Larry Kudlow reverses course... now SUPPORTS Cash-for-Clunkers

[scheming daemons]

Why I Like the "Cash for Clunkers" Plan
By Larry Kudlow

As a free-market capitalist who does not believe in artificial spending and pump-priming from Uncle Sam, I'm going to eat a little crow with the following statement: At this moment in history, if we're going to use fiscal stimulus as Washington insists, I favor extending the cash-for-clunkers car-rebate program.

With the greatest respect for my conservative friends and colleagues who totally disagree with me, here's why.

In virtually no time, the clunker program has become a national pastime. It has captured the public's imagination in a way that no other federal stimulus has. Everyone is talking about it. And I truly believe that consumer spirits have been buoyed by the prospect of going out and buying a new car -- even with federal assistance, and even under the duress of federal mileage standards.

After a very dreary year or two, people might just have fun trading in their clunkers and buying something new.

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http://www.realclearmarkets.com/articles/2009/08/06/why_i_like_the_cash_for_clunkers_plan_97347.html



Just last week, on CNBC, he was bashing the program.

But even he has come around to how it makes good sense.

[orwell]

1. "even under the duress of federal mileage standards"...

...Same old Larry...

[Oceansaway]

2. his coke supplier must have cut him off...n/t

[Cha]

3. Better tell mara liasson..she apologized for linking it to Katrina

but not for saying it was unsuccessful.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x6234548

[predfan]

4. I think C4C is popular in part because it's the first stimulus dollars the middle class has seen

[Turbineguy]

5. Yesterday he gave some stats

Clunker replacements get 63% better gas mileage.

[endarkenment]

6. me too

I still think the program should have been available based on relative improvement in gas mileage ratings, new v old (e.g. 50 - 24 ought to qualify), rather than clunker 18 or less new 22 or better, but this program is working, it is a bottom up program, and it is a big win for our side.

[The Straight Story]

7. He probably bought some auto stock

:)