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THE MARKET….Stocks are down today:

Worries about the corporate sector sent stocks on Wall Street lower again on Wednesday, with the Dow Jones industrials dropping more than 400 points before recovering slightly.

….The problems have appeared in a range of industries. The aviation giant Boeing saw profits fall 38 percent last quarter. Merck, the pharmaceutical company, posted a 28 percent drop in net income and will cut jobs. The North Carolina-based bank Wachovia, which was recently acquired by Wells Fargo, suffered a $23.7 billion net loss.

Stocks have been swinging around pretty wildly over the past few weeks as investors have responded to the drama of the credit crisis, but it’s worth keeping in mind that over the long term this is what really matters. If earnings reports stayed strong regardless of credit market problems, then the market would do fine. But that’s extremely unlikely to be the case. We’ve got at least a year of weak corporate earnings ahead of us, and that almost certainly means we’ve also got at least a year of declining stock prices ahead of us too. Main Street’s suffering is just starting.

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We've never been very good at being conservative.

And usually, that serves us well in doing the ambitious, hard-hitting journalism that you turn to Mother Jones for. But it also means we can't afford to come up short when it comes to scratching together the funds it takes to keep our team firing on all cylinders, and the truth is, we finished our budgeting cycle on June 30 about $100,000 short of our online goal.

This is no time to come up short. It's time to fight like hell, as our namesake would tell us to do, for a democracy where minority rule cannot impose an extreme agenda, where facts matter, and where accountability has a chance at the polls and in the press. If you value our reporting and you can right now, please help us dig out of the $100,000 hole we're starting our new budgeting cycle in with an always-needed and always-appreciated donation today.

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