Saturday, May 9, 2009: 9 out of 13 banks going through the Federal Governments's stress test did not need to take more money.
Monday, May 11, 2009: Over the last 10 years, nearly 2 out of 3 actively managed mutual funds underperformed their category benchmarks after fees and taxes.
Tuesday, May 12, 2009: President Obama's top antitrust official announced that the administration would restore an aggressive enforcement policy against corporations that use their market dominance to elbow out competitors or to keep them from gaining market shares. This is a direct reverse of President Bush's administration's approach, which strongly favored defendants against antitrust claims. It returns to a policy that led to the landmark antitrust lawsuits against Microsoft and Intel in the 1990s.
Many smaller companies complaining of abusive practices by their larger rivals were so frustrated by the Bush administration's antitrust policy that they went to the European Commission and to Asian authorities. May 13, 2009, the European Union regulators slapped Intel with a $1.45 billion fine today for unfair antitrust actions undermining rival chip maker AMD.
Wednesday, May 13, 2009: April home foreclosures shocked everyone with a 32% increase over the year before and 1% higher than last March's record breaking levels. There was a record 342,000 foreclosures. More than 1.3 million homes have now been foreclosed on since the market meltdown began in August 2007. The top 10 states were in order highest to lowest: Nevada, Florida, California, Arizona, Idaho, Utah, Georgia, Illinois, Colorado and Ohio. Hooray, Michigan is not #1 in something!
The stock markets lost money for the last 3 days. It will be very interesting to see how the stock markets react as we get closer to General Motor's Chapter 11 filing deadline, June 1, 2009. I plan to be very careful for the next 4 weeks.
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