What are your thoughts on the cash for clunker program that is being offered?
http://www.courant.com/news/breaking/sns-ap-us-cash-for-clunkers,0,3316387.story
Bold part mine, and this is one of the things that concerns me. Seems that much of the problems that we have today, was caused by lenders giving houses, cars, cash, etc. to people who got in over their head and couldn't afford what they had, thus the downward spiral that we're in today. So, when these people with clunkers come to the local dealership to trade in for something else, I hope, really, really, really hope, that in their rush to make a sale, the dealers are making damn sure that the people they're selling to, can afford the payments on the newer vehicle.
Hey, if the program works, great. But as soon as the slightest problem comes to light, it needs to be addressed before we find ourselves in another hole, we struggle to get out.
http://www.courant.com/news/breaking/sns-ap-us-cash-for-clunkers,0,3316387.story
WASHINGTON (AP) — Facing a White House deadline, Senate Democrats are struggling to win over enough reluctant Republicans to pass a $2 billion extension of a popular rebate program that gives consumers up to $4,500 to trade in their old gas guzzlers for more fuel-efficient vehicles.
Senate discussions are expected to continue Tuesday after the Obama administration and backers of the "cash for clunkers" program picked up support from three lawmakers who wanted the program limited to the purchase of even more fuel-efficient vehicles. Data released by the administration showed the new vehicles purchased under the program were 61 percent more fuel-efficient than the trade-ins.
Republican Sen. Lindsay Graham said Tuesday morning he thinks the Senate will approve it.
"I hope it comes out of the stimulus program and doesn't add to the debt," Graham said in an interview on NBC's "Today" show.
Bold part mine, and this is one of the things that concerns me. Seems that much of the problems that we have today, was caused by lenders giving houses, cars, cash, etc. to people who got in over their head and couldn't afford what they had, thus the downward spiral that we're in today. So, when these people with clunkers come to the local dealership to trade in for something else, I hope, really, really, really hope, that in their rush to make a sale, the dealers are making damn sure that the people they're selling to, can afford the payments on the newer vehicle.
Hey, if the program works, great. But as soon as the slightest problem comes to light, it needs to be addressed before we find ourselves in another hole, we struggle to get out.