I was immediately reminded of the same story. As far as I remember, speculators (who are important for a market, but should not dominate it) have been relatively recently allowed to dominate the market they speculate in. This led to them simply buying and buying, speculating on the rising prices the buying itself causes.
The same people who always take the losses - speculators. Some of them are the same people who bid the market up; some of them are people who foolishly bought at the top.
reply