08/31/2009 05:12 am ET Updated May 25, 2011

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

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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