"Give me the cash, but don't call me a clunker"

I'm not all that I used to be
Time has taken its toll on me

My rusted joints hurt like hell
My engine runs, but not very well

I've lost some efficiency
I'm not exactly carbon free

Folks don't want to share my air
But I'm not so sure that's fair

And they don't want any old fools
In their insurance pools

They will pay me to go away
To the junk heap if I'll stay

They can junk me and crush me if they must
Grind me down, back to dust

But, they are about to lose my trust

I'm beginning to suspect that the same sensitive souls
Behind "Cash for Clunkers"

Are now our principal
Health care reformers

The airways Friday morning were full of talk of the success of the "Cash for Clunkers" program. It has been so successful that Congress is racing to add more money. [As of Friday at 2 pm eastern the House had passed a bill to increase funding by $2 billion.]

What was the evidence of success? What lesson was learned?

Well, apparently, if the government offers to give people money, quite a few of them will take it.

Profits = Stabilization

Oil market speculation is back in the news. I'm afraid I don't have much to contribute since Milton Friedman convinced me long ago that profitable speculation is stabilizing and destabilizing speculation is unprofitable. Speculation is profitable if the speculator buys lower than he sells; it's unprofitable if he sells lower than he buys. Even if they don't make a profit, they are trying.