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I can be found working full time as a trader and investor living with my family in northern Wisconsin. Although the journey to full time trading took years to achieve, trading in stocks has been a pursuit for over 20 years. I had an early start, as my first brokerage account was opened while... More
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  • The House Approves Borrowing More Money for Cash For Clunkers 0 comments
    Aug 1, 2009 01:52 PM
    Does anyone give any thought to what this does to our economy???

    Look, I understand some in DC would say don’t worry about taking away all the cheap affordable cars off the market for people who may not be able to afford a more expensive car. After all we will give the poor people money and handouts and they will be fine.

    I for one am not fine with this and not only is it a total waste of money but its filled with unintended consequences like distorting the used car market. How many jobs (think mechanics, used car lots, auto parts shops and salvage yards) will be LOST as a result of this giveaway. A a very minimum lost wages and lower income for people that service used cars will happen. While no numbers yet exist and maybe hard to calculate I have to wonder what the net result is for AMERICAN jobs/income. After all some of the cars being bought are foreign made cars and most of the jobs/income being lost are American jobs.

    As I understand it many of the new ‘purchases’ would have happened anyway with our without the government handout(Duh).

    Whats gonna be the next great idea? How about we start burning down houses that were built before 1975 with less than 10 inches of insulation if you buy a new energy star house. That would give firefighters plenty to practice on (first controlling the burning and then putting the fires out in a controlled method) as well as take a lot of houses out of the marketplace that dont have as high of conservation levels.

    You could give the new home buyer a $25K credit and that would make buying a new home more afforable. That would put a lot of people to work building new homes and get rid of a lot of excess homes on the market.

    You just need to ignore the facts that it would raise the deficit (wont it be great to tell the children how their future was mortgaged away so we could destroy cars and homes) and lower the total assets that America owns but lets not get facts in the way of change.

    The real scarry thing as I write this is wondering how many people will read the home burning concept and actually think it might be a solution to the housing problem......

    DC should rename itself to UC (Unintended Consequences)

    Want to see what they are doing with the cars to make sure no one drives a “Clunker” again. take a look at the youtube video. If your a taxpayer and this doesn't make you mad than I don’t think your paying attention.

    www.youtube.com/watch?...

    Disclosure : no posistions in autos or related stocks
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