Government Sponsored General Motors' Lies

The Devil's In The Details...


My blog Idols over at Powerline blog pointed out this article in Forbes online which further clarifies the mis-statements--verging on outright fraud--contained in the latest round of General Motors TV ads and GM CEO Ed Whitacre's companion op-ed piece in the Wall Street Journal.

In the WSJ piece Mr. Whitacre writes: "Today, General Motors is announcing that it has made a payment of $5.8 billion to the U.S. Treasury and Export Development Canada. We're paying back—in full, with interest, years ahead of schedule—loans made to help fund the new GM.

Our ability to pay back these loans less than a year after emerging from bankruptcy is a sign that our plan for building a new GM is working."

What he fails to mention is that GM hasn't turned a dollar of profit yet...and they paid back only $6.7 billion out of $49.5 billion (including some earlier payments) the US Federal Government put into the company in 2008-2009.

He also fails to mention that in paying off the 7% loan using TARP funds (read that "other" taxpayer money previously given to them for "operating capitol"), it also allows the Obamamaniacs in the government to save face with the voters while they tell the US Department of Energy it's OK to loan GM yet another $10 billion at 5% for use in retooling their auto plants to meet the Government's own increased gas mileage (CAFE) standards in 2011.

Click on the link and read the entire article if you want to know more and can stand learning about the continuing stream of lies told by and on behalf of our first black president and his inept administration.

I have to go now and soak my head in ice water before it explodes, then finish packing in anticipation of heading over to South Carolina this afternoon for a long working weekend vacation.

Regards Y'all...