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 Obama administration has organized a major push by the Federal Reserve to jawbone the economy and boost the stock market, Jerome Corsi’s Red Alert reports.
Economist Michael Bolser, the author of a highly successful Internet newsletter, InterventionalAnalysis.com, told Corsi the Federal Reserve is deliberately manipulating the Dow by injecting billions of repurchase agreements, or “repos,” into the market in conjunction with a rare interview Sunday by Fed Chairman Ben Bernanke on the CBS “60 Minutes” television show.
“The Dow Jones Industrial Average is fully manipulated by the federal government,” Bolser asserted.
Appearing on “60 Minutes,” Bernanke predicted the current recession would end this year.
Bernanke said the financial system must be stabilized to “set the basis for a recovery.”
Asked whether the U.S. economy had averted a “new American Depression,” Bernanke answered: “I think we’ve averted that risk. I think we’ve gotten past that and now the problem is to get the thing working properly again.”
Bolser said Bernanke’s appearance on “60 Minutes” appeared to be part of the Obama administration’s plan to influence the stock market and push the economy in a positive direction.
“Last week, the Obama administration engaged in a dramatic transformation of rhetoric, abruptly halting the gloom and doom Obama articulated when he warned the U.S. economy might suffer an irreversible catastrophe if Congress did not immediately pass the administration’s proposed $787 billion economic stimulus program,” Corsi wrote.
He said the president appeared to be “highly optimistic” as he declared the national crisis is “not as bad as we think” and advised Americans to avoid being driven by either bad or good news.
Bolser noted the Fed was backing up the Obama administration’s positive rhetoric with a series of highly complicated market transaction designed to build up the stock market by pumping billions into various avenues, including the purchase of futures contracts, aimed at forcing the Dow to rally.
Bolser noted that last Wednesday the Fed added $4.56 billion in securities lending to repurchase agreements, edging the pool up to a total of $379.8 billion and giving the Fed “ample ammunition to steer markets this week.”
On Feb. 4, 2008, when the DJIA closed at 12,635.16, down 108.03 points, Bolser correctly predicted that the Dow would fall dramatically, to below 8,000 points.
For more on Obama’s manipulation of the stock market and what Bolser expects to happen next, subscribe to Jerome Corsi’s Red Alert.
Red Alert’s author, whose books “The Obama Nation” and “Unfit for Command” have topped the New York Times best-sellers list, 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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