Lots of other stuff is out of stock, too. Molds, brass, gunsmithing tools, etc. Have to look to other sources than Midway for some of these things at the moment.
I'm not sure what the "truth" of the matter is but I think its the same as when Obama was elected. Everyone was preparing for the draconian gun laws that were sure to follow. Didn't quite work out that way, did it? We're going to have a repeat performance this year, anyway. Probably worse. While a second term Obama is certainly much more dangerous in this regard I have a feeling the people that are going to profit most are those selling used guns. If you have nice piece you've been thinking of selling just watch the polls during the general election and put it on the market when Obama's chances look good.
My solution? Reload and cast my own bullets. Much easier to find ammo parts when everyone is freaking out and stocking up on the military rounds. Assembling the parts into ammo isn't hard and its less expensive. Its also wicked fun to play around with load data and tune a load to your firearm. Adds a whole new arena of involvement with my favorite hobby. And when someone tells me that finding ammo for this or that gun is getting harder I just say "Yeah. That's sucks, huh? Hey, can i have that brass?"