CEO Lanni Leaves MGM Mirage

MGM's CEO Lanni is leaving MGM Mirage:

http://www.reuters.com/article/marketsNews/idINN1338744220081113

Jim Murren will likely replace him. Here is an old transcript of a 1998 interview with Murren:

http://www.fool.com/foolaudio/transcripts/980813_mgg.htm

Mr. Murren seems much more candid than Mr. Lanni. Earlier this year, I posted a review of the 2008 MGM shareholder meeting--see 2008 MGM Shareholder Meeting--in which Mr. Lanni seemed far too sunny and upbeat about his casino's prospects. You can't blame the man for trying, though.

I hope next time I'm in Vegas, I won't get a horse's head in my hotel room after this blog entry. An experienced dealer in Reno once told me, "Back when the mob was running Nevada, things ran much more smoothly." I bet.

General Electric at 12 Year Low

General Electric (GE) stock hasn't been this low since July 1, 1996. GE stock went as low as 14.58 per share today.

Yesterday, the stock tanked because the federal government suddenly reversed course and said it would not be buying bad debts. GE issues debt and also owns various financial subsidiaries, including insurance companies. Absent a government guarantee, various pieces of GE's financial portfolio would be less attractive to buyers. However, GE immediately issued a press release noting that the Federal Deposit Insurance Corporation approved GE Capital Corp. to participate in the Temporary Liquidity Guarantee Program--meaning up to $139 billion in short and long-term debt is going to be guaranteed by the federal government. (See AP article.) I guess when one door closes, another opens.

Today, GE's stock tanked because of rumors that GE was cutting its dividend, which stands at a hefty 7%. GE denied the rumors, but its stock fell anyway.

I am a major buyer at these levels. I picked up three thousand shares yesterday and just bought another thousand shares this morning at around 15.24 per share. My average buy price is around 16.25 per share.

Update on November 13, 2008: I sold my 4000 shares of GE at 16.74 today. Had I waited just five more minutes, I could have sold my shares at 16.90, meaning I would have made another $600+. That's fine--I'm not greedy. GE stock closed today at 16.86. It will probably go up more tomorrow, but I had too much invested to sleep comfortably if I held my shares overnight.

If you go back and look at my "Stocks Update" posts, you can view my short-term trading record. I also sold the GOOG and AMAT shares I bought yesterday.

The information on this site is provided for discussion purposes only and does not constitute investing recommendations. Under no circumstances does this information represent a recommendation to buy or sell securities or make any kind of an investment. You are responsible for your own due diligence.

Techcrunch on Yahoo

Yahoo's share price is almost in the single digits:

Techcrunch

It's like watching a train wreck. Susan Decker needs to call Warren Buffett and get some advice.

Buying Opportunity?

If you are a high risk trader, today's volatility might create a good entry point for short and long term trades.

Today, I bought GE, AMAT, and GOOG. My largest purchases were in GE--I now own over 3000 shares of GE at around 16.55 a share.

Traders still have twenty five minutes to buy (or sell) before the market close.

The information on this site is provided for discussion purposes only and does not constitute investing recommendations. Under no circumstances does this information represent a recommendation to buy or sell securities or make any kind of an investment. You are responsible for your own due diligence.

California's Ailing Government

The AP's Judy Lin reports that California faces a $28 billion deficit:

SJ Mercury

And the hits just keep on coming...

Famous Speeches

Here is a website with transcripts and some audio/video of famous speeches:

http://www.americanrhetoric.com/speechbank.htm

Here is a speech by Barbara Jordan--before Obama, Barbara Jordan spoke of change:

http://www.americanrhetoric.com/speeches/barbarajordan1992dnc.html

And here is the text of one of my favorite speeches, by Barry Goldwater:

http://www.americanrhetoric.com/speeches/barrygoldwater1964rnc.htm

We see in private property and in economy based upon and fostering private property, the one way to make government a durable ally of the whole man, rather than his determined enemy. We see in the sanctity of private property the only durable foundation for constitutional government in a free society. And -- And beyond that, we see, in cherished diversity of ways, diversity of thoughts, of motives and accomplishments. We don't seek to lead anyone's life for him. We only seek -- only seek to secure his rights, guarantee him opportunity -- guarantee him opportunity to strive, with government performing only those needed and constitutionally sanctioned tasks which cannot otherwise be performed...

Balance, diversity, creative difference: These are the elements of the Republican equation. Republicans agree -- Republicans agree heartily to disagree on many, many of their applications, but we have never disagreed on the basic fundamental issues of why you and I are Republicans.

This is a Party. This Republican Party is a Party for free men, not for blind followers, and not for conformists.

That's from 1964, back when Republicans knew what they stood for. How will the GOP recover from its 2008 defeat? All they have to do is look at the not-too-distant past for answers.

________________

Here's a link for the lawyers--speeches by U.S. Supreme Court Justices:

http://www.supremecourtus.gov/publicinfo/speeches/speeches.html

How Did You Vote?

This is the Ron Clark Academy presidential debate. Gotta love the token white guy.

Lyrics to “You Can Vote However You Like”

Obama on the left
McCain on the right
We can talk politics all night
And you can vote however you like
I said, you can vote however you like, yeah

Democratic left
Republican right
November 4th we decide
And you can vote however you like
I said, you can vote however you like, yeah

(McCain supporters)
McCain is the man
Fought for us in Vietnam
You know if anyone can
Help our country he can
Taxes droppin' low
Don't you know oil's gonna flow
Drill it low
I’ll show our economy will grow
McCain’s the best candidate
With Palin as his running mate
They’ll fight for gun rights, pro life,
The conservative right
Our future is bright
Better economy in sight
And all the world will feel our military might

(Obama supporters)
But McCain and Bush are real close right
They vote alike and keep it tight
Obama’s new, he’s younger too
The Middle Class he will help you
He’ll bring a change, he’s got the brains
McCain and Bush are just the same
You are to blame, Iraq’s a shame
Four more years would be insane

Lower your Taxes - you know Obama won’t
PROTECT THE LOWER CLASS - You know McCain won’t!
Have enough experience - you know that they don’t
STOP GLOBAL WARMING - you know that you won’t

I want Obama
FORGET OBAMA
Stick with McCain and you’re going to have some drama
We need it
HE’LL BRING IT
He’ll be it
YOU’LL SEE IT
We’ll do it
GET TO IT
Let’s move it
DO IT!

Obama on the left
McCain on the right
We can talk politics all night
And you can vote however you like
You can vote however you like, yeah

Democratic left
Republican right
November 4th we decide
And you can vote however you like, I said
You can vote however you like, yeah

I’m talking big pipelines, and low gas prices
Below $2.00 that would be nice

But to do it right we gotta start today
Finding renewable ways that are here to stay

I want Obama
FORGET OBAMA,
Stick with McCain you gonna have some drama
MORE WAR IN IRAQ
Iran he will attack
CAN’T BRING OUR TROOPS BACK
We gotta vote Barack!

Obama on the left
McCain on the right
We can talk politics all night
And you can vote however you like, I said
You can vote however you like, yeah

Democratic left
Republican right
November 4th we decide
And you can vote however you like, I said
You can vote however you like, yeah