Yes an instant high for the heroin addict for sure but what do you think this is doing to the "B lots" out there? This is just another example of winners being chosen at random by government fiat. And for what? 125,000 unit sales. Are we that desperate.
Here is what Michael Jackson, chief executive of AutoNation Inc. had to say about this cash for clunkers deal,
"It was an absolute success. There's a very compelling case the government should put more money into it. It's a great stimulus to the economy."
What more can one add to this self-centered exhibition of leadership. Tell me you're kidding Mike. Tell me you realize quick fixes only exacerbate the longer term problem as it has to be paid for at some point. Tell me, that as an America, that as a corporate leader, that with the best interests of the country at heart, as much as this program might help spur sales short term, which you appreciate, longer term it it detrimental.
No, that would take courage. That would take some backbone. I wish the CEO's of America would spend half as much time putting their nose to the grindstone and working as they are whining and crying for bailouts and quick fixes from Washington as we might make some forward progress.
What was is John F. Kennedy said? Didn't it go somthing like "ask not what your country can do for you but what you can do for your country". Something like that.
Nice to know that the likes of "whats in it for me" Michael Jackson are running the corporate boardrooms of America. Maybe that's why we are in the state we are in. Pathetic.
I have an idea. Why don't they start a program of cash for homes. Give people cash for trash, like the Fed did with the toxic paper Wall St. was holding. No, hold that thought. Better yet, and if I remember correctly, didn't a congressman bureaucrat, or economist or some other 'spender of others money' brainiac suggest blowing up houses to fix the housing problem.
Has anyone stopped to notice that every time the government, democrat or republican, interferes or meddles in something it always turns out for the worse.
The government tried to make housing more affordable and accessible for all via Fannie Mae, Freddie Mac and a litany of government programs and agencies. The end result was a housing bubble that mad housing less affordable but it sure made the vested interests wealthy beyond your dreams.
The government tried to make education more affordable and accessible for all via Sallie Mae and again a litany of government programs and agencies. Once again we have an end result of tuition costs skyrocketing out of sight ensuring indebtedness or life. Not to mention lousy testing scores or college grads who wouldn't know a negative amortizing adjustable rate option pay mortgage if their life depended, which in most cases it does now !
Why is cash for clunkers being lauded as a victory, as success. Why will no one call it what it is, lunacy. Utter lunacy ! Why are we chasing down the head of AutoNation to ask him what he thinks of the plan? Almost comical if it were not so tragically twisted. Who will pay for this in the end is not even on the radar. I'll give you 3 guesses as to who pays and the first 2 don't count!
I will hazard a completely wild guess here, but if you need $4500 to buy a car, odds are you probably can't afford one in the first place, leaving the taxpayer with the bill. Someone tell me how selling something to someone who cannot afford it is a good idea. Is a sale a sale if it cannot be paid for? Forgive my insensitivity on this issue but a customer who cannot afford an item is not a customer but a deadbeat who won't or cannot pay.
Forget your party allegiance and be a political atheist like myself, just for a minute. Someone needs to sit me down and explain to me, in English, how all this bailout after bailout garbage which lands ultimately in the taxpayers lap turns out well. Both parties are generous in the doling out of "others" money.
When can we start demanding urine samples of the people in charge to find out if they are sober.
I was stopped out of 1 unit of JPM at $39.61 for a loss of just shy of 1 3/4 pts on 1 unit.
Good speculating and remind them to please don't ever forget that "an investor is a speculator who made a mistake and will not admit it".
Long 1 unit US Gold ticker UXG @ $3.05 stop @ $2.28
Short 2 units Wells Fargo ticker WFC @ $25.10 stop @ $26.26/27.41