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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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THE TRUTH...

is the first thing despots go after. An unwavering commitment to it is probably what draws you to Mother Jones' journalism. And as we're seeing in the US and the world around, authoritarians seek to poison the discourse and the way we relate to each other because they can't stand people coming together around a shared sense of the truth—it's a huge threat to them.

Which is also a pretty great way to describe Mother Jones' mission: People coming together around the truth to hold power accountable.

And right now, we need to raise about $400,000 from our online readers over the next two months to hit our annual goal and make good on that mission. Read more about the information war we find ourselves in and how people-powered, independent reporting can and must rise to the challenge—and please support our team's truth-telling journalism with a donation if you can right now.

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