics WriterMon Dec 17, 6:49 PM ET

The government is promising $45 trillion more than it can deliver on Social Security, Medicare and other benefit programs.

That is the gap between the promises the government has made in benefits and the projected revenue stream for these programs over the next 75 years, the Bush administration estimated Monday.

The $45.1 trillion shortfall has increased by nearly $1 trillion in just one year, according to the administration's "Financial Report of the United States Government" for 2006. And, it's up 67.8 percent in just the past four years. In 2003, the shortfall between promised benefits and revenue sources over a 75-year period was put at $26.9 trillion.

The shortfall includes Social Security and Medicare in addition to Railroad Retirement and the Black Lung program.

When the gap in funding social insurance programs is added to other government commitments, the total shortfall as of Sept. 30 represented $53 trillion, up more than $2 trillion in just a year, the report said.

"Our government has made a whole lot of promises in the long-term that it cannot possibly keep," Comptroller General David M. Walker, the head of the Government Accountability Office, said Monday.

Members of Congress said the increase in the unfunded liability for Social Security and Medicare underscored the critical urgency to do something in light of the looming retirement in coming years of 78 million baby boomers.

"The longer we delay action on the issue of entitlement reform, the more difficult the solution will become," said Sen. Judd Gregg, the top Republican on the Senate Budget Committee.

Rep. Jim Cooper, D-Tenn., said the new report emphasized the need to enact legislation he is supporting that would create a bipartisan commission to make recommendations on overhauling benefit programs and then submit those recommendations to an up-or-down vote in Congress.

"If we don't take action now, it threatens to destroy our social safety net and ruin our economic prosperity," Cooper said in a statement.

The new report said that the federal budget deficit would have been 69 percent higher than the $162.8 billion reported two months ago if the government had used the same accounting methods as private companies. Under the accrual method of accounting, the deficit would have totaled $275.5 billion for the fiscal year ending Sept. 30.

Under the accrual method of accounting, expenses are recorded when they are incurred rather than when they are paid. That raises the costs for liabilities such as pensions and health insurance. The new report was released by the Treasury Department and the president's Office of Management and Budget.

The $275.5 billion deficit under the accrual method of accounting was still down by 38.7 percent from the deficit under this accounting method the previous year, when it totaled $449.5 billion.

The deficit on a cash-flow basis of $162.8 billion represented the lowest imbalance in five years. The administration noted the decline in the deficit under both measurements.

"The 2.6 trillion in record-breaking revenues that flowed into the Treasury this year reflect a healthy economy," Treasury Secretary Henry Paulson said in a statement accompanying the new report.

But officials warned that something must be done to address the significant shortfall in the government's largest benefit programs for Social Security and Medicare.

"Reducing the deficit in the short-term will put us in a better position for dealing with the longer-term entitlement issue, which can only be characterized as an oncoming fiscal train wreck," said OMB Director Jim Nussle.

Congress ordered the government a decade ago to start issuing annual reports using the accrual method of accounting in an effort to show the finances in a way that was comparable with the private sector.

As it has for every report, the GAO, Congress' auditing arm, said it could not sign off on the books because of problems at various agencies, most notably the Defense Department. ___

On the Web:

Annual financial report: http://www.fms.treas.gov/fr/index.html

Copyright © 2007 The Associated Press.
 
Re: Greg's Account Talk

Ominous future for the US. I have listened to David Walker for years warning about the impending fiscal disaster facing us. He seems to be the only one in government with enough integrity to actually come out and say so. Congress and the President are spending us into oblivion. Taxpayers are also to blame - everyone demands that whatever ails society, from hurricanes to ADHD to bailing us out for taking out stupid loans (as with the current sub-prime mess), the government (i.e., everyone else) should bail them out. All without raising taxes. If we are looking for who is to blame, just look in the mirror!
 
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