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

Dear Senator,
The U.S. banks have accumulated $55 trillion in derivatives. The global banking system has about trillion of such ticking financial bombs waiting to explode. New credit in U.S. during last year alone about $2.5 trillion. Obviously the U.S. assets could not have risen in value by more than $2.5 trillion September 2001. It cost the U.S. taxpayers $300 billion to bail out failing banks in late 1980's. How will it cost this time? A trillion plus?

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