I worked for a family that bought and sold wholesale cars. Bottom of the barrel stuff they got theyd end up fixing up and selling for ridiculous prices, not because they're being greedy but because cash for clunkers made all used cars still around overly expensive!!! fck all these progressives that want to destroy our country.
TOUGH MAN RANDY SAVAGE, mine to, think of all the perfectly good cars that could’ve lasted another 10-20 yrs instead they threw them in the trash. Created more carbon, more pollutants in the air, & created a bigger pain in my A$$/climate change emissions SH!T.
Broken window fallacy. A baker shows up to the bakery and finds a brick thrown through his window. A passerby sees his distress and explains that the smashed window is actually better for societey. He will buy new glass and the glass guy will buy new clothes with the money, and the tailor will buy bread at the bakery. The baker points out that he was going to buy new clothes too but is now stuck replacing a window. In effect, societey has not gained wealth, it has lost it to the tune of the value of 1 window.
Slavery is good for society. Baker needs to pull his bootstraps and work a double shift. But he makes surplus bread so the price of bread falls and then the best he can afford to buy is the glassmaker's seconds at a thift store. Unless they shred those to stimulate so baker has to work double for even longer to save up. Just in time for another brick stimulus.
It also almost killed my automotive service company. Take the money out of your local economy and give it to big business. Isn't that the American way?
That was the point. They wanted poor people to become dependant on the bank and politicians for their livelihood in order to secure future votes. The poor lost their cheap affordable and functional vehicles and got an unpaid car loan on their credit and no way to dig themselves out without government assistance.
This BS program didnt even help really poor people get a new car. It gave 3 or 4 thousand towards a new car, and it had to be brand new. So when you figure how much a brand new car costs, really poor people didnt get shit from this program. Thanks for nothin, Obuma!
So let me guess...you grew up and now you recognize the folly of your youth? We need a little bit of that right now with all the idiots voting for Bernie Sanders.
Looseel Scott Up until I was in my second year of college, I was incredibly left leaning. Was always told that conservatives are evil ignorant pigs who vote in corrupt politicians. I believed it for the longest time. Then I started questioning things after seeing some crazy diversity initiatives and seeing that video of Big Red. After listening to both sides with an open mind, I can now say that I’ve been a staunch conservative for the past five years.
"It is hard to imagine a more stupid or more dangerous way of making decisions than by putting those decisions in the hands of people who pay no price for being wrong". -- Thomas Sowell
Are you stupid, obviously you destroy an older car an 02 civic for example, smaller and lighter than modern cars, get high 30s low 40 mpg. And replace it with a new one, say a good ole american charger, and get high 10s low 20, but less pollution because more cats built in, obviously its better for the enviorment. At worst its net neutral, you replace a car with a car that cant hurt. But the new one cost more, which means its more economical and will generate revenue. Its also larger and heavier with more horsepower therefore safer. Not only that but, that old car was old, you cant move america foward with old things especially cars, imagine how much faster we could move forward with newer cars? Have you ever driven an audi, porchse or bmw? Those cars are super fast, thats how we move america forward.
@@devin19222 50% of the pollution done by a car over its lifetime happens before it's sold to you. You gotta melt steel, make rubber for tires, get the furniture, ship the parts halfway across the world to assemble it all together. It is actually *worse* to buy a new, economical car than it is to drive an old, less economical car.
@@ТомасАндерсон-в1е Don't forget it puts people into more debt buy a new car instead of keeping their older paid off one. Feeds off the impulse of people to have new items and living outside their means.
Devin Pfennig who cares about the environment. Commiefornia evidently, due to their recent ban on gas cars after a certain year. Yep, I’m going to driving my 94 850CSi with no cat way past that date.
you destroy cars that are not running and would not be sold. i think you are missing the entire fucking point. and meanwhole you give people money to spend. maybe on cars, maybe not. our economy is based on spending. most of the cars taken in by the program were junk cars that were never going to run. and yes, the4 program ran out of money. THAT IS WHAT IT WAS SUPPOSED TO DO.
On a funny note, the people that participated in that program had to claim that rebate as income and got taxed on it. That program messed up used car prices for two years.
@@frankorner8797 Yea when you have a large supply of old cars built up over a course of many decades that makes them cheaper. but when you sudden destroy a significant amount of those irreplaceable cars from the 90's and what not ,the supply of old cars is PERMANENTLY lower meaning PERMANENTLY higher prices of old cars for decades to come until the supply of old cars build up again. Than again in future when old cars are back in high supply it could have been higher had we not foolishly destroyed them simply for the small and shorter benefit of stimulating the auto industry.
Another side effect is there will be fewer cars that can be restored as collector items and museum pieces.... When I was younger I tried to restore a couple of 50 era cars life happened and I had to give it up.. but that opertity is reduced for the next generations
Yeahhh... no. I'm sorry, see this myth everywhere. If you actually think any car from the 60s, 70s, 80s, 90s, or even 2000s is better than what you drive today you are looking at them thru very, very thick rose colored glasses. Cars did NOT last 150 or 200K miles on average like they can today. People forget a 60s or 70s car was considered nothing but junk at 80-100K miles. Hell, I put 110K on a 2008 Toyota over a period of 7 years... the only thing I ever replaced on it (other than oil change/filters) was a single rear tailight. Good luck doing that on anything made pre 1995~. And on top of that, a freaking Accord V6 turning mid 13s would outrun 90 percent of the 60s "muscle" cars, not to mention almost everything from the 70s, 80s, and 90s. Not to mention it would be FAR safer, stop faster, stop more times in a row without brake fade (drum brakes anybody?) and handle far better, not to mention all the safety advantages of traction control, stability control, advanced ABS, you name it. I'm a lover of 60s muscle, and a hot rodder at heart. But todays cars are the fastest, best handling, safest, most reliable, nicest interior, and best equipped cars ever made. The only downside is the cost of a new car.
_"if your car was running, why would you turn it in?"_ Because consumerism? People are programmed to like shiny new toys. Dems exploited that...and even gave it a veneer of "eco-virtue" to falsely assuage anyone's conscience that might be troubling them about being "wasteful."
_"Cars did NOT last 150 or 200K miles on average like they can today. People forget a 60s or 70s car was considered nothing but junk at 80-100K miles. Hell, I put 110K on a 2008 Toyota over a period of 7 years... the only thing I ever replaced on it (other than oil change/filters) was a single rear tailight. Good luck doing that on anything made pre 1995~."_ Uh, my 1994 F150 has 212,000 miles on it. Technologically, the engine was a "clean sheet of paper" in *1963.* Very little has broken...and if it ever does, the mechanical simplicity and copious underhood room ensures it can be cheaply and easily fixed. A seven-year old car is barely an adolescent...come back after a couple of decades and let me know how your car is faring! Again, while it's technically a 1994, everything on it (other than the EFI) is "legacy." Body-on-frame. The 300-C.I. inline-6 (with METAL TIMING GEARS...don't you have a rubber band for your cams?) (And from the way you talk, haven't you discarded your "Toy" already? For all you know, it's no longer on the road! Meaning I "beat" your rice bruner by 100k and 17 years!)
