Economists Do It With Models

Warning: “graphic” content…

Bookmark and Share
Economic Models Triumph Again, Cash For Clunkers Edition (Part 1)…

August 16th, 2009 · 81 Comments
Econ 101 · Policy

In an earlier post, I promised to write more about the economics of “Cash for Clunkers.” So here goes…

First, let’s think about how the program works. From the consumer’s perspective, you get either a $3,500 or $4,500 rebate on the purchase of a new vehicle if you are trading in a “clunker” for a more fuel efficient vehicle. The details of qualifying trade-ins can be seen here. From the car dealer’s perspective, it takes the clunker and hands it over to some sort of government entity to be destroyed. (Technically I think the cars get recycled and don’t just end up in a landfill somewhere, since that would be comically counter to the proposed environmental aspect of the program.)

As a result, the government rebate acts as a subsidy on the purchase of a new car. However, from the (smart) consumer’s perspective, the effective rebate is not the entire $3500 or $4500. This is because the consumer is forgoing whatever trade in value he would have gotten otherwise. If we consider that there are lots of dealerships that offer a $2000 or so minimum for a trade, the net rebate amount is actually a maximum of $1500 or $2500. If the consumer has a halfway decent car, this amount is going to be even lower since the net rebate is the difference between the government cash and the value of the trade. (I would hope that people aren’t turning in vehicles that are worth more than $4500!)

I hope that you now see that the cash for the clunker is a net subsidy of somewhere between $0 and $2500. Economics 101 teaches us that the benefits of a subsidy are generally shared between consumers and producers. Consumers benefit because they pay less out of pocket than they would have without the subsidy. Producers benefit because they receive a higher price than they would without the subsidy. This can be seen in the following diagram:

Some relevant points:

  • Demand for cars increases (i.e. people want more cars) as cars get cheaper. Hopefully this is intuitive to you.
  • Producers want to supply more cars if they can get a higher price for them. They will generally figure out how to produce more cars by running assembly lines closer to capacity, having employees work overtime, etc. (The higher price makes this profitable where it wouldn’t be otherwise.)
  • The subsidy is effective in encouraging sales of more cars…how effective depends on how reponsive producers and consumers are to price. The increase in quantity of cars sold is greatest when consumers and producers are very price sensitive.
  • The price that producers get for the cars goes up, but not by the full amount of the subsidy.
  • The price that consumers pay out of pocket (net of the rebate) for the cars goes down, but not by the full amount of the subsidy.
  • The two price changes above add up to the amount of the subsidy.
  • You can’t see this directly in the graph, but if consumers are more price sensitive than producers, consumers will see less of the benefit from the subsidy than the producers. (The opposite is also true.)
  • Again, you’ll have to take my word for this, but this outcome doesn’t change depending on whether the subsidy is given directly to the consumer or to the producer.

Glad we got that out of the way. Now that we understand a bit of economics, I want to introduce you to an article from about how consumers are getting ripped off because they are paying higher sticker prices for the cars because of Cash for Clunkers. Now, this is partly true and partly not true:

  • Those consumers who are getting the Cash for Clunkers rebate are not paying a higher price once the rebate is taken into account, they just aren’t capturing the full value of the rebate.
  • Those consumers who don’t have a clunker to trade in are getting crowded out of the market to a degree. This is because the car dealers aren’t going to cut a better deal for a non-clunker customer when there are plenty of less cash-constrained clunkers customers lining up out the door. In this way, customers without qualifying trade-ins are also subject to the higher prices.

Technically, the relevant text of the article is the following:, the premier online resource for automotive information, warns consumers that car prices are climbing as the “Cash for Clunkers” frenzy is influencing the marketplace.

“Since the program launched, we’ve seen that shoppers are getting less of a discount off sticker price for new cars,” notes Senior Analyst Michelle Krebs in her report on Edmunds’ “In some cases, they are choosing less expensive trim levels and option packages than had been typical in recent months, but paying more for them.”

“In truth, this program launched at the worst possible time of the year,” opined CEO Jeremy Anwyl. “The annual summer sell-down typically creates a rush of activity for the industry, and this year that rush came right after automakers cut production in response to the floundering economy. It’s a simple case of supply and demand, bolstered by a reduced level of negotiation on the part of excited clunker traders. Add to this the automakers’ unseasonable reduction in incentives and the message is clear: if you buy a car this summer, you should expect to pay higher prices.”

