Thursday, April 25, 2013

One Less Credit Card

 This may be old news, but after reading about GE Capital ceasing to lend to gun shops, I've cancelled my GE credit card.  Not that the cancellation of one, barely use card will make a difference; however, they've made it clear that they don't want to profit from my kind of purchases so I may as well oblige them.

Now, General Electric is free to financially back - or snub - whomever they choose; though I do think that a major corporation should be swayed less by emotion than by economics.  It's rather short sighted of them to think that all those gun stores are going to take their balls and go home just because GE doesn't want to give them an allowance.  There are plenty of financial institutions that would like to get a bigger piece of the booming gun industry - it's one of the few healthy sectors of the economy.  Case in point, who wouldn't want to lend money to Cabela's right now? 

I think this:
 GE is based in Fairfield, Conn., and many of the GE's employees live around Newtown, and several have children in the Sandy Hook elementary school, where the shootings took place. Peter Lanza, the father of Sandy Hook gunman Adam Lanza, is an executive at GE Capital.

is the whole reason behind GE Capital losing their collective grip on economic sanity.  At what point are the people in charge too closely involved in an incident to make a rational decision as to what benefits the company vs what simply assuages their need to do 'something'?  What next, are they going to stop lending money to Presto?

1 comment:

Old NFO said...

Something tells me 'that' particular knee jerk reaction is going to come back and bite them in the ass! :-)