Banks Should Control Gun Sales, What Could Possibly Go Wrong? [VIDEO]

Banks Should Control Gun Sales, What Could Possibly Go Wrong? [VIDEO]

Banks Should Control Gun Sales, What Could Possibly Go Wrong? [VIDEO]

It was less than 30 seconds after the news hit the wires regarding the Parkland school attack then the calls for MOAR gun control went out. At the same time the narrative of BLAME that EEVIL GUN!, swung into high gear. Lots of gun control ideas have been batted back and forth. Here’s the latest involving banks. Yes, BANKS.

What if the finance industry — credit card companies like Visa, Mastercard and American Express; credit card processors like First Data; and banks like JPMorgan Chase and Wells Fargo — were to effectively set new rules for the sales of guns in America?

Collectively, they have more leverage over the gun industry than any lawmaker. And it wouldn’t be hard for them to take a stand.

Yes indeed, that was the dim bulb idea proposed by Andrew Ross Sorkin writing for, you guessed it, the New York Times. You see, since PayPal won’t work with firearms dealers anymore, the credit card companies and banks should follow suit. Never mind that Peter Thiel, one of the founders of PayPal completely disagrees with what PayPal did.

Since banks have now banned credit card use to purchase Bitcoins, they can do the same with gun sales. All they have to do Andrew says is change their terms of service! Easy peasy right?

What could possibly go wrong with this scenario?

Does Operation Choke Point ring any bells?

T.R. Liberti, owner and operator of Top Gun Firearms Training & Supply in Miami, has felt the sting firsthand. Last month, his local bank, BankUnited N.A., dumped his online business from its service.

Black Rifle Armory in Henderson, Nevada, had its bank accounts frozen this month as the bank tried to determine whether any of Black Rifle’s online transactions were suspicious.

In 2012, Bank of America suddenly dropped the 12-year account of McMillan Group International, a gun manufacturer in Phoenix, even though the company had a good credit history, the owner said. Gun parts maker American Spirit Arms in Scottsdale, Arizona, received similar treatment by Bank of America, the country’s largest banking institution.

Those are just FOUR of the multiple examples of banks involvement in the gun business that want totally sideways. Remember, Bank of America said they wouldn’t deny banking services because of the industry the entity is involved with. Yet that is EXACTLY what Andrew is proposing.

Needless to say, quite a few folks see the fallacies in his proposal.

There are so many things wrong with Andrew’s proposal that it could be fisked for days! Andrew also thinks the following will help his cause.

Let’s have the big corporations such as Apple, Amazon, and Starbucks pressure the banking industry to take action?

Ooohhhh! Wait! How about making sure that any gun store is uninsurable? Yeah…that’ll work. SMDH

Andrew wants banks to regulate the industry and essentially shut it down. Did he forget that some banks have been involved in gun giveaways (AFTER passing the extensive background checks?) Remember this bit from Bowling for Columbine?

What about car dealerships that participate in gun giveaways by partnering with a local licensed firearms dealer? Would the banking industry refuse to do business with the auto industry?

Here’s the thing. Andrew’s cute little idea ignores some salient facts regarding the attack at Marjory Stoneman.

  1. The Broward County Sheriff was notified multiple times about the shooter.
  2. Broward County SO responded to his home 39 times
  3. The FBI was notified at least twice and completely dropped the ball. Hell, they didn’t even pick it up!
  4. The Sneads ignored warning signs and are now scrambling to cover their ass.
  5. The school district tried to do something and finally expelled him earlier this year. I’m still wondering why the Sneads didn’t know this.
  6. Based upon what is known right now, ZERO current gun laws were broken.

What else could go wrong? Oh I don’t know, how about driving sales underground? Andrew pays lip service to that concern.

Finally, the real reason why Andrew’s proposal is such a bad idea? Banks would essentially be regulating the 2nd Amendment. For those, including Andrew, who think this is a good idea I would strongly suggest a crash course in Constitution 101.

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5 Comments
  • Wfjag says:

    This is a consequence of “Too Big To Fail” and the oppressive regulations due to Dodd-Frank. Dodd-Frank should be repealed. That way local banks can go back to doing what they do best – and the mega banks don’t care about doing – serving individuals, and small and medium sized local businesses. The mega banks could then decline types of business, and the small banks would move in to serve local customers.

  • drew458 says:

    In a society with only digital money the idea might work. But as long as the credit card companies will do a cash advance, then this idea is not going to fly. Not that I think it’s even close to a good idea, but the end-run is obvious.

  • Appalled By The World says:

    Yet another ridiculous idea from the usual suspects. Then the NYT wonders why their circulation shrinks.

  • GWB says:

    What if the finance industry — credit card companies like Visa, Mastercard and American Express; credit card processors like First Data; and banks like JPMorgan Chase and Wells Fargo — were to effectively set new rules for the sales of guns in America?
    Well, there’s this thing called an “anti-trust law”, and that would be an *ACTUAL* bit of illegal collusion. So, unless you want a lot of people to go to Club Med prison, I don’t think that’s going to happen.

    And, the gov’t already tried this (as Nina notes) with its Operation Choke Point, which was both in violation of our Constitutional rights, and NOT authorized by law, to boot.

    An Idea: Banks Could Control Alcohol If Washington Won’t
    An Idea: Banks Could Control Fake News If Washington Won’t
    An Idea: Banks Could Control Churches If Washington Won’t
    An Idea: Banks Could Control Political Ads If Washington Won’t

    Yeah, because government-by-corporation is *such* a good idea. Does anyone remember what one of the main points of the dystopic “cuberpunk” genre is? That’s right, rule-by-corporation. (I know, this twit is being sarcastic.)

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