Well, it’s a commonly-recognized trait of narcissists that They Think They Can Do Anything:
NY dealers pull out of clunkers program
NEW YORK (AP) – Hundreds of auto dealers in the New York area have withdrawn from the government’s Cash for Clunkers program, citing delays in getting reimbursed by the government, a dealership group said Wednesday.
The Greater New York Automobile Dealers Association, which represents dealerships in the New York metro area, said about half its 425 members have left the program because they cannot afford to offer more rebates. They’re also worried about getting repaid.
“(The government) needs to move the system forward and they need to start paying these dealers,” said Mark Schienberg, the group’s president. But administrative snags and heavy paperwork have created a backlog of unpaid claims.
Schienberg said the group’s dealers have been repaid for only about 2 percent of the clunkers deals they’ve made so far.
Many dealers have said they are worried they won’t get repaid at all, while others have waited so long to get reimbursed they don’t have the cash to fund any more rebates, Schienberg said.
“But it’s in the hands of this enormous bureaucracy and regulatory agency,” he added. “If they don’t get out of their own way, this program is going to be a huge failure.”
Through early Wednesday, auto dealers have made clunkers deals worth $1.81 billion, resulting in 435,102 new car sales, according to the DOT.
Doing the math, that means 2% of $1.81 Billion is only $36.2 million dollars. I actually predicted this to my wife, when I told her, “If they pay this program like they pay Medicare, it’ll be ridiculously slow.” (Medicare pays on a quarterly base. If you see your doctor in quarter one, the claim is processed in quarter 2, and paid in quarter three. So an office visit on January 1st will not be paid out until September 30th.)
Imagine the cash-flow nightmare if 17% of the U.S. economy is nationalized by the U.S, Government, administered by Barney Frank, and not paid out for almost a year later. Hospitals will be closing left and right.
Scare tactics? Nope — proven pattern of behavior for government entities over and over again.