Dog Mat here's the kicker,the metal industry was overstocked and the metal prices literally plummeted to 50 USD a ton a all time low ever in which before they paying 200 USD a ton you cant see a conspiracy there..lol
Don’t forget the banksters! Nearly ALL of Obama’s cabinet were ex Wall Street or bankers. All of the high interest auto loans made from cash for clunkers to people who should never have bought a brand new car with debt - it rewarded those banker guys too!
@@FreedomInc look it up. Sad but true. Thats why the car manufacturers went overseas & steel cities collapsed. Places that were booming are now ghettos. Also, if you have a vehicle made after the 80's, go tap on it. Feels more like aluminum than steel. Made in China trademark.
I was at the u-pull-its in 2010. Tons of Explorers and Blazers that were C4Ced, with an average of 150K miles. Lots of life left! The normally junked ones always had 200K+.
@@bigpjohnson that kind of waste is just disturbing I don’t know why they couldn’t see that poorer people didn’t have the money even with the incentive they really could have used those used cars which I hold have been extremely cheap. Could have been a win win scenario but they threw it away
@@TheJasonrox It was a payoff to middle and upper class buyers, many of whom vote Dem. It was a recession, who the hell goes car shopping except for people that already have money and steady jobs?? The junkyards got their well-maintained cars instead of people who needed dependable cars to get to work and improve their lives.
Well.... I mostly blame Cox Enterprises for the increased price of used cars. Cox, the owner of Autotrader purchased Kelley Blue Book in 2010. Cox has a vested interest in inflating the price of used cars, with the acquisition of KBB they can do just that. A lot of people use Kelley Blue Book to price their vehicles and they know it.
Inner G Not only that, but this was implemented just as I was coming out of high school /trade school, for auto body....I WAS PISSED! No one was hiring, cause this crap messed up their business as well.
Don't let the older ones fool you. They chosen to raise the price. Last time I checked, when you own a car, you decide how much your willing to sell it for.
It seems like "progressives" are always saying "I can live with that" or "I'd be OK with that" when presented with the downsides of their meddling policies. Make no mistake: there's nothing compassionate about them. They don't care about anyone but themselves and their massive egos that depend on conspicuous "compassion".
"as opposed to the conservatives that look out for the little guy?" Simplistic binary response: "The guy who said something about progressives must be a conservative!". Go fuck yourself.
Liberals these days are just closet fascists. "I can live with making up the rules that you must follow. The reason I benefit from these rules is because they are good rules."
lets not pretend that liberals are the only ones with that mindset. and answer one question for me. of all the people that donated their cars, how many were forced to do so?
This program hurt poor and low wage earners the most with the loss of affordable used cars in inventory. Also hurt home automotive mechanic DIY savers that drive used cars as a means to try keep food on the table.
Robert Crego I don't think anyone advocates the broken window fallacy for their own business. Of course if the government (taxpayers) subsidized a new, better window....
Rollo Larson debt spending is the lie that seeks to bypass this obvious truth. You spend your money on the window, then just borrow enough to spend on what u wanted aswell.
@snowdaysrule2 - Paul Krugman, an Ivy League professor and Nobel Prize winning economist said it. Now, think about THAT next time you write out a $60K check covering your kid's tuition!
...blame that on the countrys' leader, not the market...who do you think allows this stupidity ? I don't see Kelly Loeffler and other multi-millionaires struggling in the market...but I'm sure "inside" info is quite helpful to their bottom line.
It was a success. It was by design to take from the poor and give to the (rich) corps. It created more financial (and political) clout at the top, and more poor (and reliance) at the bottom . . . . The corporatist goal
It amazes me how they don't understand the most fundamental principles of economics... working simply for the sake of working is not a productive Enterprise. It is the value of the products that are produced by that labor that create economic wealth. These people are utterly moronic... By their logic ants should have the largest economy in the world. Those guys never stop working
I went to high school between 2008-2012. Cash for clunkers robbed many of my schoolmates from buying their first car without their parents help, or at all for those whose parents couldn't afford it. There's thousands of kids who didn't buy their first car until they were well into adulthood because of this program.
WE ARE STILL FEELING THIS TODAY. There are other things involved as well (not gonna get into that), however a whole generation of PERFECTLY DRIVEABLE cars were destroyed for LITERALLY NO REASON. Words cannot express how STUPID of an idea this was.
I think cash for clunkers was a terrible idea for tax payers but it was a great idea for me. My POS Jeep that I bought six years earlier for $2100 got me $4500 for the program (KBB value about $500). Nine years later I still have the new car I bought. Best part though, was thanking my best friend (a liberal who voted for Obama) for paying more in taxes so I could buy my new car. It was priceless, lol.
It's like the gun buyback program. My town had a gun buyback. I had an old .22 with a wobbly barrel I paid $25.00 for it and I got $100.00 I then took the hundred and added $500 to it and bought a quality firearm.
ANd of top of that, people went into debt to buy new cars they can't afford and have payments on. The cars they destroyed worked fine and they had no payment on them. WOW!! The Keynesian geniuses
"you can't make a program that's going to make everyone happy" In the free market, everyone can be happy because people have the choice to support businesses that do them good or to not support any business at all.
I had a clunker. A rusted out 1994 GMC Yukon GT 2-door with 100s of thousands of miles on it. It was my first car and it qualified for “cash for clunkers”. When I found out they would just destroy it I said hell no and sold it to a family friend for way less than the government offered. Don’t know whatever happened to it, but the mystery is way better than “the government destroyed it, the end”.
Absolutely the most accurate perspective of this program. Also the first ever to point out they crushed nice cars. This helped the very large dealers and drastically hurt the small lots. The average "clunker" was what small car lots sold and not the junk they trade in that really needs to get off the road.
My older brother, when he was 16, got a job working at KFC and bought a working truck for $500. When I turned 16, the cheapest I could find a used car was $1,000. Nowadays you'd be lucky to find a working vehicle in my area for under $1,500. You probably won't find it on a car lot, so it'll be through a private seller, and even then there's usually something needs fixing with it.
So wait. 1st. You take money from people. 2nd. Buy cars from them. 3rd. Destroy the cars so the people can not by them back. 4th. People go and buy any cars they choose, When most of the cars on US market are not made in US(My Chevrolet Cruze 2017 is made in Mexico)! WTH, Whose economy are you trying to stimulate! I do not need to research this. This would have been lobbied by Car Dealerships. Because of only stimulation this would cause would have been their pockets.
No. They bought the cars w deficit spending so that future generations can pay either to buy back the bonds or suffer the spike in inflation that MMT promotes by saying gov can just mint more fiat cash to pay for all their stupid schemes. Keynesian economics is loads worse than trickle down theory.