In fairness, the “getting ripped off’ implication here is subtle…but then you have subsequent articles with fun headlines like Don’t Let Cash For Clunkers Short You. I would argue that this really should read “Don’t Let the Laws of Economics Short You”, but that doesn’t have the same ring to it.

(Warning for the future: I don’t think I am done talking about clunkers yet- it’s really a nice playground for economic snark. Whee. On a sidenote, does it bother anyone else that the government can be paying out $4500 for a combined benefit to consumers and producers of at most $2500? Technically, the value to the consumer and producer is even lower than what is stated above if the consumer wouldn’t have purchased the vehicle without the subsidy. Either the government must be getting some decent cash for the recycled car parts or there must be one hell of an environmental benefit to having a smaller SUV as opposed to a larger one. =P)

Tags: Econ 101 · Policy

81 responses so far ↓

  • 1 D Delay // Aug 16, 2009 at 9:12 am

    Many dealers are advertising ‘an additional discount’ of $4,500 on the CforC, for a shadow discount that appears to be $9,000. I would assume the dealers are raising prices by $4,500 first, before slapping on the matching discount.

  • 2 Christopher Scott // Aug 16, 2009 at 9:40 am

    Couple of points – The pricing of externalities is important. If you have a large and heavy car, they do more damage to the roads, so having a lighter car or SUV helps cut down on road construction and maintenance costs. Less construction means less delays on the roads too. Also, large cars make the road less safe for other drivers. Smaller SUV’s could cut down on accident fatalities or injuries. And this program has been highly effective at raising the average mpg of the car fleet, I would have to research it a bit, but I remember an NY times blog or article (either freakanomics or economix) saying that the average car turned in was 12 mpg and the average new car was 18 mpg, which cuts down on gasoline usage and carbon emissions. So this program can only make sense if you add in externalities that are pretty hard to price anyway…

  • 3 Tony // Aug 16, 2009 at 11:15 am

    “does it bother anyone else that the government can be paying out $4500 for a combined benefit to consumers and producers of at most $2500?”

    Yes! And, I don’t know the details, but the clunkers are destroyed in the recycling process. Do you know who pays for the demolition and recycling? Is it a net gain to “recycle” a car, compared with just parking it in Montana?

    Is the demolition an additional governmental cost? Is this an implicit responsibility for the dealerships? Accounting for that cost seems relevant.

  • 4 Dan L // Aug 16, 2009 at 11:52 am

    WOW. If you really believe that dealerships give you a “$2000 minimum for a trade,” then I have a bridge to sell you.

  • 5 Larry // Aug 16, 2009 at 12:14 pm

    So it bothers me that we are destroying capitol (cars that work) to replace it with more expensive capitol on credit when we just crashed out of a bubble caused by very similar behavior… don’t we learn?

    What about the dead weight loss to society of destroyed capitol? Essentially, this is a perfect example in the real world of the broken window fallacy in action.

  • 6 Daniel C. // Aug 16, 2009 at 1:30 pm

    Another factor making it look like a good scam is that customers getting the subsidy will pay price closer to sticker, instead of negotiating. I was looking at this, and I decided to make some repairs in my 10 year old minivan, instead of buying a new one. (I care about externalities, but the first principle is (My) Cash (flow) is King, right?)

    As I researched the issue, a dealer showed me a car that they had just replaced the tire rings, so the sticker price (already over my limit) would be increased by $2000. That would have costed me (he insisted many times) just $20 for each $1000 I borrow, so $40 a month for the foreseeable future… Thanks, but…

    As a devil advocate (kinda), though, this subsidy is not bad from a macroecon perspective. The injection of $1B (possibly $2B+ once authorized) will have the effect of probably saving jobs, increasing output, the famous and forgotten multiplier effect, and maybe saving a few viable companies that did not receive direct help from the government. Those cars will need more expensive insurance, more care (in the form of cleaners, or car washes), will be more of a pleasure to drive, so people will use them more, defeating the purpose of consuming less gasoline (but at a higher mpg rate), eating out those days, etc… simple way to reactivate the economy. (but people will actually have less disposable income because of the added car payments… How does this work?)

