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Nothing Is Too Big to Fail: How the Last Financial Crisis Informs Today
Go behind the scenes of the 2008 financial crisis to learn what actions led to one of the worst recessions in history, and how, without focused action from the US government and leading organizations, we may be on track to repeat our same mistakes.
In 2008, the American economy collapsed, taking with it millions of Americans’ jobs, homes, and life savings. The impending financial crisis was devastating, and many are still feeling its effects today.
Though the crisis was debilitating, the US government has yet to implement policies that would prevent a repeat of the Great Recession. The middle class continues to shrink, escalations in racial injustices prevail, and distrust of the government grows by the day. And with the country’s current fiscal policies, our economy is in a fragile place, barely strong enough to survive a shock caused by an international conflict, a cyberattack, or a global pandemic, like COVID-19.
Written by the former CEO of Washington Mutual Bank and the former vice chair of the Federal Home Loan Bank of Des Moines, Nothing Is Too Big to Fail holds a microscope to the very policies and corruption that led to this major economic recession. Authors Kerry and Linda Killinger warn that, without significant institutional change, the country has created asset and debt bubbles that could burst at any time.
No institution, government, or country is “too big to fail.” But by learning from our past mistakes and taking action to ensure our country’s businesses and government officials maintain proper fiscal responsibility, we can return our country’s economic system—and in turn, our democracy—to one that is secure.
All proceeds of this book will be donated to charity to aid in criminal and social justice, government reform, civil discourse, and community building.
2021 Axiom Business Book Award Bronze Winner for Business Commentary
In 2008, the American economy collapsed, taking with it millions of Americans’ jobs, homes, and life savings. The impending financial crisis was devastating, and many are still feeling its effects today.
Though the crisis was debilitating, the US government has yet to implement policies that would prevent a repeat of the Great Recession. The middle class continues to shrink, escalations in racial injustices prevail, and distrust of the government grows by the day. And with the country’s current fiscal policies, our economy is in a fragile place, barely strong enough to survive a shock caused by an international conflict, a cyberattack, or a global pandemic, like COVID-19.
Written by the former CEO of Washington Mutual Bank and the former vice chair of the Federal Home Loan Bank of Des Moines, Nothing Is Too Big to Fail holds a microscope to the very policies and corruption that led to this major economic recession. Authors Kerry and Linda Killinger warn that, without significant institutional change, the country has created asset and debt bubbles that could burst at any time.
No institution, government, or country is “too big to fail.” But by learning from our past mistakes and taking action to ensure our country’s businesses and government officials maintain proper fiscal responsibility, we can return our country’s economic system—and in turn, our democracy—to one that is secure.
All proceeds of this book will be donated to charity to aid in criminal and social justice, government reform, civil discourse, and community building.
2021 Axiom Business Book Award Bronze Winner for Business Commentary
568 pages, Hardcover
First published March 23, 2021
26 people are currently reading
1034 people want to read
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Displaying 1 - 4 of 4 reviews
May 2, 2021
Federal regulators can’t be trusted
What a waste and sure sign of government incompetence. My career paralleled Mr. Killinger’s without as many zeros. I became President and CEO in 1983 at 32 years old. The seizure of Washington Mutual was an unmitigated disaster. FIRREA wiped out my bank’s net worth by eliminating deferred loan losses overnight. We were forced to do a public stock conversion at the lowest valuation period. I was of the same opinion as Mr Killinger. Crooks had entered the business in the early 2000s. We decided to not participate in this out of control regulatory environment. We decided to sell in 2006 which provided outstanding returns to our shareholders. People and situations change and outcomes not always good. I learned when regulators wiped out our regulatory net worth, to never trust government.
What a waste and sure sign of government incompetence. My career paralleled Mr. Killinger’s without as many zeros. I became President and CEO in 1983 at 32 years old. The seizure of Washington Mutual was an unmitigated disaster. FIRREA wiped out my bank’s net worth by eliminating deferred loan losses overnight. We were forced to do a public stock conversion at the lowest valuation period. I was of the same opinion as Mr Killinger. Crooks had entered the business in the early 2000s. We decided to not participate in this out of control regulatory environment. We decided to sell in 2006 which provided outstanding returns to our shareholders. People and situations change and outcomes not always good. I learned when regulators wiped out our regulatory net worth, to never trust government.
October 23, 2021
Kerry Killinger nailed it. Wall street bankers were taking unreasonable risks, aided by encouraging regulators that were asleep at the wheel. Then when world caught on and things went south, they seized Wamu in a confused panic, looking to make an example out of a company that they assumed surely deserved it. But Wamu was well diversified and had substantially slowed their mortgage lending over several years. I worked at Wamu and had colleagues at other Mortgage lenders that thought Wamu was ridiculous for losing ground to other high volume mortgage lenders… including subprime lenders like IndyMac. Chase unfairly and highly suspiciously picked up Wamu for a pittance because they told everyone that they were “the smartest bankers in the room” and the regulators either believed them or were bullied by them into going along. They are the blue bloods after all. Destined for domination. When they took over Wamu it was a disgusting process. Everyone was told that they didn’t know what they were doing and they stripped everyone’s dignity. No empathy. No balance. No thoughtful evaluation. Everyone was forced to act as if Kerry led us astray or they risked being bullied and quickly eliminated. You had to say the right things. Copy their language. Dress the same. Admit you had used the wrong strategies. Speak loudly if you were to survive. I never could fathom why they didn’t simply take an approach like “ Wamu was a great bank that was built on a history of success and doing the right thing… we do things a little differently but we want you to join us and help us shape the future of Chase”. If they were that humane I would still be there. To wrap up, I also agree with Kerry and Linda that the government has once again created asset bubbles. Politicians won’t taper because they want to get reelected. In the meantime we are kicking cans down the road and burdening our children. Read this book and prepare yourself financially for what is coming!
December 26, 2025
One would think that an insider account from a former CEO would be invaluable, but having been an observer of Wamu for the decade before its collapse, my opinion is that the amount of gaslighting in this book is absolutely incredible. There are so many instances cited that I know to be false that I can not rely on anything in the book.
March 2, 2024
DRY.
Probably super informative for a history buff, but wow was this a grind to get through. Didn't even really finish it.
Probably super informative for a history buff, but wow was this a grind to get through. Didn't even really finish it.
Displaying 1 - 4 of 4 reviews