Mikheil Ghvinianidze also the use car parts biz took a major hit, now people are forced to buy aftermarket parts from China. so I think china was in on this as well.
Dumbest idea ever! I drive a 20 year old truck. Why? Because it's paid for. I drive a 17 year old car. Why? Because it's paid for. My house is paid off? Why? Because I drive vehicles that were paid off long ago. You wanna sell more American automobiles? Make them cheaper to buy! Wanna sell more homes? Make them cheaper to buy!
Every time I think about this, I get really angry. It was a terrible & devastating blow for the independently-owned auto repair businesses, as well as the consumers. I personally was hurt badly, because I owned a transmission shop at the time. Untold billion$ of perfectly good cars & parts were sent to the scrap heap, and there was nothing anybody could do! It was as if somebody cut my legs off, because it became much harder and more expensive to track down parts.
I worked as a GM dealership tech back when all this happen and i was pretty sad to have to pour that liquid metal into the engine then hold it at redline until it seized up on a few of the cash for clunkers program cars. seemed like such a shame.
I worked selling used car parts at the time and I can truly say that while this was taking place we took a huge hit in profits. Cars were destroyed that had many good parts on them which impacted our potential inventory...Not to mention that it forced people to take on loans that wouldn't have normally.
John, good video. You forgot to mention the broken window fallacy by frederic bastiat, that would have sealed it for you. I guess one of your guests spoke about the seen and unseen, but didn't mention the source.
hurt the used parts industry and being able to keep what is out their harder. cant mention that now can we. some of the older stuff means somthing to some people. its vintage. an ara. u fools
that is where the CASH for clunkers comes in. people did not need to spend it on new cars. as long as they spent the money somehow. that is the idea behind the program. cash to stimulate the local economy.
The rebate program required a purchase or five year lease of a new vehicle. The people utilizing the subsidy were mostly NOT the demographic of people that depend on used parts.
_"The rebate program required a purchase or five year lease of a new vehicle. The people utilizing the subsidy were mostly NOT the demographic of people that depend on used parts."_ PRECISELY! Buying the affections of the middle class while "shafting" the working class. "New Liberalism" at its finest! +john doe, If you can't afford a $10 "side view mirror assy" at a "U-Pull-It" junkyard, how in the hell are you gonna afford a new car? C4C gets you a down payment...and 6 months later, the Repo Man comes calling.... ...oh, well. There's NOTHING new with "consumerism." What IS new is trying to "spin" it as a ecological godsend! Logically, about as absurd as GWB saying "keep America strong by going shopping" post-9/11.
Stossel stumbled on the reason for propping up dictatorships. Then we can go in and rebuild after. A few companies benefit. Socialized costs and privatized profits....
Poor people and especially homeless trying to get back on their feet had no cars available for years. We used to find $500 running cars to get them to their new jobs and then this program put an end to that.
To this day, it has distorted the used car market, I can't afford to buy a 30K even with the subsidy. Junk became unaffordable. It was bullshit, and on top of that, the Feds had to go borrow the money how stupid do you really think we are! On the upside, I stayed out of debt of any kind. The last car I bought and financed was in 1991. I drove that car till 2010! These days there is a lot of worn out cars for sale, at half again what they are really worth. The 800 dollar car I bought last year was appraised for property taxes this year for 4000 dollars, you see the town needs money so they make up value. No wonder our money is worthless. Oh and the State is hard up for cash too, but I only paid sales tax on 800 dollars go figure.
in japan they have a emissions law that when a car hits 30,000 miles they must replace the motor and most people just junk the car, and then these cars with 30,000 miles on them end up for sale for 2,000 dollars in other countries such as the philippines.
Well, how stupid is that 30000 miles are barely broken in. My guess even at 2K its a lot of money in the Philippines for most people. A friend of mine drives a Camry, He got over 400000 miles on it, and it just when thru emissions and passed with no problems. Good car. Of course, he takes care of it too. He figures that he will get another 5 to 10 more years out of it.
Yeah, he is in not too bad a shape considering how bad the economy has been the last 9 years or so. A lot of feel good stuff is just so waste full. When you get right down to it!
I worked at a dealership. The used vehicles that were destroyed were great vehicles. They lost money because they couldn't resell them or sell them at auctions. The mechanics had a hard time ceasing the engines of excellent vehiclds And the used parts market was hit hard.
The program wasn't good at all!! it was a flop wasn't planned out right and now the used car market is scarce and prices are sky high on used cars and oem parts let alone are now hard to come by for most older cars. the cars that was traded in could have been donated to people in need of a vehicle or sold for half their value on dealers lots as a cheap discount vehicle. And the true clunkers the ones that are falling apart barely running should have been qualified not perfectly good running vehicles.
people might not all be smart, but most can do simple math. if they could get a better deal for their unwanted car, they would have.apparently they could not. nor did they particularly need the cars they were trading in
These cars weren't being traded in they were being turned in for destruction. Any value assigned to them came directly from your pocket. I personally disabled over a hundred of them. Most were perfectly good driving vehicles. Please stop with the ignorant nonsense.
+john doe 1) When you "trade in" a used car, SOMEBODY ELSE POORER THAN YOU gets your car. 2) When you "trade in" a used car under C4C, THE CAR GETS CRUSHED. 3) The above means that the market-clearing price on ALL used cars RISES (ECON101; supply and demand) 4) It also means it's now harder and more expensive to get USED parts for EVERBODY daily-driving old cars (hint: mostly poor; frequently Dem voters who just got double-crossed.) John, the EVIL part of C4C wasn't the incentive money (which was merely stupid)...the evil part was FORCING THE CARS TO BE CRUSHED, depriving people of any car at all. It helped people afford a new car, who might not have; it SCREWED the people who *almost* got to trade in a bus pass for a car of their own. (And the scary part...THE POLITICIANS PROBABLY KNEW THIS when they crafted the legislation! THEY were perfectly content with YOU walking! ;-) The most blatant example of "Let them eat cake" from Obama/Pelosi.
bcubed72 Yes, the plan certainly was to encourage new car spending by making old cars less desirable by being either more expensive and/or more expensive to fix/maintain. It's like if the problem was that we had too many pants on the market and people stopped buying them as quickly as they were made or could be worn out. If we wanted to make pants more valuable we could just get people to destroy their old pants and give them credit toward a new (probably cheaper made) pair which gets them spending again. The economy only grows on consumption, you have to spend and consume more and more or else it stagnates. So then you must buy more or we must grow as a population so the new additions can cover the needed extra spending. No spending = fewer taxed wages = no way for the government to stay ahead of its debt interest payments = crashed economy. It''s all a pyramid scheme.
