Cash4Clunkers

Katherine Mangu-Ward | May 14, 2009

In today's Washington Examiner, Bret Jacobson writes a coherent sentence that finally unites the dream couple of Henry Waxman and M.C. Hammer, while offering a snappy analysis of the idiocy of the "cash for clunkers" program intended get old, dirty cars off the road:

The business model for the As-Seen-On-TV phenomena is simple: Convince individuals to give up something of value and give back something of considerably less cost. In the marketplace, that cost is often justified through added value. In this instance, [Cash4Gold] provides an easy method of liquidating a commodity, gold.

In the political world, however, there’s a reverse effect. Instead of MC Hammer and Ed McMahon offering to buy your old jewelry for a fraction of the price, it’s Rep. Henry Waxman, D-CA, and Rep. John Dingell, D-MI, offering to pay more than your clunker’s worth. And hey, who needs catchy pitchmen when you’re throwing around “free” money, right?

Read the whole thing here.