Peter Schiff : we have a Teaser rate on our National Debt

Peter Schiff vs James Galbraith about the debt threat CNBC 27 April 2010

Peter Schiff : The US Government is making the same mistakes that the subprime borrowers did when they were using teaser rates on their mortgages , we have twelve and a half trillion dollar debt first of all that does not include any of the off budget items like the debt of Fannie and Freddy and certainly does not include the unfunded liabilities which dwarf that number , but if you just take the unfunded debt you look and where it is gonna be in a year or two , it is going to be around fifteen trillion , what happens if interest rates go up to ten percent ? which is half of what they were in 1980 all of a sudden we are paying one and half trillion dollar a year in interest on the national debt ...you see the term on the national debt ., the maturity is very short the government is not borrowing for thirty years , the government is borrowing for thirty days there is a lot of short term paper this is a teaser rate out of adjustable mortgage and we are headed for disaster...