The whole thing was a joke. They trashed good vehicles that where better than anything I had owned my entire life to that point. I drove cheap used beaters for work commuter cars for 15 years prior to this (while wife was equipped with much nicer, but still used, vehicle for her / the kids) I never spent over 3K in auto auctions and got anywhere from 3 to 7 years out of them. In 09 I had about 400 K miles run up on my work ride and I went shopping to replace it. I could not find a single vehicle under 5K at an auction that was even worth attempting to drive. Nothing but rolling scrap metal and very, very, new (likely repos) way over my budget. I ended up being forced to buy a cheapo economy car brand new because of this cash for clunkers crap.
Yeah. Only the government says get rid of your paid for car and go into debt buying a new car you couldn’t afford. Then it gets repossessed and you have NOTHING.
The skeleton skier seeing John stossel bash the window on that Ford Taurus was bad enough but please don't touch that third generation 1980s F bodied Camaro!.
One thing that made absolutely no sense about this program was the fact that, in order for your old car to be eligible, it had to be in drivable condition. Like, seriously, why does it matter whether the car is drivable or not, if they're just going to end up crushing it anyway?
This ruined the OEM aftermarket used parts market. Millions of dollars in used auto parts sent to the crusher. It may have helped the car dealers but it hurt the people that operate junkyards and body shops that enable people to repair and restore older vehicles.
Bull John The program took my 1986 Ford F-150 with 200,000 miles , rust throughs and leaking gas tank in trade for a new 2009 GMC Canyon - which I still own 11 years later. I got a total of $6500 in trade with loyalty bonus and shared scrap value . Thx Uncle Sam - a well run program that sold cars ! Incidentally, the F-150 did not meet the mileage requirements for the program- the midsize Canyon did ! Polluting gas guzzler off the road - cleaner mileage efficient vehicle on the road.
The only thing that cash for clunkers did was to make it hard for high school kids to find a pickup they could afford.
And immigrants buying up lower cost cars.
No wonder I can’t find anything affordable, never knew this stupid program ever existed.
Bastards
I know, I took my pickup that’s was only worth 3k and got 5k to trade it in for cash for clunkers.
Well said
As a car enthusiast this made my blood boil.
How many classics were destroyed, or even vehicles that needed minor repairs but had idiot owners...terrible but typical for Hussein Obama
I worked for a family that bought and sold wholesale cars. Bottom of the barrel stuff they got theyd end up fixing up and selling for ridiculous prices, not because they're being greedy but because cash for clunkers made all used cars still around overly expensive!!! fck all these progressives that want to destroy our country.
TOUGH MAN RANDY SAVAGE, mine to, think of all the perfectly good cars that could’ve lasted another 10-20 yrs instead they threw them in the trash.
Created more carbon, more pollutants in the air, & created a bigger pain in my A$$/climate change emissions SH!T.
TOUGH MAN RANDY SAVAGE like old car city. That is the saddest place for motor vehicle enthusiasts.
1:54 there’s and IROC-Z behind him
Broken window fallacy. A baker shows up to the bakery and finds a brick thrown through his window. A passerby sees his distress and explains that the smashed window is actually better for societey. He will buy new glass and the glass guy will buy new clothes with the money, and the tailor will buy bread at the bakery.
The baker points out that he was going to buy new clothes too but is now stuck replacing a window. In effect, societey has not gained wealth, it has lost it to the tune of the value of 1 window.
Slavery is good for society.
Baker needs to pull his bootstraps and work a double shift.
But he makes surplus bread so the price of bread falls and then the best he can afford to buy is the glassmaker's seconds at a thift store.
Unless they shred those to stimulate so baker has to work double for even longer to save up. Just in time for another brick stimulus.
I heard this broken window story years ago. I think it’s French. Sounds like European thinking. And the left says we need to be more like Europe. Yup.
BREEKI BRO Hazlitzz
"Only the govt thinks it can cut a foot off the too of a blanket, sew it to the bottom of the blanket, and get a longer blanket."
Frederic Bastiat
It also almost killed my automotive service company. Take the money out of your local economy and give it to big business. Isn't that the American way?
That's socialism
@@likeclockwork6473 Actually that's fascism but an equally bad economic system.
Now we have the virus lockdowns that have been shutting down businesses, while the rich are still getting richer.
That was Obamas way and people loved him for it
Now the stimulus bill isn't really going to help the citizens, all we get is $600 when alot of the money is going into companies and overseas.
”The most terrifying words in the English language are: I'm from the government and I'm here to help. ”
- Ronald Reagan
Reagan made sure of that!
Read it too fast and I thought it said Joe Rogan. Im starting to become dyslexic
Yeah, trickle down reaganomics DEFINITELY worked 🙄
Zach Hunter exactly! Reagan thought he was helping by backing trickle down economics, and that has been the standard since by idiots
He was a shit president
It just took cars away from poor people
Another side effect of people falling for MMT and keynesian economic theory.
That was their goal!
Just another way to keep the populous on the Government teat!
That was the point. They wanted poor people to become dependant on the bank and politicians for their livelihood in order to secure future votes. The poor lost their cheap affordable and functional vehicles and got an unpaid car loan on their credit and no way to dig themselves out without government assistance.
This BS program didnt even help really poor people get a new car.
It gave 3 or 4 thousand towards a new car, and it had to be brand new.
So when you figure how much a brand new car costs, really poor people didnt get shit from this program.
Thanks for nothin, Obuma!
True!
The truth is they could have sold those cars or parts. Could have benefited the poor (rather than just middle class).
I remember being a young college student thinking this was a great idea at the time. Funny how people with no money or experience love the government.
So let me guess...you grew up and now you recognize the folly of your youth? We need a little bit of that right now with all the idiots voting for Bernie Sanders.
Looseel Scott Up until I was in my second year of college, I was incredibly left leaning. Was always told that conservatives are evil ignorant pigs who vote in corrupt politicians. I believed it for the longest time. Then I started questioning things after seeing some crazy diversity initiatives and seeing that video of Big Red.
After listening to both sides with an open mind, I can now say that I’ve been a staunch conservative for the past five years.
@@ogalief, you are a real Liberal. You vote principal over party.
This will be todays bernie supporters when they grow up
...and they elected Trump.
"It is hard to imagine a more stupid or more dangerous way of making decisions than by putting those decisions in the hands of people who pay no price for being wrong". -- Thomas Sowell
They forgot the environmental impact that having to produce more new stuff.
Are you stupid, obviously you destroy an older car an 02 civic for example, smaller and lighter than modern cars, get high 30s low 40 mpg. And replace it with a new one, say a good ole american charger, and get high 10s low 20, but less pollution because more cats built in, obviously its better for the enviorment. At worst its net neutral, you replace a car with a car that cant hurt. But the new one cost more, which means its more economical and will generate revenue. Its also larger and heavier with more horsepower therefore safer. Not only that but, that old car was old, you cant move america foward with old things especially cars, imagine how much faster we could move forward with newer cars? Have you ever driven an audi, porchse or bmw? Those cars are super fast, thats how we move america forward.
