Subprime Ghost of 2008 returns to haunt the financial world

Anyone remember the meme “Cash for Clunkers” or more formally known as Car Allowance Rebate System (C.A.R.S.)? Back in 2009 Obama had the bright idea to get people to buy new cars by giving them cash back on their old clunkers to buy new more “energy efficient” models. It was supposed to bolster the auto industry during those dark days. So he wrote an executive order to push this through. Of course, no studies nor realistic commonsense went into the planning or implementation of the executive order. It was reported that only a total of 690,000 new vehicles were sold … Continue reading