Cash for clunkers

Various European countries (including the UK) have rolled out so-called "cash for clunkers" programs as part of economic stimulus packages. I saw in the Times (of New York) today that the equivalent plan in the US has been so successful it ran out of money. Congress looks likely to execute some kind of extension, but not without typical bitching about "not getting enough value for taxpayer dollar" -- i. e. the deal the government has been offering is "too good".

Isn't the point of the stimulus for the Federal government to create money out of thin air and inject it into the economy as quickly as possible to prop up the economy? Surely this program should be enlarged right away, since it:

1. Gets money from the gov't into somebody's pocket (i.e. the economy) fast.
2. Stimulates the woeful auto industry in particular.
3. Is a win for the environment because you have to replace your clunker with a more efficient car.

Compared with some of the other crap in the stimulus, this seems like perfection itself!