(Karma does gun control?): BLOOMBERG: Remingtons Bankruptcy May Be the Tip of the Iceberg
BLOOMBERG: Remingtons Bankruptcy May Be the Tip of the Iceberg
Remington’s Bankruptcy May Be the Tip of the Iceberg
Firearms companies face declining sales, falling stock prices and tremendous debt. Gunmaker American Outdoor Brands Corp., formerly known as Smith & Wesson, has seen its stock plummet by almost half from 2017. On Monday, Remington Outdoor Co., an iconic, 200-year-old American firearms manufacturer, announced it’s planning to file for bankruptcy.
With Republicans in control of Washington, there’s little chance of firearm regulation—even in the face of Wednesday’s massacre in Florida. When Barack Obama was president or Democrats controlled Congress, gun sales would generally rise after a mass shooting for fear of more restrictive laws. The gun lobby pushed these worries despite a lack of significant legislative effort by the Obama administration. Now that Donald Trump is in the Oval Office, fear of new gun laws has receded, industry executives have said. And so have sales, hurting both retailers and manufacturers such as Remington.
In December, James Debney, chief executive officer of American Outdoor, said “fear-based” buying of firearms had stopped. According to data collected by the FBI’s National Instant Criminal Background Check System, a barometer for firearms sales, January 2018 was the slowest in gun purchases since 2012. Even on Thursday, after gunmaker stocks rose in premarket trading, shares headed back down by afternoon. (The assault rifle used in the Parkland high school attack was a Smith & Wesson AR-15, police said.)
“When there are elections that go a certain way, there tends to be a slowdown in sales to the firearms sector for the first six or nine months or so, and then there’s a more of a normalization thereafter,” Eliasek said in an August conference call when he was asked about the writedown, which at that time was 59 percent of face value.”
NOTE: I firmly believe Americans have a right to own guns, but absolutely NOT semi-automatic or automatic weapons OR any sttachment like bumpstocks that will transform a gun into one.
I think anyone buying a gun must be able to pass a background check, even if you’re selling it to your own mother.. Anyone who doesn’t do a background check should face prosecution. A national database needs to be established to ensure this is possible. The background check would have to be done prior to taking possession.
I also think ALL guns, no matter where or who they are purchased from, to be registered before taking physical possession. This would be done after the background check is complete and the buyer goes to take possession. Anyone caught with an unregistered gun goes to jail. I think that if a gun owner’s weapon is stolen or ‘otherwise’ turns uo missing, he/she would HAVE to report it to law enforcement or again face prosecution. (Some might not if they think a relative swiped it.)
We already have gun laws on the books. They need to be enforced. Using a firearm in the commission of a crime already calls for serious penalties. That’s why that item is not on my list.
I am not a ‘gun humper’ (hate that phrase) by any means. But I sure as hell don’t go along with the repeal the 2nd Amendment crowd either.