By Rocky Vega
11/10/09 Stockholm, Sweden – As we have all seen, Cash for Clunkers helped juice the US economy’s third quarter GDP growth. Even though it’s more than likely a problem for the economy in the long term.
But who’s interested in those details? The Onion has now captured the inside scoop on how Ford is taking the clunker strategy to an all-new level… with a car for America’s modern age.
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Rocky Vega is a regular contributor to The Daily Reckoning. Previously, he was founding publisher of UrbanTurf and RFID Update, which he operated from Brazil, Chile, and Puerto Rico, and associate publisher of FierceFinance. He specialized in direct marketing at MBI, facilitated MIT Sloan School of Management programs, and has been featured on CBS. Vega graduated with honors from Harvard University, where he was on the board of Let’s Go Publications and directed business programs involving McKinsey, Goldman Sachs, and Harvard Business School faculty. He is also enrolled at the Stockholm School of Economics.
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Cash4Clunkers was perhaps the most wasteful thing the Government has ever invented. How can they take our tax dollars to flood the already saturated market with overpriced retail cars? The auto market is already bursting at the seams with used and repossessed vehicles (see http://www.repofinder.com). The byproduct of C4C is that used car values will continue to drop and repossessions will skyrocket.