Warning to US Congress in 2003 On Current Home Mortgage Debt Debacle


Media is now talking about the home mortgage debt debacle (see today's NYT article and editorial below). This is a post-analysis. Since 2003, I have been warning the US Congress about an impending home mortgage debt crisis under the veneer safe and sound banking system" that has unfolded now (see my email below). I had also pedicted that the US Congress adopt my safe banking proposal to solve the deep rooted problem in the banking sector until taxpayers lost one trillion August 6-18, the Federal Reserve Board has already injected newly created 120 billion dollars to the banking sector! We count the final losses.

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