THE EARMARK

Bad news for those of you hoping to trade in a gas-guzzling Bentley and get $4500 toward a spiffy new Chevy Aveo.  The government’s much-hyped “cash for clunkers” program is about to crumble like a Ford Festiva in an elevator door.

The program’s principal sin?  Being way too successful…

The government plans to suspend its popular “cash for clunkers” program amid concerns it could quickly use up the $1 billion in rebates for new car purchases, congressional officials said Thursday…

Through late Wednesday, 22,782 vehicles had been purchased through the program and nearly $96 million had been spent. But dealers raised concerns about large backlogs in the processing of the deals in the government system, prompting the suspension.

So barring further notice, this program is finished.  And while some will lament its demise, others will applaud it.  Let’s examine who wins and loses based on this news…

WINNERS

• Personal friends of Treasury Secretary Timothy Geithner and his predecessor, Hank Paulson.  If “cash for clunkers” had survived, these folks would have received a mere $32 billion for bonuses.
• Personal friends of the House Ethics Committee, who will now get to keep their ethical earmark money doled out by ethics-minded congressmen.
• Personal friends and relatives of Rep. Jack Murtha (D-PA), whom the aforementioned Ethics Committee is investigating, only not really.  More cash for this crowd, too.
• Sen. Jim DeMint (R-SC) who opposes all forms of federal stimulus, opting to save the money for a time portal to 19th century Belgium.

LOSERS

• Ford Motor Company, who passed on federal stimulus money with the idea that they’d gain sales from this particular program.  For the eponymous family running the show, this is even worse than owning the Lions.
• The majority of President Obama’s cabinet, who all need to ditch that fleet of foreign cars they collectively drive.
• Sen. Joe Lieberman (I-CT), who thought this would be his big chance to unload an armada of hideously-painted PT Cruisers.