August 6, 2009

Crappy Mac?

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The Washington Post reports today that the Obama administration is considering reorganizing Fannie Mae and Freddie Mac, the giant government-backed mortgage lenders. The plan calls for a “good bank-bad bank” structure, where toxic assets and bad liabilities would be stripped from Fannie and Freddie and put in a government-backed “bad bank,” leaving “two healthy financial companies with a clean slate.” 

Back in January, Citibank split in what some characterized as a good bank-bad bank move. The “bad bank,” Citi Holdings, promptly acquired a (very obvious) nickname. What should the very bad bank that will hold all of Fannie and Freddie’s bad assets be called? I suggest “Crappy Mac.” You?

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WE CAME UP SHORT.

We just wrapped up a shorter-than-normal, urgent-as-ever fundraising drive and we came up about $45,000 short of our $300,000 goal.

That means we're going to have upwards of $350,000, maybe more, to raise in online donations between now and June 30, when our fiscal year ends and we have to get to break-even. And even though there's zero cushion to miss the mark, we won't be all that in your face about our fundraising again until June.

So we urgently need this specific ask, what you're reading right now, to start bringing in more donations than it ever has. The reality, for these next few months and next few years, is that we have to start finding ways to grow our online supporter base in a big way—and we're optimistic we can keep making real headway by being real with you about this.

Because the bottom line: Corporations and powerful people with deep pockets will never sustain the type of journalism Mother Jones exists to do. The only investors who won’t let independent, investigative journalism down are the people who actually care about its future—you.

And we hope you might consider pitching in before moving on to whatever it is you're about to do next. We really need to see if we'll be able to raise more with this real estate on a daily basis than we have been, so we're hoping to see a promising start.

payment methods

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