The failures of Cash for Clunkers

Via MorningGlory2. (No, she hasn’t come back, but there are advantages to being related)

How much oil did the government save with Cash for Clunkers?

So what happened with this program is people sold otherwise useful cars for $2500 and a loan on a new car for an amount guaranteed to be more than the car is worth before the ink is dry on the loan agreement. The useful car was then destroyed by the government.

Published in: on March 5, 2010 at 8:57 pm  Comments (1)  

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One CommentLeave a comment

  1. In fairness, I saw it first at Delftsman, then again at Grouchy Old Cripple. One thing about math: you can’t dispute it.

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