Gunmakers on Progressives' Behalf
McMillan has been manufacturing firearms since 1973 and specializes in sniper hardware. On Wednesday, the company informed the Examiner that Bank of America will no longer allow the company to use its banking services "because [McMillan] is in the firearms business and supports the Second Amendment."
In a Feb. 13 email , Kelly McMillan, director of operations, voiced outraged at the bank's decision to cancel McMillan's lines of credit. The company, which is on a healthy financial standing, has had a business arrangement with the financial institution since 2001. According to McMillan, Ray Fox, senior vice president with B of A, acknowledged that it was a "politically motivated decision".
On McMillan's Facebook page, which has more than 19,000 fans, customers voiced their support for pro-gun activists. "I just canceled my BOA credit card, as did every member of my family who had one. Way to go McMillan we support you [100 percent]," said Wes Harper.
Since January, President Barack Obama and his administration has been quietly pressuring the nation's biggest banks to stop doing business with weapons manufacturers. Last month, CBS reported that Chicago mayor Rahm Emanuel, Obama's former White House chief of staff, is pressuring major financial institutions such as Bank of America and TD Bank to stop their financial backing of gun makers.
Vice President Joe Biden has also been quietly working behind the scenes to ensure that, when dealing with gun companies, financial institutions cancel lines of credit, financing for acquisitions, and financial advising.
The administration's efforts don't stop there. Since January, the Obama administration - led by Biden and Emanuel - has been secretly pressuring pension funds across the country to divest its investments in weapons-related companies. These federal and state retirement funds are a major source of capital for U.S. gun manufacturers.
Last month, Yahoo! reported that public pension funds in California, Illinois, New York, and Pennsylvania (all Democrat strongholds) have been selling off their investments in weapons-related businesses. These actions will lower these companies' valuations and put a financial squeeze on investors, management, and workers.
In a letter sent to the CEOs of B of A and TD Bank, Emanuel said: "In the past, the gun industry has stood in opposition to these safety measures. They opposed a ban on assault weapons on America’s streets, opposed a ban on military-style clips, opposed a criminal background check on all gun purchases and opposed any effort to crack down on criminal gun traffickers."
McMillan isn't the only firearms manufacturer being targeted by Barack Obama. In his letter, Emanuel pressured TD Bank to withdraw its $60 million line of credit to Smith & Wesson which makes the AR-15 assault rifle. In a separate letter to Bank of America CEO Brian T. Moynihan, Emanuel wanted the bank to cancel its $25 million line of credit extended to Sturm, Ruger & Co.
Given B of A's recent actions against McMillan, major financial institutions are caving in to Obama's demands. Bank of America received $45 billion in taxpayer-funded bailout funds from the federal government since the 2008 financial crisis.
The effort to squeeze gun manufacturers are troubling not only to supporters of the Second Amendment of the U.S. constitution, which protects every citizen's right to own firearms, but to advocates of a growth economy at a time when the nation's effective unemployment rate may be as high as 14 percent nationally. The reason the government's 8 percent figure is likely underestimated is because it does not take into account the nearly nine million Americans that have left the workforce in the past two years.
In short, the administration's actions against America's firearms industry will likely result in the loss of tens of thousands of badly-needed jobs. Instead of making the economy his number one priority, Obama is making gun bans his top agenda.
READ FULL SOURCE ARTICLE: 02/14/2013
Editor's Note: These actions are so far beyond the purview of government that it is conceivable to see the Obama Administration -- and those governors and mayors making a full frontal assault on the gun manufacturing business -- as being enemies of the Constitution and, thus, enemies of the people. No ideological movement -- in this case the Progressive Movement - has the right to usurp the authority of the US Constitution by manipulating the meaning and definitions of words and intents found within. As Progressives continuously use re-definition as a tactic to achieve societal control, We the People must recognize there effort here as an unconstitutional power grab...Bank of America and any private institution that does the bidding of the Progressives must be held accountable for their cowardice and their "crimes" against the Constitution...
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