Harold Smith 02/14/2012 @ 11:08am
Well, I guess my reaction would be that the farm industry deserves this. I mean, how can you milk the taxpayer for millions of dollars for decades and then get upset when the gravy train runs out. You wouldn't know it around here - we have farmers paying 12K / acre or more for good farmland without a care in the world whether it pays off or not. They are paying for land based on what the bank will loan them rather than on the econcomics. To me, the economics point lower, lower, lower with no safety net. To the wise that have planned for this time it will be a great opportunity to buy land and rentals at very affordable prices. The farmland bubble is about to unwind and for us that have saved our money, lived within our means and paid off debt we will have a good opportunity. If your operation depend on 7-8 corn, corn ethanol, super low interest rates, extreme government subsidies, etc to survive you might have a problem. But I have little sympathy considering the out of control, irresponsible prices being paid for land and rent in the last 24 months or so. We need 4 dollar corn without subsidies for a few years to shake out the ignorant, arrogant, irresponsible, overleveraged in this industry. I have a guy down the road from me thats a BTO that has been bankrupt twice in the last 30 years. It angers me that his irresponsibility in the 80s was rewarded with a greenlight from Farm Credit to be irresponsible in the last 6 years yet again with obscene amounts of borrowed money. But when the credit is subsidized and the crop is subsidized and the insurance on the crop is subsidized and the government mandates burning up our food supply in this corn ethanol hoax then you have the present situation.
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