Bailey - If you have Palmicultor lumpurensis (see link) you should take care of it right away. I have heard these can eventually kill bamboo. The ones I saw at Zilker BG in Austin were more of a pink color but the link indicates they are also red.

I use Bayer Advanced Tree and Shrub which contains Imidacloprid on my bamboo to control the noxious bamboo mealybug, Antonina pretiosa, which is white and mainly unsightly from the soot it causes. I have read of growers using Merit, also contains Imidacloprid on the pink mealys so I would try the Bayer insecticide if you have the pink mealy. They appeared to have spread rapidly to the other Bambusas at Zilker some distance away.

Mike near Brenham TX

Here is a link that might be useful: http://www.doacs.state.fl.us/pi/enpp/ento/t-lumpurensis.html

I agree with Mike, use Bayer Advanced Tree and Shrub. It's what I use on virtually all my plants when I see pests liek this. Best thing is it lasts for about 1 year.