Obama can give 23 trillion to the fed, 700 billion in lies, but can't cover 3 billion - The Orange Mane

watermock · 08-19-2009, 11:48 PM

Obama team planning to wind down 'clunkers' program
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Yahoo! Buzz Digg Newsvine Reddit FacebookWhat's this?By Ken Thomas And Dan Strumpf, Associated Press Writers
WASHINGTON — The Obama administration is developing plans to wind down the popular cash for clunkers program and could announce by Friday when the incentives will no longer be available.
Transportation Secretary Ray LaHood said Wednesday the department would announce within 48 hours how it intends to discontinue the program that offers car buyers rebates of $3,500 or $4,500 for trading in older vehicles for new, more fuel-efficient models. Department officials met with car dealer trade groups on Wednesday to discuss how the program will eventually end and respond to complaints over a backlog of rebate payments to dealers.

REIMBURSEMENTS: DOT chief addresses dealer complaints

Through early Wednesday, auto dealers have made deals worth $1.81 billion and are on pace to exhaust the program's $3 billion in funds in early September. The incentives have generated more than 435,000 vehicle sales but dealers want a clear plan on when the rebates will no longer be available so they don't end up on the hook for any of the incentives.

"We want to make sure that dealers know when we're getting close" to running out of the money that was allocated for the program, LaHood told reporters. LaHood said he recognized that "dealers are frustrated. They're going to get their money."

FIND MORE STORIES IN: Barack Obama | New York | Ford Motor Company | National Automobile Dealers Association | Nissan Motor Co., Ltd. | Honda Motor Company, Ltd
The National Automobile Dealers Association said its trade group met with Transportation officials to discuss dealer concerns about reimbursement delays and ways of fixing the problems. NADA spokesman Charles Cyrill said the association "stressed the importance of addressing — as soon as possible — how the program will end, including the possible suspension of the program."

Dealers have complained of delays in getting their reimbursements approved, causing a cash crunch at their dealerships. Dealers typically borrow money to put new cars on their lots and must repay those loans within a few days of a sale.

"We do not know how many deals are in the pipeline. We don't know how many dollars are left in the program at this very moment," said Ted Smith, president of the Florida Automobile Dealers Association. "That's fundamental to the health of the dealerships that are participating. If you run out of money before you run out of deals, that's not a good situation."

Some dealers are no longer participating in the Clunker program. The Greater New York Automobile Dealers Association, which represents dealerships in the New York metro area, said about half its 425 members had left the program because they cannot afford to offer more rebates.

Melanie Bible, spokeswoman for the Pennsylvania Automotive Association, also said about half of the state's 950 dealerships have stopped cutting new Cash for Clunkers deals. She said the figure was anecdotal because no formal survey of dealers had been conducted.

The financial arms of several automakers have begun offering help to cash-strapped dealerships, in some cases by floating loans to help cover clunker-related shortfalls. Toyota Financial Services is offering loans to dealers for up to 60 days to cover the lag between a dealership's payment and its reimbursement. The financial-services arms of Honda Motor Co., Nissan Motor Co., Ford Motor Co. and other automakers are offering similar programs.

The government's online reimbursement system was flooded with reimbursement requests shortly after the program began in late July, overwhelming the computer system and staff set up to process the deals. That led to big delays for dealers trying to file the paperwork they needed to get paid back for the rebates.

LaHood said some of the submitted paperwork has been incomplete or inaccurate, leading to delays. He acknowledged the Transportation Department did not have enough people to process the paperwork but said DOT was ramping up staff.

DOT said earlier this week it was tripling its work force to handle the rebates and expected to have 1,100 workers dealing with the paperwork by the end of the week.

Michelle Primm, managing partner of a four-franchise dealership in Cuyahoga Falls, Ohio, said her store has stopped making deliveries on clunkers purchases until the sales are approved by the federal government. Primm's dealership has made 31 clunkers deals since the program was launched last month, but has only been paid for 3.

"I've got payroll and I've got taxes to pay and all those things," she said. "We're small."

Dan Strumpf reported from New York.

Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

watermock · 08-19-2009, 11:52 PM

What a tool of the fed.

The 1 thing tangible he ****s up due to lack of funds?,

Were running a 2 trillion defeciect and wars and we can't afford 3 billion?

mhgaffney · 08-20-2009, 04:30 AM

Same old same old.

Wall Street to the rescue -- again.

Rigs11 · 08-20-2009, 09:47 AM

What a crock. 23 trillion?And all you suddenly fiscallly responible rightartds complain about the deficit and now that obama wants to end the clunkers program you are complaining again? which is it?you betch because he spent 3 billion on it and now you are betching because he wants to end it? And the triilions in the deficit which are due to the war in iraq was started by tour conservative daddy Dumbya.

