|
Illinois | I was just having this conversation with my son yesterday, about the 80’s, how debt and interest rates were killing so many of us. But what was so sad seeing farmers who could not make the hard decisions, such as giving up rent ground they were losing money on, selling some ground, cutting back on equipment, etc, they just kept going pedal to the metal, hoping the next year would get better, and ran the whole operation straight into the ground, and lost everything. Heck, just few years ago, a farmer not too far away wanted to be a big shot farmer instead of making a good living farming a small family farm. Bought lots of machinery, rented high dollar ground everywhere, etc. Him and the banker both had to know things were going bad for years, before it all crashed and burned and he lost everything. Yet he wouldn’t cut back, and the banker kept him going far too long, and in the end, all his lenders were scrambling trying to get any assets before the other ones. Lots of lawsuits, and I never did hear how everything turned out. I think the main bank got everything that could be got. CaseIh, JD, fertilizer dealers, equipment dealers, fuel man, etc, all got nothing. | |
|
80s corn price relative to making money
