Bloomberg - "‘Cash for Clunkers’ Yielded Almost 700,000 Sales "

[TomCADem]

The odd thing is that a lot of stories are trying to pin the program as a bad thing due to the fact that it is temporary, and some dealers experienced computer problems, and have not immediately received their money, but the fact of the matter is that the program stimulated auto sales, which is exactly what it was designed to do, and it encouraged folks to buy more fuel efficient cars.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aHUHBGd0daws

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Aug. 26 (Bloomberg) -- The U.S. government’s “cash for clunkers” vehicle trade-in program produced almost 700,000 automobile sales, the Transportation Department said.

Rebate applications valued at $2.88 billion were submitted by the deadline, the department said today in a statement. The program, which offered buyers discounts of as much as $4,500 to trade in older cars and trucks for new, more fuel-efficient vehicles, ended Aug. 24. The government granted dealers an extra day to file repayment applications.

The initiative helped restore demand for the slumping auto industry, prompting General Motors Co., Ford Motor Co. and Chrysler Group LLC to boost production plans. While sales are likely to fall to a “more sustainable level,” any offsetting effect on U.S. growth in future years is expected to be gradual, the White House Council of Economic Advisers said this week.

The effort “was incredibly well received judging just by the number of consumers that participated,” said George Pipas, Ford’s sales analyst. “You’ve got an economic stimulus program and an environmental program, and seldom do those two programs sleep in the same bed.”

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[Clio the Leo]

1. One of my favorite RW spins was .....

.... before Congress added that second round of $$, the news was reporting, "Cash for Clunkers is a failure! They've run out of money!"

...... like it was a savings account or something. lol

[TomCADem]

2. In The Same Breath, The Stimulus Is A Failure Because Most Of The Money Hasn't Been Spent

Heads conservatives win. Tales liberals lose. Typical right wing hypocrisy.

[MadMaddie]

10. They actually originally planned for double the money that they

started out with but the Repugs were screaming so loud the Dems deceided to do a trial run. You see the Dems can't win anyway they go...

[dflprincess]

3. And the states collect a nice chunk of sales tax and license fees as well

and they can use it - or at least Minnesota can.

[NecklyTyler]

4. It has kept money moving in the economy - which is the best thing we can do to improve things

President Obama is far smarter than the right wing gives him credit for. When the economy is going like gang busters in 2011, and our President runs the table in the 2012 election, the Republicans will only be able to stare in awe.

[Cha]

5. Another Success for President Obama and his

Team!

“You’ve got an economic stimulus program and an environmental program, and seldom do those two programs sleep in the same bed.”

[Mopar151]

6. Skeezy car dealers being what they are

I've heard of dealers making customers 'guarantee" the gov't payment.

[AwakeAtLast]

7. Good God, what a failure!

:sarcasm:

:D

[Monk06]

8. Instead of distroying the clunkers some of which were in very good conditon

the cars should have been broken up and the
parts sold to used parts dealers

[girl gone mad]

9. I think the reason they didn't..

is because when similar programs ran in Europe, the used parts market was flooded and prices collapsed. Meanwhile, with fewer clunkers on the road, they had fewer customers. It did a lot of economic damage to the salvage industry.

[Monk06]

11. That's a shame. Then just give the parts to the salvagers since

they will only be melted down anyway. I just
couldn't believe the Youtube vid of a near
perfect condition volvo v6 being run dry
til it seized. What an awful waste.