By Tyler Durden | 24 March 2021
ZERO HEDGE — Cruise stocks are sliding Wednesday afternoon after the CDC announced that its “conditional sailing order” barring cruise ships from departing the US, or sailing through its waters, will remain in effect until Nov. 1, meaning the cruise industry will remain frozen in one of its biggest global markets.
An index tracking performance of stocks tied to cruise lines, hotels and resorts tumbled on the news.
Cruise and travel stocks had been moving higher in recent weeks as data showed domestic air travel surging back toward its pre-pandemic levels. Miami had to declare an emergency order to combat a flood of spring breakers, and investors bet that pent up energies would be excised in a flood of travel. However, travelers hoping to enjoy a cruise will need to wait until the fall.
The cruise industry earned the ire of public-health officials when some of the earliest trans-national COVID outbreaks last spring occurred aboard cruise ships. One line, the Carnival-owned Princess Cruises, was involved in outbreaks from Japan to Australia to the US, and beyond. […]
Have ‘cruise stocks’ not ‘slid’ before now?! — never mind.
It should not be possible for government to interfere in business this way — e.g. in this case (as in many others) to impose paralyzing blanket restrictions on an entire business sector — re public health matters, a government can issue advisories, including recommended practices — even urgent advisories with strongly recommended best practices — if despite these advisories people want to e.g. take a cruise, if they see the risk as acceptable, they ought to be allowed to do that.
But any power to interfere in this way must be revoked, and never granted again — I wish more people would see/realize the importance of this.