For decades, General Motors Corp. (NYSE: GM) was an icon of American industry. But over the past decade its sales in China have steadily increased, while dwindling sales at home have turned the company into a relic.

BEIJING, The People’s Republic of China – If there’s a recession here in China, I don’t see it. Granted, I just stepped off the plane here in Beijing a few hours ago, but already the city feels much more vibrant than I expected, given the dire reports that keep appearing in the mainstream Western financial-news media. The Beijing economy appears strong.

Since the Obama administration took office almost 100 days ago, it has repeatedly said the key to an economic recovery is to unfreeze the credit markets and increase bank lending. 

Have we hit bottom? The U.S. unemployment crisis has changed the purchasing habits for the American consumer. The Investment U Research Team gives us two stocks that are benefiting from the recession and this new way of life .

Stop blaming the unions for Detroit’s shortcomings, says Lynn Carpenter. Of course, jobs have to be cut in a recession. But this is not the silver bullet for businesses. And every job lost is a consumer lost, which is a big deal in a consumer economy. Lynn says we have no hope of an economic recovery until spiraling unemployment is brought under control.

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Daily Reckoning editor Bill Bonner says everything is going according to plan. An unsustainable credit-fuelled boom popped. And businesses, consumers and financial markets are left reeling. Bill says US stocks could fall much further before stabilising at a ‘normal’ level. Meanwhile, reckless money printing by the Fed will eventually take down the dollar, and light a fire a fire under gold prices.

American consumers are feeling the pain both at the pump and in the grocery store. Meanwhile with real full-time unemployment rates climbing towards 10%, penny-pinching consumers are wondering just who is to blame.

You are supposed to see consumer prices fall with technological advances. You are supposed to see price benefits from cheaper foreign labor. Right? How has this played out for American consumers?

A severe US recession is less likely following better-than-forecast May data from US manufacturers. This from Bloomberg:

Demand from overseas for U.S.-made products is helping to keep factories running even as spending by American consumers and businesses slows. The improvement signals the U.S. may be able to avoid a deep and protracted economic slowdown as the housing slump worsens and food and fuel prices soar.