Another Bubble! We Need More Regulation!
From the WSJ:
Despite recent declines, prices are still higher than they were a
year ago. But the recriminations over what went wrong have begun,
complete with calls for more government involvement, efforts to make
the industry more transparent and reforms to restore market confidence...."[the market] is out of control," says H. Djusdil Akrim, director of a
factory in Makassar, Sulawesi's biggest city.... "It's a wild, wild market
-- and no one is running it," he says. "I think we need more
regulation."...No one knows when the market will hit bottom. Some
traders are sitting on stockpiles they bought when the market was hot,
and if global growth slows further, as expected, demand could weaken.Whatever happens, the latest volatility is a wake-up call for the ... industry, which has been growing steadily for years.
I blame George Bush. Oh, by the way, the industry is seaweed.
