Capitalist-on-steroids Jim Cramer of Mad Money fame (or, if you're a Daily Show fan, infamy) thinks Cash For Clunkers is a great idea. This might surprise some of you (and shock us), but here's his reasons why:
- If the total price tag of C4C is $4 to $5 billion dollars, big deal – we spent more than that on Corn Flakes in Iraq.
- General Motors and Chrysler are already welfare queens, at least C4C lets them move some metal.
- C4C gives Ford, which Cramer calls "the most important auto company with the best lineup of fuel-efficient cars" a chance to stop burning cash, offer refinancing and perhaps equity offers (i.e. offer some common stock).
- The environment will be cleaner – "We are doing something good against global warming."
[Source: Blogging Stocks | Image: Rusty Jarrett/Getty]