GE Takes Big Stand Against Gun Industry

[Spoonman]

Good for GE. I have always thought of them as a gang of greedy bastards, but this shows that even they have a conscience.

and a need to payback the Obama administration for massive taxbreaks

 

[hjmick]

It's not really that big of a stand. They had for the most part stopped loaning money to small gun shops, this ban applies to less than 75 mom and pop shops that had been grandfathered in years ago. Ironically, GE Capital will still be doing business with the largest retailer of guns in the U.S., Walmart, as well as Dick's Sporting goods.

Really nothing but a symbolic gesture. One that could fuck small business in favor of the big box money machines.

GE Capital: Hypocrites.

 

[whitehall]

Give us some "credible" proof that banks were forced into making bad loans. The problem wasn't the loans - the problem was what Wall Street did with those loans. Here's what you righties try to ignore:

The Absurd Zombie Lie About the Economy Right-Wingers Desperately Cling To -- And Why It's Totally Wrong

Wait a minute. It's not even an arguable concept. Does the left really think Wall Street prevented people from making payments on their mortgages? You are more hopeless than I thought.

Wall Street inflating those mortgages to 100 times their value is what caused all the pain.

No bank was ever “forced” – or coerced or incentivized by the government in any way – to make a bad loan.

What brought down the global economy was as much as $140 trillion worth of financial gimmickery built on top of the mortgage industry. It was the alphabet soup of the credit meltdown – the CDOs, default swaps and other derivitaves that made less than a trillion dollars of foreclosed loans into an economic weapon of mass destruction that would cost the American economy alone $14 trillion in lost wealth.

The Absurd Zombie Lie About the Economy Right-Wingers Desperately Cling To -- And Why It's Totally Wrong

The dirty little secret is that the Clinton administration forced banks to make bad loans or face expensive civil rights litigation. The banks made the loans and the feds bundled the bad loans with good loans and sold them back to lending institutions as good loans. Barney Frank was chairman of the House Banking Committee and had oversight responsibility for Fannie Mae and he told America that Fannie was doing fine when it was on the verge of collapse. Either democrats intended for Fannie to collapse as the worst October surprise in history or Frank was criminally negligent. Nobody ever asked him the hard questions and democrats managed to blame the collapse of Fannie on Bush.

 

[Vandalshandle]

Good for GE. I have always thought of them as a gang of greedy bastards, but this shows that even they have a conscience.

and a need to payback the Obama administration for massive taxbreaks

That's odd. According to you, GE is politically in debt to Obama. Yet, they contributed almost 3 times as much money to Mitt's campaign as they did to Obama's campaign. Could it be that you are getting your "facts" from Fox news?

General Electric: Summary | OpenSecrets

 

[KevinWestern]

I have a credit card through GE Capital which I will be cancelling when I get home from work.

GE Capital is a profit hound. Like many other corporations they will do anything to turn a profit. This is a serious money making, no holds barred machine. Here's a quote from the SEC:

'The SEC concludes: “The conduct of GE involved fraud, deceit, or deliberate or reckless disregard of regulatory requirements, and resulted in substantial loss, or significant risk of substantial loss, to other persons, within the meaning of Section 21(d)(3) of the Exchange Act [15 U.S.C. § 78u(d)(3)]."

Because GE is doing something to the contrary (ie an action that does not make them money), this leads me to believe that there is something going on here behind the scenes (ie Gov't influence).

People should start using their heads and utilize the human ability to question things!


.

 

[KnobbyWalsh]

I have a credit card through GE Capital which I will be cancelling when I get home from work.

General Electric is quietly cutting off lending to gun shops, as the company rethinks its relationship to firearms amid the fallout from the school shooting in Newtown, Conn.
This month, Glenn Duncan, owner of Duncan's Outdoor Store in Bay City, Mich., said he received a letter from GE Capital Retail Bank in which the lender said it had made "the difficult decision" to stop providing financing services to his store. Other gun dealers have received similar notices.

"Industry changes, new legislation and tragic events" led GE Capital to reexamine its policies on financing firearms, spokesman Russell Wilkerson said.

The company's exit has little overall impact in a U.S. gun market, where sales last year totaled $11.7 billion, according to IBIS World. While a typical handgun can cost more than $300, financing remains a marginal activity.

GE's ban applies only to retailers whose sole business is selling firearms, an "insignificant and immaterial" part of GE Capital's business, Mr. Wilkerson said. The lender is still doing business with merchants with more diverse lines of business [e.g., Wal-Mart, Dick's Sporting Goods]

Daily Kos: GE Capital Cuts Off Lending to Gun Shops

Christ, I bet they lose sleep over that. You show 'em!

 

[nitroz]

What do you know, Republicans bitching about a free market...

 

[Katzndogz]

GE will leave a void that someone will fill. Maybe the Bank of China.

 

[Vandalshandle]

I am going to return my light bulb in protest.... (it doesn't work anyway). Does anyone have their address in New York?

 

[Lakhota]

Go GE!!!!!

 

[yidnar]

The free market rears its ugly head!!!

lolol

you rightwing nuthouse inmates should be giving this a standing ovation. Let the market decide!!

the market will decide when the left looses power...

 

[hortysir]

Go GE!!!!!

"Liberal Bigotry on Display"????

 

[hazlnut]

Good for GE.

 

[hortysir]

Good for GE.

What's the diff?

http://www.usmessageboard.com/politics/290996-gop-bigotry-on-display-again.html

 

[bigrebnc1775]

The free market rears its ugly head!!!

lolol

you rightwing nuthouse inmates should be giving this a standing ovation. Let the market decide!!

That's what some are doing those who have a credit limit with GE are no longer doing business with GM