Kass: Cash for Clunkers Is a Junker

From my perch, there is far too much hyperbole surrounding the cash-for-clunkers program. Not only is the size of the program small ($2 billion-plus) relative to the scale of a $10 trillion domestic economy and a $750 billion-plus fiscal stimulation program but, similar to the euphoria and outsized market response surrounding the second derivative economic recovery (which followed the unwarranted depression in March 2009), the Car Allowance Rebate System (CARS) program is not an economic sine qua non.

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