    At the same time, once current inventory is exhausted (and we are almost there as dealers know and tell), car companies may decide to produce only cars with bigger margins, instead of consumer’s economy driven ones… Who knows? Consumers are evil and always demand only what is good for them… Companies are always looking for the greater good of consumers (those that are also called shareholders, cause they consume their stock!)

    Anyway… let’s hope that this subsidy makes true the “ceteris paribus, but they never are” saying, and helps getting us out of the mess we created for ourselves.

  • 7 Jacob // Aug 16, 2009 at 2:25 pm

    Jodi, I think that your, and many other’s, assumption that ‘cash for clunkers’ is beneficial to the environment is wrong. I can not support this without numbers, which I’m too lazy to research, but think of all the materials and energy that goes into producing a new vehicle and getting it to market. The increase realized in gas mileage and/or decrease in oil consumption, must be viewed in tandem with the resources used to make and distribute the car. I think the mileage requirements were more to gain political support for a program that benefits politicians and car dealers more than the environment or tax payers.

  • 8 Jacob // Aug 16, 2009 at 2:30 pm

    oh, and I meant to add that the parts are not recycled. I read an article (I’m not sure where) and also heard from a friend who is a buyer for Schnitzer Steel, that the car’s engines have all fluids drained from them, and then are locked up by injecting a certain substance (I don’t know what). These are then sold for scrap. This also takes plenty of cheap, used cars off the market that would otherwise be available for sale to low-income individuals, thereby increasing the cost of a used vehicle to those who can least afford them.

  • 9 Trey // Aug 17, 2009 at 12:49 am

    The first thing that comes to mind when reading about the Cash For Clunkers is exactly what Larry posted above. In a country as extremely leveraged as America, encouraging consumers to obtain more debt to purchase cars that will depreciate by 20%+ in the first week seems a bit counterintuitive. I don’t have time to do the research, but it seems that these purchases could result in a decrease in many consumers’ disposable recurring cash flow due to new loan payments and insurance premiums. This leads me to believe that this is nothing more than an extremely short-term stimulus and a shot in the arm of the auto industry, unless consumers can save more per month from improved gas mileage than they shell out for their new loan payments.

  • 10 Marshall // Aug 17, 2009 at 2:00 am

    I don’t understand this last statement:

    “On a sidenote, does it bother anyone else that the government can be paying out $4500 for a combined benefit to consumers and producers of at most $2500?”.

    If this savings is as you state it, then the government is “buying” a car for $2000 that no one else will buy. This is likely seen as a service whose benefit extends to other areas (environmental, short-term economic stability, etc), even if all they ultimately do is scrap it.

    Obviously the deal is going to make no sense in an idealized 2 variable model. It’s not supposed to benefit the country or the government in a 5 year auto market.

    Dealer trade-in offers are absolute bullshit anyway, and are just an excuse to lure customers in and raise the overall sticker price on slow-selling cars. I think this market is too deceptive to reach a nice, clean statistical equilibrium described by perfect linear curves. I doubt any two people are paying the same price for a particular model, and that the mean price one week bears much resemblance to the week before. +/-$1000 has got to be at the noise level.

  • 11 Kevin // Aug 17, 2009 at 1:53 pm

    really? I have to be the one to point this out?

    I know you know this, but…

    Demand for cars increases (i.e. people want more cars) as cars get cheaper.

    intro econ was incredibly boring if only because the teachers kept repeating, over and over, demand (or supply) does not change in response to price. I guess we all need reminders now and then…i know you meant quantity demanded, but still.

  • 12 Trey // Aug 17, 2009 at 2:09 pm


    I noticed it too, but figured it was an oversight. I’m no economist, but an actual shift in the demand curve might occur if one were to approach the “rebates” as increases in income. If that were the case, I believe the graph might include an outward shift in the demand curve to the higher price – but that approach could be a stretch and would not provide the graphical representation of the subsidy as shown above.

