Monday, December 10, 2007

How To Piss Off Foreigners

Step 1: Sign a contract with foreign entity promising to pay $x over y period of time at z interest rate.

Step 2: Have the WORST president ever void that contract during election year.

Step 3: Repeat with millions of contracts and thousands of foreign entities all over the globe.

Nice to see the so-called experts finally catching on to the minefield Jorge W. Arbusto has created with his mortgage bailout for the idiots plan.

There is $350 billion worth of adjustable-rate mortgages scheduled to reset to higher rates in 2008, Gerald J. Swanson, UA professor of economics, told the crowd at the 27th annual forecasting luncheon. "About 600,000 of these 1.2 million mortgage holders will not be able to handle the reset," Swanson said. Many of those mortgages are held by foreign companies, so the implications for growing economic problems are international, he said. Efforts to freeze interest rates on the mortgages could sour foreign nations and firms on U.S. investments, Swanson said.

Sour relations because the United States of America federal government has just broken millions of contracts signed by private parties? Ya think?

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