MORNING YAPS

*yeah right. How or why should we believe these numbers if the Treasury Sec'y doesn't force them to fully disclose?
Banks say TARP has allowed them to increase lending
According to a report by Neil Barofsky, the special inspector-general for the Troubled Asset Relief Program, 83% of the 360 aid recipients said they used the funds to boost lending. More than 30% said they used the money to make investments, while 43% said they padded their capital cushions. Barofsky's team said the information is a move toward transparency, but the U.S. Treasury rejected suggestions that it require banks to report how they use TARP funds. Financial Times (tiered subscription model) (20 Jul.)

*the rich get richer and the middle class are always going to be poorer. Nothing has changed.
U.S. stimulus funds not going to hardest-hit first as planned
Rules of the Obama administration's economic stimulus require states to give priority to "economically distressed" counties, but a look at where the money is being spent shows that is not happening. Counties that do not qualify as distressed have received 53% of the stimulus money. "If economically distressed areas get the money, it's just by coincidence," said one Texas state legislator. The Washington Post/The Associated Press (20 Jul.)

*it's the jobs stupid
Belt-tightening consumers slash discretionary spending
Companies that make and sell consumer discretionary items such as toys and motorcycles are taking a particularly harsh beating as unemployment continues to rise. Analysts said sales cannot go up as long as consumers' income is going down. BusinessWeek (19 Jul.)

*should you be worried about CHINA?
Tension builds between U.S., China over trade disputesChina lashed out at the U.S. over a series of complaints submitted to the World Trade Organization that accuse China of illegally restricting trade. "China is shocked at the frequency of the cases and the strength of the targeting," the Commerce Ministry said. The WTO cases are examples of protectionism by the U.S., the ministry said. China Daily (Beijing) (20 Jul.)