- Ford (F) CEO Alan Mulally said he thinks Lincoln cars should be sold worldwide. But first, the automaker will spend four or five years convincing Americans that the struggling luxury brand is still relevant. [WSJ]
- Ireland is spending up to 40 billion euros to bail out two banks. The Irish government is seizing control of Allied Irish Bank, the second biggest bank in all of Ireland, and committing 35 billion euros to bail out Anglo Irish Bank, which it already owns. [NYT]
- Moody's downgraded Spain’s government bonds in part because it doesn’t believe that the country will prove ineffective at deficit reduction. [Bloomberg]
- Almost 25 percent of all houses sold in the second quarter was brought to market via foreclosure. Banks are on pace to seize 1.2 million homes this year, up from a million in 2009. [Reuters]
