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GM reports $1.2 billion loss, says it shows progress

What a bizarre story!

First, the headline:

"GM reports $1.2 billion loss, says it shows progress" ?!!

The story goes on to say:

* Even though GM has been bailed out it somehow lost $1.2 billion in the last quarter.

* However, this $1.2 billion loss is *good* news because it lost *less* than in the previous quarter.

* Even though it lost $1.2 billion, it now getting healthier by the day. Therefore it will soon *repay* the gov't $1.2 billion! So it lost $1.2 billion and will repay $1.2 billion.!?? Where could that money possibly come from?

The truly bizarre part:

"The company cautioned that the earnings numbers mean little because they don't comply with U.S. accounting standards and cover only the part of the quarter after GM left Chapter 11 bankruptcy protection on July 10." LOL!

How could AP possibly print this with a straight face?

Worse yet, the anchgor on C-SPAN dutifull reported this as "news" this morning, again, with a perfectly straight face!

This may relate to the new ways of accounting. The taxpayers cover the "losses", the executives and unions divide the "profits"!

I wish I could be subsidised by the government lose money and still come out ahead!

Government Motors accounts like the government. They "repay the government debt ... but the money will come from funds loaned by the government."

Don't trust government numbers.

WOW, this is as funny as the CLOWNS in Washington. Heaven help us.