Commending the government's singular "Cash for Clunkers" program for the momentous response it has received, Alan Greenspan - the Federal Reserve's ex-Chairman - said that it is a clear indication of the increasing consumer confidence. However, he also cautioned alongside that in case the home prices tumbled yet again, the progress that the economy has made would be significantly weakened.

Submitting to the fact that the "Clunkers" program had been successful in so far as to get people to purchase cars and move stock is concerned, Greenspan said that the program has essentially benefited from its coincidence with the economy's rebound for the better, and has not actually caused the upturn by itself.

As such, though Obama backers say that the program proves that the precision of the President's economic plan; Allan said that he would not necessarily advocate the measure as an economic fix.

Reiterating the fact that the "Clunkers" program has come at a time when the economy is on its way up, Greenspan said on ABC's "This Week": "I have qualms about the concept, but there is no doubt that that very extraordinary response is a very important indicator that the state of confidence in the economy is beginning to pick up. If the clunker program had been put in place six months ago, it would have probably been a dud!"