Smiling Assassin27 · 08-20-2009, 12:13 PM

Once again, Rigs can't deal with a point straight on. He'd rather dodge and dive by pointing back 8 years rather than assessing Obama and his programs objectively. Sad, but most definitely Rigsy-like.

Rigsy seems to be saying that because this forest fire is sweeping across the nation, and the arsonist who started it didn't care then or now, it must be OK to send tankers filled with jet fuel to drop on it now. Strange reasoning. A more honest approach, Rigsy, would be to take a look at what Obama promised as a candidate--lower deficits, transparency, millions of saved jobs, millions of saved homes, a total reversal of failed Bush policies--and compare it to what he's overseen the implementation of--higher deficits, higher unemployment, a worse housing crash with millions losing homes, complete and utter secrecy and deception, and yes, most of Bush's Iraq, Gitmo, and Afghanistan policies retained or strengthened.

This dude has taken the classic Dem approach--throw money at a problem without addressing the cause of the problem. Bush is gone, dude. He made mistakes, lied, cheated, and stole--do you really want to use his presidency as a benchmark for this idiot? Sadly, he hasn't even measured up to Bush yet.

TailgateNut · 08-20-2009, 12:45 PM

Quote:

Originally Posted by Smiling Assassin27

Sadly, he hasn't even measured up to Bush yet.

Gezzus, any short bus passenger can measure up to Bush without trying.

Rigs11 · 08-20-2009, 12:59 PM

Smiling seems to like to act like he is fisclaly reponsible now. not sure where he was the last 8 years. He likes to point at our deficit now and yet fails to include the fact that the majority of it is from bush's spending. I'll give him some numbers if he likes.He doesn't want to spend a trillion here helping out our fellow americans with healthcare. thats socialism. it took years to get this economy in such bad shape, but smiley seems to think that obama can fix everything in months, otherwise obama has broken his promises.

watermock · 08-20-2009, 06:32 PM

Thje 23 trillion i8s real.

That's what makes the 3 billion car prograam funny.

Anyone knows a handout. Tons of supply were wiped out AT A LOSS.

What happens to the thousands of cars thast were chep for poor people?

And for the 23 trillion...

Rigs11 · 08-20-2009, 08:06 PM

Quote:

Originally Posted by watermock

Thje 23 trillion i8s real.

That's what makes the 3 billion car prograam funny.

Anyone knows a handout. Tons of supply were wiped out AT A LOSS.

What happens to the thousands of cars thast were chep for poor people?

And for the 23 trillion...

Link?

Seamus · 08-20-2009, 09:56 PM

A new Rasmussen polls shows that by an almost two to one margin, voters say that deficit reduction should be President Obama's highest priority.

Forty percent (40%) of U.S. voters now say cutting the federal deficit in half by the end of his first term should be President Obama's number one priority. That's up three points from a month ago.

A new Rasmussen Reports national telephone survey shows that, of the four priorities outlined by the President earlier this year, 21% rate health care reform as the most important. Eighteen percent (18%) say ensuring that every child has access to a complete and competitive education should be the priority, and 15% put the emphasis on development of new sources of energy

TailgateNut · 08-21-2009, 06:35 AM

Quote:

Originally Posted by watermock

Thje 23 trillion i8s real.

That's what makes the 3 billion car prograam funny.

Anyone knows a handout. Tons of supply were wiped out AT A LOSS.

What happens to the thousands of cars thast were chep for poor people?

And for the 23 trillion...

BURP!

Rohirrim · 08-21-2009, 07:40 AM

I doubt there is 23 trillion dollars on the planet Earth.

barryr · 08-22-2009, 01:59 PM

They couldn't run this program correctly without having to go back and screw around with it, and still all kinds of glicks in the system, but the government running a much more complex healthcare program will go much better though? Yikes, the idiots continue their belief in fairy tales.

watermock · 08-22-2009, 04:41 PM

It wasn't created by the treasury, altho most of that money also went to the banks. 700 billion was like peeing in the ocean.

The fed just created the money for it's member banks (@.75%) without any congressional approval, it doesn't need to.

Meanwhile, community banks contiue to be arbitrarily closed that aren't in the loop of the fed.

