So, my question finally, is this something to worry about legitimately or is it more general paranoia.
Yes, there is a real worry with the democrats in power.
There's been a bill rolling around various states that would require all ammunition to be individually serialized, and all ammunition bought before with no number would have to be demolished by 2010 or some shit. Read about California's bill by searching "AB 352". Funny, but sad, is the fact that the company who has the technology to do such serializing is the main proponent behind the legislation.
And here is something straight from whitehouse.gov:
Obama and Biden would repeal the Tiahrt Amendment, which restricts the ability of local law enforcement to access important gun trace information, and give police officers across the nation the tools they need to solve gun crimes and fight the illegal arms trade. Obama and Biden also favor commonsense measures that respect the Second Amendment rights of gun owners, while keeping guns away from children and from criminals. They support closing the gun show loophole and making guns in this country childproof. They also support making the expired federal Assault Weapons Ban permanent.
Seems kind of fucked up to say they respect the rights of gun owners but want to pass something as ridiculous as the AWB.
As for WalMart, yeah, they're being cleaned out as soon as they get anything in. I went searching for some .40 the other day and two of the stores in town didn't have shit. A day later my friend called me to say they had some in. We cleaned out the 18 boxes they had in stock. WalMart has the best prices on the stuff.
Basically, on the ammo thing, prices are skyrocketing due to worry and the subsequent demand. I bought a few battle packs of 7.62NATO surplus not too long ago for $99/pack. A couple weeks later they were selling for $140/pack. One could make good money if they had a good bit of capital to work with.