By Porter Stansberry in DailyWealth:

Being the captain of the Titanic is no fun.

I am the CEO and the chairman of General Motors, what was, until recently, one of the largest and most powerful corporations in the world. For decades, GM was a model of capitalism. Our bonds were the highest quality you could purchase. Our dividend was the safest. Our jobs were among the best in America. Our operations shaped accounting standards. What was good for GM was said to be "good for America."

Today, only a thin veneer of optimistic statements, crafted by my lawyers so that they can't be definitely called "lies," keeps this firm from slipping into bankruptcy.

For example, I told the world in our press release we saw "steady improvement in our financial results" and "strong evidence that our commitment to great cars and trucks is being embraced by consumers around the globe." Luckily for me, "steady improvement" and "strong evidence" are meaningless puffery that can't be proven to mean one thing or another.

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