08-19-2009, 11:48 PM	#1
watermock "Hoodie Jr" "Hug me!" Join Date: Jul 2001 Location: Hot Springs, Ouachitah Posts: 77,090	Obama can give 23 trillion to the fed, 700 billion in lies, but can't cover 3 billion Obama team planning to wind down 'clunkers' program Posted 1h 42m ago \| Comments 14 \| Recommend 3 E-mail \| Save \| Print \| JOIN THE CONVERSATION Hit the Road with USA TODAY's auto writers to discover and discuss trends on wheels with them and with other readers, like you. Yahoo! Buzz Digg Newsvine Reddit FacebookWhat's this?By Ken Thomas And Dan Strumpf, Associated Press Writers WASHINGTON — The Obama administration is developing plans to wind down the popular cash for clunkers program and could announce by Friday when the incentives will no longer be available. Transportation Secretary Ray LaHood said Wednesday the department would announce within 48 hours how it intends to discontinue the program that offers car buyers rebates of $3,500 or $4,500 for trading in older vehicles for new, more fuel-efficient models. Department officials met with car dealer trade groups on Wednesday to discuss how the program will eventually end and respond to complaints over a backlog of rebate payments to dealers. REIMBURSEMENTS: DOT chief addresses dealer complaints Through early Wednesday, auto dealers have made deals worth $1.81 billion and are on pace to exhaust the program's $3 billion in funds in early September. The incentives have generated more than 435,000 vehicle sales but dealers want a clear plan on when the rebates will no longer be available so they don't end up on the hook for any of the incentives. "We want to make sure that dealers know when we're getting close" to running out of the money that was allocated for the program, LaHood told reporters. LaHood said he recognized that "dealers are frustrated. They're going to get their money." FIND MORE STORIES IN: Barack Obama \| New York \| Ford Motor Company \| National Automobile Dealers Association \| Nissan Motor Co., Ltd. \| Honda Motor Company, Ltd The National Automobile Dealers Association said its trade group met with Transportation officials to discuss dealer concerns about reimbursement delays and ways of fixing the problems. NADA spokesman Charles Cyrill said the association "stressed the importance of addressing — as soon as possible — how the program will end, including the possible suspension of the program." Dealers have complained of delays in getting their reimbursements approved, causing a cash crunch at their dealerships. Dealers typically borrow money to put new cars on their lots and must repay those loans within a few days of a sale. "We do not know how many deals are in the pipeline. We don't know how many dollars are left in the program at this very moment," said Ted Smith, president of the Florida Automobile Dealers Association. "That's fundamental to the health of the dealerships that are participating. If you run out of money before you run out of deals, that's not a good situation." Some dealers are no longer participating in the Clunker program. The Greater New York Automobile Dealers Association, which represents dealerships in the New York metro area, said about half its 425 members had left the program because they cannot afford to offer more rebates. Melanie Bible, spokeswoman for the Pennsylvania Automotive Association, also said about half of the state's 950 dealerships have stopped cutting new Cash for Clunkers deals. She said the figure was anecdotal because no formal survey of dealers had been conducted. The financial arms of several automakers have begun offering help to cash-strapped dealerships, in some cases by floating loans to help cover clunker-related shortfalls. Toyota Financial Services is offering loans to dealers for up to 60 days to cover the lag between a dealership's payment and its reimbursement. The financial-services arms of Honda Motor Co., Nissan Motor Co., Ford Motor Co. and other automakers are offering similar programs. The government's online reimbursement system was flooded with reimbursement requests shortly after the program began in late July, overwhelming the computer system and staff set up to process the deals. That led to big delays for dealers trying to file the paperwork they needed to get paid back for the rebates. LaHood said some of the submitted paperwork has been incomplete or inaccurate, leading to delays. He acknowledged the Transportation Department did not have enough people to process the paperwork but said DOT was ramping up staff. DOT said earlier this week it was tripling its work force to handle the rebates and expected to have 1,100 workers dealing with the paperwork by the end of the week. Michelle Primm, managing partner of a four-franchise dealership in Cuyahoga Falls, Ohio, said her store has stopped making deliveries on clunkers purchases until the sales are approved by the federal government. Primm's dealership has made 31 clunkers deals since the program was launched last month, but has only been paid for 3. "I've got payroll and I've got taxes to pay and all those things," she said. "We're small." Dan Strumpf reported from New York. Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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08-19-2009, 11:52 PM	#2
watermock "Hoodie Jr" "Hug me!" Join Date: Jul 2001 Location: Hot Springs, Ouachitah Posts: 77,090	What a tool of the fed. The 1 thing tangible he ****s up due to lack of funds?, Were running a 2 trillion defeciect and wars and we can't afford 3 billion?

08-20-2009, 04:30 AM	#3
mhgaffney Ring of Famer Join Date: Apr 2006 Posts: 9,845	Same old same old. Wall Street to the rescue -- again.

