High court affirms gun rights in historic decision

Jun 26, 9:33 PM (ET)

By MARK SHERMAN

WASHINGTON (AP) - Silent on central questions of gun control for two centuries, the Supreme Court found its voice Thursday in a decision affirming the right to have guns for self-defense in the home and addressing a constitutional riddle almost as old as the republic over what it means to say the people may keep and bear arms.

The court’s 5-4 ruling struck down the District of Columbia’s ban on handguns and imperiled similar prohibitions in other cities, Chicago and San Francisco among them. Federal gun restrictions, however, were expected to remain largely intact.

The court’s historic awakening on the meaning of the Second Amendment brought a curiously mixed response, muted in some unexpected places.

The reaction broke less along party lines than along the divide between cities wracked with gun violence and rural areas where gun ownership is embedded in daily life. Democrats have all but abandoned their long push for stricter gun laws at the national level after deciding it’s a losing issue for them. Republicans welcomed what they called a powerful precedent.

Democratic presidential candidate Barack Obama, straddling both sides of the issue, said merely that the court did not find an unfettered right to bear arms and that the ruling “will provide much-needed guidance to local jurisdictions across the country.” But another Chicagoan, Democratic Mayor Richard Daley, called the ruling “very frightening” and predicted more violence and higher taxes to pay for extra police if his city’s gun restrictions are lost.

Republican presidential candidate John McCain welcomed the ruling as “a landmark victory for Second Amendment freedom.”

The court had not conclusively interpreted the Second Amendment since its ratification in 1791. The amendment reads: “A well regulated militia, being necessary to the security of a free state, the right of the people to keep and bear arms, shall not be infringed.”

The basic issue for the justices was whether the amendment protects an individual’s right to own guns no matter what, or whether that right is somehow tied to service in a state militia, a once-vital, now-archaic grouping of citizens. That’s been the heart of the gun control debate for decades.

Writing for the majority, Justice Antonin Scalia said an individual right to bear arms exists and is supported by “the historical narrative” both before and after the Second Amendment was adopted.

President Bush said: “I applaud the Supreme Court’s historic decision today confirming what has always been clear in the Constitution: the Second Amendment protects an individual right to keep and bear firearms.”

The full implications of the decision, however, are not sorted out. Still to be seen, for example, is the extent to which the right to have a gun for protection in the home may extend outside the home.

Scalia said the Constitution does not permit “the absolute prohibition of handguns held and used for self-defense in the home.” The court also struck down D.C. requirements that firearms be equipped with trigger locks or kept disassembled, but left intact the licensing of guns. The district allows shotguns and rifles to be kept in homes if they are registered, kept unloaded and taken apart or equipped with trigger locks.

Scalia noted that the handgun is Americans’ preferred weapon of self-defense in part because “it can be pointed at a burglar with one hand while the other hand dials the police.”

But he said nothing in the ruling should “cast doubt on long-standing prohibitions on the possession of firearms by felons or the mentally ill, or laws forbidding the carrying of firearms in sensitive places such as schools and government buildings.”

In a concluding paragraph to the 64-page opinion, Scalia said the justices in the majority “are aware of the problem of handgun violence in this country” and believe the Constitution “leaves the District of Columbia a variety of tools for combating that problem, including some measures regulating handguns.”

D.C. Mayor Adrian Fenty responded with a plan to require residents to register their handguns. “More handguns in the District of Columbia will only lead to more handgun violence,” Fenty said.

In a dissent he summarized from the bench, Justice John Paul Stevens wrote that the majority “would have us believe that over 200 years ago, the Framers made a choice to limit the tools available to elected officials wishing to regulate civilian uses of weapons.”

He said such evidence “is nowhere to be found.”

Justice Stephen Breyer wrote a separate dissent in which he said, “In my view, there simply is no untouchable constitutional right guaranteed by the Second Amendment to keep loaded handguns in the house in crime-ridden urban areas.”

Joining Scalia were Chief Justice John Roberts and Justices Samuel Alito, Anthony Kennedy and Clarence Thomas. The other dissenters were Justices Ruth Bader Ginsburg and David Souter.

