Own a gun or go to jail?
South Dakota politicians introduce tongue-in-cheek legislation saying residents would have to buy firearms by mid-2012.
This is great news for gun makers like Smith & Wesson (SWHC) and Sturm Ruger (RGR), both of which have seen shares fall since early December. The bill doesn't say what kind of gun people would be required to buy. It suggests only that residents look for something "suitable to their temperament, physical capacity, and personal preference."
There's no chance of this proposal actually becoming law. And the politicians who introduced the bill know it. But they're trying to make a point by comparing the bill to . . . federal health care reform?
"Do I or the other cosponsors believe that the State of South Dakota can require citizens to buy firearms? Of course not," one of the bill's sponsors, a Republican from Sioux Falls, told the Argus Leader. "But at the same time, we do not believe the federal government can order every citizen to buy health insurance."
Post continues after video:
It's unclear how far state lawmakers are going to push the bill to make their case. But South Dakota residents are slamming the idea in the Argus Leader's comment board. "I am thankful that one of my legislators isn't on this list of sponsors, all of whom qualify for 'Idiot of the Week' with this moronic measure," one reader wrote.
Setting aside the intended seriousness (or lack thereof) of this bill, I'm not sure this is the best way to prove the point. South Dakota has also made auto insurance mandatory. Wouldn't a more relevant statement be to lift the auto insurance requirement?
By the way, here's the full text of the bill:
FOR AN ACT ENTITLED, An Act to provide for an individual mandate to adult citizens to provide for the self defense of themselves and others.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
Section 1. Not later than January 1, 2012, each citizen residing in the state of South Dakota who has attained the age of twenty-one years shall purchase or otherwise acquire a firearm suitable to their temperament, physical capacity, and personal preference sufficient to provide for their ordinary self-defense.
Section 2. After January 1, 2012, each citizen residing in the state of South Dakota shall comply with the provisions of this Act within six months of attaining the age of twenty-one years.
Section 3. The provisions of this Act do not apply to any person who is disqualified from possessing a firearm pursuant to §§ 22-14-15, 22-14-15.1, or 22-14-15.2.
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
The solid report comes a month after the retailer closed all of its Canadian operations.
VIDEO ON MSN MONEY
Top Stocks provides analysis about the most noteworthy stocks in the market each day, combining some of the best content from around the MSN Money site and the rest of the Web.
Contributors include professional investors and journalists affiliated with MSN Money.
Follow us on Twitter @topstocksmsn.