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HEDGE FUNDS NEXT?….Henry Paulson announced today that the Great Wall Street Bailout will also be a City bailout and a Bankenviertel bailout and a Ginza bailout:

“The American people don’t care who owns the financial institution,” he told ABC’s “This Week.” “If the financial institution in this country has problems, it’ll have the same impact whether it’s U.S.- or foreign-owned.” The United States is also working with foreign governments to take actions of their own.

That’s not too surprising. Unfortunately, he went on to say this:

Paulson made clear that he did not expect to use the program to purchase assets from hedge funds.

That’s what they usually say right before they’re finally forced to admit that some particular corner of the financial industry is actually in big trouble, right? So I assume this means that a bailout of a few big hedge funds is right around the corner. After all, some of them are almost certain to be hanging on by their eye teeth right now, and at least a few of those hangers-on are Too Big To Fail. So cue up the money machine.

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TIME IS RUNNING OUT!

We have an ambitious $350,000 online fundraising goal this month and it's truly crunch time: About 15 percent of our yearly online giving usually comes in during the final week of the year, and in "No Cute Headlines or Manipulative BS," we explain why we simply can't afford to come up short right now.

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That's why donations big and small make up 74 percent of our budget this year. There is no backup to keep us going, no alternate revenue source, no secret benefactor. If readers don’t donate, we won’t be here. It's that simple.

And if you can help us out with a donation right now, all online gifts will be matched thanks to an incredibly generous matching gift pledge.

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