The American firm with the iconic name of Colt has declared bankruptcy. As Tiffany Kary of Bloomberg reports:
… the 179-year-old gunmaker that supplies M4 carbines and M16 rifles for the U.S. and foreign militaries, filed for bankruptcy amid delayed government sales and declining demand. The West Hartford, Connecticut-based firearms maker listed assets of as much as $500 million and debt of as much as $500 million in a Chapter 11 filing late Sunday in bankruptcy court in Wilmington, Delaware. Wilmington Trust Company is listed as the biggest unsecured creditor with a $261 million claim.
Well, it isn’t the first time. Back when he was coming up with firearms of revolutionary design and, just as importantly, the manufacturing processes to make them, Samuel Colt ran into financial difficulties and:
In 1842, after eight years of operation, sales were sluggish and the first plant, in New Jersey, closed.
So, being as long on determination as he was on vision:
Samuel Colt designed a more powerful revolver, the Walker, and opened new plants and went on to become one of the 10 wealthiest businessmen in the U.S., according to the company’s website.
The story of Colt, and the American firearms industry in general, is insufficiently celebrated. Go here for an exception.
There is an important difference between European and American appetites, in addition to those for fast foods: risk taking. “Investments in Start-Ups Pick Up Pace,” reports the New York Times after surveying the high-tech financing scene here in America. “Europe Struggles to Foster a Startup Culture,” reports the Wall Street Journal. It seems that in contrast with “multiple rounds of fund-raising [in the U.S.] in months, rather than years,” Europeans are “valuing prudence … and leisure time over flamboyant risk-taking.”
CNN political commentator Marc Lamont Hill advised that "we should be strategic in how we riot."
"I'm not saying we should see the destruction of black communities as positive. I'm saying that we can't have too narrow a conception of what the destruction of black communities mean," said Hill. "I think we should strategic in how we riot."
According to Gallup, only 7 percent of Americans want immigration levels to increase, while 86 percent either want them to remain at current levels (47 percent) or decrease (39 percent). With most current and prospective Republican presidential candidates tripping over each other to vie for that 7 percent, it would seem to be good politics for a candidate to break from the pack and speak for the other 86 percent essentially unopposed. That’s more of less what Scott Walker has done over the past week.
At the conclusion of the latest installment of the endless Arab war against Israel, the leaders of Hamas simultaneously accused Israel of “genocide” against the residents of Gaza and took to the streets, dancing, ululating, and jubilating in celebration of their “victory” over the Zionist enemy. That is to say, what the novelist Thane Rosenbaum called Hamas’s “civilian death strategy”—deliberately bringing about the greatest possible number of Arab (as well as Jewish) deaths—had achieved a political triumph in the court of world opinion.