Gun rights advocates praised the decision. “I consider this the opening salvo in a step-by-step process of providing relief for law-abiding Americans everywhere that have been deprived of this freedom,” said Wayne LaPierre, executive vice president of the National Rifle Association.

The NRA will file lawsuits in San Francisco, Chicago and several Chicago suburbs challenging handgun restrictions there based on Thursday’s outcome.

Some Democrats also welcomed the ruling.

“This opinion should usher in a new era in which the constitutionality of government regulations of firearms are reviewed against the backdrop of this important right,” said Sen. Patrick Leahy of Vermont.

The capital’s gun law was among the nation’s strictest.

Dick Anthony Heller, 66, an armed security guard, sued the district after it rejected his application to keep a handgun at his Capitol Hill home a short distance from the Supreme Court.

“I’m thrilled I am now able to defend myself and my household in my home,” Heller said shortly after the opinion was announced.

The U.S. Court of Appeals for the District of Columbia ruled in Heller’s favor and struck down the district’s handgun ban, saying the Constitution guarantees Americans the right to own guns and a total prohibition on handguns is not compatible with that right.

The issue caused a split within the Bush administration. Vice President Dick Cheney supported the appeals court ruling, but others in the administration feared it could lead to the undoing of other gun regulations, including a federal law restricting sales of machine guns. Other laws keep felons from buying guns and provide for an instant background check.

The last Supreme Court ruling on the matter came in 1939 in U.S. v. Miller, which involved a sawed-off shotgun. Constitutional scholars agree it did not squarely answer the question of individual versus collective rights.

The case is District of Columbia v. Heller, 07-290.

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JBI, not loosing all hope yet.

american-eagle-and-flag-c10055018.jpg

C C I

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What if housing would have been flat over the last 2-3 years, instead of down about 30-40%?

$160 OIL and All Time High in GOLD by the 4th of July?

I would not bet against it.

JBI, still holding with a smile. :lol:

inflation madness

Barclays Capital has advised clients to batten down the hatches for a worldwide financial storm, warning that the US Federal Reserve has allowed the inflation genie out of the bottle and let its credibility fall “below zero.”

“We’re in a nasty environment,” said Tim Bond, the bank’s chief equity strategist. “There is an inflation shock under way. .”

Barclays Capital said in its closely-watched Global Outlook that US headline inflation would hit 5.5pc by August and the Fed will have to raise interest rates six times by the end of next year to prevent a wage-spiral. If it hesitates, the bond markets will take matters into their own hands. “This is the first test for central banks in 30 years and they have fluffed it. They have zero credibility, and the Fed is negative if that’s possible. It has lost all credibility,” said Mr Bond.

The Fed’s stimulus is being transmitted to the 45-odd countries linked to the dollar around world. The result is surging commodity prices. Global inflation has jumped from 3.2 to 5pc over the last year. Mr Bond said the emerging world is now on the cusp of a serious crisis. “Inflation is out of control in Asia. Vietnam has already blown up.

“They will have to slam on the brakes. There is going to be a deep global recession over the next three years

as policy-makers try to get inflation back in the box.”

Barclays Capital recommends outright “short” positions on Asian bonds, warning that yields could jump 200 to 300 basis points. The currencies of trade-deficit states like India should be sold. The US yield curve is likely to “steepen” with a vengeance, causing a bloodbath for bondholders.

David Woo, the bank’s currency chief, said the Fed’s policy of benign neglect toward the dollar had been stymied by oil, which is now eating deep into the country’s standard of living. “The world has changed all of a sudden. The market is going to push the Fed into a tightening stance,” he said.

.

The two leaders — MBIA and Ambac — have already been downgraded as the rating agencies belatedly turn stringent. The risk is further downgrades could set off a fresh wave of bank troubles. “The creditworthiness of many US financial institutions will decline in coming months,” he said.

The bank warned that engineering and auto firms we’re likely to face a crunch

as steel and oil costs surge. ”

A small chorus of City bankers dissent from the view that inflation is the chief danger in the US and other rich OECD countries. The teams at Societe Generale, Dresdner Kleinwort, and Banque AIG all warn that deflation may loom as housing markets crumble under record levels of household debt.

Bernard Connolly, global startegist at Banque AIG, said inflation targeting by central banks had become a “totemism that threatens to crush the world economy.”

tinyurl.com/3tjerw

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Overseas continued……..

