Went to the gun show in Austin today to stock up on ammunition and was also looking for a lightweight S&W .38 revolver. The two ammo stands I usually deal with were stripped bare. I did manage to get 100 .38s from Collins and two boxes of defensive ammo from the other stand. Collins usually is overflowing with product; today, just a few boxes were left by the time I got there at 11 after giving blood. The woman said that they were pretty much bought out by the folks waiting at the door when the show opened at 9. I've never seen it so crowded, took 20 minutes just to find a place to park and they have a BIG lot. Also found the gun I wanted, but the wait for paperwork was an hour or more, so I bagged it.
Maybe people are overreacting a bit; Obama doesn't even take office for two months, and it's not likely given the economy, the war and the rest of the mess we're in that guns will be his first priority. But, hey, I was there for the same reason everybody else was; stocking up before le deluge.