Item of Interest: The Cash for Clunkers Scam

Remember the federal "Cash for Clunkers" program (a.k.a. the Car Allowance Rebate System)?

On paper, this was a 2009 "economic stimulus program" (no warning bells there, right?!) that promised vouchers valued at roughly $3,500 - $4,500 for anyone who wanted to turn over their existing vehicles for shiny new fuel-efficient cars.

The original federal program ended in 2009, but several localized alternatives and private options are still in operation today.

So what was this really about?

Well, this informative video puts a spotlight on the harsh reality behind the Cash for Clunkers scheme:

[click to watch video]

What do you think?

Was this program really about "stimulating the auto industry following the 2008 financial crisis" and/or "reducing greenhouse gas emissions?" Or was it about something else?

So you know, the end result of the Cash for Clunkers program was that more than 670,000 cars were permanently destroyed, removed from the road forever.

And, we might notice that the used car market became distorted beyond recognition.

Gulp.