Four years ago, the price of Smith & Wesson stock was $2.45. Last week it was $8.76, up 258 percent. Four years ago, the price of Sturm Ruger stock was $6.46. Last week it was $51.09, up 691 percent. The Wall Street Journal reports that even before “a $1.2 billion balloon payment for pensions comes due” in 2015, “Chicago’s pension funds, which are projected to run dry by the end of the decade, are scraping the bottoms of their barrels.”
Nevertheless, liberals are feeling good about themselves — the usual point of liberalism — because New York state’s public pension fund and California’s fund for teachers have, the New York Times says, “frozen or divested” gun holdings, and Calpers, the fund for other California public employees, may join this gesture jamboree this month. All this is being compared to the use of divestment to pressure South Africa to dismantle apartheid in the 1980s. Well.
Apartheid was a wicked practice. Guns are legal products in America, legally sold under federal, state and local regulations. Most of the guns sold to Americans are made by Americans. Americans have a right — a constitutional right — to own guns, and 47 percent of U.S. households exercise that portion of the Bill of Rights by possessing at least one firearm.