Jumping back in to correct some misinformation that's crept into this thread. The line that "Tungsten mainly comes from China so don't worry" is misinformed on several counts. First is that China has the ability (and motivation) to cut off supply in a moment, if it suits them. Second is that tungsten is a mineral whose sources of supply vary dramatically over the years. China is the current big producer (in large part because China is not afraid to mine for minerals). Previously Russia was the big producer. What industry and investors look at, is: Where's the NEXT big source, when the current source vanishes? What happens when China gets more belligerent, as is starting now? All eyes are looking at Africa for the future of vital minerals.
And then you have politicians who are looking for popular stances to assume, and decide to choke off future African sources by removing the US from their marketplace now (through "voluntary" means of moralizing and shaming industry into compliance). This moral cloaking is pure Saul Alinsky: "do what you can with what you have and clothe it with moral arguments." It works on a lot of people, though. Use the word "moral" and the gullible jump onto the hook. Personally I find Frank's economic bullying immoral, and will have consequences of
- retarding African development,
- increasing our dependence for vital minerals on an increasingly hostile China,
- increasing prices (and decreasing quality) of tooling here at home, and
- further gutting America's weak and faltering industrial base.
It's another bad idea from the very same senator who is most responsible for the mortgage mess.
Regarding the denigration of the WSJ as a source...you're free to read Daily Kos, Huffington Post, and Das Kapital as your investment guides if you want...who cares.
If the bill goes through, I will be searching out tools made with African tungsten and proudly buying them, in defiance of our increasingly ridiculous, moralizing nanny state that insists on creating more self-inflicted wounds. Bring on the African tungsten!
