Quote:
Originally Posted by Dan40
The "cash for Clunkers Act" is the "Community Reinvestment Act," for cars instead of houses. It will do for Congress exactly what the CRA did for Congress. Buy votes from poor people. The unpleasant fact that it will put the poor in debt and screw the auto industry as bad as the CRA screwed up the home mortgage industry is just a shame, as long as the re-election votes come in.
Congress will come up with a "fix" for that problem when it can no longer be ignored [probably not so many years on this one]. The "FIX," of course, will not work as hoped..............................
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See post above - no appreciating asset factor, like houses.
Anyway, I'm just not seeing how people driving an old clunker can all of a sudden afford a new car, period. When this bill was signed into law they were talking about 1 million gas guzzling cars off the road. It's a really stupid idea with the rules framed by morones.