1)The red line represents Google searches for “NHTSA,” the blue line represents searches for “Clunker.” And we wonder why they weren’t ready.
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Thanks to Daniel J. Stern for the link.
Automotive News [sub] reports that the House of Representatives has passed a measure to inject another $2 billion into the CARS program, extending it to September 2010. The bill passed 316-109, and now moves to the Senate. There it could face a challenge from Senators led by Dianne Feinstein and Susan Collins, who argue that an extension must include measures to improve the environmental impacts of the bill. Feinstein has requested a full accounting of the measure’s alleged success from the Department of Transportation. Politico reports that Senator Claire McCaskgill has already ruled out support for any transfer of stimulus money to the CARS program. “It will be tough sledding in the Senate, but this would give it considerable momentum,” admits one auto industry source. “It’s not new money, so [it] should be more possible to get GOP support.”
If the CARS program has proved anything, it’s that America loves a deal. Big surprise there. In fairness, it also proves that giving away a billion bucks takes more than 30 days of preparation. And that good news is always welcome, even if it isn’t exactly good news. In the short term, the “success” of CARS is almost certain to bring about a re-up in funding; Cash for Clunkers will probably keep rolling along. In the longer term, there are two major issues to worry about. First, is the pull-forward effect. Redlining the market with federal stimulus will probably only delay a sustained and sustainable recovery in car demand. The second issue is that when the economy starts showing signs of sustainable, organic recovery, taxes are most likely going to be increased thanks to short-term stimuli like C4C. As the second most expensive purchase in a consumer’s lifetime, cars are likely to be especially vulnerable to reductions in take-home income. Doubly so if demand has already been pulled forward by said stimulus. With Cash for Clunkers, we are once again mortgaging long-term market stability and recovery for an orgy of feel-good consumption. Let’s try to enjoy the buzz while it lasts.
Iotheworldaliving writes:
Robert
I have the day off today, so I was watching The Price is Right.
This Impala LS appeared at the end of a NASCAR-themed showcase presentation. Preceding the Impala were a Nintendo Wii racing game, a Craftsman tool chest and set, and a trip to the Brickyard 400 in Indianapolis.
Not that I wouldn’t have minded winning all of that. But an SS would have made more sense, IHMO.
Michael (Read More…)
Physics Central’s Buzz Blog reports on a study which shows that breaking the rules can be the best way to help keep traffic flowing. The study by Sweden’s Umea University modeled traffic composed of “normal” pedestrians and “rule breakers,” finding that when over 60 percent of traffic consists of “rule breakers” things actually move more efficiently. “The interesting finding is that if most of the people are law-abiding, and you have a certain amount of people who are breaking the rule, then you are actually getting the minimum chance of a [traffic] jam,” says one of the study’s authors. Exactly following the rules of the road can cause traffic to build up behind a single negligent driver (who hasn’t seen that happen), and often the jam is only relieved by a driver breaking the speed limit to pass. Of course, there are other studies coming out which indicate that higher speed limits lead to higher death rates, but death only hurts for a few seconds. The pain of being stuck in a jam of mindless motorists can feel like an eternity.
God forbid TTAC should criticize someone for making an outrageous suggestion to get people to think (rethink?) their opinion about an auto-related issue. But you gotta wonder if the book “$20 per Gallon” is at least ten bucks too high in the hyperbole department. Still, credit where credit’s due. By setting sail on a ship fantasii, author, civil engineer (of all things) and Forbes reporter Chris Steiner has outed the environmental hairshirt wearers amongst us. Needless to say, The New York Times is chief amongst them. They’ve published a Q&A with Steiner that somehow manages not to lump-him-in with alien abduction deprogrammers—although the piece is filed under the Freakeconomics banner. Instead of demanding Steiner’s list of prescription drugs, the Gray Lady’s Annika Mengisen “asked him to give us his predictions for what our lives might look like with gas at $8 and $18 per gallon, respectively.” Fun!
