Here's the business news that people who make money are talking about today:

1. The US GDP was way down in the first quarter. How far down is it? It's the worst dip the GDP has taken since the Great Recession five years ago. And it's all Obamacare's fault? Kinda?

2. Everyone is thrilled—and rightfully so—about the Supreme Court's ruling this morning that police need a warrant to search our cell phones. Tech people are less thrilled about the Supreme Court's other ruling, about a company called Aereo:

A company that grabs over-the-air broadcast TV signals and lets consumers pay to store them online and watch on their computers is violating copyright law, the Supreme Court ruled Wednesday.

This is an important win for broadcasters and traditional media, as it helps them hold the disruptors at bay for a while longer.

3. We've told you that Amazon is trying to gain new grounds in contract discussions with UK publishers. Amazon wants to publish out-of-stock books on their own when customers order them, effectively removing the publishers from the equation. The Guardian found some people who thought this was a bad idea:

The Bookseller's editor Philip Jones said the ongoing negotiations "indicate a direction of travel that would see [Amazon] take a sizeable control over both a publisher's inventory and its marketing", and that "publishers spoken to – and obviously they will only speak on condition of complete anonymity – have every right to be concerned. This is a form of assisted suicide for the book business, driven by the idea that publishers are a sickly lot unable to run even the most basic operations efficiently."

4. Today saw the opening of Google's I/O developer conference. The conference, which is supposed to be a smiley-happy showcase for Google's next year of products, has been riddled with protesters. They're protesting everything from Google's legal team to Google's lax stance on net neutrality to labor issues to Google's ties to the military industrial complex.