  • 13 Ben // Aug 17, 2009 at 5:12 pm

    Here’s the hell of a Global Warming benefit:
    * Moving from a Hummer H2 to a Prius reduces carbon production by about 10 tons per year (12k miles @ 41.6 MPG versus 12 MPG, 8.877 kg CO2/gal)
    * Each ton of CO2 is worth about $5.20 (cost of carbon offsets via Wikipedia)
    * => $52/year saved
    It’s unlikely the clunker would be driven for more than another 10 years if it really is a clunker, so net Global Warming impact is probably well under $500.

  • 14 Julien Couvreur // Sep 5, 2009 at 12:47 pm

    “Economics 101 teaches us that the benefits of a subsidy are generally shared between consumers and producers.”

    Actually, Economics 101 teaches that subsidies benefit some consumers and producers, and harm some consumers and producers.

    As Henry Hazlitt puts it, “The art of economics consists in looking not merely at the immediate but at the longer effects of any act or policy; it consists in tracing the consequences of that policy not merely for one group but for all groups”.

    In particular, the subsidy costs all taxpayers, who did not volunteer their money (for which they had better uses) thus lowering their satisfaction.
    It also costs all other producers, except those receiving the subsidy. For example, second-hand car dealers and repair shops, and retailers and producers of any other consumer good. The subsidy is increasing incentive toward new cars, so the consumer is marginally more inclined to spend in that industry, as opposed to anything else.

    Also worth mentioning is that “cash for clunkers” sets rules on destroying the reclaimed engines. Destroying goods is not value creating. Otherwise we would just dig holes and fill them (wasting labor) and wage wars (wasting lives, goods, lands, and armament). Oh, wait, we’re doing both!

  • 15 CAR GUY in LOS Angeles CA - Expedite Trucking Forums // Oct 5, 2009 at 11:44 pm

    […] Daily Kos: Car Dealers Abusing Cash For Clunkers? 5 downsides to ‘cash for clunkers’ – MSN Money Economic Models Triumph Again, Cash For Clunkers Edition (Part 1)

  • 16 Fussball Ergebnisse // Oct 12, 2011 at 6:40 am

    Hi there! I just would like to give an enormous thumbs up for the great information you have got right here on this post. I will be coming again to your blog for extra soon.

  • 17 matchmakers // Oct 13, 2011 at 9:35 am

    Thanks for the information… appreciated… been reading for awhile, and just wanted to tell you I still love your writing.

  • 18 Wilmette1810 // Dec 2, 2011 at 9:46 pm

    I intended to put you a very little note so as to thank you so much once again about the lovely views you have shown on this website. It’s seriously open-handed with people like you to present unhampered all most of us would have offered for sale for an ebook to earn some bucks for themselves, chiefly considering the fact that you could possibly have done it if you desired. The smart ideas in addition worked like a fantastic way to know that other people online have a similar keenness like mine to learn very much more with regard to this condition. Certainly there are several more pleasurable opportunities ahead for individuals that discover your blog post.

  • 19 killer outdoor aerobic // Nov 8, 2014 at 6:58 am

    Pretty! This was an incredibly wonderful article. Many thanks for supplying this info.

  • 20 black truffle // Mar 4, 2015 at 7:54 pm

    If using pots, pans, and I’ve gott some steamked frozen peas and reserve ¼ cup of lard means that you
    have rehipes that are simply cooking the day forr an occasion. Oftentimes individuals get so black truffle caught up.
    Plain Greek yogurt: Thicker and black truffle tangier than regular pastas.

  • 21 brazilian music samba // Mar 14, 2015 at 3:39 pm

    She was exposed to the Brazilian music revolution as a teen when she
    met Joao Gilberto Carlos Jobim and Vinicius de Moraes in the late -1950s.

  • 22 iphone factory settings itunes // Mar 15, 2015 at 4:58 am

    Now blow the excess off and put the iPhone back into the case……Bam no more
    irritating mark on the display screen.

  • 23 car polishing pads // Mar 22, 2015 at 11:34 pm

    All these certify the truth that the customers all the time receive the
    best providers and the true price of their cash.

  • 24 blackpool limo // Mar 25, 2015 at 6:16 pm

    Why changes the way you go like this,limousine blackpool it isn’t just diet, that’s how it
    does will puff up around it that you’re not getting much, even the
    80s and she carried 180 pounds. Be certain that atients
    enjooy an improved quality of theirs makes
    them wonder why this is a health blog for the 21st cent.

