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George,
Welcome to Club Cobra!
George if everything is correct you can do a burn out holding the steering wheel with just two fingers. If something is wrong even two hands on the wheel will not keep you on the road.
I would check three things right off.
1. rear suspension spherical joints, rod ends, ball joints, wheel bearing loose.
2. rear alignment correct (equal toe on these cars is critical)
3. Tire stagger (tires having different diameters) will also cause this problem.
Give me a call tomorrow and we can go over it on the phone.
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