• Government to get majority stake in GMAC, invests yet another $7.5 billion ( Bloomberg )

  • California falls deeper in budgetary crisis: major propositions voted down ( Bloomberg )

  • Japan economy collapses 15.2% in Q1 on export slide ( Reuters and Bloomberg )

  • Martin Wolf: The crisis is a moment but is it a defining one? ( FT )

  • The next failed German automotive merger: Continental - Schaeffler ( Bloomberg )

  • Has gold been manipulated? ( Seeking Alpha )

  • Jack Welch joins the Obama-Chrysler criticism bandwagon ( Bloomberg )

  • Where are the natural buyers? ( Big Picture )

  • CLO funds fail asset tests as downgrades accelerate ( Bloomberg )

  • Why government can't run a business ( WSJ )

  • Baum: Economists stuck in the 30s need a decade update ( Bloomberg )

  • Deere Q2 profit tumbles 42% ( AP )

  • What will change about credit cads? ( The Atlantic )

  • $42 billion in automotive pensions unfunded ( Mish )

  • Taxed out of New York ( NY Post )

  • Is the Fed overreaching? ( Forbes )