Truth in advertising: Paul Ryan blows the whistle on General Obama Motors’ phony loan repayment

by editor on May 3, 2010

Have you seen the General Motors commercial that claims the company has now repaid all the taxpayer-funded bailout money? It’s a lie. A flat-out lie. They simply emptied out one pot of bailout money to fill up another pot of bailout money.

Rep. Paul Ryan (R-WI) calls bullshit on the whole scam:

You may have read reports from the Obama Administration or seen ads on TV claiming that General Motors has fully paid back what it owes you the American taxpayer.

These claims struck me as odd and misleading. The federal government still owns over 60% of this auto company. This so-called repayment is actually a transfer of $6.7 billion from one taxpayer-funded bailout account to another.

As this is your money, I think you deserve some clarity on this shell game. My colleagues Congressmen Jeb Hensarling, Scott Garrett and I have asked Treasury Secretary Tim Geithner to provide an updated, accurate, and honest account of the taxpayer money that is still propping up General Motors.

If anyone is owed a clear and honest explanation it is those hit hardest by the downturn in the auto industry, including those I serve in Janesville, Kenosha, Oak Creek and the surrounding communities in Southern Wisconsin.

It is time to put an end to the crony capitalism in Washington.

Watch the shells closely and tell me which one covers the pea.

{ 7 comments… read them below or add one }

KimmyQueen May 3, 2010 at 1:00 pm

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That is disgusting. I am not unpatriotic for disliking this and wanting GM and the others who took the money to fail. It is better than to play with money that is not theirs and wasn’t given to them because of the products they make it was given to them because they made bad choices. It is time for smaller car companies to take over with good products and that do not respond to the govt and aren’t corrupt.

WordEmUp May 3, 2010 at 4:44 pm

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The fact that this story isn’t on ANY news site (even FOX) is disturbing to say the least. Where has “Journalism” gone?

drb May 3, 2010 at 5:00 pm

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Actually, it was on Fox. Glenn Beck mentioned it during his show one day last week.

tracycolorado May 3, 2010 at 7:43 pm

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Paul Ryan and Mike Pence for republican presidential and vice presidential candidates for 2012 . Intelligence , common sence , morals and integrity .

Administrator May 3, 2010 at 7:58 pm

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Absolutely! And throw John Boehner in the mix.

danybhoy May 4, 2010 at 9:47 am

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Look into NJ Governor Chris Christie, I’m just saying.

connor May 3, 2010 at 9:44 pm

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im glad i voted paul ryan in 08