The carnage continues in Asia……

……10:50 PM

China’s Shanghai Composite down 3.7% to 2,796.62

Taiwan’s Weighted index extends fall, down 4%

JBI . . . . . . . . . . . . . money_burns.gif

equisetum

i havn’t had the pleasure of meeting mr and ms winedoc, but after reading many of winedocs postings, i’m assuming his tastes don’t include venison jerky and choc beer. i also assume he doesn’t drive a multi colored old dodge pickup with a bird dog riding shotgun. i also assume when (if?) he goes fishing, he uses hooks instead of his hands. i also assume when he has roast duck, it was raised in a pen rather than being unlucky enough to fly by my son with a loaded 10 gauge. i also assume his life history isn’t chronicled on the tv show “dirty jobs”. i think perhaps the physical envirnoment of nova scotia is significantly different than oklahoma.

irish tells me that mr and ms winedoc are wonderful people. i take that at face value and welcome any interaction with them. i’m just saying that our common ground may be limited. thus the opposite spectrum description.

i did a little panning while in belize. found a little color. wil equisetum grow in the tropics?

rno

FGC try this one, Mish may be able to explain it better or make it clear.

The recent downtrend line has been broken. Is the inflation scare over? That is hard to say. It’s much easier to say is that it should be.

Destruction of credit via massive writedowns in banks and financials, accompanied by sharply rising unemployment rates, falling wages, and curtailment in credit lines everywhere is simply not an inflationary environment.

Of course, this all starts with a proper definition of inflation. In Austrian economic terms, inflation is an expansion of money and credit. Money is not expanding and neither is credit. There is an illusion that they are as discussed in Bank Credit Is Contracting.

 

http://globaleconomicanalysis.blogspot.com/

 

 hard rock

A sad story, indeed!

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Pretty much sums up Thursday, June 26, 2008.

JBI

Hardrock If Inflation is an increase in price of goods and services

…resulting from an Increase in the money/credit supply….then Deflation is the oposite….a decrease in the price of goods and services..

….GMs market Cap is its asset. for its shaeholders…. it goes up and it goes down….when it went from 15 to 90 that was an increase in wealth for its shareholders…and now it has decreased again…..

..Semantics is the problem here…..I maintain you can have a decrease in the value of assets and Inflation (Increase in cost of goods and services)

we agree to disagree i guess

Overseas…….

JAPAN’S INFLATION JUMPS TO DECADE-HIGH 1.5%

HONG KONG (MarketWatch) — Japan’s core inflation rate surged to a decade high of 1.5% in May, driven by surging energy and food prices, according to government data released Friday.

The measure, which excludes fresh food prices, was the biggest jump since March 1998 and comes after a 0.9% rise in April, figures released by the Ministry of Internal Affairs and Communications showed.

Economists had expected consumer prices to rise 1.4% on year.

The data showed inflation among other sectors remained muted. Excluding energy and food, consumer prices eased 0.1% in May. Food prices climbed 2.4% and fuel, electric utility and water charges climbed 5.5% from a year earlier.

Core consumer prices in Tokyo’s 23 districts climbed 1.3% in May from a year earlier, exceeding economists’ expectations for a 1.1% rise.

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ASIA MARKETS

Tokyo, Shanghai suffer deep losses

Financials, transport shares drop across Asia, crude oil above $138 a barrel

HONG KONG (MarketWatch) — Asian markets fell sharply Friday after crude oil prices soared to record high and Wall Street took deep losses overnight. Stocks fell across the board in most markets, and transportation and financial shares were hit especially hard.

In Tokyo, the benchmark Nikkei 225 Average recently fell 2.1% to 13,539.58, sliding in a seventh straight session, while the broader Topix index fell 1.9% to 1,319.94.

“It is just, as you’d expect, a reaction to the sell-off on high oil prices,” said Andrew Sullivan, sales trader at Main First Securities. “The Dow Jones, the S&P 500 are all testing new lows and continue to test new lows, and could go much lower … the problem is people (in Asia) are looking for certainty and it is just not there.”

Australia’s S&P/ASX 200 gave up 2.4% to 5,177.90 and South Korea’s Kospi shrank 2.2% to 1,679.84, while New Zealand’s NZX 50 index lost 2.4% to 3,213.24.

