CNBC just had a fascinating segment on the government’s “Cash for Clunkers” program. The car dealer they had on was bashing the program on Constitutional grounds, even though it would mean more business for him.
It was a golden moment, made more interesting by the CNBC hosts laughing in his face. Twice!
The fact is, Uncle Sam keeps spending money we don’t have. Meanwhile, the Federal Reserve still has a lot of money left over in its $1.25 trillion quantitative easing program. This week the government will auction off a whopping $235 billion of debt.