Quantcast
 
Read Larry Connors' blogShort Term Trading Strategies


 

EDITORIAL: No need for run on guns

Thu. November 20, 2008; Posted: 01:51 PM
Stocks RSS
Nov 20, 2008 (The Evening Sun - McClatchy-Tribune Information Services via COMTEX) -- NYT | Quote | Chart | News | PowerRating -- Seems like most American industries these days are lining up for a federal bailout.

But the gun business sure is booming.

And that, too, might be a government bailout of sorts. There's fear among some gun owners, locally and nationwide, that the new Obama administration means tough times ahead for gun owners. So they're adding to their arsenals now before it's too late.

Back in the Great Depression, the initials NRA stood for National Recovery Act. And just a few weeks ago, the National Rifle Association may have helped this firearms-industry recovery along by advertising heavily against the Democratic president-elect.

Since the election, though, the NRA has taken a more conciliatory tone.

"I hope President-elect Obama keeps his promises and protects gun rights," says NRA spokesman Wayne LaPierre. "If he does that, we'll be cheering."

Now, much of the tough-times talk seems to be coming from gun dealers themselves.

Barack Obama is "a gun-snatcher," Houston gun shop owner Jim Pruett explained to The New York Times. "He wants to take our guns from us and create a socialist society policed by his own police force."

Nationwide, gun sales rose 14 percent last month, although federal law-enforcement officials cautioned that gun sales have been extremely volatile. For example, rifle and handgun sales surged 17 percent in May, compared with May 2007, long before Obama had clinched the Democratic nomination. Sales then fell and were essentially flat by September compared with the year before, even as the campaign heated up.

Whether or not the recent run on guns will continue is anybody's guess. Still the dire predictions of new gun restrictions look like mostly bank and little buckshot.

First of all, the president can't just unilaterally make new laws governing guns or anything else. (That power is reserved to Congress in the Constitution in Article 1, just a couple of pages before the Amendment.)

And neither Congress nor the president-elect -- who's promised he's not out to disarm the citizenry -- seem likely to want to pick a fight with the NRA any time soon.

Besides, in a landmark Second Amendment decision this term, the U.S. Supreme Court for the first time recognized a fundamental right to bear arms.

This settles a growing consensus among constitutional scholars, even those on the left, that private gun ownership is a constitutionally protected right. Liberal Harvard law professor Laurence Tribe, for example, flatly stated gun ownership is an individual right eight years ago in the most recent edition of his influential treatise on constitutional law.

Gun purchases have also been climbing because of the worsening economy, which fuels fears of crime and civil disorder.

"Generally, we know that hard economic times always result in firearm sales," says James M. Purtilo of Silver Spring, who publishes the Tripwire Newsletter.

"A lot of people are buying them as an investment," according Oakdale, Pa., gunshop manger Chris Casella. "Better than gold."

Maybe so, but if the feared gun shortage doesn't materialize, those firearms could be a lot harder to spend than bullion in a depressed economy.

Now, if only someone would start a rumor that the Democrats intend to crack down on other consumer goods -- General Motors cars or new homes for example -- we might turn this economy around in no time.

To see more of The Evening Sun, Hanover, Pa.,or to subscribe to the newspaper, go to http://www.eveningsun.com Copyright (c) 2008, The Evening Sun, Hanover, Pa. Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.

For full details on New York Times Co The (NYT) click here. New York Times Co The (NYT) has Short Term PowerRatings of 7. Details on New York Times Co The (NYT) Short Term PowerRatings is available at This Link.

    


More News:   Market Updates | Stock Alerts | All Trading News | Stock Index

Email
Print
Archives
Feedback
Email Article Link
Close X
Recipients email address
Your name
Your email
Add a note (optional)




Stocks RSS





Related News [NYT]
PREMIER SPONSORED LINKS
TRADE CENTER
 
The TradingMarkets Directory
RELATED SITES
Nothing but forex
Please call 1-213-955-5858 ext. 1

About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback

Disclaimer:

The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.

It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.

HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.

The Connors Group, Inc.
15260 Ventura Blvd., Ste. 2200
Sherman Oaks, CA 91403

© Copyright 2009 The Connors Group, Inc.


All analyst commentary provided on TradingMarkets.com is provided for educational purposes only. The analysts and employees or affiliates of TradingMarkets.com may hold positions in the stocks or industries discussed here. This information is NOT a recommendation or solicitation to buy or sell any securities. Your use of this and all information contained on TradingMarkets.com is governed by the Terms and Conditions of Use. Please click the link to view those terms. Follow this link to read our Editorial Policy.

© 2009 The Connors Group, Inc.