by Laura Conaway

Good morning, and welcome to the Wednesday reading list.

In his quarterly report to Congress, Special Investigator General Neil Barofsky says the $700 billion TARP bailout rescued the economy but was conducted with too little transparency and thus created suspicion and anger among ordinary Americans.

If you're wondering about the effects of the U.S. national debt on the economy, check out the New York Times' look at the government borrowing in Japan. Interest payments alone amounted to a fifth of the budget for 2008.

In the U.K., the chancellor of the exchequer says the nation needs to keep borrowing and spending for the sake of the recovery, however counter-intuitive that might seem. A report by the British National Institute of Economic and Social Research says government debt must decrease if taxpayers are to avoid higher taxes and a raised retirement age.

The LA Times asks whether China's rebound is real, even as Chinese leaders pledge to continue stimulus spending amid higher-than-expected growth.

The New York Times asks why no one's listening to economic guru Paul Volcker, who wants to separate investment and commercial banking. Simon Johnson argues that Bank of England governor Mervyn King stands a chance of punching the message home.