This week, Bruce, Michael and Dale talk about Tesla, Ukraine, and the missing Malaysian airliner.
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So far my favorite (yes I’m being sarcastic here) government program to date has been the “clunkers for dollars” scam. We’re suffering from overspending and over-extended credit and the government puts together a program in which it tries to entice people with old, but probably paid off cars to go into debt for a new one by giving them $4,500 dollars of your money to buy a more fuel efficient model.
But I have to say, this one is also a great (sarcasm again) program as well:
It can be difficult to keep straight all the billions going to auto companies. But today the Department of Energy is reportedly set to announce that it will begin doling out sums from a $25 billion loan program for the development of fuel-efficient cars. The money comes from a bill passed last September and signed by President Bush and is totally separate from the TARP.
Among the first recipients are Ford, Nissan and Tesla, the small electric car company. The amounts will be announced today, but Ford has requested $5 billion. Nissan is getting the money to build a battery-electric car in its Tennessee plant.
A few points – one, does anyone hear the public clamoring for electric cars out there? They may be, but I’ve sure missed it. Why in the world is my money going to these companies to build something I’m not asking for and really don’t want – especially given the stage the technology is in right now. Yup, its government picking winners and losers again and we know how that seems to always turn out.
Two – although I’m completely against this, it is obvious it is going to happen, so I have to ask, why are we subsidizing a foreign auto maker with my money?
Three – and I know this is a completely silly question, but would some Constitutional scholar out there point me to the part of said document that makes this all kosher?