"Looking at the size of the credit default swap market, which is around $62 trillion now, and the world wide derivatives market which is now $1,300 trillion dollars, I very much doubt that $700 billion would make any difference at all," he told CNBC.

Martin Weiss, president of Weiss Research, shares a similar view. He said in a Sept. 25 press release that not only would the amount not be enough to end the crisis, but "the additional burden of a $700 billion bailout (would put) major upward pressure on U.S. interest rates, aggravating the ... debt crisis."

According to the press release, 1,479 U.S. banks and 158 U.S. thrifts are at risk of failure, with total assets of $3.2 trillion. There are also multiple problems with U.S. interest-bearing debts valued at $51 trillion.

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