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Ron Insana Urges 'Radical Steps': Semi-Automatic Ban Will End Shootings

Ron Insana Urges 'Radical Steps': Semi-Automatic Ban Will End Shootings
(Noah Browning/Dreamstime)

Tuesday, 27 February 2018 02:39 PM

Economic guru Ron Insana says America must take “radical steps,” including the ban of all semi-automatic weapons, to stop mass shootings.

“However unpopular it may be among law-abiding gun owners, Americans have long made sacrifices for the collective good," Insana recently wrote for CNBC.com.

And while I won't verbally trample the 2nd Amendment, the notion that it ensured a right to bear assault weapons and lethal ammunition is, quite simply, a farce,” the CNBC and MSNBC contributor wrote.

Insana listed 13 steps he thinks should be taken immediately.

Highlighting his suggestions:

  • Ban all semi-automatic weapons, period.
  • Ban high-capacity magazines and clips and so-called bump stocks.
  • Ban civilian purchases of lethal ammunition, from "hollow point" bullets that mushroom upon impact, to "dum dum" bullets that roll end-over-end, tearing the insides of a victim apart.
  • Enact not just universal background checks but "extreme vetting" to ensure criminals, the mentally ill, prospective terrorists, and other would-be shooters, are automatically, and permanently, denied access to guns.
  • Ban anyone on a "no-fly" list from acquiring weapons of any kind.

Highlighting the economic steps to be taken, Insana called for punitive "sin taxes" on weapons and ammunition, just as the U.S. has done with cigarettes and alcohol

Insana also called for the families of mass shooting victims should file class-action suits against gun-makers and distributors alleging wrongful death, seeking damages of the magnitude won by the families of smokers.

The author of four books on Wall Street explained also said shareholder activists should pressure corporate boards to abandon gun manufacturing and distribution, except for military and law enforcement needs.

“If this sounds radical, it is. At the same time, given what's at stake, it's also necessary, in my humble opinion. If we can't protect our children, the most basic function of parents and politicians alike, how can we be expected to guarantee that their futures will be better than our own?”

Meanwhile, for all the public outrage following the mass shooting in Florida, Wall Street analysts aren’t worried about the prospects of American Outdoor Brands Corp., the gunmaker formerly known as Smith & Wesson and a sort of bellwether for firearms manufacturers now facing a firestorm.

The company’s shares have fallen in trading since law enforcement identified the semi-automatic AR-15 assault rifle used in the Parkland, Florida, school shooting as an American Outdoor product, Bloomberg reported.

The blowback from the shooting, which left 17 dead and prompted President Donald Trump to begin discussing gun control, constitutes “an unprecedented number of crosswinds affecting not only demand but perception,” wrote Wedbush Securities Inc., a securities firm and investment bank, in a report about American Outdoor released on Tuesday morning.

But the firm is predicting a strong rebound over the coming months: “[W]e continue to believe that these shares represent significant long-term value, as firearm demand is going nowhere, and the current series of events is likely to eventually give way to a much-more favorable operating environment.”

The attack led to public outcry against the firearms industry, including a social media movement calling on companies who offer discounts to National Rifle Association members to cut ties with the Second Amendment rights group. The Florida Education Association, upon discovering their pensions were invested in publicly traded firearms companies, called on those that manage the fund to dump the stocks.

Financial institutions also found themselves embroiled in the nationwide gun debate. Bank of America Corp. over the weekend said it will engage with clients “that manufacture assault weapons for non-military use to understand what they can contribute to this shared responsibility.” 

(Newsmax wire services contributed to this report).

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Economic guru Ron Insana says America must take "radical steps," including the ban of all semi-automatic weapons, to stop mass shootings.
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Tuesday, 27 February 2018 02:39 PM
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