WDEL Blog: Rick Jensen's World Famous Thirsty Thursday Blog

Obama's GM CEO: Liar or Not?

If Obama's GM CEO says "We paid back the load in full with interest" and he had to take out ANOTHER government loan to do it, did he lie? You decide.

Sean McAlinden, chief economist at the Ann Arbor-based Center for Automotive Research, points out that the company has applied to the Department of Energy for $10 billion in low (5%) interest loan [sic] to retool its plants to meet the government's tougher new CAFÉ (Corporate Average Fuel Economy) standards. However, giving GM more taxpayer money on top of the existing bailout would have been a political disaster for the Obama administration and a PR debacle for the company. Paying back the small bailout loan makes the new--and bigger--DOE loan much more feasible.
In short, GM is using government money to pay back government money to get more government money. And at a 2% lower interest rate at that


Many analysts are publishing the truth about this alleged repayment, which Obama heralded in his Radio Address heard on 1150 AM WDEL.


To quote Roger Daltry, "it's an Eminence Front... it's a Put-On."

Posted at 12:25pm on April 27, 2010 by Rick Jensen

<- Back to all Rick Jensen's World Famous Thirsty Thursday Blog posts

Comments on this post:

Tue, Apr 27, 2010 3:07pm
Correction! GM is using OUR money to pay back the gov't.

Add your comment:
Attention: In an attempt to promote a level of civility and personal responsibility in blog discussions, we now require you to be a member of the WDEL Members Only Group in order to post a comment. Your Members Only Group username and password are required to process your post.

You can join the WDEL Members Only Group for free by clicking here.
If you are already a member but have forgotten your username or password, please click here.

Please register your post with your WDEL Members Only Group username and password below.

Copyright © 2014, Delmarva Broadcasting Company. All Rights Reserved.   Terms of Use.
WDEL Statement of Equal Employment Opportunity and Outreach