Sunday Bonus Catblogging – 10.12.2008

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SUNDAY BONUS CATBLOGGING…. There’s too much tension and stress this weekend over our ongoing financial tsunami. What’s needed is some bonus catblogging to explain in layman’s terms how we got into this mess.

In today’s installment, Inkblot demonstrates graphically what happened to our banking system. Like the titans of our financial industry, last night he became convinced that the answer to all his problems was increased leverage. With enough leverage, along with some positive thinking, he was sure he could fit himself into the box lying on the floor. And he almost did it. Unfortunately, he eventually found himself forced to deleverage his position, at which point the box went kablooey and he needed to be bailed out. Sort of like our banks. Lesson learned?

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FACT:

Mother Jones was founded as a nonprofit in 1976 because we knew corporations and the wealthy wouldn't fund the type of hard-hitting journalism we set out to do.

Today, reader support makes up about two-thirds of our budget, allows us to dig deep on stories that matter, and lets us keep our reporting free for everyone. If you value what you get from Mother Jones, please join us with a tax-deductible donation today so we can keep on doing the type of journalism 2021 demands.

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