@@devin19222 50% of the pollution done by a car over its lifetime happens before it's sold to you. You gotta melt steel, make rubber for tires, get the furniture, ship the parts halfway across the world to assemble it all together. It is actually *worse* to buy a new, economical car than it is to drive an old, less economical car.
Томас Андерсон Couldn’t have said it better myself
@@ТомасАндерсон-в1е Don't forget it puts people into more debt buy a new car instead of keeping their older paid off one. Feeds off the impulse of people to have new items and living outside their means.
Devin Pfennig who cares about the environment.
Commiefornia evidently, due to their recent ban on gas cars after a certain year.
Yep, I’m going to driving my 94 850CSi with no cat way past that date.
What it did, was take a large group of people who had paid off cars... and put them in debt for 5, 6, or 7 years. Great idea!
No one forced them to do that though.
@Mister Deplorable, Hey Republican ; P How do you think Pelosi can afford her vacation, And Odumbmas retirement fund !
Yes destroy cars that can be sold for lesser value so people who can't afford a new car are without. Smart.
you destroy cars that are not running and would not be sold. i think you are missing the entire fucking point. and meanwhole you give people money to spend. maybe on cars, maybe not. our economy is based on spending. most of the cars taken in by the program were junk cars that were never going to run. and yes, the4 program ran out of money. THAT IS WHAT IT WAS SUPPOSED TO DO.
Cash for clunkers was badly abused and plenty of good vehicles were sent to the crusher for a quick buck.
are you telling me that people donated fully operational vehicles?
You betcha
why would i seel a car for lesser value if i can get more money through the program?
It also drove the cost of salvage parts way up.
I worked at a Chrysler dealership at the time. It was absolutely disgusting to see them destroying perfectly functional vehicles.
On a funny note, the people that participated in that program had to claim that rebate as income and got taxed on it. That program messed up used car prices for two years.
No it's still having a effect
@@frankorner8797 Yea when you have a large supply of old cars built up over a course of many decades that makes them cheaper. but when you sudden destroy a significant amount of those irreplaceable cars from the 90's and what not ,the supply of old cars is PERMANENTLY lower meaning PERMANENTLY higher prices of old cars for decades to come until the supply of old cars build up again. Than again in future when old cars are back in high supply it could have been higher had we not foolishly destroyed them simply for the small and shorter benefit of stimulating the auto industry.
Another side effect is there will be fewer cars that can be restored as collector items and museum pieces.... When I was younger I tried to restore a couple of 50 era cars life happened and I had to give it up.. but that opertity is reduced for the next generations
The prices are still awful, Ford rangers are getting dumb in 4wd.
*two decades
Cash for clunkers... The reason I can't find cheap used body parts and glass for my 1977 caddy.
john doe they had to crush the older cars to make room for all the incoming cars they had to crush from C4C. Many acres of older cars.
did they? were all those cars confiscated by the government??? were they forcefully taken away from their owners?
James B it's all a scam to get people to buy cars that won't last and are throw away cars and the process starts all over again
john doe I bet
you cant buy a car for a thousand bucks, dumbass. not unless it is another clunker. people can do simple math.
I kept my vehicles. I saw it as a band wagon that everybody was jumping on. As usual, the band wagon went off the cliff.
the sad part is those cars that were destroyed were better than the new crap on the road today.
if your car was running, why would you turn it in?
Blue Infinity agreed
Yeahhh... no. I'm sorry, see this myth everywhere. If you actually think any car from the 60s, 70s, 80s, 90s, or even 2000s is better than what you drive today you are looking at them thru very, very thick rose colored glasses.
Cars did NOT last 150 or 200K miles on average like they can today. People forget a 60s or 70s car was considered nothing but junk at 80-100K miles. Hell, I put 110K on a 2008 Toyota over a period of 7 years... the only thing I ever replaced on it (other than oil change/filters) was a single rear tailight. Good luck doing that on anything made pre 1995~.
And on top of that, a freaking Accord V6 turning mid 13s would outrun 90 percent of the 60s "muscle" cars, not to mention almost everything from the 70s, 80s, and 90s. Not to mention it would be FAR safer, stop faster, stop more times in a row without brake fade (drum brakes anybody?) and handle far better, not to mention all the safety advantages of traction control, stability control, advanced ABS, you name it.
I'm a lover of 60s muscle, and a hot rodder at heart. But todays cars are the fastest, best handling, safest, most reliable, nicest interior, and best equipped cars ever made. The only downside is the cost of a new car.
_"if your car was running, why would you turn it in?"_
Because consumerism? People are programmed to like shiny new toys. Dems exploited that...and even gave it a veneer of "eco-virtue" to falsely assuage anyone's conscience that might be troubling them about being "wasteful."
_"Cars did NOT last 150 or 200K miles on average like they can today. People forget a 60s or 70s car was considered nothing but junk at 80-100K miles. Hell, I put 110K on a 2008 Toyota over a period of 7 years... the only thing I ever replaced on it (other than oil change/filters) was a single rear tailight. Good luck doing that on anything made pre 1995~."_
Uh, my 1994 F150 has 212,000 miles on it. Technologically, the engine was a "clean sheet of paper" in *1963.* Very little has broken...and if it ever does, the mechanical simplicity and copious underhood room ensures it can be cheaply and easily fixed. A seven-year old car is barely an adolescent...come back after a couple of decades and let me know how your car is faring!
Again, while it's technically a 1994, everything on it (other than the EFI) is "legacy." Body-on-frame. The 300-C.I. inline-6 (with METAL TIMING GEARS...don't you have a rubber band for your cams?) (And from the way you talk, haven't you discarded your "Toy" already? For all you know, it's no longer on the road! Meaning I "beat" your rice bruner by 100k and 17 years!)
Yep. Crops were set on fire during the great depression to "stimulate the economy" while people were starving. That's the magic of Keynesian economics
"I wonder how much wealth I could create if I caused an earthquake."
-never let a crisis go to waste!
You were a few months too early for that one to really hit home...
Or a pandemic! Really spurring on the healthcare industry!
Cash for Clunkers was a Democrat pay off for the Auto Union. All the steel Unions got in on it. That is the real deal.
Dog Mat here's the kicker,the metal industry was overstocked and the metal prices literally plummeted to 50 USD a ton a all time low ever in which before they paying 200 USD a ton you cant see a conspiracy there..lol
Don’t forget the banksters! Nearly ALL of Obama’s cabinet were ex Wall Street or bankers. All of the high interest auto loans made from cash for clunkers to people who should never have bought a brand new car with debt - it rewarded those banker guys too!
All the steel? Steel has solely been imported from China until 2017.
@@timgreen2426 seriously. I hope to god you are kidding.
