Cash For Clunkers Headed For Re-Up
The Freep reports that Congress could “shift $2 billion from an energy loan program” to replenish the maybe-tapped-out, maybe-not CARS program. This has been confirmed by the AAM’s Charles Territo who tells us that “HR 3435, would allow the President to transfer $2 billion dollars from previously appropriated Recovery Act funds in order to fund the CARS Act. Will be voted on today.” The plan is being spearheaded by the White House and Michigan’s congressional delegation. The House will vote on the extension today, the last day to do so before Summer recess. The Senate will remain in session into next week, but C4C faces more opposition there from the likes of Dianne Feinstein. Meanwhile, has round one even been used up?
The National Auto Dealer’s Association has an in-house survey that shows some 200,000 deals are pending government approval. As the Freep notes, however, “the ‘vast majority’ of applications were being rejected for incomplete or illegible paperwork. Since the law requires dealers to complete the trade and destroy the clunker’s engine before filing with the government, tracking exactly how many deals are in progress may be impossible.” In other words, thousands of vehicles could be destroyed in vain, since many of these deals may not pass muster. As for NADA’s survey, isn’t it in the dealers’ interests to see the program extended? Obviously the White House doesn’t need much encouragement. But then, as long as people think its a success, it is one. Right?
"The plan is being spearheaded by the White House and Michigan’s congressional delegation." Well, at least it will be a well thought-out and holisitic approach that will address what is right and reasonable for the entire country and not just one politically active subset.
"they are diverting funds from (for example) a fledgling high-tech solar/wind/geo-thermal industry start-up with the potential to create many new clean and sustainable jobs" The tax subsidies that come out of our taxpaying wallets will be actual, but "fledgling high-tech etc." startups are only potential. I am so sick and tired of people dreaming - with my tax money -that wind energy can replace fossil fuel. If they are so convinced that they can make money with wind energy let them spend their own effing money. No one remembers how rapidly windmills on farms in this county were idled when rural electrification started to happen in the early twentieth century.
So who's on the hook for the $4500 if the paperwork is rejected? The old car is already destroyed, the new car registered to the new owner and the 72+ month payment book is on its way to the new owner....
Don’t let things like this… http://www.youtube.com/watch?v=waj2KrKYTZo Happen in your country, or you’ll go broke, too.