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:: Saturday, November 27, 2004 ::
IOU and you and you...
Jason over at COUNTERCOLUMN is worried about the falling dollar and how it might affect our economy. If you are still carrying large balances on your credit cards or have an adjustable rate mortgage, you might want to drop in for a visit. Here's a little excerpt:
It's not hard to imagine China calling up the Secretary of the Treasury, Secretary of State, or George Dubya himself on the phone, and saying "play ball or else," essentially blackmailing the President with the threat of a massive and sudden sell off of treasuries, which could push interest rates through the roof, choking off the housing industry, putting the screws to the automotive industry, reaming anyone holding an adjustible rate mortgage, hanging anyone on an interest-only mortgage by their ankles come refinance time, and pushing the US economy back into a sharp recession.
Catastrophic disaster senarios like this are routinely bandied about so I take it with a large grain of salt--however--if you haven't done so already--now might be a real good time to reign in your consumer debt and lock into fixed rate mortgage.
(Paranoid Rumination: I'm still wondering if George Soros has a hand in this--I don't know if he's truly big enough to cause the dollar to tank but it would be a logical deduction given the outcome of the Presidential election and his history manipulating financial markets.)
:: Max 8:13 AM [+] ::
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