MORNING YAPS

*Congress will never learn. Is it any wonder why then we are in this shape? Tax increases in the midst of STILL an economic disaster, is NEVER the answer, yet it's ALWAYS their solution. STOP SPENDING MY FUTURE!
Analysis: Economic reports due Tuesday might alter U.S. policies
The health of the U.S. economy and the likely size of future budget deficits will be highlighted by economic reports scheduled for release Tuesday. These reports from the Congressional Budget Office and the White House could change the direction of government policies. Among possible changes are tax increases, a one-year "tax fix," slower work on health care reform and creation of a government commission to make politically unpleasant recommendations. Forbes/Reuters (23 Aug.)

ALL ABOUT ASIA

*all glory is fleeting
Asian markets sharply higher on "new wave of optimism"
Asian share markets advanced Monday after Wall Street's strong showing Friday. Japan's Nikkei 225 jumped 3.4%, Australia's S&P/ASX 200 gained 3.2% and South Korea's Kospi Composite climbed 2%. Taiwan's Taiex went up 2.8%, Hong Kong's Hang Seng Index advanced 1.7%, and both New Zealand's NZX 50 and China's Shanghai Composite rose 1.1%. The Wall Street Journal (24 Aug.)

*more on China and their ensuing financial crisis: what goes around comes around
Concerns mount about increase in bank lending in ChinaThe China Banking Regulatory Commission is considering no longer allowing subordinated debt to count toward bank capital, which would hinder loan expansion. The move is the latest indication that officials are concerned about the surge in bank lending. The Wall Street Journal (22 Aug.)

*what are they going to do with all those unemployed suburbanites? Give them cash and let them jack up the stock market....yeah yeah that's the ticket.
China Can Only Create Half of Jobs Needed This Year
Aug. 22 (Bloomberg) -- China can create 12 million jobs this year, about half the number needed should the economy hit an 8 percent growth target, a government official said in an online statement yesterday. The shortfall of 12 million jobs will be larger than last year, according to Yin Weimin, minister of Human Resources and Social Security. He didn’t provide a comparative number. New university graduates, workers from the countryside and low-income city residents have the biggest difficulty in landing jobs, Yin said. Opportunities at export-oriented companies have plunged because of the international financial crisis, while industry upgrades also helped reduce jobs at labor-intensive companies, he said.
“The unemployment situation remains severe,” Yin said in the statement. “The gap between supply and demand of labor has further widened.”