    This includes but not ass neawrly two-thirds of the stomach, it’s tije for their
    body mass indexx of 27 along with normal metabolic processes and help
    cell function.

    Cherck out my webpage – blackpool limo

  • 25 Quartz vs Granite // Apr 24, 2015 at 9:27 am

    I must thank you for the efforts you have put in writing this blog.

    I am hoping to check out the same high-grade content by you later on as well.
    In fact, your creative writing abilities has encouraged me to get my own, personal site now

  • 26 r4 ds 4go // Sep 9, 2015 at 12:06 am

    thanks, really nicely written post, discovered it through a random Bing search and i shared r4i it on my digg account

  • 27 depression symptoms // Oct 22, 2015 at 2:30 pm

    An outstanding share! I have just forwarded this onto a colleague who waas doing a
    little homework onn this. And he in fact bought me breakfast bcause I stumbled upokn it for him…
    lol. So let me reword this…. Thanks for the meal!!
    But yeah, thanks for spendng time to discuss this subject here
    on your internet site.

    Have a look at my web site … depression symptoms

  • 28 social anxiety test // Oct 22, 2015 at 4:52 pm

    I do believe all of the concepts you’ve presented for your post.
    They are really convincing and will definitely work.
    Still, the posts are too quik for beginners. Could you please prolong them a bit from
    next time? Thanks for the post.

    Allso visit my page: social anxiety test

  • 29 apple // Oct 23, 2015 at 9:26 am

    Hi i am kavin, its my first time to commenting anyplace, when i read this pzragraph i thought i could also
    create comment due to this sensible piece of writing.

    Feel free to visit my website – apple

  • 30 social anxiety treatment // Oct 24, 2015 at 8:16 am

    Thanks for finally taljing about > Economic
    Modewls Triumph Again, Cash For Clunkers Edition (Part 1) < Liked it!

    Feel free to visit my web site social anxiety treatment

  • 31 Imogene // Oct 25, 2015 at 2:38 pm

    I’m gone to tell my little brother, tgat he should also pay a quick visit this
    web site on regular basis to obtain updated from newedst gossip.

    Here is my blog; anxiety disorder test (Imogene)

  • 32 depression test // Oct 25, 2015 at 11:31 pm

    Wow, marvelous blog layout! How long have you been blogging for?
    you made blogging lokk easy. The overall look oof your webb site iss great,
    llet alone tthe content!

    My weblog; depression test

  • 33 judge complex // Oct 31, 2015 at 5:47 pm

    Comprehensive cover starts from simply ₤ 108 per year, or from less compared
    to ₤ 9 a month when you decide to spread the expense with Direct Debit.

    Check out my site judge complex

  • 34 szyba kominkowa piotrkow trybunalski // Nov 3, 2015 at 2:56 am

    What i don’t reа&#8572і&#7458e іѕ aсtuɑ&#8572lʏ ho&#7457 уou aге not
    act&#6489allу mսcɦ mօr&#6513 neat&#8572ʏ-&#8572іқеԁ
    than үο&#6489 mіǥht be rіgɦt no&#7457.
    Үօս’rе &#7456&#6513rу іnte&#8572&#8572іɡ&#6513nt.
    Yо&#6489 recߋցni&#7458e tҺегеfօге
    ϲοnsіdегɑЬ&#8572ʏ іn tɦе cɑѕе &#1086f t&#1211іѕ tοріс, рг&#11423&#8574սc&#6513ԁ mе fοr mү ρaгt іmаgіne it fгοm numerߋ&#6489ѕ ѵɑгіе&#8574
    anglеѕ. Ιts &#8572іκe mеn ɑnd ѡ&#1086m&#6513n ɑге not invօ&#8572ѵ&#6513ɗ unl&#6513ѕѕ іt iѕ ѕоmеthіng t&#11423 &#8574ο ԝіth &#5290aԀу gaɡa!
    Υo&#6489r οաn ѕtuffs gr&#6513аt.
    Αl&#7457аʏs &#8574&#6513ɑ&#8572 wіtɦ
    іt սρ!

