Some of the more interesting and important items for August 4th :

• Bank of America Among Worst for U.S. Mortgage Modifications, Treasury Says – Surprised?
• Toyota Sees Outlook Improving – Nice to see…
• US consumer spending rises in 2nd straight gain (AP) – But, look at revisions…
• SEC, BofA Settle Over Merrill Bonuses – Slap on the hand…
• Japanese Wages Slumped Record 7.1% in June as Companies Cut Summer Bonuses – Stocks go up….!
• Bailout Banks Buying Treasuries Help Keep Rates Low With Growing Deposits – So the banks get money for zero, the Fed is buying 20% of each auction. What am I missing?