- First aired: November 6, 1982
- Story by: Unknown
- Duration: 11 minutes
- Peter Cullen as Pete and Officer Ed
- Patty Maloney as Darla
- Julie McWhirter Dees as Alfalfa and Porky
- Scott Menville as Spanky
- Shavar Ross as Buckwheat
- B. J. Ward as Waldo
The Rascals are trying out a toy plane that they end up chasing into a condemned building. Upon entering the building, the gang discover a printing press. The Rascals decide to launch a newspaper, the Neighborhood Bugle. When the Rascals seek stories for the first issue, little do they know that the printing press was used by a Groucho Marx-like fugitive printing counterfeit money. Some of the Rascals interview some people, including Officer Ed and Waldo. While Buckwheat is interviewing Officer Ed, Porky tries to take food from Officer Ed's open lunchbox, and narrowly avoids being handcuffed.
Eventually, the Rascals learn of a counterfeiter on the loose, hence the lead story in the first edition. The Rascals print the first edition after returning to the suspect's building, and try to sell copies to the public.
Meanwhile, Alfalfa discovers counterfeit $20 bills, assumes it is real money, and uses the fake money to treat Darla at the soda shop. After Darla and Alfalfa exit the soda shop, the owner discovers the money to be fake, just as Spanky was about to interview him. When Spanky learns that Alfalfa was spending the counterfeit money, Alfalfa's reputation is destroyed for the moment. Then the Rascals discover the counterfeiter, who in turn discovers they have caught him, and decided to make the Rascals go away. The Rascals chased the counterfeiter, and eventually trapped him inside the printing press, tying him up in a bundle.
Later, Darla and Officer Ed arrive at the abandoned building to make an arrest. Afterward, Officer Ed shows Alfalfa the hefty soda shop bill he has to pay. Spanky learns they were getting a big reward for the counterfeiter's capture, hence the headline of the newspaper's second issue.
- The Rascals chasing the toy plane into a building may be a callback to the Our Gang theatrical short "Second Childhood".
- Officer Ed appears to have darker hair in this episode than in his other appearances.
- The Rascals dress as reporters in the middle of this episode, complete with notepads and press cards.