Redistribution, The Sequel: Here comes "Cash for Appliances"

After the economically damaging Cash for Clunkers program, we will soon see a "Cash for Appliances" program, funded by Stimulus bill money. One curious fact about the "Cash for Clunkers" program is that it was originally designed by self-described communist, Van Jones, who recently "resigned" from his post as Green Jobs Csar (just like Daschle, I'm sure he'll still hang around the White House, still doing the Health Csar job he "withdrew his name" from). Jones wrote a long plan, in which he originally called the program "Hoopties for Hybrids". I wonder if he had anything to do with this "Cash for Appliances" program.

A $300 million cash-for-clunkers-type federal program to boost sales of energy-efficient home appliances provides a glimmer of hope for beleaguered makers of washing machines and dishwashers, but it's probably not enough to lift companies such as Whirlpool (WHR) and Electrolux out of the worst down cycle in the sector's history.

Beginning late this fall, the program authorizes rebates of $50 to $200 for purchases of high-efficiency household appliances. The money is part of the broader economic stimulus bill passed earlier this year.

No comments:

Happy Super Tuesday!