Jim Cramer throws his Mad Money behind Cash for Clunkers

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:

1. 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.
2. General Motors and Chrysler are already welfare queens, at least C4C lets them move some metal.
3. 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).
4. The environment will be cleaner – "We are doing something good against global warming."

Cramer does go on to say that certain parts of C4C smacks of The New Deal, but Clunkers' (relatively) small price tag is a cheap way to clean up the environment, fight unemployment and move inventory. Says Jim, "[i]t worked for the Chinese with their vouchers to spend, it's working here. What's the issue? Come on Senate, go make it bigger!"

[Source: Blogging Stocks | Image: Rusty Jarrett/Getty]