bug#6482: 24.0.50; emacs cannot deal with long lines in compilation or shell

[jidanni]

$ emacs -Q -f shell
$ 
M='http://www.couchsurfing.org/find_cities.html?&city_name=c&state_id=3420&country_id=237&state_id=3424'
$ GET "$M"|grep -i hua #excuse me but I do not see a "hua" below
</TD></TR></TABLE></DIV>
$ GET "$M"|grep -i hua|wc #oh, emacs cannot deal with long lines
      1     198    7294

Also same problem with M-x compile with this
$ cat Makefile
F=http://www.couchsurfing.org/find_cities.html?&city_name=c&state_id=3420&country_id=237&state_id=3424
city_numbers:
        lynx -source '$F'|grep hua

In GNU Emacs 24.0.50.1 (i486-pc-linux-gnu, GTK+ Version 2.20.1)
 of 2010-06-20 on elegiac, modified by Debian
 (emacs-snapshot package, version 1:20100619-2)