The Elephant in the Room

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Bloomberg reports on the course of financial reform:

A standoff over protecting consumers against shady lending practices is the biggest obstacle to Senate passage of the biggest redesign of U.S. financial regulations since the Great Depression.

Republicans have ended a logjam blocking Senate debate, and a federal fraud suit against Goldman Sachs Group Inc. gave new momentum for tougher Wall Street oversight. The most contentious issue remains a Democratic consumer-protection plan that Republicans say would give regulators unprecedented power over commercial lending and threaten economic growth.

It’s still “the elephant in the room” preventing a bipartisan agreement, said Tennessee Republican Senator Bob Corker. He has been involved in months of on-again, off-again negotiations with Democrats.

Huh. And here I thought resolution authority was the elephant in the room. Or was it derivatives reform that was the elephant in the room?

Or maybe it’s really all three. There’s always another elephant in the room, isn’t there?

DOES IT FEEL LIKE POLITICS IS AT A BREAKING POINT?

Headshot of Editor in Chief of Mother Jones, Clara Jeffery

It sure feels that way to me, and here at Mother Jones, we’ve been thinking a lot about what journalism needs to do differently, and how we can have the biggest impact.

We kept coming back to one word: corruption. Democracy and the rule of law being undermined by those with wealth and power for their own gain. So we're launching an ambitious Mother Jones Corruption Project to do deep, time-intensive reporting on systemic corruption, and asking the MoJo community to help crowdfund it.

We aim to hire, build a team, and give them the time and space needed to understand how we got here and how we might get out. We want to dig into the forces and decisions that have allowed massive conflicts of interest, influence peddling, and win-at-all-costs politics to flourish.

It's unlike anything we've done, and we have seed funding to get started, but we're looking to raise $500,000 from readers by July when we'll be making key budgeting decisions—and the more resources we have by then, the deeper we can dig. If our plan sounds good to you, please help kickstart it with a tax-deductible donation today.

Thanks for reading—whether or not you can pitch in today, or ever, I'm glad you're with us.

Signed by Clara Jeffery

Clara Jeffery, Editor-in-Chief

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