Here is your R&D for December 7th:

U.S. Regulators Propose Requiring Backup Cameras in All New Cars by 2014 from Bloomberg
The National Highway Traffic Safety Administration has proposed a rule requiring backup cameras on all new vehicles by 2014.  The rule would cost the auto industry an estimated $2.7 billion.

Talks fail to achieve limits on Iran’s nuclear program from the Los Angeles Times
In a move that’s about as surprising as the sun coming up every morning, China, Russia, the U.S., France, Germany, and Britain failed to get Iran to agree to limits on its nuclear program.  They intend to meet with Iranian officials in Instanbul next month.

Israel warns Argentina: Recognizing Palestinian state shatters peace process from Haaretz
Israel’s Foreign Ministry condemned Argentina’s recognition of a Palestinian state and argued that it will hamper the Middle East peace process.  Argentina’s announcement followed Brazil’s declaration of recognition last Friday.

Schwarzenegger urges deep cuts to close budget gap from the San Francisco Chronicle
In his last stand as governor, Arnold Schwarzenegger proposed over $9 billion in budget cuts in order to close the state’s large budget deficit.  California Democrats have already rejected many elements of Schwarzenegger’s proposal.

How to resign from the club from the Economist
How can a county leave the euro zone and how might it impact that country’s economy?  This useful article from the Economist lays it out.