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Thread: GE Capital cuts off lending to gun shops

  1. #21
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    Larry Keane (NSSF executive VP) isn't too concerned:

    https://twitter.com/lkeane/status/328278620399357952
    twitter.com/ddbaxte

  2. #22
    Site Supporter hufnagel's Avatar
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    given the current sales climate for all things firearms, I wouldn't expect it to compromise most shops too badly. I mean if you have a good reputation with your suppliers you should be able to transition from a credit to a consignment model fairly easily, they sell out on ammo at marked up prices so I'd hope the shops are now somewhat flush with cash to be able to afford stocking items (when they can get them!), and finally the fact nearly everything is having to be ordered, with subsequent wait times, I'd expect deposits in all aspects of the supply chain should keep product moving, when the manufacturers can get it out the door.

    if firearms were to suddenly go to a cash-only model tomorrow I bet it wouldn't even cause much pain... it'd just piss off the banks because we'd be almost looting them for paper.
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  3. #23
    Member cclaxton's Avatar
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    Quote Originally Posted by SecondsCount View Post
    One of a couple things could be going on here-

    1. GE has a close relationship with the US government. Someone could be pressuring them to take this position in order to get contracts, etc.

    2. GE does not want the liability. Since the laws have passed protecting gun companies, the Brady campaign, Bloomberg, and their like have been exploring other avenues to target the firearm industry with lawsuits.
    It is not a good idea to speculate on the reasons...this is how false news reports get started, and they are almost always wrong.

    What we know is that GE has decided in 2008 to divest itself of firearms-related investments. As the spokesman said, they did a “more rigorous audit process in our sporting goods segment in light of industry changes, new legislation and tragic events that have caused widespread reexamination of policies on firearms,”.

    This is free enterprise at work, and it is clearly within their discretion to take this action. We don't know the REAL REASONS, as we do in the case of Cerberus Capital, which said it was due to investor pressure.

    But it doesn't matter because the free market provides plenty of other competitive alternatives to get capital at competitive rates. In fact, GE Capital doesn't have the best rates or the best terms.

    Refusing business just makes that an opportunity for someone else.

    GE is a major US employer, invests in US industries, has large facilities in the US, and funds many other industries that generates jobs. Right now we need all those jobs...and more. Boycotting GE would be cutting off our nose to spite our face.....We should continue to support them to help to grow the economy. Firearms dealers will get the funding they need. FYI: I do not work for GE or any subsidiaries, nor does anyone in my family, nor do I have any financial interest in GE. (There might be some GE holdings in my mutual funds that I am not aware of).

    CC
    Last edited by cclaxton; 04-28-2013 at 10:12 AM.
    That a well-regulated militia, composed of the body of the people, trained to arms, is the proper, natural, and safe defense of a free state;

  4. #24
    Site Supporter Palmguy's Avatar
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    Quote Originally Posted by cclaxton View Post
    It is not a good idea to speculate on the reasons...this is how false news reports get started, and they are almost always wrong.

    What we know is that GE has decided in 2008 to divest itself of firearms-related investments. As the spokesman said, they did a “more rigorous audit process in our sporting goods segment in light of industry changes, new legislation and tragic events that have caused widespread reexamination of policies on firearms,”.

    This is free enterprise at work, and it is clearly within their discretion to take this action. We don't know the REAL REASONS, as we do in the case of Cerberus Capital, which said it was due to investor pressure.

    But it doesn't matter because the free market provides plenty of other competitive alternatives to get capital at competitive rates. In fact, GE Capital doesn't have the best rates or the best terms.

    Refusing business just makes that an opportunity for someone else.

    GE is a major US employer, invests in US industries, has large facilities in the US, and funds many other industries that generates jobs. Right now we need all those jobs...and more. Boycotting GE would be cutting off our nose to spite our face.....We should continue to support them to help to grow the economy. Firearms dealers will get the funding they need. FYI: I do not work for GE or any subsidiaries, nor does anyone in my family, nor do I have any financial interest in GE. (There might be some GE holdings in my mutual funds that I am not aware of).

    CC
    So the free market is all great when it comes to GE doing these sorts of things but not when it comes to us? How about we use our money to support people in line with our ideals, create pro-gun industry....you know, free market and all?

    Sheesh.

