Cash For Clunkers Coming To Your Kitchen And Laundry Room: GE, WHR
*Stare out Window*
*Shake head*
*Stare at Wall*
*Shake head more*
I have this surreal feel around me.
I suppose it's time to get long General Electric (
GE) and Whirpool (
WHR) - Americans are about to be handed more of their great grandchildren's money so they shop for products for the kitchen and laundry room. Via
Wall Street Journal
- Appliance manufacturers are counting on a "cash for clunkers"-type rebate program to revive slumping sales of refrigerators, washing machines and dishwashers.
- Beginning late this fall, federal rebates will be available for purchasers of high-efficiency household appliances, furnaces and air-conditioning systems. Congress authorized $300 million for the program earlier this year as part of the federal economic-stimulus bill.
- After seeing the recent surge in new-car orders attributed to the federally funded clunkers program, appliance industry executives are hoping to lure consumers back into appliance store showrooms with rebates that are expected to reach $200 on some types of appliances.
- "It's a good way for the consumer to get back into the marketplace," said J.B. Hoyt, director of governmental relations for Whirlpool Corp. (WHR), the world's largest producer of household appliances by revenue. "Clearly, anything that boosts business is good for us."
Clearly. By adding to the US debt so that certain corporations can do well... it's certainly a win-win.
- Whirlpool has been pushing for such a program for years.
I am sure if you talk to Whirpool executives they are all for free market capitalism. With exception.
General Electric? They don't even pretend that the U.S. has anything to do with capitalism.
The above story is the opinion of the author only and it does not reflect
iStockAnalyst opinion. Further, the author is not personally advising you
regarding the suitability of the story for your investment needs. In no event
iStockAnalyst will be liable for any loss or damage including without
limitation, indirect or consequential loss or damage, or any loss or damage
whatsoever arising from or arising out of, or in connection with the use of this
information. Please consult your investment advisor before making any investment
decision.
