If you just watch the evening news, you might think think this was wonderful news. GM paying back its debt is great, right? Except that it is all smoke and mirrors. It is ironic in a grim sort of way: the banks, ground zero for the collapse, seem to be on their way to getting their loans repaid, and some of them are in such very deep trouble that nobody will talk about it. GM is using borrowed money to pay their debts in order to borrow more.