GE Capital got an inappropriate sweetheart deal from Obama Inc. for a $139 billion bailout. The misappropriated taxpayer money was leveraged to get GE to pursue programs that Obama Inc. favored. Apparently one of those programs is refusing to lend to gun stores.
General Electric Co. 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.
GE is at least the second big financial firm to retreat from the gun business following the school shootings, which claimed the lives of 20 first-graders and six adults in December.
What we are seeing is the political consolidation of big business into an arm of government with misappropriated taxpayer money being used to pick winners and losers in the marketplace, with the “winners” then doing the dirty work of the government and acting as its regulatory arm, destroying entire areas of business that the government has yet to be able to destroy on its own.