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Oct. 18 2009 - 7:01 pm | 4 views | 0 recommendations | 13 comments

Surprise! Despite awesome Cash for Clunkers program, car makers still can’t sell cars (Video)

Could it be that you need to have a job to buy a car? Unemployment is at 9.8%, Obama is killing jobs left and right, he tripled the deficit in one year while telling us we need to live within our means, and Congress is set to soak us all with huge new tax increases, and despite Cash for Clunkers, which we knew was a boondoggle from the get-go, the inventory is piling up.

We cannot embed the video, but the link is here.

Exit question: If you were trying to kill the economy, wouldn’t you do exactly what Obama is doing?


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  1. collapse expand

    Can’t quite follow the logic but if I truly wanted to destroy the economy a vote for McCain and his economic adviser, Phil Gramm would have done it; No wait Gramm already ruined the economy.

    But if you mean the economy on main street is still horrible. I agree with you.

    Obama has the wrong people at the top.

    The current idea of first fixing the way too big banks and wall street and waiting for the money to trickle down as once again proved a stupid idea based on Reagan’s misguided voodoo economics, you’re right Obama should stop listening to republican economic advisors, Paulson, Geithner and Summers who were asleep at the wheel are against any real reforms or investigations.

    • collapse expand

      What do you think he should do? Who should be steering the economic ship and what can they do to juice the economy?

      In response to another comment. See in context »
      • collapse expand

        Push the current stimulus money out faster and then probably go for another more targeted stimulus.

        In response to another comment. See in context »
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          Then why the hell aren’t they at least doing the former?

          In response to another comment. See in context »
          • collapse expand

            We don’t know they are not. They’ve been pretty effective in shoring up a lot the state govts, these things take time. I think it made a lot of sense to focus on the states first, not to mention providing a safety net for the auto industry. I strongly feel that they could be doing a better job getting money out to bread and butter construction projects but it does take a while for any new administration to get up and running at full speed and this administration has had far more to deal with in it’s first term than any other since FDR’s first. It’s unreasonable to expect the wreckage of the last 8 years can be cleaned up in 8 months. But hey I guess you see the fact that people are really having a hard time as some political opportunity for your side to exploit, go for it, make hay while the sun shines as they say.

            In response to another comment. See in context »
          • collapse expand

            It was a frickin’ stimulus package. They should have fast-tracked it. The fact is it wasn’t a stimulus at all but merely a spending bill for pet projects. They said unemployement wouldn’t go over 8% if they passed it and we are at 9.8% and only about 1/3 of it has been spent.

            This smacks a little of the federal response to Katrina. We’ve got an emergency and the feds are sitting on their hands. At least that is what I heard the lefties saying when Bush was in charge . . .

            Where is the lefty outrage now?

            In response to another comment. See in context »
      • collapse expand

        Well I am no expert, but it seems we should reinstate FDR’s safeguards, get banks back to banking and wall street needs to work with their own money. The new financial instruments and hedge funds and derivatives all need regulation, not to mention explanation. I don’t care how much these guys in wall street make but there should be someone representing smaller shareholders on these boards. The rating agencies need to be audited and the Fed needs to be audited. The regulatory agencies need to isolated from politics so a president can’t appoint an incompetent, the fed having more power is nuts…they have been the problem.

        The two biggest problems from my perspective, is that banks and wall street have shied away from creating value and instead is skimming money from the top with fees and computer trades and side bets. This is not investing in America, in encouraging investment in American goods. The other problem is free trade, while regulations might work here, companies can simply move off shore, London is now the economic center of the universe. We really need to examine the basic precepts of free trade, especially when it hurts our bottom line. If the oil countries decide to use the euro to replace the petro dollar, we are in serious trouble because of our weak currency.

        The idea of a communist country being propped up by our debt is just chilling and insulting to all of our patriots who fought against totalitarianism. Each year Parade Magazine lists the world’s top dictators…China’s leader always makes the top five.

        In response to another comment. See in context »
      • collapse expand

        Sorry I got carried away and didn’t address your questions…

        My only problem with the guys steering the ship now are they are the guys whose philosophies got us where we are…smart guys, maybe the smartest guys in Washington but not up to magicians in London.

