Skip to main content

Killings using guns in USA good for business

As if it wasn't tragic enough that there are so many killings, using guns, in the USA - and a reflection on the Americans for not taking any steps to stop the carnage by do something, anything, to restrict access to firearms - now comes perverse news that these killings are good for buisness for gun manufacturers and those selling guns.     The Intercept reports in "Gun Industry Executives Say Mass Shootings Are Good for Business".

"Behind closed doors, speaking with investors and Wall Street analysts, the gun industry views mass shootings as an opportunity to make lots of money.

Ordinary people are despairing about the frequency of tragic events like the murderous rampage in San Bernardino on Wednesday, or the Planned Parenthood massacre last week. And the cycle of mass killing, media frenzy, and political stalemate starts anew each time.

But meanwhile, gun sales continue to break records, a fact that has not gone ignored by financial analysts.

The Intercept reviewed investor transcripts for gun companies, ammunition manufacturers, and sporting stores, and found many instances of industry executives discussing mass shooting incidents and the resulting political dynamics as lucrative.

Here’s how it works. Following a mass shooting, there is talk of gun control, which the National Rifle Association and other gun advocates attack as an assault on the Second Amendment. Notably, gun and ammunition manufacturers often donate, either directly or as a portion of each sale, to the NRA. The fear of losing gun rights leads to panic buying, which brings greater profits to gun retailers, gun companies and their investors.   

Gun Distributors

“The gun business was very much accelerated based on what happened after the election and then the tragedy that happened at Sandy Hook,” Ed Stack, the chief executive of Dick’s Sporting Goods, a leading gun and ammunition retailer, said in September 2014 at the Goldman Sachs Global Retailing Conference. Stack noted that the industry saw “panic buying” when customers “thought there were going to be some very meaningful changes in our gun” laws. The new sales “didn’t bring hunters in” but rather “brought shooters into the industry,” he added.

In 2012, 20-year-old Adam Lanza fatally shot 20 children and 6 adult staff members at Sandy Hook Elementary School in Newtown, Connecticut.

Last year, Tommy Millner, the chief executive of Cabela’s, a retailer that sells guns, boasted at an investor conference in Nebraska that his company made a “conscious decision” to stock additional weapons merchandise before the 2012 election, hoping Obama’s reelection would result in increased sales. After the election, the Newtown mass shooting happened, and “the business went vertical … I meant it just went crazy,” Millner said, according to a transcript of the event. Describing the “tailwinds of profitability,” Millner noted Cabela’s “didn’t blink as others did to stop selling AR-15 platform guns,” and so his company “got a lot of new customers.” The AR-15 is a high-powered assault rifle based on the military’s M-16 model but without the full automatic capacity".



Comments

Popular posts from this blog

Whatever democracy the Palestinians had is dying

Almost a desperate cry from a well-known, respected and sober moderate Palestinian.

Mustafa Barghouthi is secretary-general of the Palestinian National Initiative and a member of the Palestinian Legislative Council. He was a candidate for the Palestinian presidency in 2005.

He writes in a piece "The Slow Death of Palestinian Democracy" on FP:

"Palestinian municipal elections were supposed to be held last week. Instead, they were canceled. A statement released by the Palestinian Authority claimed the cancellation was "in order to pave the way for a successful end to the siege on Gaza and for continued efforts at unity" between Hamas, which governs the Gaza Strip, and the government in the West Bank.

The cancellation of this election was an unjustified, unlawful, and unacceptable act. It damages democratic rights and makes a mockery of the interests of the Palestinian people.

But this is far more than an internal Palestinian issue. The only lasting peace between Isr…

Big Brother alive and well in the USA in 2007

The so-called "war on terror" has shown itself up in a multitude of manifestations. The most dangerous thing has been governments using the "excuse" of the war to restrict certain civil liberties, allowing government agencies to pursue a variety of things that they would otherwise would not - and should not - be allowed to do and gathering, and retaining, a variety of information on its citizens.

The Washington Post reports on the latest incursions into civil liberties of all Americans:

"The U.S. government is collecting electronic records on the travel habits of millions of Americans who fly, drive or take cruises abroad, retaining data on the persons with whom they travel or plan to stay, the personal items they carry during their journeys, and even the books that travelers have carried, according to documents obtained by a group of civil liberties advocates and statements by government officials.

The personal travel records are meant to be stored for as lo…