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central mich |
If the lenders get upside down too much and too long then they fail just as they always have. Farm Credit in the 80s was bailed out by the Federal Gov. I liquidated the Michigan block of Executive Life which was about $600 million for Mich alone so a few billion in todays money. But at that time the total US loss was in the billions and the parent Executive Corp (the holding company) was the largest bankruptcy in the history of the US at that time. One of the key players involved was Leon Black who just walked out of a congressional hearing re the minor girls in the Epstein case that Trump is also involved in. Black made billions and also Michael Milken/Drexel Burnam. Eli Black who owned United Fruit and died by jumping out of NYC skyscraper was Leon's father. Investment in junk bonds tipped the insurance carrier over.(Statutory accounting will disallow full value of a stock or bond if in default for any reason or if rating does not meet minimum requirements) The book the Preditors Ball and the movie Bararians At the Gates was based on these people.
Edited by jimgen 6/29/2026 21:34
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Rolling over debt
