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RECAPITALIZATION….Via a link from John Quiggin, here’s some raw data for you. It’s several years old (too old to include data on Japan’s banking crisis), but it includes historical data on the initial cost of recapitalizing banking systems after most of the other financial crises of the past few decades. Given the different nature of every crisis, and the different nature of small countries vs. big countries, it’s hard to suggest that there’s any kind of “average” recapitalization required after a banking collapse. Nonetheless, the historical records suggest that 5% of GDP would be a reasonable guess and 10% would hardly be out of line, especially given the epic nature of our current meltdown.

And how are we doing in comparison? So far the Treasury has committed $250 billion as part of the Paulson bailout plan and another $100 billion or so to Bear Stearns, AIG, and Fannie/Freddie. To get to 5% of GDP we’d need to increase that to $700 billion. To get to 10% we’d need to increase it to $1.4 trillion. Just some benchmarks to keep in mind.

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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.

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