Monday, April 26, 2010

GM spin almost got me

I thought it improbable that GM could have actually turned around, banked some serious profit, and then repaid the taypayer money.

However, the claims of GM paid back the loans was announced enough that I almost just accepted it as a cost of the "cash for clunkers". 

Reality--- you, the taxpayer, own about $50B of GM stock, 61% of it in fact (let's not even get onto Fibonacci number, please) which was the way of giving them money without sadding them with debt.  

They used one TARP source of funds to payoff another TARP source of funds, and claimed that to be "a payoff", spending millions to advertise this lie.

If GM bought back all the taxpayer shares in GM it would cost a boatload of money.

Everyone is "all in", but what if the piper shows up and wants to get paid?   This spastic party dance that we all know is a lie will end badly.   We all know it, the hairdresser, the mailman, the gov employee, they all know it.

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