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| Currency | US Dollar |
|---|---|
| British Pound to US Dollar | 1.570105 |
| Euro to US Dollar | 1.377031 |
| Japanese Yen to US Dollar | 0.011158 |
| Canadian Dollar to US Dollar | 0.936768 |
Next rebate plan: Funds for fridges?
Appliance manufactures are the next group in line for a sales-stimulus program.
With the U.S. government's Cash for Clunkers program ending Monday, the Obama administration is gearing up for the next rebate plan -- this time, for the appliance industry.
So if you want a new range or dishwasher, you might want to wait to make that that purchase.
Beginning late this fall, federal rebates will be available for people who buy Energy Star-qualified home appliances, furnaces and air-conditioning systems. Congress set aside $300 million for the program as part of the federal economic-stimulus bill earlier this year.
The $300 million was distributed to states based on the number of households, but states get to decide the specific rebate amounts for each type of appliance. Their plans for the program are due to the Energy Department by Oct. 15.
"It's a good way for the consumer to get back into the marketplace," J.B. Hoyt, director of governmental relations for Whirlpool (WHR), told The Wall Street Journal. Whirlpool is the biggest household appliance producer in the world by revenue. "Clearly, anything that boosts business is good for us," he said.
Other appliance makers like General Electric (GE), Sears (SHLD) and Electrolux (ELUXY) are also likely to benefit from the program.
The Association of Home Appliance Manufacturers, an industry trade group, is hopeful the program will spur sales, spokeswoman Jill Notini told CNBC.com. Industry sales are down about 15% from last year.
Deflation???
Are these rebates just a smoke screen? The government has had to give the car companies up to $4500 to get people to buy cars. According to the consumer, the average car is $4500 too expensive. Why are the taxpayers paying the difference? Shouldn't the corporations who overpriced their products be reducing prices?
Is the taxpayer paying to keep the prices artificially high? Are rebates needed at all? Capitalism?
I'm just asking?
Recovery or no recovery, multiplier effect or no. The money being spent on these programs to boost production or stimulate the economy is either yours and my hard earned income that got taxed, or borrowed money from China. The only way out of this is by saving, paying down debt, and letting the economy correct itself. It may not be a popular answer and may not be an easy answer, but the economy ebbs and flows. We are an instant gratifications society. What ever happened to hard work and responsibility?
The golf industry is suffering. I wonder if Obama could give me a rebate on my green fees? Maybe if I promise to use an electric cart I can get another rebate for that too!
What is next, rebates for TV's so the Democrat's supporters can have brand new flat screens to watch in the new houses they couldn't afford, with the new cars they cant afford, and now with their new appliances they cant afford?
Question who is going to pay for all the Democrat's give aways? Isn't this just another form of Corporate Welfare?
Not to worry, folks, there are people who actually think this is stupid, and they are the legislature in Washington, so be sure that you let them know you think it's stupid. Personally, I don't need a "stimulus plan" incentive to go get a new appliance. If my clothes dryer breaks down, I'll just go get a new one. I might even replace my fridge if it quits on me, but not because someone in DC with instant gratification issues has to do something that he thinks will get instant results. From what I see in the CARS program, the auto dealers have been left holding the bag, waiting for their rebate checks from Uncle Sam, and the boondoggle isn't being helped by the fact that nobody thought the plan through before it was put into action. Watch what happens with stoves and iceboxes, if this goes through.
Why on earth do any of those dopes in DC think that throwing money around is the answer? The work programs in the Depression provided years of employment, for long-term projects like Hoover Dam and building the state and national highway systems. Remember US Route 66? Not the interstate, that was built during the Eisenhower administration after WWII. This is ridiculous. Can anyone say "stop the madness"???
not be used for anything else, until the debt is gone."
Are you freakin' kidding me? National debt works exactly as personal debt. Are you saying that if I were in serious credit card debt, I should withdraw money from my checking account and burn in order to get rid of debt?
My god, the thoughts I read on the MSN money articles are boarderline insane. It's no wonder our country finds itself in the financial troubles of today, we're mostly fiscally illiterate from what I gather.
Well, babyblue, the consumer actually benefits from these rebate programs. The more savings those of us that can afford to buy receive, the more willing we are to buy. The more we buy, the more manufacturers must produce. The more they produce, the more they have to hire to increase production. The more they hire, the more consumers with income to spend, ad infinitum.
It's called the Multiplier effect. At least pretend to understand market economics before running in here with this crap.
These rebates sound like corporate welfare to me. How is the government deciding who to give rebates to. First the housing industry then the car industry, now the appliance industry. What favored industry is next? Taxpayers are getting the bill for this corporate welfare.
It all feels like artificial stimulus to me. What happens when the rebates end? Will people still spend or will they wait for the next handout? Why pay full price for anything if the government will take money from other taxpayers to help you buy the things that you need?
Does America have no other way to make money? One scheme after another seems to be the corporate model these days.
Those folks with their hands out are thrilled that I am partially paying for their cash back or rebate. A "chicken in very pot" type of welfare/socialism is NOT what made our country great.
Why should you and I and our great grandkids have to pay so a select few can have cars, appliances, houses, insurance. We have representatives in Congress that are putting us in so much debt that we will never be able to repay it. Then what?
Contact your representatives;
Stop this reckless spending. 
Limit government.
StockScouter data provided by Gradient Analytics, Inc.
Quotes supplied by Interactive Data.
MSN Money's editorial goal is to provide a forum for personal finance and investment ideas. Our articles, columns, message board posts and other features should not be construed as investment advice, nor does their appearance imply an endorsement by Microsoft of any specific security or trading strategy. An investor's best course of action must be based on individual circumstances.
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