On 04/23/2010 06:27 PM, WAYNE CHIRNSIDE -> ALL wrote:
 WC> Well well, it seems General Motors has paid back ALL
 WC> it's TARP funds with interest and 5 years early at that
 WC> so the U.S. taxpayer no longer owns GM as was
 WC> recently maintained here.

 WC> Another bit of good news.

 WC> Only a year ago the TARP bailouts were project to cost
 WC> 500 Billion, now the projected figure is 87 billion
 WC> with most of that accounted for by Freddie and Fannie.

Ahem, GM used the TARP money that was put in an escrow account to "pay
back" the smaller amount that was called a loan. So, basically, all
they did was take taxpayer money to pay back taxpayer money. Plus, the US
government is still 60% owner of GM with the Canadian government being a
12% owner. GM says they plan to fix that by issuing an IPO and go public...
again... as if 72% government ownership isn't already public.

Fannie and Freddie are the quasi government agencies that were at the
center of the housing bubble collapse.

So, it's all smoke and mirrors used by the Obama administration in an
attempt to paint a rosy picture of how things are going. It's along the
lines of their silly claims of "created and/or saved" jobs in an
attempt to make it look as though the so-called stimulus bill has been
working.

In the mean time, the numbers are coming out that show how Obamacare is
going to increase healthcare costs and leave out those who really need help
out of the mix altogether.

Maybe someday Congress will actually read a bill *BEFORE* forcing it down
our throats. I'm not holding my breath, though.

Ed

-- 
"Truth does not become more true by virtue of the fact that the
entire world agrees with it, nor less so even if the whole world
disagrees with it." --Jewish philosopher Maimonides (1135-1204)

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