Congratulations, Bagholders, episode xx
As Calculated Risk points out, you are now on the hook for bad debt held by foreign operators too! (This was already a reason -- perhaps the primary reason -- for the Fannie/Freddie bailout.) Now, it's extended to... who knows?
Once again, let us salute these great patriots whose complete lack of oversight and belated knuckling-under to foreign bagholders has put American taxpayers at the service of anyone with enough money, political connections, or back-room clout to get Treasury's attention.
Someone's got to bail out the world's angry debt buyers. Why not YOU?