May 5, 2009

OBAMMMMY!!! GIMME A NEW CAR!!! (and $4,500)


Remember, it hath was foretold...

So, you gonna junk the old paid-off car and get yourself that swift new stylin' GM?

Obama, lawmakers agree on "cash-for-clunkers" bill

WASHINGTON (Reuters) – President Barack Obama and Democratic lawmakers reached agreement on Tuesday on a legislative proposal designed to stimulate U.S. auto sales, which have fallen to near 30-year lows.

The one-year plan crafted by members of the U.S. House of Representatives would offer vouchers worth up to $4,500 for owners to replace their less fuel efficient vehicles for models that get better gas mileage.

23 comments:

El Loco said...

Hmm what is better?
McCain snoring and farting.
Obama spending like crazy.
Biden spewing stupidity
or...

Sarah Palin doing MILF porn?

Choose right and you get a free GM !

Anonymous said...

Nice set of "headlights".



December 2008

Anonymous said...

i keep hearing the benny hill song (the one they play when the characters are running around doing stupid things) in my head whenever i hear of the latest legislation that is being worked on in congress or in our way democrat controlled Oregon state legislature.


December 2008

Wind Farmer said...

Buy a bank, get a toaster.

You know there is no going back, don't you?

Anyone want to start a bank? All deposits to be backed by gold.

Happy Snapper said...

Hmmmm,

How bout the car companies just lower the damn price.

All these incentives are soo stupid they make as much sense as buying half million dollar house because it came with a free 35MM camera.

A peice of crap car that was $30k and is being offered for $25k is still about $20k overpriced.

but then again not many thing are dumber then buying a European made over priced tin can.

Anonymous said...

here is the song i was thinking of

http://tinyurl.com/29x5qx


December 2008

Nimesh said...

It's amazing to me that our leaders will do any trick to "stimulate demand". The verdict is in; the American people went from spending like crazy to saving. After the saving rate went negative, it's jumped up.

I wished they just stayed the hell away from the free market place. I wish they allowed the free markets to work out their own solution. But that is too much to ask of them.

The most frightening proposal is one where the Fed and some academic considered actually reducing the amount of money held by savers if they didn't spend it in a certain time frame!

Nimesh said...

Buying a brand new car is one of the worst financial moves you can make. Once you buy a brand new car, you have to buy full coverage insurance.
And if you get into a bad accident, just see how your insurance company or the other party's insurance company tries to weasel their way out!

Buying an older used car is the best way to go. Right now I have a 1994 Toyota Corolla. I paid $1900 for it four years ago and it still has a lot of life left. My previous car was a 1982 Toyota Camry I bought in 1994 and it lasted till 2005 when a truck crashed into it and rendered it useless.

great idea said...

I'm going to fix up the clunker in the yard and go get a new checy.I love obama.

Obama give me a chevy!!!!!!!!!!!!!

Anonymous said...

Nope, I ain't subsidizing the Messiah & Barney Frank's unions with my hard-earned money.

You won't see me buying or driving any democratic party union car...or any NWO car for that matter either, like the Bilderberg Agnelli's POS Fiat.

How ironic, American slaves of European banksters buying a Fiat automobile with Fiat currency.

Anonymous said...

Nope, not even $4500 plus whatever incentives the manufacturer gives will get me into a new car. I drive a '96 Crown Victoria... does it get the best mileage? No, but it is payed for, it's reliable, and i drive it about 5000-6000 miles a year. Plate renewal is about $30/year and plain old insurance is about $40/month. I am very happy with all of those figures so thanks but no thanks.

investorinpa said...

OBAMMY GIMMMEEE CHEEEEEEEEESE!!! And a side of a fuel efficient vehicle PLEEEEEEEEZE

Ill give you $8K Max for that lux ride said...

"A piece of crap car that was $30k and is being offered for $25k is still about $20k overpriced."

Amen Brother and $4500 is not going to make the greater fool jump back in debt for a depreciating time bomb.

Lobbyist for the car dealers association must be in over-drive on the hill...It IS whats wrong in the good old USA

Out at the peak said...

Cool. I wanna know the details just to have it blasted in my face that my recent purchase doesn't qualify.

Anonymous said...

My understanding is that in Japan there is a progressive inspection system - that is, as your car gets older and older you have to pay more and more each year - this is what a Japanese friend told me. As a result, it can be more cost effective to just buy a new car every few years. If you ever visit Japan, you may notice that there are no old, rusty beaters on the road. So, what is better, giving people a credit, or just making them buy a new car every few years via legislation?

Anonymous said...

Zillow: 30% of mortgages now underwater"..."What's going on here is that you don't have any markets that have turned around and you have new markets, like Dallas..."...where home prices have fallen...

...More than one in 10 borrowers with a mortgage owed 110% or more of their home's value at the end of last year, according to First American CoreLogic....

...underwater estimates can be too high if they use price data that includes a large number of foreclosures. Foreclosed homes tend to sell at a discount...making it appear that prices have fallen more than they actually have*...

...Moody's...estimates...19%...


*Did they write that with a straight face?

Anonymous said...

Only if they trade me straight across for it. Then I would have to think about it.

FWIW the Benny Hill song is "Yakety Sax"

Anonymous said...

Biden spoke sanity...self protection and better safe than sorry...now to bad he does not take the same concepts towards trade and tariffs

les said...

Nimesh has it right.

The govt should leave us alone.

So should the Fed Reserve.


The govt will force you to spend the money you saved through hyper-inflation. That day is coming.

yoski said...

All this would do is shift future demand to the present. Worse, in the future people will push off any purchasing descision 'cos they are holding out for the next round of government cheese.
In the short term it would really put the squeeze on mechanics and garages.
But of course this is the typical line of thinking we've become accustomed too. Short term fixes, to hell with the future.

Anonymous said...

I'll use it to buy a Toyota or Honda.

Stuck in So Pa said...

Is that $4500 for new, used, or just better gas mileage. Also, would this voucher have to be paid back over the life of the car loan (like that ridiculous housing incentive) or is it a "free and clear" credit?

The foreclosed friend of a friend has a nice older Toyota (around 30 mpg) for sale, for cheap. He's hurting for cash.

The wife's compact 4WD SUV gets around 23-25mpg, but she likes my Toyota and is constantly swiping it. Got a big bad a$$ 4WD Chevy heavy duty PU for snow days.

Be kind of nice to get that used Toyota for free!

Anonymous said...

Unintended consequence #1

This will immediately devalue every car in America by $4,500. So don't worry if the voucher is only good on new cars, you'll still get your discount.

Unintended consequence #2

You will kill dealerships because a major part of their business is selling used cars. Most of these cars are purchased on credit. If you devalue the inventory by $4,500/unit, you will kill their margins and hasten their failure.

IT SOUNDS LIKE ANOTHER FANTASTIC GOVERNMENT SOLUTION!

Jymkata