Dick Morris' new book, “Catastrophe”, shot to #1 on the NY Times best seller list after one week. While released just a few weeks past, the manuscript was completed months ago during the nascent stages of the Obama administration. Some of his predictions at that time were:
Prediction: The stimulus program will do nothing to help the economy.
Outcome: Unemployment remains high and rising. Even the pro-Obama New York Times recently reported that the stimulus is a dud, and Democrats are talking about a second stimulus!
Prediction: Mortgage rates will rise because of massive federal borrowing to pay for the stimulus.
Outcome: Mortgage rates have increased by 100 basis points or 1 percentage point in the past two months. New mortgage applications have crashed, and housing, which seemed to be bottoming out, is falling deeper into the well.
Prediction: Nobody will be eligible for help under President Obama's mortgage relief plan.
Outcome: In April, there were 420,000 foreclosures and just 11,000 residences that took advantage of the relief plan. Now Obama has expanded eligibility to cover those whose mortgages exceed the value of their homes by 125 percent as opposed to the 105 percent originally set.
Prediction: Few will participate in Obama's Toxic Assets purchase program out of fear that, if the investors do well, the government will tax and hound them.
Outcome: The Wall Street Journal reported just over a week ago that very few investors are participating and the program is a failure.
One of the nation's top political strategists and a Fox News analyst, Dick Morris argues in "Catastrophe" that Obama has put the United States into a free fall, transforming the nation into a socialist state while engaging in a program of appeasement abroad that will invite disastrous terrorist attacks in the future.
Information courtesy of newsmax.com
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