The car bubble — and Cash for Clunkers II?

Published August 6, 2016 4:04am ET



A guy who smokes meth can pull a week of 15 hour days. But come next week… .

That’s how artificial “incentives” work on the economy. On the macro level, it is the Boom — and Bust — business cycle, whose unnatural peaks and valleys are caused by manipulation of money and credit, which causes excessive and unwarranted “investment” that — inevitably — leads to a downturn (or even a crash) when the artificially induced supply is disproportionate to demand. The housing bubble of the early 2000s is an obvious example of this.

Trusted reporting.Unlimited access.

Subscribe for full access to Washington Examiner coverage, expert political analysis, and subscriber-only journalism.

Get Unlimited Access

Already a member? Log in

Cancel anytime.