2nd Amendment News

Wells Fargo Announces New Loan To Gun Manufacturer, Says It Won’t Take Sides On Gun Fights

Wells Fargo doesn’t rank well on 2ndVote’s issues. It was therefore a pleasant surprise to read that they are bucking the trend on banks caving to gun control groups.

Via The Washington Free Beacon:

Wells Fargo issued a new $40 million line of credit to the gun company Sturm, Ruger & Co. last week bucking the trend of big banks taking adversarial stands toward the gun industry.

The new line of credit is in addition to the $431 million worth of financing the bank has given to gun companies since 2012, according to Bloomberg News. The line of credit indicates Wells Fargo is not backing down from its assertion in a letter to an activist group demanding they break off business with gun companies that the bank does “not believe that the American public wants banks to decide which legal products consumers can and cannot buy.”

Unlike Bank of America and Citibank, Wells Fargo understands that its role is to simply be a part of the American economy, not act as a lawmaking body:

“Wells Fargo wants schools and communities to be safe from gun violence, but changes to laws and regulations should be determined through a legislative process that gives the American public an opportunity to participate and not be arbitrarily set by a bank,” Trisha Schultz, a Wells Fargo spokesperson, told the Washington Free Beacon.

This is a very encouraging move by Wells Fargo. They are standing against gun control fanatics and respecting both the rule of law and one of America’s most treasured values: the right to self-defense.

2ndVote conservatives, be sure to send Wells Fargo a thank you for being one of the good guys. Also make sure to urge them to stop funding anti-gun advocacy in their donations to liberal non-profits.

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  • paintinc56

    Well, what do you know, the deep state pandering wimps actually took a stand for economic freedom.

    • CumExApostolatus

      Don’t be fooled. They’ve temporarily put their finger into the wind….

  • CumExApostolatus

    Why should I thank Wells Fargo for doing what they SHOULD HAVE BEEN DOING ALL ALONG?

    • Because other banks are not doing it anymore.

      • CumExApostolatus

        They’re all “Federal Reserve” Banks. I don’t need to thank them for anything. As far as I’m concerned, they’ve raped and pillage enough with their USURY (which is euphemistically called “interest”). Money is sterile. It cannot reproduce itself. USURY (in ANY amount) is slavery. It’s about time Christians figure that out.

        • Federal Reserve Banks are a quasi-government institution. Wells Fargo is not a federal reserve bank, nor are the other banks in question. They are commercial banks.

          As for your comments on usury, they are at least a millennium out of date. I could explain why, but I doubt you would understand it. The specific rhetoric you are using is Marxist, but I suspect you are not even aware of that.

          • CumExApostolatus
          • Your first link proves my first point. The fact that the Fed is punishing Wells Fargo proves that Wells Fargo is different from the Fed. As I said, the Fed is a quasi-government entity, while Wells Fargo is a private commercial bank. The Fed is exercising its regulatory authority over the banking industry just as the SEC would regulate stockbrokers.As for the second, I’m afraid it would be an instance of pearls before swine, but I’ll give it a shot.

          • CumExApostolatus

            So, isn’t the bottom line that all U.S. banks ANSWER to the Federal Reserve?
            How can a ‘quasi’-gov’t organization wield unlimited power over the issuance of the money of that nation? Does such an arrangement work for the betterment of the population of that nation or for the betterment of the ‘quasi’-governmental organization and those who own and run it? It seems we’ve had nothing but booms and busts on a rather regular basis under the Fed Reserve.

            You wrote: “Until around a thousand years ago, there was no long-term growth to speak of. For the most part, technology and institutions were stable, so the optimal interest rate was zero.”
            What has made technology and institutions unstable? What’s the definition of “long term” growth and why is it requisite?

            The Islamic funding mechanism doesn’t charge interest. It charges ‘rent’. That seems different from the “western” system. Does the Islamic system charge rent so high that the buyer spends 2-3 times the original price of the property, by the time he’s done making payments and taking ownership of the property?

            In 2008 when interest rates rose and the sub-prime mortgages went bust, ultimately, the banks ended up taking possession of many “underwater” houses. So the banks got the equity and the people still owed the mortgage money and had to pay it or have their credit ruined.

  • Barbara Groom

    But isn’t Wells Fargo a major contributor to Planned Parenthood and MALDEF?

  • If leftist fanatics were to get all the banks to fall into line with respect to guns, they would be encouraged to continue using the same tactic on other issues. They would go through all the items on their agenda until they met resistance. Thank God they’ve met resistance before they could carry this totalitarian campaign any further.