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House adds cash to 'clunkers' program; Senate vote neededUpdated 15h 20m ago
By James R. Healey and Chris Woodyard, USA TODAY
The Obama administration promised Friday that the financially strapped "cash for clunkers" program would be alive at least through the weekend, and the House of Representatives approved additional money for the program later in the day.
Senate action is expected next week.
"If you were planning on going to buy a car this weekend, using this program, this program continues to run," White House Press Secretary Robert Gibbs told reporters.
The House passed a bill 316-109 that would pour $2 billion from the economic stimulus program into the "cash-for-clunkers" initiative and give consumers more time to take advantage of trade-in rebates up to $4,500 for older cars.
[Rep. Candice Miller, R-Mich.]"The thing has exploded. It has exceeded everyone's expectations," said Miller, who was involved in writing the original legislation, known as CARS, for Car Allowance Rebate System. "Throughout our history, it has been auto sales that have pulled us out of recession. People are more likely to buy cars than houses. Not to be too Pollyannaish, but we're gettin' our mojo back. This could be the pivot' that begins an economic recovery."
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Shocking News: People Take Free Money!July 30, 2009 8:17 PM by Stephen W. Carson
After barely a week in full-tilt operation the "Cash for Clunkers" program has been suspended. As recently taken apart in a Mises Daily, this program is a particularly absurd example of the broken-window fallacy. But the suspension of the program has brought even more economic absurdity.
Rep. Candice Miller breathlessly tells us "The thing has exploded. It has exceeded everyone's expectations." Before we go on let's just pause and reflect on these people who were surprised. Here is the amazing turn of events:
1. The government starts handing out free money.
2. People start grabbing it as fast as they can.
3. The bureaucrats quickly realize that they are hitting the program's budget in mere days (of the program being finalized) and suspend the program.
What is the reaction to this perfectly foreseeable sequence of events? "...dealers were amazed...", "the explosively popular... program."
As if the program itself and the surprise at its reception weren't enough, there is one more bit of economic foolishness dolloped on like a cherry on top. Returning to the brilliant Rep. Miller (representative from Michigan and co-architect of the glorious program) she is enthused at the results: "'Throughout our history, it has been auto sales that have pulled us out of recession. People are more likely to buy cars than houses. Not to be too Pollyannaish, but we're gettin' our mojo back. This could be the pivot' that begins an economic recovery."
How do you get an economic recovery going? Start raining free money down on everyone's heads. I grew up thinking that the people from the Middle Ages were idiots... They believed the earth was flat! Turns out they didn't actually. But Rep. Miller (and how many Americans?) really does believe this nonsense. I have found the Dark Ages and it is us.
[A few comments]Mikey L.Yes, ladies and gentlemen, a United States congresswoman actually used the word "Pollyanaish" in support of a federal law.
Published: July 30, 2009 10:43 PM
Enjoy Every SandwichIt's a shame we can't cash in the clunkers who "represent" us. I'm certainly ready for some better models.
Published: July 31, 2009 8:06 AM
Matt WingMikey L wrote: "Yes, ladies and gentlemen, a United States congresswoman actually used the word "Pollyanaish" in support of a federal law."
That is funny.
I also like how she used the term "mojo", as in, economic growth is a "mojo".
So, to your point Russ, who cares about creating wealth when you're "getting your mojo back"?
If I was a reporter and a politician said that, naturally my next question would be: "What are you talking about?"
Published: July 31, 2009 9:01 AM
Ned NettervilleIt is OPM (other people's money), and like the other opium, extremely addictive. Generally OPM is sucked, rather than inhaled, imbibed or injected. When someone uses it without being shot or seriously injured by the owner, they are certain to become hooked. Inevitably, they will return to their pusher for another fix. OPM addiction has much the same pathology as other addictive diseases such as alcoholism, compulsive gambling, etc. As the disease progresses, which it always does, its victims loose touch with reality, their physical and mentally health deteriorates and they completely lose their moral compass. The most successful route to recovery is participation in the 12-step program of AT (Anonymous Thieves). A nationwide network of treatment centers would be a blessing.
Published: July 31, 2009 9:15 AM
RussMatt Wing wrote:
"So, to your point Russ, who cares about creating wealth when you're "getting your mojo back"?"
Heh. Here is an internet dictionary definition of mojo:
1) A magic charm or spell.
2) An amulet, often a small flannel bag containing one or more magic items, worn by adherents of hoodoo or voodoo.
I guess this means that we are truly in the age of "voodoo economics" now!
Published: July 31, 2009 9:21 AM
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