By Michael Allen, Thu, November 29, 2012
In case you haven't heard, the newest
right-wing conspiracy is that President Obama has a secret plot to get a third
term in the White House.
The creator of this theory is Baltimore-based businessman Porter Stansberry, who runs Stansberry & Associates Investment Research, a publishing firm that sells financial advice, reports Mother Jones.
Before President Obama won re-election, Stansberry & Associates began blasting out emails to subscribers of various conservative newsletters, claiming: "Most people believe the election was all about whether or not Obama will have a second term. But it was not. What was actually at stake was whether or not he will have a third-term."
Stansberry's e-mails then told gullible readers to review his "analysis" on his website "free of charge."
Stansberry's theory is that a major event will lead to a surge in American economic prosperity, President Obama will claim credit, get an unprecedented boost in approval ratings, demand a third term and become American history's greatest tyrant.
Stansberry's e-mails ignore the reality that President Obama cannot seek a
third term. The 22nd Amendment to the Constitution prohibits a president from
being elected more than twice.
Stansberry & Associates has something of a checkered past. In 2003, the SEC filed a complaint against it for pushing false information via a financial newsletter. In 2007, Stansberry (and his investment firm, then called Pirate Investor) was ordered by a federal court to pay $1.5 million in civil penalties and restitution, reports Mother Jones.