  • 35 buy computers Usa // Nov 3, 2015 at 9:59 pm

    Actually no mattedr if someone doesn’t understand afterward its
    up to other visitors that they will assist, so here itt happens.

    Feel free to visit my blog post buy computers Usa

  • 36 anxiety disorder panic attack // Nov 5, 2015 at 5:57 pm

    What’s Taking place i am neew to this, I stumbled upon this I have discovered
    It absolutely usefful and it has aided me out loads.
    I’m hoping to give a cotribution & assist different users like
    itss helped me. Good job.

    Feel free to visit my blog poswt – anxiety disorder panic attack

  • 37 panic attack treatment // Nov 5, 2015 at 7:48 pm

    What’s Going down i’m new to this, I stumbled upon this I have discovered It absolutely helpful and it has helped me
    out loads. I am hoping to give a contribution & help other customers like iits helped me.

    Goood job.

    my web blog: panic attack treatment

  • 38 buy computer accessories // Nov 7, 2015 at 8:55 am

    Hello there, You have done an excellent job. I will
    cerrtainly digg it and personally recommend too my friends.
    I’m confident they’ll be benefited from his web site.

    my web-site – buy computer accessories

  • 39 anxiety test // Nov 7, 2015 at 9:02 am

    My brother suggested I might like this webb site. He was
    entirely right. This post actually made my day.
    You cann’t consider simply hhow so much time I had spent for this information! Thanks!

    Heree is my webb blopg :: anxiety test

  • 40 panic attack treatment // Nov 7, 2015 at 3:51 pm

    I am nott sure wherre you’re getting your information, but good topic.
    I needs to spend some time learning much more or understanding more.

    Thanks for magnificent info I wass looking for this
    info for myy mission.

    Here is my web page; panic attack treatment

  • 41 // Nov 7, 2015 at 8:53 pm

    It’s amazing to visit this website and reading
    the views of all mates about this post, while I
    am also zealous of getting know-how.

    my page; Shop onmline computer accessories (

  • 42 generalized anxiety disorder // Nov 8, 2015 at 8:20 am

    Howdy I am so delighted I found your blog page,I really found you bby mistake,
    while I was researching on Digg for something else, Nonetheless I am
    here now and would just like to say thank you forr a incredible post and
    a alll round thrilling blog (I also love the theme/design), I don’t have time to look over
    it all att the minute but Ihave saved it and also added our RSS feeds, so when I have time I will be back to read a
    great eal more, Please do keep up the fantastic work.

    Here is my web site … generalized anxiety disorder

  • 43 social anxiety treatment // Nov 8, 2015 at 4:17 pm

    Thanks for sharing such a good thought, piece of writing is pleasant, thats whhy i ave read it fully

    my page … social anxiety treatment

  • 44 basketball clothing for girls // Nov 10, 2015 at 5:09 am

    whoah this blog is magnificent i like reading your posts.

    Keep up the good work! You understand, many individuals are looking round forr this info, you can aid them greatly.

    Here iss my homepage – basketball clothing for girls

  • 45 effects of stress // Nov 10, 2015 at 8:14 am

    Incredible points. Great arguments. Keep up the great spirit.

    Also visit my weblog; effects of stress

  • 46 basketball gear children // Nov 11, 2015 at 10:11 am

    Everything is very open with a very clear clarification of the issues.
    It was truly informative. Your site is very helpful. Thanks for sharing!

    My homepage; basketball gear children

  • 47 buy computers online usa // Nov 11, 2015 at 1:26 pm

    Hey just wanted to givee you a brief heads up and let you know a few of
    the images aren’t loading properly. I’m not sure why but I
    think its a linking issue. I’ve tried it in two different
    internet browsers and both show the same results.

    Also visit my weblog … buy computers online usa

  • 48 stress symptoms // Nov 14, 2015 at 12:07 am

    Article writing is also a fun, if you know after that you can write or
    else it iis complex to write.

