The following is copied from an email sent in reply to the “exaggeration” of the current global financial crisis, under the supposition that the matter is more a reflection of a lack of consumer confidence than any core systemic failure, and that thereby normalization of markets will be forthcoming, possibly within a year….
Dear (Colleague),
The last published report by the OCC of total outstanding US derivatives contracts was reported as 182.1 trillion in the second quarter of ’08.
http://www.occ.gov/ftp/release/2008-115a.pdf
The statement in the report that “Derivatives activity in the U.S. banking system is dominated by a small group of large financial institutions. Five large commercial banks represent 97% of the total industry notional amount and 89% of industry net current credit exposure.”
… translates pretty closley to the following (at larouchepac.com):
“According to the most recent data, released June 30, 2008 by the Office of the Comptroller of the Currency, the three largest American bank holding companies, JP Morgan Chase, Bank of America and Citicorp, had current outstanding derivatives contracts, totaling $179.4 trillion dollars. The three banks combined have total assets of just under $5.6 trillion.”
But because this information was found on LaRouches web site, feel free to dismiss it, and stick solely to the OCC report.
The entire gross domestic product of the US reported by (the) Bureau of Economic Analysts in October was 14 trillion ($14,294.5 billion)
http://www.bea.gov/newsreleases/national/gdp/gdpnewsrelease.htm
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My comment is not for this particular post. It’s the way I view not only this post but your entire site. KEEP UP THE GREAT WORK!!! Our tax dollars has already made these white collar criminals too wealthy already!
But why should they think any different? We’ve bailed out these people several times over the past century. They knew the taxpayers money would come to the rescue when they entered their ‘den of theives’.