Friday morning links

TOP STORIES
Jobless rate rises to 4-year high of 5.7 percent - AP
The Credit Crisis Turns One - BusinessWeek
Schwarzenegger slashes workers' pay - LA Times
GM posts $15.5 billion 2nd-quarter loss - AP
Greenspan: Global slowdown may put U.S. in recession - Reuters

MARKETS
Oil drops below $124 on weak US economy - AP
Gold eases on oil, dollar, awaits payrolls data - Reuters
Financials, Goldcorp help lift TSX - Reuters

ECONOMY
U.S. Payrolls Drop 51,000 Jobs; Jobless Rate Rises - Bloomberg
More Arrows Seen Pointing to a Recession - NY Times
U.S. Recession Is on Verge of Making History - Bloomberg

HOUSING
Lehman may sell $30 bln in mortgage assets - Reuters
Mortgage rates drop slightly after last week's big jump - AP
A recipe for a recovery in UK house prices - Telegraph

FED/TREASURY
Stressed banks borrow record amount from Fed - Reuters
Fed Fears Wage Spiral That Is Little in Evidence - NY Times

INTERNATIONAL
U.K. Manufacturing Shrinks Most in a Decade in July - Bloomberg
World factories gearing down but raising prices - Reuters
Big Mac Index Shows Asian Economies Out of Whack - Bloomberg
BA chief warns 'airlines will go bust' - Guardian
Chavez plans to nationalise bank - BBC

INTERESTING
A used Prius is a hot commodity these days - USA Today
GM says several parties interested in Hummer brand - AP