Author Archives: AnitraSteadham

Scott Walker Is Still Clearly a Work in Progress

Mother Jones

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I see that Martha Raddatz’s interview with presidential wannabe Scott Walker is making the rounds today. And deservedly so! After listening to Walker blather a bit about America’s need for “big, bold ideas,” Raddatz asks him, “What is your big, bold, fresh idea in Syria?” Walker hems and haws a bit about being tough and aggressive, and then we get this:

RADDATZ: You don’t think 2,000 air strikes is taking it to ISIS in Syria and Iraq?

WALKER: I think we need to have an aggressive strategy anywhere around the world. I think it’s a mistake to —

(CROSSTALK)

RADDATZ: But what does that mean? I don’t know what aggressive strategy means. If we’re bombing and we’ve done 2,000 air strikes, what does an aggressive strategy mean in foreign policy?

WALKER: I think anywhere and everywhere, we have to be — go beyond just aggressive air strikes. We have to look at other surgical methods. And ultimately, we have to be prepared to put boots on the ground if that’s what it takes, because I think, you know —

RADDATZ: Boots on the ground in Syria? U.S. boots on the ground in Syria?

WALKER: I don’t think that is an immediate plan, but I think anywhere in the world —

RADDATZ: But you would not rule that out.

WALKER: I wouldn’t rule anything out. I think when you have the lives of Americans at stake and our freedom loving allies anywhere in the world, we have to be prepared to do things that don’t allow those measures, those attacks, those abuses to come to our shores.

So there you have it. Walker is so unprepared to talk about foreign policy that he gets quickly trapped into suggesting that we put more American troops into Iraq and Syria to fight ISIS. Did he really mean to do that? Or was he just feeling the pressure of a live interview and felt like he had to say something? Hard to say. A more experienced candidate would have tap danced a lot more effectively, probably with some prattle about arming our allies or something—though Raddatz undoubtedly would have pounced on that too.

Michael Tomasky remains pretty unimpressed with Walker, especially after finally listening to his big speech in Iowa from last weekend:

If this was the standout speech, I sure made the right decision in not subjecting myself to the rest of them. It was little more than a series of red-meat appetizers and entrees: Wisconsin defunded Planned Parenthood, said no to Obamacare, passed some kind of law against “frivolous” lawsuits, and moved to crack down on voter “fraud””—all of that besides, of course, his big move, busting the public-employee unions. There wasn’t a single concrete idea about addressing any of the major problems the country faces.

Well, that will come—though it’s unlikely that Walker’s ideas will be any different from the usual Republican boilerplate of the past decade or so. Lower taxes and less corporate regulation will supercharge the economy! Hooray!

Walker still has a ways to go before he’s ready for prime time. But I’ll bet he gets there. He’ll learn from his mistakes, and he’s just about the only Republican candidate who has potential appeal to both tea partiers and mainstream voters. Six months from now minor early stumbles like this will be ancient history, and he’ll have his campaign schtick much more finely honed. He remains a serious contender.

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Scott Walker Is Still Clearly a Work in Progress

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This Hedge Fund Has Made a Killing on Bushmaster Assault Rifles

Mother Jones

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Last December, four days after Adam Lanza murdered 20 first graders and six educators at an elementary school in Newtown, Conn., Cerberus Capital Management pledged to sell the Freedom Group, the company that manufactured the Bushmaster XM-15 assault rifle that Lanza used. The announcement helped tamp down a rising PR disaster for the Manhattan private equity firm, placating major investors such as the California State Teachers Retirement System (CalSTRS), which had said it was “examining” its $750 million stake in Cerberus after the massacre. The New York Times described the move as “a rare instance of a Wall Street firm bending to concerns about an investment’s societal impact.”

A year after the Newtown tragedy, however, Cerberus has not sold Freedom Group (also known as Remington Outdoor Company Inc.), the nation’s largest firearms and ammunition conglomerate. After buyers failed to materialize early this year, Cerberus CEO Stephen Feinberg announced he and a small group of individuals would seek to buy the company, which also owns brands such as Remington, Marlin, and Dakota Arms. But in July, the Wall Street Journal reported that Feinberg was dropping his bid amid increasingly attractive offers from outside investors. “Cerberus initially planned to seek around $1 billion for the company,” the Journal reported, citing an anonymous source, “but now wants more.”

Business has boomed for Freedom Group in the year since the mass shooting at Sandy Hook Elementary. Between January and the end of September, the company raked in $94 million in profits on more than $1 billion in gun and ammo sales, compared with just $500,000 in net profits during the same period in 2012. For the full year ending December 31, Freedom Group estimates that its net sales will be up 34 percent to $1.25 billion, according to a financial disclosure (PDF) released Monday. Though Freedom Group doesn’t release sales figures specifically for the Busmaster XM-15 assault rifle, that weapon and similar models reportedly flew off retailers’ shelves in the weeks after Sandy Hook, snatched up by firearms enthusiasts who feared the guns would soon be outlawed.

According to the Freedom Group’s third quarter report, this year’s earnings spike came primarily from a $42 million bump in sales of “centerfire rifles,” a category which includes the XM-15. The report further notes that Freedom Group’s leading sellers were “modern sporting rifles”—the firearms industry’s euphemism for assault weapons. “Consumer concern over more restrictive governmental regulation on the federal, state, and local levels has contributed to this increase in demand,” the report says. The company would have sold even more guns, the report adds, if not for “sales demand being greater than our current production capacity in many categories.”

“We wish that this anniversary were not coming and that we were not holding Freedom Group,” said Mike Sicilia, a spokesman for CalSTRS, adding that the teachers pension fund is prohibited by its investment contract with Cerberus from discussing financial details. “It’s difficult on all of us because we represent the futures of teachers. Teachers were killed at Sandy Hook, and that gun was made by a company that we partially own. We all feel that.”

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This Hedge Fund Has Made a Killing on Bushmaster Assault Rifles

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