Sunday, September 20, 2009
Don't worry, he went to Harvard
So it turns out that all the cash for clunkers program did was move sales around the calendar. Purchases that would have been spread out among a few months were bunched up in August. Most of the 3 billion went to foreign auto makers (though a hefty percentage made their cars here) and the dealers that were the main objects of this largess? They are now having cash flow problems because they are not getting reimbursed by the government for the cars they had to pay for to put on the lot to sell. These people can't even give away money. It is a sort of a corollary to Orwell's dictum that there are some things so self-evidently absurd that only an intellectual could believe them: There are some things so simple that only a team of Harvard trained lawyers and economists could screw them up.
Posted by Michael Reinhard at 7:15 PM