Word: autos
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...engine. One common method is to drain the car's oil and flood the engine with sodium silicate, or liquid glass. Dealers then turn the car on and rev the engine to let the solution harden. In just a few minutes, the car becomes inoperable. (Read "How Bad Are Auto Sales? 10 Questions and Answers...
...party involved thinks the process is perfect. Just a week into the program, the National Association of Auto Dealers (NADA) lobbied successfully to tweak the rules. Dealers, who were originally forced to dismantle the cars before receiving the government's check, can now hold on to cars until they get the money, so long as they ruin the car's engine within seven days. The NADA says it's happy with the Obama Administration's response to its concerns and says the latest changes significantly reduce the risk to dealers, who aren't saddled with a dead engine...
...best cars from the 2009 Detroit Auto Show...
...sales and offered a nice dividend for the environment. "Clunker-related Toyota sales over the seven days alone will save customers an estimated 8 million gal. of gas and $20 million in gas spending over the next year," he said. (See the best cars from the 2009 Detroit Auto Show...
That's why critics don't think the program was worth the effort, questioning if niche industries like boats and RVs deserve the same financing aid as the auto industry. Dean Baker, co-director of the Center for Economic Policy and Research said that although the financing program leaves some of the risk on the lenders, (only 75% is guaranteed by the SBA, not the maximum 90%) it's hard to see what the Administration's goal is and how effective the plan will be over time. "The question is, what exactly do we hope to do with subsidizing this...