China’s Shanghai Composite plunged 3.2% to 2,809.31 in the early minutes, and Singapore’s Straits Times Index gave up 1.8% to 2,927.51. Taiwan’s Weighted Index slumped 3.5% to 7,539.28.

Hong Kong stocks skidded in early trading, pushing the benchmark Hang Seng Index 2.9% down to 21,805.80 in the early minutes, while the Hang Seng China Enterprises Index gave up 3.7% to 11,650.69.

…..MORE > > > tinyurl.com/5nlbam

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Asia/Pacific Region tonight……

finance.yahoo.com/intlindices?e=asia

The Americas……

finance.yahoo.com/intlindices?e=americas

EUROPE……

finance.yahoo.com/intlindices?e=europe

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Dow Jones World Stock Index……should see a bounce of 232.

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JBI

21,751,905 . . . . . . . . . . . bald8.gif

Deflation or asset loss?

 Most of my Jr. mining stocks.

 I gotta know.

I have a hard time believing CAT is toast too

I don’t own any CAT shares, but to be honest, I have a hard time believing that it’s toast. It’s a world wide company and the products they make are superior any of the competition. My thinking is- just because the USA slows down, doesn’t matter so much. I’m not going to under estimate big yellow, but then again I don’t have a grasp on their financial well-being either. To step in front of a Cat is like lying on the train tracks. It could be very ugly. But what do I know?

“inflation is money supply going up .. cause by governments printing”

ment17 @ 20:55 pm

 

The above is where I believe all of our misconception about money arise from.

This is my understanding of how it works. The gov does not print money the fed does and if you’ve read Edward Griffins “the Creature from Jekyll Island” I’m sure you’d believe the fed is not gov but privately owned.

The gov to raise money sells T-Bills and the fed buys many of them with newly printed ‘money’ and the gov pays interest on the money borrowed (what a great scam)!!!

The fed also loans money to the banks and with that newly borrowed money the banks would lend 10x the amount, at least up until recently. With all the bad loans hitting the banks the T-Bills they’re borrowing from the fed are not being lent out but are used to bolster their reserves and at the moment it seems as if most of  the banks reserves are borrowed.

LP.

winedoc, I see according to redneckokie1 (21:32) that you are at one end of a lifestyle

spectrum.  I’m intrigued and curious.  Can you fill us in on what is so ‘end-of-spectrum’ about your life style?  I would have thought that some of the Wall Street boys and girls might be at the other end of the spectrum from redneckokie, so now I am having trouble fitting my Nova Scotia buddy, who still has faith in uranium stocks like I do,  into the so-called “spectrum”.    Cheers.  Equiz.

FGC

That is the Other side of the coin, Deflation.

My post from earlier.

 

FGC

First, thank you.  The 500,000 dollar house is no longer worth that price.  It has fallen in value by 15-40% depending on where you are located.  This is debt destruction, please see prior post.  The bank may have sold cdo’s to the feds open window BUT it is NOT a permanent swap, YET.  The New value of your home vs the old value of your home is Debt Destruction, it does not inflate anyone’s pocket.  That is Deflation.  Now the bank is in a pickle how can it loan the cash out without crossing its reserve limit? 

 

http://research.stlouisfed.org/fred2/series/NFORBRES?cid=123

 

 hard rock

 

Now Today they are saying GM has a smaller market cap then Harley-Davidson, Hershey’s and a host of other companies.  There stock is lower than the last 52 years.  This is asset destruction or deflation.  The dollars/credit are being removed from the system.  Again I will say deflation is NOT controllable by any economic standards know today.  Deflation is a psychological as well as economic phenomena.  This makes the PTB wish and hope and persuade all their shills, pundits and leeches to push the mantra of Inflation.  It is controllable.  How? Please see earlier post.

 

 

 hard rock

Hardrock…. insults what insults ?…

We agree…..

“FGC I am not attempting to be insulting but I truly don’t know how to say it any clearer. Inflation is an increase in currency/credit. Which is reflected as a price increase of goods and services. ”

…and thats why goods and services are increasing in price….voila….Inflation….No where in your explaination does it mention a decrease in Asset Values ….