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TROUBLE IN RIVER CITI….Back in the hazy days of early 2008, Countrywide failed. But hey — they were hugely exposed to subprime mortgages, so that was hardly a surprise. Don’t read too much into it. Then Bear Stearns failed. But they were the weakest of the investment banks and had unusual derivative exposures. The others were probably OK. Then Fannie and Freddie failed. But they were GSAs. And Lehman Brothers went under. But Richard Fuld had really screwed the pooch, and the federal bailout plan would keep the other investment banks OK. But then Merrill got eaten, and Morgan and Goldman turned themselves into bank holding companies. No more investment banks. But at least the big money center banks were basically OK, right?

So tell me: now that Citigroup seems to be on the brink of failure, what are we supposed to think? Is anyone safe? Is Brad DeLong right, and full-scale Swedish style nationalization is the only real option still open to us? Does Congress really want to go into recess without passing some kind of major stimulus package before January 20? Really?

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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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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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