@@FreedomInc look it up. Sad but true. Thats why the car manufacturers went overseas & steel cities collapsed. Places that were booming are now ghettos. Also, if you have a vehicle made after the 80's, go tap on it. Feels more like aluminum than steel. Made in China trademark.
it'll create lots of jobs in asia since most stuff is imported
hey obama did his best...
to destroy small businesses
It just took cheap reliable cars off the road
I was at the u-pull-its in 2010. Tons of Explorers and Blazers that were C4Ced, with an average of 150K miles. Lots of life left! The normally junked ones always had 200K+.
@@bigpjohnson that kind of waste is just disturbing I don’t know why they couldn’t see that poorer people didn’t have the money even with the incentive they really could have used those used cars which I hold have been extremely cheap. Could have been a win win scenario but they threw it away
@@TheJasonrox It was a payoff to middle and upper class buyers, many of whom vote Dem. It was a recession, who the hell goes car shopping except for people that already have money and steady jobs?? The junkyards got their well-maintained cars instead of people who needed dependable cars to get to work and improve their lives.
@@TheJasonrox: Politicians are bought by lobbyists and don't give a fuck about the populace. All they care about is getting rich.
After that program ended, it was actually cheaper to buy some models new. That’s how you can tell they screwed up a market
Toyota Tacoma
Wrecked prices on used cars and car parts right when I became old enough to start driving. Used car prices are still high.
Thanks Obama.
Well.... I mostly blame Cox Enterprises for the increased price of used cars. Cox, the owner of Autotrader purchased Kelley Blue Book in 2010. Cox has a vested interest in inflating the price of used cars, with the acquisition of KBB they can do just that. A lot of people use Kelley Blue Book to price their vehicles and they know it.
I can't find a used starter truck for a decent price. It fucking sucks
RIP used car market, i remember when finding a bargain was easy
Inner G
Not only that, but this was implemented just as I was coming out of high school /trade school, for auto body....I WAS PISSED! No one was hiring, cause this crap messed up their business as well.
Don't let the older ones fool you. They chosen to raise the price. Last time I checked, when you own a car, you decide how much your willing to sell it for.
Inner G - yep, that's all it did, drive up the price at taxpayer expense.
So you pay more for taxes AND cars, for that grinning shit-ball.
i feel like the left doesnt understand what supply and demand is or their just malicious
I know about half of the used car lots in my area went under when this happened.
"I can live with that"
Yea, what do you drive?
It seems like "progressives" are always saying "I can live with that" or "I'd be OK with that" when presented with the downsides of their meddling policies.
Make no mistake: there's nothing compassionate about them. They don't care about anyone but themselves and their massive egos that depend on conspicuous "compassion".
"as opposed to the conservatives that look out for the little guy?"
Simplistic binary response: "The guy who said something about progressives must be a conservative!".
Go fuck yourself.
Liberals these days are just closet fascists. "I can live with making up the rules that you must follow. The reason I benefit from these rules is because they are good rules."
lets not pretend that liberals are the only ones with that mindset. and answer one question for me. of all the people that donated their cars, how many were forced to do so?
John Doe, you are an idiot and nobody forced you to be one. But, I can live with that.
This program hurt poor and low wage earners the most with the loss of affordable used cars in inventory. Also hurt home automotive mechanic DIY savers that drive used cars as a means to try keep food on the table.
This reminds me of the 1984 part about just shoveling products into a hole
The broken window fallacy. People never learn.
Literally.
It's as if life is a parody when you see this stuff.
Robert Crego I don't think anyone advocates the broken window fallacy for their own business. Of course if the government (taxpayers) subsidized a new, better window....
A few weeks ago there was a guy on a Reason video defending the candlestick maker's petition.
Rollo Larson debt spending is the lie that seeks to bypass this obvious truth. You spend your money on the window, then just borrow enough to spend on what u wanted aswell.
"The terror attack... could even do some economic good" Someone Actually Said That?!?
He's even considered a legitimate "Economist."
He's too blinded by ideological values, and most of the social sciences are these days.
@snowdaysrule2 - Paul Krugman, an Ivy League professor and Nobel Prize winning economist said it. Now, think about THAT next time you write out a $60K check covering your kid's tuition!
Paul Krugman is an @55. One of the dumbest Nobel Prize Awards ever.
I never knew what Cash for Clunkers even was only heard about it, always thought it sounded stupid, glad to see I was right 😂
the stock market is struggling time to execute some bankers
Ikr
...blame that on the countrys' leader, not the market...who do you think allows this stupidity ?
I don't see Kelly Loeffler and other multi-millionaires struggling in the market...but I'm sure "inside" info is quite helpful to their bottom line.
People that can't afford a new car rely on buying a used car, Cash for Clunkers, talk about a total failure.
It was a success.
It was by design to take from the poor and give to the (rich) corps. It created more financial (and political) clout at the top, and more poor (and reliance) at the bottom . . . . The corporatist goal
@@jaylast1958 Capitalism in a nutshell.
"some of the trade-offs, I can live with..." ...cause I don't buy used cars!!! Oh, shit, are we still recording? TURN THAT OFF!!
I'm going to destroy my perfect old house. I'm a carpenter. Maybe I can get a job.
It amazes me how they don't understand the most fundamental principles of economics... working simply for the sake of working is not a productive Enterprise. It is the value of the products that are produced by that labor that create economic wealth. These people are utterly moronic... By their logic ants should have the largest economy in the world. Those guys never stop working
I went to high school between 2008-2012. Cash for clunkers robbed many of my schoolmates from buying their first car without their parents help, or at all for those whose parents couldn't afford it. There's thousands of kids who didn't buy their first car until they were well into adulthood because of this program.
WE ARE STILL FEELING THIS TODAY. There are other things involved as well (not gonna get into that), however a whole generation of PERFECTLY DRIVEABLE cars were destroyed for LITERALLY NO REASON. Words cannot express how STUPID of an idea this was.
4:19 the rims were alright tho :(
BRO I THOUGHT THE SAME THING ),:
I think cash for clunkers was a terrible idea for tax payers but it was a great idea for me. My POS Jeep that I bought six years earlier for $2100 got me $4500 for the program (KBB value about $500). Nine years later I still have the new car I bought. Best part though, was thanking my best friend (a liberal who voted for Obama) for paying more in taxes so I could buy my new car. It was priceless, lol.
I agree and it's just about the same story for me. Best deal ever and I still own the car.
It's like the gun buyback program. My town had a gun buyback. I had an old .22 with a wobbly barrel I paid $25.00 for it and I got $100.00 I then took the hundred and added $500 to it and bought a quality firearm.
ANd of top of that, people went into debt to buy new cars they can't afford and have payments on. The cars they destroyed worked fine and they had no payment on them. WOW!! The Keynesian geniuses
Kenyan, you mean?
Government: creating problems for the sake of solving them
"you can't make a program that's going to make everyone happy"
In the free market, everyone can be happy because people have the choice to support businesses that do them good or to not support any business at all.
