Several media outlets reported last night that car sales were down more than 40% in September versus August, when the Cash For Clunkers program was in effect. What a shock that, when they have to use their own money, fewer people are buying cars. Where are the pundits who wrongly predicted that the rush to more fuel-efficient vehicles would stick with consumers? The vast majority of those vehicles weren’t purchased to save the environment; they were bought because they were cheaper by thousands.

Now I’m waiting for the reports on how many people are having trouble making the payments for the cars they bought under CFC, trading in their paid-up vehicles for new auto loans they can’t afford.