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Cash for Clunkers: Why Did It Run Out Of Money?

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Amid conflicting reports this morning about whether the Cash for Clunkers program is still operating (there is some indication that the Obama Administration suspended it at midnight, after the $1 billion funding ran dry, while statements out of the White House seem to indicate (they're looking for more funding) it ought to be obvious why its runaway success is a failure.

The government bought a lot of clunkers.

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