Posted on 07/31/2009 7:11:48 PM PDT by Steelfish
House OKs $2 billion more for 'cash for clunkers'
After a surge of car sales drains the program's funds, legislation is rushed through to provide additional money. The Senate still has to act.
By Jim Puzzanghera, Tiffany Hsu and Martin Zimmerman
July 31, 2009
Reporting from Washington and Los Angeles -- The House today approved an additional $2 billion for the government's "cash for clunkers" program, moving unusually quickly to replenish the program after overwhelming demand from consumers left the initiative in danger of shutting down because of lack of funds.
The 316-109 vote showed the strong bipartisan support for the program. The Senate could take up the bill next week. But supporters hope that cash for clunkers can continue to operate, knowing that additional money was in the pipeline.
(Excerpt) Read more at latimes.com ...
its a dumb program. Destroy perfectly good assets to buy foreign made assets and get into debt to do it
Its a bit like FDR policy of destroying food to fight food price deflation
What BS? Les than 25,000 cars were sold and less than $100,000,000 has been spent so far and they are already claiming to be broke and authorizing more money. Why not just move some stimulus money AFTER the billion has actually been spent.
Gotta save those union auto jobs donja know!
I’ll bet half those “stimulus cars” are repos in 6 months or less.
Is this a constitutional role for government?
LOL! Eight more days?
Another thing to recall about the “Cash for Clunkers” program is how it hurts the poor. The program will take these “clunkers” off the street and give them to the government to destroy. But these are precisely the kinds of cars that poor or fixed-income people tend to purchase. Most of these “clunkers” are of course in fine shape, but they are not “green” enough according to government determinations. So poor people who cannot afford to purchase new, government-approved (and thus artificially expensive) automobiles will be told to “go take a hike” – literally!
The government having melted down these “clunkers,” the market in low priced used cars will dry up, thus driving up cost and further hurting poor and working people as well as seniors and others on fixed income. Grandma who just needs a cheap old car to get down to the pharmacy for her prescriptions will thus be forced to walk or hire a cab, as the finance companies will take a look at her social security income and say “next!”
Cash for clunkers is an attack on the poor for the benefit of government-connected Big Auto big-wigs and GMAC-style bankster/moneylenders. As with most government programs, the poor get the short end of the stick.
Yep - I'd love to see the numbers on the newly purchased vehicles related to this program. GM and Chrysler aren't likely to be anywhere near the top of the list.
These $3,500 to $4,500 cars, in the end, cost us tax payers $45,000.00 each.
I’d rather pay mine off this month.
And the proof of this is none other than the democrat spin machine. Suckers!!!
Glenn Beck: CASH FOR CLUNKERS Government
Website Takes Over Your Computer Forever
http://www.youtube.com/watch?v=RAOBlqUqUZ8
Wouldn’t a 2-day, 2-man marketing study have shown that demand would be huge? I guess they were too busy telling GM & Chrysler which dealerships to shut down.
This is just damn stupid. Congress is insane.
Heck, it’s not their money. They need to keep the unions happy- we have elections next year.
I refuse to get interested in anything Obama has to sell.
His signature requirement involves a blood droplet and then your soul, but seriously I am at three fourths my working hours, my wife lost her job to immigrants and is now making half the wage and still we must prepare for another long Alaskan winter.
I expect many people will get this new car deal and then find themselves unable to pay for it in a couple of months.
Smart move.
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