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I’m on the road training folks as part of my job, so unfortunately I wasn’t able to cover much of the news today – that primarily being Washington Mutual tanking and respected, former White House economist Nouriel Roubini estimating that it will take $1 trillion to get us out of the housing/mortgage mess.
Here’s the links to the stuff I wish I could have written about had time permitted – maybe your schedule is currently more flexible 
WaMu’s $3.3 billion loss for the quarter (Bloomberg)
Washington Mutual Inc., the biggest U.S. savings and loan, reported a $3.3 billion second-quarter loss on uncollectible loans as a record number of borrowers were unable to keep up with mortgage payments.
The loss of $6.58 a share compared with net income of $830 million, or 92 cents a share, a year earlier, Seattle-based Washington Mutual said today in a statement. The company said mortgage-related losses through 2011 will be at the high end of its previous forecast of $12 billion to $19 billion.
George Bush says Wall Street got “drunk” (WSJ.com) — yes “W” they were the only ones…
“Wall Street got drunk — that’s one of the reasons I asked you to turn off the TV cameras — it got drunk and now it’s got a hangover,” Bush said Friday, according to a video obtained by Houston’s ABC affiliate KTRK. “The question is how long will it sober up and not try to do all these fancy financial instruments.”
Roubini’s $1 trillion call (C/R)
Mortgage rates reach year high (WSJ.com)
Last 3 posts by Morgan
- Subprime Bananas - June 28th, 2009
- Roubini: No confidence in government exit strategy - June 24th, 2009
- Goldman bonuses largest in firm's 140-year history - June 21st, 2009
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