Dennis Gartman on ethanol

Ethanol is the dumbest idea we have ever come up with. We're taking viable, important land that we can be planting food upon, and we're taking it to create a fuel that is utterly inefficient. A gallon of ethanol gives you about 85% of the horsepower of a gallon of gasoline, and yet it costs you energy to produce it. If it were not for the senators and congressmen of Iowa, Illinois, Nebraska - there would be no ethanol production. It's just an utterly idiotic program that I hope we do away with.

~ Dennis Gartman, The Gartman Letter, as interviewed on Bloomberg Video, November 1, 2007