    Here is my blog; stress symptoms

  • 49 Tanisha // Nov 14, 2015 at 5:51 pm

    Great goods from you, man. I have understand your stuff previous to and
    you’re just too magnificent. I really like what you’veacquired here, certainly
    like what you’re stating annd the way in which you say it.
    You make it entertaining and yyou still take
    care of to keep it wise. I can not waiit to read far more
    from you. This is actually a woderful web

    Here is my blog post: Tanisha

  • 50 panic attack causes // Nov 17, 2015 at 5:27 am

    Its like you read myy mind! You appear to know a lot about this, like you wrote the ook in it or something.
    I think that you can ddo with a few pic to drive the message home
    a bit, but otgher than that, this is fantastic blog. A fantastjc read.
    I’ll certainly be back.

    Take a look at my website :: panic attack causes

  • 51 tunnel please // Nov 21, 2015 at 3:50 pm

    They receive expenditure allowances accepted by the membership
    to compensate them for the cost of acting on behalf of the Organization.

    my site tunnel please

  • 52 // Nov 21, 2015 at 10:46 pm

    The complaint likewise stated Collins, which is unemployed, holds two life trade insurance price –,
    policy policies on his boy.

  • 53 killer // Nov 22, 2015 at 1:36 pm

    We recognize that insurance coverage protection is crucial in your line of
    work, especially if you have costly stock.

    my web blog; killer

  • 54 flood finger // Nov 22, 2015 at 2:11 pm

    When you finish your apprenticeship the wage for a motor mechanic is
    consistently virtually below various other fields.

    Feel free to surf to my blog :: flood finger

  • 55 Startseite // Nov 24, 2015 at 5:41 am

    Für den ganzen Schlamassel fühlte ich mich allein verantwortlich.

  • 56 // Nov 27, 2015 at 10:32 am

    Thanks for finally writing about > Economic Models Triumph Again, Cash For Clunkers Edition (Part 1) < Liked it!

    Feel free to surf to my web blog :: people at walmart (

  • 57 Edith // Nov 28, 2015 at 5:52 am

    I don’t drop manny remarks, however I read a few of the remarks on Economic Models Triumph Again,
    Cash For Clunkers Edition (Part 1). I aftually do have
    some questions for you if it’s okay. Could it be simply
    me or do a few of these comments come across as if they are written by brain dead individuals?:
    -P And, if you are writing on other sites, I would like to keep up with you.
    Could you make a list of every one of all your social pages like your twitter feed, Facebook page
    or linkedin profile?

    Have a look at my web blog – about last night viooz

  • 58 grass fed whey isolate // Dec 21, 2015 at 6:38 am

    But as it reaches be more favored and more individuals are made alert to its just organic rewards it will hopefully
    grow to be easier to discover.

    Also visit my web page grass fed whey isolate

  • 59 // Dec 21, 2015 at 9:33 am

    On knowledge the fundamentals of trading applying forex
    trading – – currency trading resources, for the time being, your concentration must straight be.

  • 60 // Dec 22, 2015 at 2:01 am

    Tracker had a race referred to as Orsians, who were actually carried in sets,
    with each pair discussing a psychic hyperlink.

    Here is my weblog ::

  • 61 // Dec 22, 2015 at 2:40 am

    Can I simply say what a relief to discover somebody who genuinely knows what they’re talking about over the internet.
    You certainly realize how to bring an issue to light
    and make it important. A lot more people ought to check this out and understand
    this side of your story. I was surprised you are not more popular
    since you most certainly have the gift.

    My web site solar voltaic panels (

  • 62 // Dec 26, 2015 at 11:59 am

    People without any cheap health insurance plans
    ( insurance strategy are likely
    to postpone treatment that they need.

  • 63 // Dec 31, 2015 at 2:34 pm

    You can inquire about government-funded maternal insurance
    coverage programs both at the state and federal levels.

    Feel free to visit my homepage:

  • 64 went // Feb 10, 2016 at 3:57 am

    ysa skin care careers

  • 65 enquiry // Feb 25, 2016 at 4:41 am

    skin care ingredients not to mix

  • 66 レア・限定品多数☆WWE Ruthless Aggression #19: Randy Orton アメリカ 玩具 海外限定 レトロ コレクターズ クリスマ // Mar 29, 2016 at 6:43 am

    Can I just say what a comfort to find an individual who really understands what they’re talking about over the internet. You actually realize how to bring a problem to light and make it important. More people need to check this out and understand this side of your story. It’s surprising you’re not more popular since you most certainly have the gift.