The Freep reports that Congress could “shift $2 billion from an energy loan program” to replenish the maybe-tapped-out, maybe-not CARS program. This has been confirmed by the AAM’s Charles Territo who tells us that “HR 3435, would allow the President to transfer $2 billion dollars from previously appropriated Recovery Act funds in order to fund the CARS Act. Will be voted on today.” The plan is being spearheaded by the White House and Michigan’s congressional delegation. The House will vote on the extension today, the last day to do so before Summer recess. The Senate will remain in session into next week, but C4C faces more opposition there from the likes of Dianne Feinstein. Meanwhile, has round one even been used up?
When it comes to federal teat suckling, Mark Tapscott’s got the inside line. I don’t mean Edmunds and I don’t mean he does it personally; Mark knows a lot about how the beltway boys reach into the taxpayer’s trousers to play pocket pool. So, while Tapscott joins the MSM (and TTAC) in announcing the bogus Cash for Clunkers program’s pre-mature hiatus, he’s out in front re: the C.A.R.S. program’s long term fate. Mark says the bill was secretly written with permanent marker. In other words, the billion dollar (for starters) Cash for Clunker boondoggle’s a keeper. The writer gives five—count ’em five!— reasons for car dealers to be perpetually cheerful about automotive euthanasia . . .
The Alliance of Automobile Manufacturers’ Senior Director of Communications has informed TTAC via email that the CARS (AKA “Cash for Clunkers”) program has NOT been suspended. “All deals concluded before a suspension is announced (if that happens) will be honored,” promises Charles Territo. We’ve also heard that the President is urging Americans NOT to not buy a new car (i.e., go ahead and buy a car) under the program over the weekend.
As time goes on, Opel’s chances to be rescued by an outside investor are dwindling. A member of the German government’s Opel Task Force told Reuters on Thursday that negotiations between GM and the two competing bidders (RHJ and Magna) for Opel could drag on longer than expected. The way it looks, the deal may never close – because GM doesn’t want to. There could be another rich sugar daddy: It’s you.
Her neighbors to the south may not recognize the fact (even parenthetically), but Canada kicked-in as-yet-uncounted billions in federal funds to keep the Chrysler and GM zombies in a vertical position. Whatever the final tally, the Motown subsidy was the largest bailout in Canadian history. In exchange, they received a seat on both automakers’ Board of Directors. Ottawa and Toronto chose Carol Stephenson, dean of the Richard Ivey School of Business at the University of Western Ontario, to bop on down to RenCen to see what’s shaking. Auburn Hills hosts George Gosbee of Tristone Capital. OK, so how much are they getting paid for their time? They ain’t saying, exactly. And Canadians are not happy. Specifically, the Edmonton Journal:
TTAC Commentator stingray writes:
My friend has a 2002-2003 Opel Corsa. In fact it’s “Made in Brazil.” I think it has GM’s family 1.6L 4 cyl engine. And here in Venezuela, this Opel is sold as the Chevrolet Corsa.
It’s throwing code 43: O2 sensor, lean mixture. Has a popping in the exhaust. I got the code using the MIL lamp and recommended that he change the air filter, fuel filter and clean the injectors. He did clean the injectors, also changed spark plugs, wires, coil and O2 sensor. Doesn’t know much about car fixing so got a bit PWNED on that. And the popping still continues . . . and the code too.
Red light camera and speed camera manufacturers fear that last month’s US Supreme Court ruling in the case Melendez-Diaz v. Massachusetts could create legal turmoil for the industry. The National Campaign to Stop Red Light Running issued a statement yesterday warning that the ruling has armed motorists with a greater ability to challenge the basis of automated traffic citations. Speed cameras, for example, depend heavily on legal faith in a certificate that claims to confirm the total reliability of a machine’s speed reading. In the Melendez-Diaz case, the high court ruled that merely producing such a certificate in court is insufficient. Defendants have the right to cross-examine any individual who claims to have certified evidence.
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