Building on the success of the "Cash For Clunkers" program, President Barack Obama today told a hastily assembled West Wing news conference that he was initiating a "Cash For Cash" program to help "cash-strapped Americans."
The President told reporters that Americans could bring one dollar in torn up bills to any Federal Reserve office and receive $4.50 in exchange.
"We believe that allowing Americans to trade in crumpled, old money for $4.50 in freshly printed bills and shiny new quarters will stimulate the economy," Obama said.
"Turns out we've got these big ol' printing presses over at the Treasury Building," the President told reporters. "And we're not printing half as many bills as we could be. So it creates additional employment for government workers, since they're working overtime printing new money, and the money stimulates the people who get into the 'Cash For Cash' program to spend or save more."
Asked how the President could make up the difference between the $1 the Federal Reserve was taking in and the $4.50 it was paying out, Obama replied, "In one word--volume."
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