General Motors has announced its second quarter earnings of $1.3 billion. There had been much anticipation surrounding this report, as many were speculating that GM, which came out of Chapter 11 bankruptcy last year. This means that they earned more than $2 billion dollars in the first six months of this year. This is a major turnaround for the company, even though they have a long way to go to make up for the losses that forced them into bankruptcy.

For the first time this year, the economy lost jobs largely as the result of 2010 census workers losing those temporary jobs in June.

The government reported this morning that the nation’s payrolls fell 125,000 last month as a result of the elimination of 225,000 Census jobs.  Private sector employment increased by an anemic 83,000 jobs.

The Senate is scheduled to vote today on whether to begin work on the finance regulatory overhaul bill, which President Obama promoted in New York last week. If Democrats have their way, the Senate will proceed to a debate on the bill, which is sponsored by Sen. Chris Dodd. Otherwise, the bill, S.3217, will stall and require more negotiations.

On Friday the Securities and Exchange Commission announced a civil suit against Wall Street giant Goldman Sachs, after uncovering what the SEC calls significant evidence of fraud during the run-up to the current financial crisis.

Many states across the country are struggling with billions of dollars in budget gaps and several of them are considering expanding some form of gambling to generate much needed revenue. Lawmakers in Massachusetts today are expected to begin debating a bill to license two resort-style casinos in the state and to introduce slot machines at the state's racetracks. Proponents of the plan say expanded gambling in Massachusetts could create as many as 15,000 jobs and reduce the state's buget deficit.

Chinese exports are cheap, but it's not all lower wages or efficient production. The cost of exports has been held down in recent years because the Chinese government has pegged the Yuan to the dropping dollar. But that may be changing. Murmurs within the halls of China's central bank, and central government, are pointing to an announcement in the coming days that the Yuan may move to a more flexible exchange rate against the dollar. This has big implications for trade, for President Obama, and for American consumers. 

Friend of the show Lakshan Achuthan joins us to tell a tale of two economic Americas. Contrary to popular belief, the current recession has not been all that bad for many Americans. Unfortunately, the other 40 percent of unemployed fall into what Lakshman calls the "long term unemployed;" and he adds that their plight may not be over any time soon.

• MONEY TAKEOUT: Lawmakers are taking to action to try and ban employers from running credit checks on potential employees. Louise Story, finance reporter for The New York Times tells us more.
• SPORTS TAKEOUT: The NFL's Scouting Combine ended Tuesday. Ibrahim Abdul-Matin, Takeaway sports contributor, talks about who he thinks shined in the annual event.

• AUSTIN PLANE CRASH: Joseph Andrew Stack allegedly flew his small plane into an IRS building in Austin, Texas after confessing on his website in a rambling screed against the U.S. government. Ian Crawford, news editor for KUT in Austin, Tex. brings us the latest.
• OLYMPICS: We preview a sport that many people didn't know existed: The Skeleton. New York Times Olympics editor Jason Stallman explains.

Newsweek columnist, Dan Gross, tells us how the European Leaders' agreement to give Greece some debt relief may affect the U.S. markets. Among other things, Gross says it might be good news for Americans traveling overseas.

After weeks of speculation and hype the Apple iPad was unveiled yesterday. What does it look like? What does it do? And will you want to buy one?

• Sports Takeout: The New York Yankees have won the 2009 World Series; Our sports contributor, Ibrahim Abdul-Matin, talks highlights and the number of Mets fans he saw rooting for the guys in pinstripes.
• Business Takeout: The Federal Housing Administration was all set to report on their own financial health, presumably to allay fears that the agency will be the next to need a bailout. But then they abruptly cancelled the report, the press conference and interviews. Louise Story, finance reporter for our partners The New York Times, explains what this means and why we care.
• The Value: We hear another installment of "The Value," as Farai Chideya looks at what we value most in a bleak economy. In today's segment she interviews Jared Vazales, who chose a career in community gardens. (click through for video)