October 21, 2008

Bailout Watch – 10.21.2008

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BAILOUT WATCH….The latest financial bailout news:

The Federal Reserve, continuing its expansive campaign to try to keep cash flowing through the financial system, unveiled a new program today that acts as a backstop to money market mutual funds….The Fed said this morning that it will lend up to $540 billion to new special entities that will stand ready to buy up that short-term debt from money market mutual funds.

Well, we’re now guaranteeing money funds, the commercial paper market, interbank lending, and commercial deposits up to $250,000. There are so many term lending facilities available I can’t even keep track of them. We’re buying up toxic assets from banks and providing them with $250 billion of new capital (so far) whether they want it or not. What’s next? Guaranteeing the pork belly market?

It’s no wonder that even Ben Bernanke now favors a fiscal stimulus package that he’d normally hate. There’s really not too much left to do, is there?

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ONLY HOURS LEFT—AND EVERYTHING RIDING ON IT

A full one-third of our annual fundraising comes in this month alone. That’s risky, because a strong December means our newsroom is on the beat and reporting at full strength—but a weak one means budget cuts and hard choices ahead.

With just hours left, we need a huge surge in reader support to get to our $400,000 year-end goal. Whether you've given before or this is your first time, your contribution right now matters. All gifts are 3X matched and tax-deductible.

Managing an independent, nonprofit newsroom is staggeringly hard. There’s no cushion in our budget—no backup revenue, no corporate safety net. We can’t afford to fall short, and we can’t rely on corporations or deep-pocketed interests to fund the fierce, investigative journalism Mother Jones exists to do. That’s why we need you right now. Please chip in to help close the gap.

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