I had a clunker. A rusted out 1994 GMC Yukon GT 2-door with 100s of thousands of miles on it. It was my first car and it qualified for “cash for clunkers”. When I found out they would just destroy it I said hell no and sold it to a family friend for way less than the government offered. Don’t know whatever happened to it, but the mystery is way better than “the government destroyed it, the end”.
What was successful about it was it took all the cars with Obama bumper stickers off the road.
When Polosi opens her mouth: "this (destruction) could be good for a boom economy..." everything sounds so silly.
Pelosi really wore out her welcome in her time in office. 😩
Absolutely the most accurate perspective of this program. Also the first ever to point out they crushed nice cars. This helped the very large dealers and drastically hurt the small lots. The average "clunker" was what small car lots sold and not the junk they trade in that really needs to get off the road.
My older brother, when he was 16, got a job working at KFC and bought a working truck for $500. When I turned 16, the cheapest I could find a used car was $1,000. Nowadays you'd be lucky to find a working vehicle in my area for under $1,500. You probably won't find it on a car lot, so it'll be through a private seller, and even then there's usually something needs fixing with it.
So wait.
1st. You take money from people.
2nd. Buy cars from them.
3rd. Destroy the cars so the people can not by them back.
4th. People go and buy any cars they choose, When most of the cars on US market are not made in US(My Chevrolet Cruze 2017 is made in Mexico)!
WTH,
Whose economy are you trying to stimulate!
I do not need to research this. This would have been lobbied by Car Dealerships. Because of only stimulation this would cause would have been their pockets.
No. They bought the cars w deficit spending so that future generations can pay either to buy back the bonds or suffer the spike in inflation that MMT promotes by saying gov can just mint more fiat cash to pay for all their stupid schemes. Keynesian economics is loads worse than trickle down theory.
Mikheil Ghvinianidze also the use car parts biz took a major hit, now people are forced to buy aftermarket parts from China. so I think china was in on this as well.
Dumbest idea ever! I drive a 20 year old truck. Why? Because it's paid for. I drive a 17 year old car. Why? Because it's paid for. My house is paid off? Why? Because I drive vehicles that were paid off long ago. You wanna sell more American automobiles? Make them cheaper to buy! Wanna sell more homes? Make them cheaper to buy!
Every time I think about this, I get really angry. It was a terrible & devastating blow for the independently-owned auto repair businesses, as well as the consumers. I personally was hurt badly, because I owned a transmission shop at the time. Untold billion$ of perfectly good cars & parts were sent to the scrap heap, and there was nothing anybody could do! It was as if somebody cut my legs off, because it became much harder and more expensive to track down parts.
I worked as a GM dealership tech back when all this happen and i was pretty sad to have to pour that liquid metal into the engine then hold it at redline until it seized up on a few of the cash for clunkers program cars. seemed like such a shame.
Im crying when i see a nice Jeep CJ7 goin to waste for politics :( Ship it to me in Sweden and i take care of it ;)
it should arrive in a very small box at your door soon, but i dont know how your going to unfold all the crushed parts
My CJ7 even though it's half apart will not see a crusher as long as I own it. Ditto my CJ5.
Scrap CJ:s cost about $1000 + in Sweden... so there is money to be made mates :)
renault fyra good one..lol
Look at Consumer Reports. Their quality is SHIT and they are for asshole douchebags
Again a government policy fails miserably. By the way of course it was our own money in the treasury the govt. used to pay out in the program.
I worked selling used car parts at the time and I can truly say that while this was taking place we took a huge hit in profits. Cars were destroyed that had many good parts on them which impacted our potential inventory...Not to mention that it forced people to take on loans that wouldn't have normally.
Dorsey-You can create a program that's going to make everybody happy, I can live with it.
Don't start the program then.
This program made it too ecpensive for me to buy a good used car while I was in high school
John, good video. You forgot to mention the broken window fallacy by frederic bastiat, that would have sealed it for you. I guess one of your guests spoke about the seen and unseen, but didn't mention the source.
These clunkers that still on road today would go for $10,000 or more.
Not to mention how many priceless old cars were destroyed under this stupidity
hurt the used parts industry and being able to keep what is out their harder. cant mention that now can we. some of the older stuff means somthing to some people. its vintage. an ara. u fools
what good are those used parts when people do not have the money to buy them?
If they can't afford old used parts,they surely can't afford a new vehicle.
that is where the CASH for clunkers comes in. people did not need to spend it on new cars. as long as they spent the money somehow. that is the idea behind the program. cash to stimulate the local economy.
The rebate program required a purchase or five year lease of a new vehicle. The people utilizing the subsidy were mostly NOT the demographic of people that depend on used parts.
_"The rebate program required a purchase or five year lease of a new vehicle. The people utilizing the subsidy were mostly NOT the demographic of people that depend on used parts."_
PRECISELY! Buying the affections of the middle class while "shafting" the working class. "New Liberalism" at its finest!
+john doe, If you can't afford a $10 "side view mirror assy" at a "U-Pull-It" junkyard, how in the hell are you gonna afford a new car? C4C gets you a down payment...and 6 months later, the Repo Man comes calling....
...oh, well. There's NOTHING new with "consumerism." What IS new is trying to "spin" it as a ecological godsend! Logically, about as absurd as GWB saying "keep America strong by going shopping" post-9/11.
My heart broke when you broke the guitars lol
Lou Fin A perfectly good guitar should never be destroyed to make a point.
Stossel stumbled on the reason for propping up dictatorships. Then we can go in and rebuild after. A few companies benefit. Socialized costs and privatized profits....
That's kind of like saying "why don't you burn down your 1950 ranch-style house so that we can build a 2020 single-family home? it creates jobs?"
Poor people and especially homeless trying to get back on their feet had no cars available for years. We used to find $500 running cars to get them to their new jobs and then this program put an end to that.
To this day, it has distorted the used car market, I can't afford to buy a 30K even with the subsidy. Junk became unaffordable. It was bullshit, and on top of that, the Feds had to go borrow the money how stupid do you really think we are! On the upside, I stayed out of debt of any kind. The last car I bought and financed was in 1991. I drove that car till 2010! These days there is a lot of worn out cars for sale, at half again what they are really worth. The 800 dollar car I bought last year was appraised for property taxes this year for 4000 dollars, you see the town needs money so they make up value. No wonder our money is worthless. Oh and the State is hard up for cash too, but I only paid sales tax on 800 dollars go figure.
in japan they have a emissions law that when a car hits 30,000 miles they must replace the motor and most people just junk the car, and then these cars with 30,000 miles on them end up for sale for 2,000 dollars in other countries such as the philippines.
Well, how stupid is that 30000 miles are barely broken in. My guess even at 2K its a lot of money in the Philippines for most people. A friend of mine drives a Camry, He got over 400000 miles on it, and it just when thru emissions and passed with no problems. Good car. Of course, he takes care of it too. He figures that he will get another 5 to 10 more years out of it.
