MSM filter fails: Who let this guy on TV?

[pwcmba]

http://www.cnbc.com/id/15840232?play=1&video=1196451019

I love how he holds up the pocket Constitution at the end of this piece and asks "where in here does it say you are entitled to money off a new car?"

[cindykimlisa]

Re: MSM filter fails: Who let this guy on TV?

The guy with the pocket Constitution really gets it.

The Cash for Clunkers business is a joke.

I just bought a new Honda after waiting months for the rules to come out.

I traded in the ultimate clunker: 16 year old Ford Taurus with all kinds of major repair issues.

Here is the kicker: My clunker did not qualify: Based on the Gov't standards, this Clunker was rated as getting too good of gas mileage to qualify.

Nevertheless, I got a great deal on my new car: I am betting I got almost as good as most who trade in a "qualified" clunker today.

[LargoWinch]

Re: MSM filter fails: Who let this guy on TV?

http://www.cnbc.com/id/15840232?play=1&video=1196451019

I love how he holds up the pocket Constitution at the end of this piece and asks "where in here does it say you are entitled to money off a new car?"

That guy is great. CNBC does the usual to make him look like a lunatic, although he is discussing a very serious macro-issue that few yet understand, until Poom that is.

[roxtar]

Re: MSM filter fails: Who let this guy on TV?

I thought that banks weren't lending money.
Seems to me that a lot of folks that drive "clunkers" are driving them for a reason (can't get qualified for a loan and don't have cash to buy a brand new car).
I predict that the workload for repo men will increase quite a bit in 6 months to a year.

[Aussie]

Re: MSM filter fails: Who let this guy on TV?

I thought that guy was great. A real old fashioned patriot no doubt. I'd buy a car from him before the other guy any day!

[Rekutyn]

Re: MSM filter fails: Who let this guy on TV?

Agreed, and his business sense & honesty is such that he's still likely cheaper than the other dealer who's probably jacked prices up a few grand expecting a bum rush.

[kelton56]

Re: MSM filter fails: Who let this guy on TV?

Cash for Clunkers is Bastiat's "Broken Window" parable, in which everyone supposedly is better off because the baker's window was broken (which creates work/income the glazier, who buys new shoes from the cobbler, who buys more bread from the baker, etc.).

What a load of crap. Hey, my house is 25 years old and terribly energy inefficient. Why not a Cash for Crappy Houses program to destroy my house (and, why not, everything in it), and rebuild it to 2009 energy efficiency standards, plus all new consumer gadgets, electronics and applicances. We could even burn it down, which would create a need and vital experience for firefighters.

Say, let's destroy EVERYTHING and rebuild/replace it. We'll be at zero percent unemployment in no time, and our Chinese financiers will be delighted to lend us the money to buy all new cheap plastic crap.

Now that's a winning strategy.

[BigBagel]

Re: MSM filter fails: Who let this guy on TV?

I think the clunker program is another government program rewarding poor behavior. You buy a gas guzzler 7 or 8 years ago and now you want to trade it in. The government kicks in some money. You buy a fuel efficient car 7 or 8 years ago.......Your out of luck, no money. The bad boys get the green.

[LargoWinch]

Re: MSM filter fails: Who let this guy on TV?

I think the clunker program is another government program rewarding poor behavior. You buy a gas guzzler 7 or 8 years ago and now you want to trade it in. The government kicks in some money. You buy a fuel efficient car 7 or 8 years ago.......Your out of luck, no money. The bad boys get the green.

Well said.

Put another way: how can a country prosper by destroying wealth (in this case old, but working cars)?

[WildspitzE]

Re: MSM filter fails: Who let this guy on TV?

I must admit that I haven't read much about how this program works, but, have the prices of all POS cars, that would ordinarily be valued at less than the government payout, converged to what the government is willing to "help you out with"?

I can only imagine the number of schemes popping up right now to take advantage of this stupidity. Thiefs robbing a thief.

[aaron]

Re: MSM filter fails: Who let this guy on TV?

Or the program is just good business. If you owned 60% of the largest U.S. car companies, you would want to increase sales too. It is like a massive pump and dump.. sell more cars now so the stock is worth more later. Theoretically, the government does not want to be in the car business very long. If they can pump these babies up and sell at the right time, the government will look good.

[WildspitzE]

Re: MSM filter fails: Who let this guy on TV?

Or it sounds a lot like what the financial arms of the autocompanies do, basically trade loading.

http://financial-dictionary.thefreed.../Trade+loading