I Guess That They Think We're All STUPID

I'm Not...Are YOU?


Say I'm sitting here living in a house I borrowed money to pay for.

OK?

And then say at dinner last night I told you and all of my friends that I was celebrating because I had paid off the mortgage I used to buy my house with.

Here...have a drink and acknowledge my accomplishment(s).

Hurray...I'm out of my government insured mortgage and can dance the dance of being "Debt Free."

But wait...

At the end of the evening I let it slip...and I let you in on a little secret...

I actually managed to pay off my first mortgage by...

get this...

BORROWING more money from the government to pay off the first mortgage...this time with no real commitment to legally have to pay back the money to Uncle Sam.

What would you think about that?

Pretty damn clever, eeh? Paying off a legal obligation with money that I have no real legal grounds to be forced to pay back...

Well, Ladies and Gentlemen, just in case you only watch ABC/CBS/NBC/CNN/MSNBC and listen to what the government appointed lacky CEO Ed Whitacre Jr says in their current TV commercials, you'd think that GM had paid back all of their "bail-out" funds.

If you think that, you'd be WRONG, because the Imperial By God Federal Government of the United States of 'Merica is letting these assholes tell you that they have paid back their loan(s), when in reality what they did is take other Taxpayer money--TARP funds-- and basically robbed Peter to pay Paul.

Here's the story as it has been bubbling around the sidelines on FOX news.


A top Senate Republican on Thursday accused the Obama administration of misleading taxpayers about General Motors' loan repayment, saying the struggling auto giant was only able to repay its bailout money by dipping into a separate pot of bailout money.

Sen. Chuck Grassley's charge was backed up by the inspector general for the bailout -- also known as the Trouble Asset Relief Program, or TARP. Watchdog Neil Barofsky told Fox News, as well as the Senate Finance Committee, that General Motors used bailout money to pay back the federal government.

"It appears to be nothing more than an elaborate TARP money shuffle," Grassley, the ranking Republican on the Senate Finance Committee, said in a letter Thursday to Treasury Secretary Timothy Geithner.

GM announced Wednesday that it had paid back the $8.1 billion in loans it received from the U.S. and Canadian governments. Of that, $6.7 billion went to the U.S. treasury.

But Grassley said in his letter that a Securities and Exchange Commission form filed by GM showed that $6.7 billion of the tens of billions the company received was sitting in an escrow account and available to be used for repayment. He called on Geithner to provide more information about why the company was allowed to use bailout money to repay bailout money, and how much of the remaining escrow money GM would be allowed to keep.

"The bottom line seems to be that the TARP loans were 'repaid' with other TARP funds in a Treasury escrow account. The TARP loans were not repaid from money GM is earning selling cars, as GM and the administration have claimed in their speeches, press releases and television commercials ," he wrote.

Vice President Biden on Wednesday called the GM repayment a "huge accomplishment."

All I want to know is, how much longer before everyone joins me with a torch and pitchfork in going to Washington DC and tar and feathering Biden and his ilk and riding them all out across the Potomac River on a rail?

Is it just me?