  • 67 お取り寄せ商品【送料無料!手数料無料!】RRD Evolution Mast V2 C80 - SDM【430cm】 カーボン マスト マ // Mar 29, 2016 at 2:16 pm

    I don’t comment, but after looking at through some of the remarks here %BLOG_TITLE%. I actually do have some questions for you if it’s okay. Could it be only me or does it give the impression like some of these remarks come across like they are written by brain dead people? 😛 And, if you are writing at other sites, I would like to follow|keep up with} anything new you have to post. Would you make a list of every one of your public sites like your twitter feed, Facebook page or linkedin profile?

  • 68 お買い物マラソン!ポイント20倍 ! 送料無料 まとめ買いケース(12個)セット★ 【和菓子】みã // Mar 29, 2016 at 10:14 pm

    Greetings! Very helpful advice in this particular post! It’s the little changes that produce the most significant changes. Thanks for sharing!

  • 69 レア・限定品多数☆Gigo Toy Soft Girl Doll 12\ アメリカ 玩具 海外限定 レトロ コレクターズ 【エコモニ゠// Mar 30, 2016 at 2:31 pm

    It is not my first time to visit this web page, i am browsing this website dailly and get fastidious data from here all the time.

  • 70 Magic: the Gathering - Living Lands - Alpha 【到着後レビューで素敵なプレゼント】トレーディング マジック ギャザã // Apr 1, 2016 at 2:17 am

    I got this website from my pal who told me regarding this website and now this time I am visiting this web page and reading very informative articles at this time.

  • 71 【DANCE WITH DRAGON】 ダンスウィズドラゴン レディース ピンク ハイネック 長袖 インナー サイズ3 D2 // Apr 3, 2016 at 6:46 am

    Aw, this was an incredibly nice post. Taking the time and actual effort to create a superb article¡­ but what can I say¡­ I put things off a whole lot and never manage to get nearly anything done.

  • 72 Rodrigo // Apr 15, 2016 at 10:24 pm

    It’s possible though that private schools association (Rodrigo) schools are a
    means for some moms and dads to prevent public
    schools with greater income variety. We’ll allow somebody else use up that fragile

  • 73 Mahalia // Apr 17, 2016 at 5:45 am

    Essential truth # 1: Merely 20 % of private school students go to non-sectarian colleges; the various other 80 % are
    in religiously-affiliated independent schools directory, Mahalia, schools, of which half are Catholic.

  • 74 // Jun 5, 2016 at 4:36 pm

    Hmm it looks like your website ate my first comment (it was extremely long) so I guess I’ll just
    sum it up what I wrote and say, I’m thoroughly enjoying your blog.
    I too am an aspiring blog writer but I’m still new to the whole thing.
    Do you have any points for newbie blog writers? I’d genuinely appreciate it.

  • 75 payday loan // Jul 14, 2016 at 2:02 pm

    Thank you for another magnificent post. The place else could anyone get that kind of information in such a perfect means of writing? I have a presentation subsequent week, and I’m at the search for such info.

  • 76 Yansen Alexander Pakar Seo // Aug 14, 2016 at 10:30 pm

    Wow that was strange.I just wrotte an incredibly long comment but after I clicked submit my comment didn’t show up.
    Grrrr… wesll I’m not writing all that over
    again. Anyhow, just wanted to say exceplent blog!

  • 77 Pembicara Internet Marketing // Aug 25, 2016 at 2:19 pm

    Wow, this piece of writing is nice, my younger sister is
    analyzing suc things, so I am going to tell her.

  • 78 iphone 5 sarung // Sep 6, 2016 at 5:12 pm

    Howdy! A person in my Facebook group shared this site
    with us so I came to take a look. I’m definitely loving the information.
    I’m book-marking and will be tweeting this to my enthusiasts!
    Wonderful blog and wonderful style and design.

  • 79 marques montres faux // Feb 24, 2017 at 1:40 pm

    These look really good. Love chocolate and marshmallows and the marshmallow buttercream icing looks like a nice addition
    marques montres faux

  • 80 learn more here // Mar 14, 2017 at 2:23 am

    drug rehab shows
    learn more here

  • 81 lowest price // Apr 12, 2017 at 2:22 am

    portable restrooms near me
    lowest price

Leave a Comment