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Federal 'cash for appliances' program should spur sales
Brace yourself. A federal "cash for appliances" program is likely on its way to a store near you before the end of the year.
Here's what's on my appliance list.
1. A 19 year old electric stove top (two burners don't work).
2. A 19 year old electric oven (built in microwave oven above it doesn't work).
3. A 19 year old gas furnace.
4. A 12 year old washing machine (works fine).
5. A 12 year old dryer (doesn't work so fine, squeals).
6. A 4 1/2 year old portable air conditioner (died a few weeks ago).
Bingo! I've got clunkers and I can seriously take advantage of the program. In fact, it's...
Too Good To Be True!
Financial procrastination pays off yet again. Power to the frugal (if it still mostly works, then don't pay to replace it yet), the lazy (can always fix it tomorrow), and the deflationists (things only get cheaper, so wait)!
This is a great deal for those who already have money and/or a job. However, aren't we just borrowing money from the less fortunate so that we can give it to the more fortunate? This is very confusing. I mean really. People with NO money and/or NO job will have to help pay for this someday (our children, our grandchildren, and the massive number of unemployed come to mind). Why exactly are we doing this again?
I guess I'm not the only one looking at my computer screen trying to make sense of it all. I do not think I'm at maximum confusion yet though. I think that begins when the government introduces its "Cash for Everything" Program. There are just so many things that I'd buy with "free" money. It's absolutely staggering.
Real Estate Newsletter Articles this Week: Existing-Home Sales Increased to
4.15 million SAAR in November
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At the Calculated Risk Real Estate Newsletter this week:
[image: Existing Home Sales]*Click on graph for larger image.*
• NAR: Existing-Home Sales Increase...
14 hours ago
9 comments:
Mark,
Another day mostly at the hospital, but things indeed are looking positive. Without going into details, the threat of a serious blood infection was very probable, but it looks like 4th generation antibiotics are doing the job. Thanks again for the kind words.
Now, for a little distraction to less serious matter...
I loved all your posts today! I don't know what you have been drinking, but I want some!
It looks like my "Cash for Blank" idea is coming true:
Looking ahead I think we are going to see expansion of the "Cash for BLANK" model. You can already see how giddy the politicians are whenever they discuss the program and how well they think it is working. Here are some possible items I would expect to see:
-$4500 towards any car purchase, not just a clunker retirement
-$25,000 towards a new home purchase
-Revival of the Television money program, now expanded to $1000 to get rid of your old TV if you buy a new one
-Business tax credits for heavy equipment orders
I could go on.
Am I being sarcastic? I think a little. I do think we have not seen the end of the "Cash for BLANK" program idea. Seeing the response from the government and sadly a public looking to take on more debt just because it is 20% off has really changes my mind about frugality going forward.
http://tinyurl.com/p4fe8y
Loved the V for Vendetta speech, I forgot how great that was.
GYSC,
Glad to hear your mom is doing better.
"I don't know what you have been drinking, but I want some!"
You are in luck!
I just got a huge shipment of powdered water in and am reselling it at the rock bottom price of just $1.99 per canister.
Further, just for you I'm offering 44 cent shipping (to cover the postage) and 99 cent handling (to cover my time).
I have developed a miraculous new technology that allows me to condense 10 of those powdered water canisters into something that fits easily within a standard envelope.
Here's the best part. This technology can be run 24 hours a day "at essentially no cost".
That's not all. If you act now I'll double the order. Just pay separate shipping and handling.
So, that's...
20 canisters of powdered water for just $19.90. Total shipping charges of $0.88. Handling charges of $1.98. That's a total cost of $22.76 per order.
Limit 1,000 orders per household. I simply cannot do this deal for everyone. ;)
How do I re-water the powdered water?... wait, oh, nice joke! You had me going there!
You should at least replace the furnace. It would be more efficient and you would earn a positive real yield. Better than short term treasuries.
CP,
thanks for the tip. Anyways...
CP,
Yeah, I'm way past due on getting a new furnace. Fortunately, I live in the Pacific Northwest and my heating costs aren't all that high in the winter. If the cash for appliances does appear, I will be going on a spending spree though.
GYSC,
I cannot claim ownership of that joke. I first heard it from Stephen Wright.
Here's some more.
"If you're not part of the solution, you're part of the precipitate."
"One time a cop pulled me over for running a stop sign. He said, "Didn't you see the stop sign?" I said, "Yeah, but I don't believe everything I read."
Stag, GYSC,
The one thing you will never see is "cash" for debt reduction. Unfortunately, that is the one giveaway that would actually help our economy.
As long as we keep trying to cure an excess debt problem with more debt, I will remain a bear. If the stimulus packages ever end, our eCONomy will immediately relapse into recession and perhaps into depression and chaos.
What's in your wallet? DEBT!
mab,
"The one thing you will never see is "cash" for debt reduction."
Yeah, that sort of thing tends to happen behind closed doors. Further, you need to be a bank. Not just any bank though. You need to be a bank that's too big to fail. And lastly, it really can't be called debt reduction in public or EVERYONE would want it. Therefore, it's been called "troubled asset relief". It's like putting a Mr. Yuk sticker on it.
mab,
READ Mish today! You won't regret it, lol. Here's an excerpt.
'However, I happen to believe that Fisher believes the nonsense he is spouting. If so, I agree with Blodget: "Ken Fisher Is Nuts".'
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