Bilderberg expects interest rates to rise and many Americans to lose their homes in the months ahead. Meanwhile, they hope they can pressure President Bush to refrain from an all-out invasion of Iran while maintaining oil prices at their current record-high levels of about $70 a barrel.
Timothy Geithner, president of the Federal Reserve Bank of New York, predicted rising interest rates and difficulties for families that have obtained adjustable rate mortgages, or variable interest rates. Many are likely to lose their homes as rising home mortgage rates add hundreds of dollars to their monthly payments, he said. While most listened solemnly and some expressed concern, one was heard to say, stupid Americans deserve their fate. [cont]