Friday morning links

TOP STORIES
Brakes put on 'cash for clunkers' plan - USA Today
U.S. Economy contracts one percent in 2nd quarter - Reuters
Big Banks Paid Billions in Bonuses Amid Wall St. Crisis - NY Times
Bankers' Bonuses Beat Earnings as Industry Imploded - Wash. Post
California pensions next state financial crisis - Reuters
High-frequency trading: Rise of the machines - Economist
How You Finance Goldman Sachs’ Profits - Mother Jones
After Rescue, New Weakness Seen at A.I.G. - NY Times

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MARKETS/INVESTING
Oil slips below $67 as European stocks falter - AP
Gold edges up as dollar softens - Globe Investor
The stockmarket recovery still faces some serious tests - Economist
Why It's Just Dumb To Complain About Oil Speculators - ClusterStock
Grantham: stocks overpriced, natural resources scarce - MarketWatch
Will gold hit $1,000 again? - Commodity Online

ECONOMY
Now, a Clear Reading on Recovery - Wash. Post
Pushed by recession, millions make dramatic job changes - USA Today
US living standards may languish even after recession - CSM
Job levels won't rebound in state until 2013 - SF Gate
Obama sees signs of slowdown easing - MarketWatch

INTERNATIONAL
Marc Faber: China’s numbers are fake - Credit Writedowns
Spain's property market: Tricks and mortar - Economist
Unemployment Rises and Prices Fall in Europe - NY Times
British Airways posts £148m loss as passenger numbers drop - Telegraph
Japan’s Jobless Rate Rises to 5.4%, Damping Recovery - Bloomberg
Nikkei surges despite data showing drag on recovery - MarketWatch
Japan’s Consumer Prices Tumbled Record 1.7% in June - Bloomberg
Rebalancing the world economy: China - Economist

REAL ESTATE
California's default rate soars to 9.5% - LA Times
Radar Logic: Don’t Call It a Housing Comeback … Yet - Housing Wire
The collapse in commercial property: Towers of debt - Economist
Signs of Life in the Housing Market - WSJ

FED/TREASURY/BANKING
Fannie, Freddie Unlikely to Return Aid - Wash. Post
Reappoint Ben Bernanke? No Way - ClusterStock
Fed’s Bear Stearns, AIG Assets Rise, Paring Losses - Bloomberg
Treasurys gain after 7-year note auction - MarketWatch

INTERESTING
CNBC Viewership Down 28% - Zero Hedge
Wall St. Bull Artist Sues Author Of Lehman Book - ClusterStock
PennyMac debuts with a thud - CNN/Money
Jellyfish help to stir the ocean - BBC

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