Today’s paper said that 3,400 out of 4,300 WaMu jobs in Seattle will be cut.
Emma worked at WaMu as a software tester for three years. I’m sure that if she were still there, she’d be one of them. Most of her friends from that time have moved on; just as well.
A few years ago, WaMu seemed too big to fail. Now? Circling the toilet bowl.
Our whole economy seems like it was one giant Ponzi scheme, with everyone selling worthless paper to everyone else. It’s hard to tell how much was wilful ignorance, and how much was making a buck while the good times lasted and damn the consequences.
Deregulation clearly allowed matters to spiral far out of control. I don’t know that better regulation would necessarily have prevented this, since the regulators invariably play catchup, but regulation with teeth might have dissuaded many of the perpetrators.