Since pundits are convinced we’re headed for the next Great Depression, let’s be optimists and fast-forward to post-depression boom times when America will return to the basics and once again learn about money. Join little Tommy and his crisp new $5 bill as they travel through America’s financial system, circa 1947…
WaMu announced today that they lost $1.14 billion in the first-quarter and CEO Kerry Killinger said that nothing of this scale had happened “since the Great Depression.” Comforting!
“Nothing of this scale has happened since the Great Depression,” Chief Executive Kerry Killinger said at WaMu’s annual meeting. “This is the toughest credit cycle I have seen in my years in the industry.”
WaMu says it will cut 3,000 more jobs, including that of Mary Pugh, chair of their finance committee who “had been fiercely criticized for failing to protect Washington Mutual from overexposure to subprime and other risky mortgages,” according to Reuters.