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November 13, 2021

U.S. gun sales way, way up after Obama's re-election

During his Oct. 16 debate with Mitt Romney, U.S. President Barack Obama had this to say about gun control:

“What I’m trying to do is to get a broader conversation about how do we reduce the violence generally. Part of it is seeing if we can get an assault weapons ban reintroduced.”

Whuh-oh. To a certain portion of the Yankee population, those final four words were akin to the Great Hand of Government coming down, ready to snatch away their American freedom.

Indeed, many gun lovers have been spooked. In the run-up to Obama’s re-election, with the threat of a Democrat’s changing arms laws in the U.S., American gun sales have shot through the roof.

Back in 1994, Bill Clinton introduced restrictions on semi-automatic weapons in America, prohibiting excessive weapons with threaded barrels, pistol grips and bayonets.

*Bing: How much does an AK-47 cost?

But those sanctions expired in 2004, and Obama’s debate comments last month perhaps gave the clearest sense that the president, who has nothing left to campaign for now, might go through with new laws against assault rifles.

Surely, gun lovers see the writing on the wall. Once more, the prospect of four years under Barack Obama has spurned gun sales to soar through the roof.

Last month, the number of background checks on people applying to buy guns – an indicator, of course, of future sales – surged by nearly 20 per cent in the U.S. According to the Telegraph  newspaper, a similar jump happened in the months before Obama was first elected back in 2008.

“We’re going from normally six to eight guns a day (sold), to 25,” said one Colorado Springs gun shop owner. “I stocked up. I got a stockpile of these AK-47s, we’re selling these like hot cakes. Luckily I had an idea of what was going on because it happened with Clinton.”

Added a New York gun shop owner: “Sales are up. I had a guy waiting here first thing in the morning (after the election). He came in, bought two AK-47s. It’s going to be good for me for business.”

As a Canadian, it’s quite remarkable any assault rifle like an AK-47 could be legally purchased, but such is the case in the U.S., where a Democrat’s election to the Oval Office – just months after the deadly Dark Knight Rises  theatre shooting – could actually boost the stock of America’s top gun makers.

According to the Telegraph, shares in weapons manufacturers like Smith & Wesson and Sturm have also jumped in value since Obama’s re-election.

By Jason Buckland, MSN Money



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Gordon PowersGordon Powers

A long-time fund company executive, Gordon Powers now heads up the Affinity Group, a financial services consulting firm. Gordon was a personal finance columnist for the Globe & Mail for many years, has taught retirement planning...

Jason BucklandJason Buckland

The modern-day MC Hammer of money, Jason can often be seen spending cash that isn’t his with the efficiency of a Wilt Chamberlain first date. After cutting his teeth as a reporter for the Toronto Sun, he joined the MSN Money team with...