Tuesday, May 11, 2010

Obama-run General Motors Guilty of “Elasticizing the Reality of Things" about Repaying Its TARP Loan

A few weeks ago, the Obama-appointed CEO of General Motors, a man named Whitacre, in a Wall Street Journal piece and in a TV commercial proudly announced that now-federal-government-owned GM, under his leadership, had repaid in full its “TARP” “loan” from the federal government. The message: all you sticklers for the rule of law and proper procedure who have been boycotting GM vehicles because of the way Obama illegally stiffed bondholders and illegally rewarded Democrat auto unions in the government takeover can now relax and buy GM once again; don’t you see, Obama said it would all come out fine and now it has, and sooner than expected too.

Obama's own Treasury Dept. itself released a statement (link) claiming that GM had "fully repaid" its TARP loan (a contention the Department later rescinded, as the linked article discusses).

However, the shameless deceitfulness of this claim was immediately recognized and widely denounced (link), since GM had “repaid” the federal TARP loan with money from another federal government loan, and not at all from profits (assuming there are any in actual fact, as opposed to Obamaccounting fact). Aside: How dumb do the Obami think everyone is?

This lie apparently has been too much even for some other Obama appointees. Yesterday, the Detroit News reported (link) that former Obama “auto czar” Steve Rattner admitted that Whitacre and GM "may have slightly elasticized the reality of things."

In Obamaspeak, a lie is now simply “slightly elasticizing the reality of things," which brings to mind Churchill's quip about "terminological inexactitude."

John M Greco