08-20-2009, 09:47 AM	#4
Rigs11 Ring of Famer Join Date: Dec 2002 Posts: 7,855	What a crock. 23 trillion?And all you suddenly fiscallly responible rightartds complain about the deficit and now that obama wants to end the clunkers program you are complaining again? which is it?you betch because he spent 3 billion on it and now you are betching because he wants to end it? And the triilions in the deficit which are due to the war in iraq was started by tour conservative daddy Dumbya.

08-20-2009, 12:13 PM	#5
Smiling Assassin27 STOP! KIPER TIME! Join Date: Dec 2002 Location: In a van down by the river Posts: 11,104 Adopt-a-Bronco: Von Miller	Once again, Rigs can't deal with a point straight on. He'd rather dodge and dive by pointing back 8 years rather than assessing Obama and his programs objectively. Sad, but most definitely Rigsy-like. Rigsy seems to be saying that because this forest fire is sweeping across the nation, and the arsonist who started it didn't care then or now, it must be OK to send tankers filled with jet fuel to drop on it now. Strange reasoning. A more honest approach, Rigsy, would be to take a look at what Obama promised as a candidate--lower deficits, transparency, millions of saved jobs, millions of saved homes, a total reversal of failed Bush policies--and compare it to what he's overseen the implementation of--higher deficits, higher unemployment, a worse housing crash with millions losing homes, complete and utter secrecy and deception, and yes, most of Bush's Iraq, Gitmo, and Afghanistan policies retained or strengthened. This dude has taken the classic Dem approach--throw money at a problem without addressing the cause of the problem. Bush is gone, dude. He made mistakes, lied, cheated, and stole--do you really want to use his presidency as a benchmark for this idiot? Sadly, he hasn't even measured up to Bush yet.

08-20-2009, 12:59 PM	#7
Rigs11 Ring of Famer Join Date: Dec 2002 Posts: 7,855	Smiling seems to like to act like he is fisclaly reponsible now. not sure where he was the last 8 years. He likes to point at our deficit now and yet fails to include the fact that the majority of it is from bush's spending. I'll give him some numbers if he likes.He doesn't want to spend a trillion here helping out our fellow americans with healthcare. thats socialism. it took years to get this economy in such bad shape, but smiley seems to think that obama can fix everything in months, otherwise obama has broken his promises.

08-20-2009, 06:32 PM	#8
watermock "Hoodie Jr" "Hug me!" Join Date: Jul 2001 Location: Hot Springs, Ouachitah Posts: 77,090	Thje 23 trillion i8s real. That's what makes the 3 billion car prograam funny. Anyone knows a handout. Tons of supply were wiped out AT A LOSS. What happens to the thousands of cars thast were chep for poor people? And for the 23 trillion...

08-20-2009, 09:56 PM	#10
Seamus Rust Contributor Always something changing Join Date: Jun 2007 Location: In the desert Posts: 302	A new Rasmussen polls shows that by an almost two to one margin, voters say that deficit reduction should be President Obama's highest priority. Forty percent (40%) of U.S. voters now say cutting the federal deficit in half by the end of his first term should be President Obama's number one priority. That's up three points from a month ago. A new Rasmussen Reports national telephone survey shows that, of the four priorities outlined by the President earlier this year, 21% rate health care reform as the most important. Eighteen percent (18%) say ensuring that every child has access to a complete and competitive education should be the priority, and 15% put the emphasis on development of new sources of energy

08-21-2009, 07:40 AM	#12
Rohirrim Partisan Human Cannonball Join Date: Jan 2003 Location: Twixt Hell & Highwater Posts: 49,099	I doubt there is 23 trillion dollars on the planet Earth.

08-22-2009, 01:59 PM	#13
barryr Ring of Famer New to the Forum Join Date: Aug 2007 Posts: 8,278 Adopt-a-Bronco: None	They couldn't run this program correctly without having to go back and screw around with it, and still all kinds of glicks in the system, but the government running a much more complex healthcare program will go much better though? Yikes, the idiots continue their belief in fairy tales.

08-22-2009, 04:41 PM	#14
watermock "Hoodie Jr" "Hug me!" Join Date: Jul 2001 Location: Hot Springs, Ouachitah Posts: 77,090	It wasn't created by the treasury, altho most of that money also went to the banks. 700 billion was like peeing in the ocean. The fed just created the money for it's member banks (@.75%) without any congressional approval, it doesn't need to. Meanwhile, community banks contiue to be arbitrarily closed that aren't in the loop of the fed.