    Sent from my Galaxy Nexus using Tapatalk 2
    Last edited by Palmguy; 04-28-2013 at 10:38 AM.

  5. #25
    Member cclaxton's Avatar
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    Quote Originally Posted by Palmguy View Post
    So the free market is all great when it comes to GE doing these sorts of things but not when it comes to us? How about we use our money to support people in line with our ideals, create pro-gun industry....you know, free market and all?

    Sheesh.

    Sent from my Galaxy Nexus using Tapatalk 2
    I never said that anyone should be restricted from investing how they please. I said that we should not try to harm GE just because of their stand on firearm investments.

    I think it's important to see America and American Institutions in their positive light. We have become a nation of whiners....we need to look at the big picture.

    Would I want GE to go bankrupt because of the policy on firearms?....Absolutely not!....GE is too important to our economy and our job market. I want GE to prosper, along with all the other major companies in America that are generating jobs.

    Firearms retailers will be able to get the funding they need, and isn't that great?
    CC
    That a well-regulated militia, composed of the body of the people, trained to arms, is the proper, natural, and safe defense of a free state;

  6. #26
    Member orionz06's Avatar
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    Umm... No, piss on them. If enough firearms owners happen to agree and happen to hurt GE then it is not our fault, it is GE's fault for failing to see the big picture and acting on emotion. They can eat it and I hope they fail miserably.
    Think for yourself. Question authority.

  7. #27
    Member cclaxton's Avatar
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    Quote Originally Posted by orionz06 View Post
    Umm... No, piss on them. If enough firearms owners happen to agree and happen to hurt GE then it is not our fault, it is GE's fault for failing to see the big picture and acting on emotion. They can eat it and I hope they fail miserably.
    Let's be clear here: if you choose to hurt GE...that is an offensive action, not a defensive one....therefore it is not GE's "fault."
    GE is not trying to hurt firearms retailers....for their own reasons they are divesting themselves and not trying to force firearms retailers out of business through offensive business tactics. In all cases this means that some other company will purchase an existing commercial contract held by GE for a retailer and it will have no effect on the dealers.
    CC
    That a well-regulated militia, composed of the body of the people, trained to arms, is the proper, natural, and safe defense of a free state;

  8. #28
    Member orionz06's Avatar
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    Boycotting them would be a reaction to their moves and their choices, or defensive. If their choice leads to their demise it is their own fault. If GE folds and millions of people are out of a job because of a firearms owner boycott it is not our fault millions of people are out of a job, it is GE's fault. Not my concern, my money is my concern and I would rather it go to someone who wants it. Piss on them.
    Think for yourself. Question authority.

  9. #29
    Site Supporter hufnagel's Avatar
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    are we talking about boycotting GE, or GE Capital. while they're sort of under the same umbrella they're not the same company. no more so than GMC and GMAC Financing. (the latter just recently had a bankruptcy, not related to the vehicle manufacturer.)

    So boycotting GE Capital isn't the same as boycotting GE.

    edit:
    ok after some further digging, GE Capital is a bit more closely related to GE than the GMC/GMAC comparison I made. However they're still not "joined at the hip" and according to the Wiki...

    As of Q3 2009, GE Capital had 60,000+ employees worldwide, operating in more than 55 countries, with total assets of $551B. It was rated AA+ with stable outlook by S&P.[
    so it's not like you're boycotting something that could potentially hurt millions of people economically. the impact in persons would be far smaller.

    I say making your voice known about GE Capital's actions both in terms of your use of their products as well as procurement from vendors that use GE Capital is not out of line. It is after all just use of the 1st Amendment.
    Last edited by hufnagel; 04-28-2013 at 12:14 PM.
    Rules to live by: 1. Eat meat, 2. Shoot guns, 3. Fire, 4. Gasoline, 5. Make juniors
    TDA: Learn it. Live it. Love it.... Read these: People Management Triggers 1, 2, 3
    If anyone sees a broken image of mine, please PM me.

  10. #30
    Member orionz06's Avatar
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    And FWIW the Fleet Management end of GE Capital is an utter pain in the ass to deal with and they have no regard for driver safety. When I worked on their vehicles, especially govt. ones, they more or less refused to spend any money to do the job right. I had to, many times, refuse to perform any work and request that GE Capital tow the vehicle out of our garage when they chose to be thrifty with the drivers safety.
    Think for yourself. Question authority.

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