“Liars and Damn Liars!”

By: Richard H. Frank

Then Senator Hillary Clinton, during testimony by General Petraus in support of the surge in Iraq, said one would have to suspend disbelief if they were to accept his testimony. Her comments were partisan and wrong with regard to the General and the outcome of the surge, but would be appropriate today with regard to the New General Motor’s claim of repayment of the government loans five years ahead of schedule.

It doesn’t take a financial genius to figure out that any company that posted a $4.3 billion loss on $5.9 billion in sales has no money generated by operations to pay for anything. In fact they burned through $10.2 billion in cash just to keep operations going and meet their payroll. Therefore, when Edward Whitacre, CEO of the New General Motors, stands up in an ad on television in front of America and says the company has repaid the government loan of $6.7 billion, he either believes the public is stupid or, to say it politely, is misleading them.

Mr. Whitacre and the finance people at the New GM must be taking lessons from the Obama administration when it comes to telling the truth. For example; now that Obamacare is law we are learning the truth little by little and of the lies and/or omissions not talked about during the debate on the 2700 pages of minutia making up the new law.

Repayment of the $6.7 billion by accessing more TARP money is nothing more than a revolving credit account funded by “We the People.”

When our government is infested with corrupt politicians, synonymous with “Iiars and damn liars”, is it any wonder that 80% of Americans mistrust the Congress and the Administration? We have the duty to clean house in the 2010 Congressional and 2012 Presidential elections. Stand up for the vision of our Founding Fathers and elect those candidates that endorse the values and principles enumerated in the Declaration of Independence and the Constitution.

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