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 columnist. Subscriptions are $99 a year or $9.95 per month for credit card users. Annual subscribers will receive a free autographed copy of “The Obama Nation,” the blueprint for Obama’s first term in office.
The Dow has been struggling for more than two weeks to stay above 8,000 following President Obama’s inauguration, Jerome Corsi’s Red Alert reports.
“Particularly disappointing was the 332.13 point loss the stock market suffered on Tuesday as Obama took the oath of office, causing the DJIA to end the day under 8,000, at 7949.09,” Corsi wrote.
While the Dow bounced back on Wednesday to gain 279.01 points, it suffered another triple-digit loss Thursday and closed Friday at 8,077.56, down 45.24.
“What was clear from the week’s trading was that the New York Stock Exchange was not about to jump aboard the Obama bandwagon,” Corsi said.
Meanwhile, as Republicans argue that tax cuts, not out-of-control government spending, would be a more sound way to stimulate the economy, Obama and House Speaker Nancy Pelosi are pushing for an $825 billion “economic stimulus” package.
The president also signed an executive order capping the salaries of the top 100 White House aides at $100,000 annually, while making no provision to lead by example in reducing his own salary, or that of Vice President Joe Biden, Corsi wrote.
As WND reported, Presidents Herbert Hoover and John F. Kennedy both chose to forego their presidential salaries. Instead, White House spokesman Robert Gibbs explained at his first press conference that Obama could not lower his or Biden’s salaries because they were set by law, not by executive order.
However, the law did not prevent Hoover or Kennedy from coming up with a solution that permitted them each to serve for $1 a year.
“Overall, the first days of the Obama administration looked like amateur hour, especially after the polished campaign the team ran, with the willing collaboration of its loving admirers in the mainstream media,” Corsi wrote.
Now Red Alert’s author, whose books “The Obama Nation” and “Unfit for Command” have topped the New York Times best-sellers list, argues if the Democrats succeed in passing tax increases and an $825 billion bailout, a prolonged recession is likely to turn into a deep depression.
Corsi anticipates the dollar will weaken once the Treasury is forced to go into the debt market to sell perhaps $2 trillion to support the federal budget deficit President Obama is planning. He predicts the economy and stock market are likely to continue deteriorating, even if Obama should get his $825 billion economic stimulus program through Congress.
Corsi received his Ph.D. from Harvard University in political science in 1972. For nearly 25 years, beginning in 1981, he worked with banks throughout the U.S. and around the world to develop financial services marketing companies to assist banks in establishing broker/dealers and insurance subsidiaries to provide financial planning products and services to their retail customers. In this career, Corsi developed three different third-party financial services marketing firms that reached gross sales levels of $1 billion in annuities and equal volume in mutual funds. In 1999, he began developing Internet-based financial marketing firms, also adapted to work in conjunction with banks.
In his 25-year financial services career, Corsi has been a noted financial services speaker and writer, publishing three books and numerous articles in professional financial services journals and magazines.
For financial guidance during difficult times, 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.”
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