Gun sales jump as Obama eyes restrictions
Business could not be better for the gun industry lately, and it's preparing for a tough fight against proposals the president laid out Wednesday.
Guns have become a huge business in America, and sales lately have been through the roof as enthusiasts worried their rights would be compromised. Gun stores report lines out the door and low supplies, and shoppers report examples of price gouging on high demand.
It's hard to pin down the number of guns sold lately, since gun makers don't report unit sales. And it's tough to rely on the number of FBI background checks, since a reported 40% of gun sales are made with no background check at all.
But you can look at the rising number of background checks lately as an indication of momentum, and that momentum appears very strong indeed. The FBI said its instant background check system processed 2.8 million requests last month, almost 1 million more than a year earlier. Some of the largest increases took place in New Hampshire, Rhode Island, Virginia, Oregon and Alaska, according to the Governing website.
Investors seem to have no worries about the gun industry. Shares of the two major gun makers were jumping Wednesday after Obama's call for sweeping gun control measures. The stock price of Smith & Wesson Holding Corp. (SWHC) rose more than 4% to $8.79. Shares of Sturm Ruger & Co. (RGR) rose 4% to $49.92.
Would investors be betting so heavily on a decelerating industry? Of course not, and Wall Street has thus sent its verdict to Obama: Your proposals are not happening.
The National Rifle Association came out swinging even before Obama unveiled a list of 23 executive actions he thinks will cut gun violence. At the NRAStandandFight website, the association unveiled a video Tuesday calling Obama an "elitist hypocrite" because his children are protected by armed guards.
reports, with 250,000 people joining the 4.25 million existing members.
Obama recognized the battle ahead, and tried to appeal to Republicans in his speech by invoking former president Ronald Reagan, who supported a ban on assault weapons in 1994. That ban expired in 2004 and was never renewed.
Obama said that implementing his proposals will be difficult. He added that pundits, lawmakers and lobbyists will warn Americans of a "tyrannical all-out assault on liberty" in order to gin up fear or higher ratings or more revenue.
"The only way we can change is if the American people demand it," he said, urging people to call their Congressional lawmakers. "Along with our freedom to live our lives as we will comes an obligation to allow others to do the same. We don't live in isolation. We live in a society."
The NRA, for its part, is promising to give Obama "the fight of the century," according to the Washington Post. In a fund-raising letter to the group's members, association executive Wayne LaPierre had this to say: "It's not about protecting your children. It's not about stopping crime. It's about banning your guns. . . PERIOD!"
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Now it`s time for the right wingers to tell us how assult weapons are
good for the country.
I am all for peace & ending a war & keeping our children safe... BUT taking our gunds away is NOT the answer to this problem. Maybe we should try teaching our children peacefulness & love & helping other people that are less fortunate. Teach them about God or the higher spirits (whatever you believe). Teach them ALOHA, Mr Obama!!!! If they care cared for & loved by their parents & families their hearts will be in the right place & they won't be angry all the time. There does need to be background checks & mental illness should be taken into consideration, but that is not where most of the general population is that want to protect their rights! We do not need MORE government regulations! We need more love & understanding within our society, thus it WILL bring more Peace!!!! So sad to see our great nation coming to this!
looks like all the redneck hillbillies had their liberal friends at work read them this article, and now they're trying to respond intelligently.
uh, good luck with that
"tyrannical all-out assault on liberty" well at least obama is stating one true fact about himself...
how they going to do it,all hend guns with over 10 in a magazine and there is millions of those guns ,what we going to do with them,,turn them in or what
yeah....I am pretty sure criminals prefer unarmed victims!
I, for one, will be happy to protect myself and loved ones.
If you are legally able to get a concealed carry permit and dont....what could you possibly be waiting for????
Vet, lifetime NRA member, CCW for many years. I will not be an easy victim.
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[BRIEFING.COM] The stock market finished an upbeat week on a mixed note. The S&P 500 shed less than a point, ending the week higher by 1.3%, while the Dow Jones Industrial Average (+0.1%) cemented a 1.7% advance for the week. High-beta names underperformed, which weighed on the Nasdaq Composite (-0.3%) and the Russell 2000 (-1.3%).
Equity indices displayed strength in the early going with the S&P 500 tagging the 2,019 level during the opening 30 minutes of the action. However, ... More
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