Banks are the Taxpayer’s Best Friend

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The award for worst lobbying effort of the day comes from a banking industry flack who’s opposed to Barack Obama’s plan to levy a tax of some kind on the financial sector:

Wayne Abernathy, executive vice president of the American Bankers Association, said in a telephone interview that an industry-specific fee would create a “real fairness issue,” forcing banks to pay for parts of the bailout that “didn’t work.” In addition, Abernathy said, banks are paying an “excellent” return to the Treasury.

That’s right: out of the trillions of dollars of help provided to the industry, there was probably a billion here or there that didn’t have any effect. And that whole economic collapse thing is really turning out to be a windfall for taxpayers anyway! It would be really unfair to hold bankers accountable for any of this.

More PR like this, please. We’ll have pitchforks and torches in the streets yet.

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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.

The bottom line: Corporations and powerful people with deep pockets will never sustain the type of journalism Mother Jones exists to do. And advertising or profit-driven ownership groups will never make time-intensive, in-depth reporting viable.

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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