Editor's Note: The following report is excerpted from Jerome Corsi's Red Alert, the premium online newsletter published by the current No. 1 best-selling author, WND staff writer and senior managing director of the Financial Services Group at Gilford Securities.
A $41,000 "all-electric" car heavily hyped by the Obama administration is now being dubbed a "fraud" because it requires gasoline for the driver to get anywhere, Jerome Corsi's Red Alert reports.
Last summer, General Motors, commonly called "Government Motors" since the Obama administration takeover, unveiled the first of its "Obamamobiles," the Chevrolet Volt, a compact electric car.
"At the end of July, Obama allowed himself at a GM plant in Michigan to be photographed looking somewhat nervous and uncomfortable behind the wheel of a production-line model of the Chevy Volt," Corsi wrote. "Now it turns out the GM promotion about the Volt being the first truly all-electric car was just a lot of hype."
In an editorial, the daily Wall Street newspaper Investors Business Daily charged GM and the Obama administration with fraud over their promotion of the Volt.
"Advertised as an all-electric car that could drive 50 miles on its lithium battery, GM addressed concerns about where you plug the thing in en route to Grandma's house by adding a small gasoline engine to help maintain the charge on the battery as it starts to run down," the IBD editors wrote. "It was still an electric car, we were told, not a hybrid on steroids."
IBD objected: "That's not quite true. The gasoline engine has been found to be more than a range-extender for the battery. Volt engineers are now admitting that when the vehicle's lithium-ion battery pack runs down and at speeds near or above 70 mph, the Volt's gasoline engine will directly drive the front wheels along with the electric motors. That's not charging the battery – that's driving the car."
IBD concluded the Volt is not an all-electric car, "but rather a pricey $41,000 hybrid that requires a taxpayer-funded $7,500 subsidy to get car shoppers to look at it."
Radio talk-show host Rush Limbaugh has scoffed that the $7,500 tax credit constitutes nothing less than an admission by the Obama administration that nobody wants to buy the Volt.
Red Alert has previously reported the Volt, an electric-hybrid car, will travel only 40 miles on an electric battery that then requires three to four hours of plug-in time to recharge.
Corsi wrote, "Even worse, TopSpeed.com reported that the Chevy Volt's 1.4-liter 80-horsepower engine will only run on premium gasoline."
For more information on the Chevy Volt being dubbed a fraud, read Jerome Corsi's Red Alert, the premium, online intelligence news source by the WND staff writer, columnist and author of the New York Times No. 1 best-seller, "The Obama Nation."
Red Alert's author, who received a doctorate from Harvard in political science in 1972, is the author of the No. 1 New York Times best-sellers "The Obama Nation" and (with co-author John E. O'Neill) "Unfit for Command." He is also the author of several other books, including "America for Sale," "The Late Great U.S.A." and "Why Israel Can't Wait." In addition to serving as a senior staff reporter for WorldNetDaily, Corsi is a senior managing director in the financial-services group at Gilford Securities.
Disclosure: Gilford Securities, founded in 1979, is a full-service boutique investment firm headquartered in New York City providing an array of financial services to institutional and retail clients, from investment banking and equity research to retirement planning and wealth-management services. The views, opinions, positions or strategies expressed by the author are his alone and do not necessarily reflect Gilford Securities Incorporated's views, opinions, positions or strategies. Gilford Securities Incorporated makes no representations as to accuracy, completeness, currentness, suitability or validity of any information expressed herein and will not be liable for any errors, omissions or delays in this information or any losses, injuries or damages arising from its display or use.
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