Doug Ross with an excellent piece on the cash for clunker debacle.
This particular clip from Edmunds is what caught my eye.....
3. Independent economists generally agree with Edmunds.com’s analysis of the program. For example, on November 2, Freakonomics author Steven Levitt blogged about the topic for nytimes.com “Cash for Clunkers mostly just turned out to be a gift from the government to people who happened to be in the market for a new car at the right time... It is relatively easy to move around the timing of when someone purchases a durable good, but much harder to affect whether they buy a durable good or not."
I can attest that I've had three people who bought cars under the program who would have been buying cars soon and all had the financial capability of paying. Once again, life's winners get the break, life's losers continued to be losers with the spike in used car prices; also detailed in the piece.
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