Gun Sales Continue To Soar Since Obama's Election
Many gun-rights activists fear President Obama, but he has been a boon to the gun industry. Bloomberg Businessweek reports that sales of assault rifles went up after Obama's election. That was expected, because were fears that Obama would support that ban on them. But sales on other types of guns have continued to soar. As a result, times are good for gunmakers, Bloomberg Businessweek reports. While the NRA is working to defeat Obama, there are worries among gunmakers that a gun-friendly Republican president could hurt sales, according to the report. Since Obama's election, the stock for Ruger has even outperformed gold. On a recent conference call, Sturm Ruger CEO Michael O. Fifer said: "I think half of the people in the firearms industry, if asked, would hope [Obama] is not President, but then will secretly go out and vote for him again," Fifer said. In other words, gunmakers "may be shooting themselves in the foot" if they work too hard to defeat Obama, the Bloomberg Businessweek report says.