Yeah, he is in not too bad a shape considering how bad the economy has been the last 9 years or so. A lot of feel good stuff is just so waste full. When you get right down to it!
Thanks John!
john is lying to you
john doe lol your name is John. I bet you meant you.
I worked at a dealership. The used vehicles that were destroyed were great vehicles. They lost money because they couldn't resell them or sell them at auctions. The mechanics had a hard time ceasing the engines of excellent vehiclds And the used parts market was hit hard.
You gave me Vsauce vibes when you were smashing that red car.
The program wasn't good at all!! it was a flop wasn't planned out right and now the used car market is scarce and prices are sky high on used cars and oem parts let alone are now hard to come by for most older cars. the cars that was traded in could have been donated to people in need of a vehicle or sold for half their value on dealers lots as a cheap discount vehicle. And the true clunkers the ones that are falling apart barely running should have been qualified not perfectly good running vehicles.
people might not all be smart, but most can do simple math. if they could get a better deal for their unwanted car, they would have.apparently they could not. nor did they particularly need the cars they were trading in
These cars weren't being traded in they were being turned in for destruction. Any value assigned to them came directly from your pocket. I personally disabled over a hundred of them. Most were perfectly good driving vehicles. Please stop with the ignorant nonsense.
+john doe
1) When you "trade in" a used car, SOMEBODY ELSE POORER THAN YOU gets your car.
2) When you "trade in" a used car under C4C, THE CAR GETS CRUSHED.
3) The above means that the market-clearing price on ALL used cars RISES (ECON101; supply and demand)
4) It also means it's now harder and more expensive to get USED parts for EVERBODY daily-driving old cars (hint: mostly poor; frequently Dem voters who just got double-crossed.)
John, the EVIL part of C4C wasn't the incentive money (which was merely stupid)...the evil part was FORCING THE CARS TO BE CRUSHED, depriving people of any car at all. It helped people afford a new car, who might not have; it SCREWED the people who *almost* got to trade in a bus pass for a car of their own.
(And the scary part...THE POLITICIANS PROBABLY KNEW THIS when they crafted the legislation! THEY were perfectly content with YOU walking! ;-) The most blatant example of "Let them eat cake" from Obama/Pelosi.
bcubed72 Yes, the plan certainly was to encourage new car spending by making old cars less desirable by being either more expensive and/or more expensive to fix/maintain. It's like if the problem was that we had too many pants on the market and people stopped buying them as quickly as they were made or could be worn out. If we wanted to make pants more valuable we could just get people to destroy their old pants and give them credit toward a new (probably cheaper made) pair which gets them spending again. The economy only grows on consumption, you have to spend and consume more and more or else it stagnates. So then you must buy more or we must grow as a population so the new additions can cover the needed extra spending. No spending = fewer taxed wages = no way for the government to stay ahead of its debt interest payments = crashed economy. It''s all a pyramid scheme.
Illuminatti conspiracy anyone or demonic if i say...lol
Democrats are so innovative,,, how have those Housing Project units in the inner cities worked out all these years?
A good argument plus a reason to destroy things with a sledgehammer. The perfect short video concept.
I'm a taxpayer and I do not endorse ANYTHING the government does with my money!!!
Thanks obama
"And some of the consequences ... I can live with".
And the rest of us can get bent...
They don't want you to save, debt is what makes this wheel spin!
1984...
Businesses are only as sustainable as the *spending power* of consumers.
Conjuring up erroneous expenses, hurt spending power.
The whole thing was a joke. They trashed good vehicles that where better than anything I had owned my entire life to that point. I drove cheap used beaters for work commuter cars for 15 years prior to this (while wife was equipped with much nicer, but still used, vehicle for her / the kids) I never spent over 3K in auto auctions and got anywhere from 3 to 7 years out of them. In 09 I had about 400 K miles run up on my work ride and I went shopping to replace it. I could not find a single vehicle under 5K at an auction that was even worth attempting to drive. Nothing but rolling scrap metal and very, very, new (likely repos) way over my budget. I ended up being forced to buy a cheapo economy car brand new because of this cash for clunkers crap.
this is like tanking the stock market 90% just so you can cheer when it rebounds 20%.
Remember when you could buy a car off Craigslist for $500 and drive it around for two years? Pepperidge Farm remembers.
With a name like Smuckers it has to be good.
So how much does the auto industry spend on lobbying for Democrats and Rinos?
I almost forgot about this!🤣🤣
I thought you were going to hit that iroc with the sledge hammer. I would've freaked out
Freedom Inc, tell me about it so would I.!
Now I'm here, 16, and can't even afford a beater.
And some of you people want to put these same people in charge of your healthcare, ect? People who base an economic policy on a broken window fallasy.
Yeah. Only the government says get rid of your paid for car and go into debt buying a new car you couldn’t afford. Then it gets repossessed and you have NOTHING.
Stossel has some of the most interesting out of no where reporting keep up the good work.
1:58 As a Guitar player...That physically hurt me
The skeleton skier seeing John stossel bash the window on that Ford Taurus was bad enough but please don't touch that third generation 1980s F bodied Camaro!.
Destroy working cars, make people take on debt, all to “stimulate” the pockets of some billionaires. Makes sense to me.
One thing that made absolutely no sense about this program was the fact that, in order for your old car to be eligible, it had to be in drivable condition. Like, seriously, why does it matter whether the car is drivable or not, if they're just going to end up crushing it anyway?
4:57 cash for flunkers. lol omg
Literally the stupidest idea ever created literally hurt car people than help
Pinkamena Diane Pie season 8
This ruined the OEM aftermarket used parts market. Millions of dollars in used auto parts sent to the crusher.
It may have helped the car dealers but it hurt the people that operate junkyards and body shops that enable people to repair and restore older vehicles.
Bull John
The program took my 1986 Ford F-150 with 200,000 miles , rust throughs and leaking gas tank in trade for a new 2009 GMC Canyon - which I still own 11 years later.
I got a total of $6500 in trade with loyalty bonus and shared scrap value .
Thx Uncle Sam - a well run program that sold cars !
Incidentally, the F-150
did not meet the mileage requirements for the program- the midsize Canyon did !
Polluting gas guzzler off the road - cleaner mileage efficient vehicle on the road.
How come every time the economy needs a little help, dems always resort to spending more tax money?
It wasn't a "promise gone wrong" -- it went exactly as planned.
"This will stimulate the economy!" - as he proceeds to smash a TV...gotta love Jon Stossel. He obviously had fun with this, and it was funny 😂
Its not terrorists slamming into a building, its called the explosion of stimulus
I was cringing thinking he was going to use the hammer on the red Camaro every time he swung by it, those 90’s camaros are getting rare.
Look at all the repairs lost. No stimulus for the repair industry. More like a recession.
We are still paying for this ultimate stupidity.