        I hated the idea of TARP but bought the urgency of it which may have been a con…I don’t know. The thing is we are now thinking of policy without a clue of how this happened. A big time investigation or inquiry is in order…and maybe outside the rabbit hole of Washington. I mean do you know what happened? And worse is it still going on?

        Plus the smart guys and gals who did see the train bearing down of us…they are on the sidelines, not helping with the plays…to slaughter cliche metaphors…I would like to see these people in the room…the idea that only the criminals can unravel the crime…makes for a nice DiCaprio movie or USA drama…but now? in Washington? with all our tax money at risk? No.

        Juice the economy…tough one but first the banks, which are back to their normal nonsense need to loan to the little guy…Now! We need to fix our infrastructure and are looking to the government…where is the private sector? hey they profit the most…pony up…here’s another thing…Some bank robber said he robs banks because that’s where the money is…maybe it is time that the rich tighten their belt, pay more for a short time to save the country…the average family is tapped…the government is tapped…we need to go where the money is and it has nothing to do with class warfare but love for the country. This has been done before.

        The investment in new green technologies sounds too liberal and stupid for me…it is a bad sales pitch…but maybe T.Boone should be given some credit…the man is a pirate and has figured a way to buy wind and water at the same time…as well as counties…but he has also shown that there is good ole American profit in green. The Chinese are in Mexico buying our oil…we do need to move ahead. A simple thing like the Small Business Administration offering low interest loan for green tech can reveal the next big garage industry. No one saw Gates or Jobs…how many more great innovators are out there.

        We have an advantage over the rest of the world…we go our own way…we think out of the box all the time…business schools teach predatory capitalism…the drop outs create a new capitalism…let’s give them a heads up.

        Bottom line Bill is I love my country, I believe in it, with all the flaws, we tend to move towards an ideal stated centuries ago, impossible then, but every generation we come closer, stumbling, but we used to look more to the future than the past. I don’t want to perserve America but move it forward. During the great depression socialism could have taken hold…but it was not our nature…we were in far more danger then but somehow in the fifties we started to see commies everywhere when they were already gone…we were all capitalists again and we need to get back to business, our business, American business.

        In response to another comment. See in context »
        • collapse expand

          You asked if I know what happened to the economy and I do. But folks on the left have a knee jerk reaction dismissing it because it reflects badly on their economic theories. But, by my lights, if an economic theory is bad, then it can be expected to have bad consequences.

          The Community Reinvestment Act, enacted by Carter, required banks to loan to people who could not afford it so they could buy a home (a classic liberal good intention serving as pavement on the road to hell). Clinton put teeth in the law and penalized banks for not complying with the law.

          These loans were, by definition, very risky investments that the banks were reluctant to make. The government said, no problem, we will guarantee the loans through Fannie and Freddie. This created the incentive for the banks to make even more risky loans, but not because they were greedy, per se, or because they were predatory lenders, but because the government told them they had to make the loans and because the government made them risk free for the banks. Had the government not pushed a socialist policy of home ownership for all and not meddled with the free market, these loans would not have been made.

          But they were made, which generated an artificially high demand for homes by people who should not have been able to qualify. The high demand caused the boom in home sales and appreciation in home values in the early part of this decade. Then the 3 and 5 year adjustable rate loans (subprime mortgages) began to convert to the market rates and the folks that couldn’t afford the houses couldn’t pay the new payments. Foreclosures took over and the economy went into the tank.

          That, I believe, is how we got here. It was liberal policy altering the normal free market dynamics leading to disaster. The problem is that for many folks who bought homes from about 2002-2006, they will be upside-down on their homes (owe more than the house is worth) for a very long time because the artificial demand that got their purchase price so high, is never coming back. If you are upside-down with no equity, you cannot refinance and therefore all of those homes are tremendous foreclosure risks in the coming years. That is why this recession is projected to be so long. The anchor investment of a home has been decimated by liberal economic policies. And we are all paying the price.

          In response to another comment. See in context »
  2. collapse expand

    Hey Bill, just checking to make sure you’re ok. I know how you love to follow the polls and that ABC/WaPo poll that came out yesterday has really got to sting! Let us know you’re ok buddy!

  3. collapse expand

    “Exit question: If you were trying to kill the economy, wouldn’t you do exactly what Obama is doing?”

    Now you’ve convinced me. Obama’s got it out for the economy!

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    I am a lawyer afflicted with a consuming desire to analyze and debate politics.

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