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.

As Jerome Corsi’s Red Alert has been predicting for more than two years, the Obama administration’s much-touted Chevy Volt is a flop – and has been declared one of the worst product disasters of 2011.

Plagued by disastrous battery fires, the Chevy Volt has estimated sales of only around 7,500 cars in 2011, compared to the 10,000 units GM had originally projected for the year.

Just last week, GOP presidential contender Mitt Romney, when asked what he thought of the Chevy Volt, described the plug-in hybrid as an “idea whose time has not come.”

Still, union leaders and Democratic Party partisans rally to the defense of the Chevy Volt as an important GM innovation, rejecting the notion that “GM” stands for “Government Motors,” with vehicles designed by teams of government bureaucrats.

United Auto Workers Local 22 President George McGregor countered Romney’s dismissal of the Volt by telling Forbes that the Volt is “behind it’s time, ” maintaining that the hybrid should have been here years ago, so the U.S. wouldn’t be dependent upon foreign oil.

“We want to promote innovation like the Chevy Volt,” McGregor told Forbes. “We want to promote manufacturing and innovation. We don’t want to look at ways to criticize and stifle it.”

However, the Volt is not the only government-sponsored hybrid that catches fire.

For more information on the long-predicted “Obamamobile” flop, read Jerome Corsi’s Red Alert, the premium, online intelligence news source by the WND staff writer, columnist and author of “Where’s the Birth Certificate?” and the “Where’s the Real Birth Certificate?” e-book.

Red Alert’s author, who received a doctorate from Harvard in political science in 1972, is also 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 has authored 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 WND, 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.

For full immediate access to Jerome Corsi’s Red Alert, get your free subscription now.

Note: Read our discussion guidelines before commenting.